Founded in 2015, Monzo has had a full banking licence since April. It launched current accounts in the autumn; more than 370,000 have been opened, mainly by customers converting pre-paid cards, with which Monzo began. Among digital purists, Monzo’s chief rival is Starling Bank—where Mr Blomfield used to work. It started current accounts last spring; around 100,000 have been opened. Atom Bank, part-owned by Spain’s BBVA, focuses on mortgages funded by fixed-rate savings. N26, a German smartphone bank, is due to arrive this year. Another near-cult, Revolut, is seeking a European licence (valid, for now, in Britain). It has 1.5m customers across the continent, half of them in Britain. Zopa, a peer-to-peer lending pioneer, also aims to become a bank, offering savings accounts.

https://www.economist.com/news/finance-and-economics/21737028-battle-between-one-side-novelty-technology-and-gusto-and-other