UK-based Monzo is the UK ’ s second-largest digital-only bank by total funding . Founded in 2015 as a mobile app and prepaid debit card , Monzo was able to offer its first full current account in 2017 , when its UK banking licence restrictions were lifted . Fast-forward to 2023 , and today Monzo has over 7 million customers . Monzo has sustained its growth in the UK , recently launching Monzo Flex , a buynow-pay-later product to help consumers spread costs .

German neobank N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal . Launching its first product in 2015 , today N26 has over seven million customers in 25 different markets , including its native Berlin , Barcelona , Madrid , Vienna , Milan , São Paulo , and Paris . The holder of a full European banking licence , N26 leverages technology to maintain its no-branch network , with its app available on Android , iOS , and desktop . With US $ 1.7bn in total funding , N26 is one of the most well-funded neobanks in Europe .

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