2019 2020-21
A new wave of B2B challenger banks emerge , as tensions in the sector arise due to in-fighting and criticisms . These digital banks took a more focused approach , targeting smaller subsets of customers and offering more streamlined financial products , cross-selling features from the very start to maximise profits . One example is Allica Bank which specialises in business banking for established SMEs . Launched in 2019 ,
Brexit and German bank N26 pulled out of the UK on 15 April 2020 , having launched a beta version of its current account to UK customers in October 2018 . The challenger blamed the UK ' s exit from the EU for it ’ s departure . In 2021 , Monese , Revolut and Monzo - three of the challenger bank mainstays - have risen through the ranks to become market leaders . Atom Bank is also set to raise £ 40m from existing investors , and is planning an initial public listing in 2022 .