5 Digital Banking platforms empowering small business in the UK

By Gloria Methri

Digital banking platforms are pivotal in empowering small businesses by offering a range of convenient and tailored financial services. These platforms provide easy access to essential banking functions such as account management, invoicing, and payment processing, all from the convenience of a computer or smartphone. They streamline administrative tasks, allowing small business owners to focus more on growth and strategy.

According to Statista, mobile banking usage in the UK increased between 2019 and 2023, with 71 per cent of all bank account holders processing banking matters via mobile banking in the fourth quarter of 2023.

Let’s look at five digital banking platforms facilitating ease of doing business in the UK:

• Anna Money

ANNA Money is a UK-based FinTech company that helps small business owners, freelancers, and startups with a business account and debit card, as well as expense and tax management services. ANNA Money accounts start at £0 per month, and SMBs can open an account in under 10 minutes. Customers get a business debit card plus virtual cards they can use right away.

• Coconut

Coconut is a cloud-based accounting solution designed for freelancers, self-employed people, and small business owners across various industries. Its simple tax app helps people track income, send invoices, categorise expenses, and work out how much tax they owe in real-time. Through the Coconut Portal, accountants can get instant access to all their clients’ real-time accounting information whenever they need it.

• CountingUp

Countingup is a financial platform that offers current account and accounting software to help small businesses, freelancers, and sole traders run their businesses more easily. The app automates bookkeeping and taxes and provides insights like profit and loss reports, unpaid invoices, and tax estimates. Countingup also allows users to create and send unlimited invoices and share bookkeeping data with their accountant.

• Mettle

Mettle is a free mobile bank account by NatWest built for small businesses, startups, limited companies, and sole traders with UK residency. Customers can apply for an account in minutes, create and send customised invoices and keep track of their books – all from their phone or computer. Customers can connect to accounting software like FreeAgent to easily see how much tax they’re likely to owe with a real-time tax calculation and automatically save for tax with Money Pots.

• SumUp

SumUp is a financial technology company that offers a business account for small businesses with no monthly fees or hidden charges. The account has few service fees other than a $20 charge for domestic wire transfers. The first transfer each month is free. The account allows you to manage your business’s money separately from your finances. This can make it easier to monitor your cash flow, simplify tax returns, and give your business a more professional image.