No extra fees, no interest
Transparent and fixed pricing
Representative example: Total amount of credit £600 repayable over 13 months. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 83.1% APR. The first repayment for each advance is £50.00, due 45 days after drawing, followed by 5 monthly repayments of £50.00. Total amount payable £720.
In recent years, the growth of alternative finance and fintech has enabled users to access financial services in more convenient ways. While cash is still one of the most popular payment methods, alternative finance solutions and digital payments are also gaining momentum. With these changes in mind, let’s take a look at the top Monese alternatives that are currently available in the UK.
Monese is a fintech company that uses artificial intelligence and Big Data analytics to provide a range of financial services. The company was founded in 2014 by Cristian Potanescu and Ion-Alexandru Jicman, who wanted to create a simple, user-friendly and efficient way to access finance.
The company offers a mobile account that allows users to manage their finances on the go, make instant payments and exchange currencies. Monese serves customers in the UK, Germany and Lithuania.
The Monese account offers a wide range of features:
Account opening: With just a few taps, you can open an account with Monese. To open an account, you will need a valid ID, your phone number and a selfie.
Mobile app: Monese offers a user-friendly app with a clean and intuitive interface. The app allows you to quickly access a variety of features, such as creating a transfer, sending an international remittance, exchanging currencies, viewing account details, etc.
SMS notifications: With Monese, you will be notified via SMS whenever there is an activity on your account, e.g. a new payment has been received, a transfer has been sent, etc. This feature is particularly useful for people who prefer to manage their finances on the go.
The registration process for Monese is very simple and can be completed in a few minutes. To get started, visit the Monese website and click on the “Join Monese” button.
Next, you will be asked to enter your details, such as your name, email address, phone number, and address. Once you have filled out the registration form, you will receive an SMS to confirm your account. You will need to enter the code, which will be sent to your phone number, to complete the sign-up process.
Once you have verified your identity with Monese, you will be able to link your bank account to your account and start making payments.
Below are some of the top alternatives to Monese in the UK.
Founded in 2016 and focused on helping people build financial stability, Creditspring offers loans to customers who need a cash injection fast. With Creditspring you have peace of mind knowing that you won’t pay interest on your credit building loan and will receive health check-ups.
If eligible, there are loan options for everyone at Creditspring. Whether you are looking to cover a small unexpected expense, or want to start building your credit - Creditspring’s no-interest loans are perfect for a variety of needs. Best of all, you only pay a small membership fee to benefit from no-interest loans that are repayable in 12 instalments over 13 months.
Creditspring offers different membership levels, with membership fees ranging from £7 to £24 per month. The Extra membership gives you access to two loans of £1200 per year. The Plus membership gives you access to two loans of £500 per year, while the Core membership gives you access to two loans of £300 per year. For those that are focused on building their credit, The Step membership gives you access to two loans of £200 per year.
The first step is to check your eligibility - this is a quick process to find out if you are eligible within minutes. Once approved, your first advance will be available to you within 14 days.
Nileshe is another fintech company that offers cash-based digital financial services. The company also uses Artificial Intelligence and Big Data Analytics to provide quick and efficient service to customers.
Nileshe was founded by Gaurav Chopra and Prateek Srivastava in 2016, who wanted to create innovative products to solve financial pains and help people grow their wealth. With a mobile app available for free on the App Store and Google Play, Nileshe offers a virtual account, a debit card and peer-to-peer payments.
Revolving Credit UK is a peer-to-peer lending platform that enables lenders and investors to connect. The platform uses an online marketplace where borrowers can select suitable loan offers and lenders can choose appropriate borrowers. The company has been in business since 2010 and it is currently one of the top Monese alternatives.
Tandem Bank UK is a digital investment bank that offers a range of investment products and savings accounts. The company uses machine learning and big data analytics to create personalized and efficient financial solutions. Tandem Bank was founded in 2015 and offers a wide range of investment products, including bonds, stocks and exchange-traded funds (ETFs). As a digital investment bank, Tandem Bank is one of the top Monese alternatives.
SoPay is a cash-based alternative that enables individuals to send and receive cash payments through an online platform. With a frictionless payment process, you can easily send and receive money from your smartphone. SoPay’s straightforward process, combined with its integrated features, makes it a secure and reliable Monese alternative.
Ecocash is a cash-based and cash-out Monese alternative that offers a virtual environment for cash-based transactions. With this solution, you can send cash to your loved ones, pay bills, and make secure purchases from your smartphone. This solution is particularly beneficial for people who want to make secure cash-based transactions from their smartphones.
Klend is an AI-based credit solution that uses machine learning and big data analytics to provide customers with personalised financial offers and credit recommendations. The company helps customers to improve their credit scores by providing information about their spending and payment behaviour.
Klend was founded by Mehmet Dagdelen, who wanted to develop a technology that could auto-finance individuals. Klend is currently one of the top Monese alternatives.
Revolut is a digital banking alternative that offers international payment options, a multi-currency account, and a pre-paid debit card. The company was founded in 2015 by financier Nikolay Storonsky and has since expanded to the UK, Germany and Italy with a team of 200 employees.
Revolut’s app allows users to transfer money internationally for free, exchange currencies, and shop abroad with no additional fees. The app also features a pre-paid debit card that allows you to spend your money instantly wherever you are.
The card lets you shop online, withdraw cash from ATMs, and pay in-store with your phone. All of this functionality is provided without any foreign exchange fees or charges.
Nimbl is a fintech startup that offers a digital bank account and debit card that supports online payment and cash withdrawal. Nimbl’s goal is to replace the traditional bank account with a more modern, cost-effective and convenient solution.
The company has been featured in organisations like The Finanser, The Daily Telegraph, and more. Nimbl’s user experience is designed to be simple and intuitive to ensure that customers can easily manage their money from their smartphones. The app also enables users to set spending goals, track their spending, and improve their money management skills.
The Nimbl account comes with an integrated debit card that works not only at ATMs but also in-store. You can also set up salary transfers, direct debits, and standing orders with the app.
Atom Bank is a digital-only bank that has been designed with a focus on technology and customer experience. The company is based in the UK and offers a complete digital banking service that includes a current account, savings account, and mortgage product.
Atom Bank is a FinTech company with a mission to transform banking. The company has received a significant amount of funding from investors, including Lloyds Banking Group, which has allowed it to become a prominent force in the industry.
Atom Bank’s mobile app provides an easy and convenient way for customers to manage their finances. The app comes with features like a savings tracker, budget planner, and a mortgage calculator.
Founded in 2015, Monzo is a digital-only bank account that promises a completely paperless experience. The company has a goal to simplify the banking experience by using modern technologies, offering a complete digital account, and removing unnecessary aspects of the process.
Monzo is a FinTech company that has gained notoriety for its innovative approach to banking. The company has received a significant amount of funding from investors, which has allowed it to expand its operations and provide its services to new customers. Monzo’s app provides several useful features that include instant notifications, a spending tracker, and a savings goal.
Monese is a mobile-first financial institution that offers a mobile bank account with artificial intelligence features and functions as an alternative to traditional banks.
The company was founded in 2016 by three friends and has since expanded to the UK with a team of more than 50 employees. All of Monese’s services are available on the app, which is where users can complete the sign-up process and manage their accounts.
The app is easy to navigate and provides all the necessary features to manage your account and track your spending.