5 FinTechs making waves in the UK open banking ecosystem

By Gloria Methri

Open banking is rapidly revolutionising the FinTech sector, streamlining the way millions manage their finances and data.

Open banking is a system that allows third-party financial service providers to access financial information from banks and other financial institutions with the account holder’s consent. It enables the exchange of financial data securely and in a standardized format through Application Programming Interfaces (APIs).

There are currently 295 registered financial service providers in the UK that offer open banking services.

Here are five new open banking providers operating in the British Isles:

• BankiFi

BankiFi is a technology platform that provides integrated services to banks and other financial institutions to help them improve their service to small-to-medium enterprises (SMEs). These services include accounting, invoicing, payments, cash flow forecasting, and working capital optimization. BankiFi also brings financial data from multiple external sources, such as Open Banking and accounting software, to provide deeper business finance insights.

• ClearBank

ClearBank is a clearing bank in the UK that provides clearing and settlement services, allowing for the seamless movement of funds between accounts held at different banks. The company provides the necessary infrastructure for secure transactions between banks, third-party providers, and consumers. Financial institutions — from FinTechs and crypto platforms to banks and credit unions — use its API to offer their customers a fully regulated banking infrastructure and real-time clearing access.

• Kroo

Kroo Bank, founded in 2016, is a mobile-only bank that aims to improve people’s relationships with money. It offers a current account, overdraft, deposit protection up to £85,000, and zero fees on spending abroad. Kroo offers open banking through a platform that includes validation, customer discovery, and an Auth Request sent to the TPP.

• Starling Bank

Starling Bank is a digital bank that offers banking services for personal, business, and joint accounts. It’s one of the first mobile-only banks in the UK, allowing customers to manage their money through an app. Starling also offers a marketplace of financial products and services, including payment schemes, account services, and B2B banking services.

• Tandem

Tandem Bank is a digital bank that offers savings accounts, loans, and mortgages. It also provides green consumer finance products, such as green home improvement loans, and tools to help customers manage their money. Tandem Bank was one of the UK’s first digital challenger banks, launched in 2014. It also offers personal and secured loans, green home improvement loans, and motor finance. In November 2022, the bank launched its Tandem Marketplace, which provides information and resources to help promote greener living.