Built “from the ground up”, BankUP promises a “purely digital experience” and eight-minute onboarding using “integrated online KYC and KYB process with absolutely no paperwork involved”. BankUP does not hold a banking licence and will partner with an established bank instead. It will also white-label other banks’ and fintech companies’ products and services via its platform. In addition, it offers its own development for banks and other entities to use on a white-label basis. BankUP aims to be “an open ecosystem of fintech services”, addressing the needs of a younger generation of entrepreneurs – “millennipreneurs” (oh dear). It will offer services such as current accounts (IBAN number), credit/debit cards, smart analytics, lending, accounting, FX, trade data etc – all via one digital front-end. “BankUp’s mission is to reshape the SME banking landscape and financial services across Europe,” the company states.

http://www.bankingtech.com/725141/new-sme-bank-for-millennipreneurs-comes-to-europe-bankup/