The digital, mobile bank is a growing trend. Some of the best-known names include Monese and N26. Monese clients install a mobile app to open a personal account in the UK, although you don’t need to have a UK address to open one, which is one of its great attractions.
Monese focuses on servicing “nomads, expats and migrants” as well as British residents and it doesn’t ask for a credit history when you open an account, which is another plus for many. Its specialism is the current account from which you can make payments, receive transfers and get cash at ATMs. But, as it says, it isn’t a bank in the full sense of the word. You can’t borrow from Monese for example.
N26 works in a similar way and customers can set their own spending limits. Its MoneyBeam tool also means you can send, receive or request money from your friends instantly and it has just partnered with TransferWise to facilitate transfers into 19 foreign currencies and claims to be six times cheaper than using a traditional bank for transfers. N26 is one of the fastest growing mobile ‘banks’ in Europe and has around one million customers.
Lendo will place a full mobile ‘banking’ service at your fingertips
Lendo’s platform is still in development, but when it does launch, it will offer a more comprehensive service than many existing mobile banking apps.
Lendo will be borderless; it plans to offer a multi-currency account, a credit and debit card, plus instant transfers and instant loans against cryptocurrency as collateral. And it will have a mobile app and web service.
Lendo’s loan product is at the heart of the platform, and there will be no credit checks here. You may have a poor credit history and have problems getting a personal loan; Lendo will help you leap that barrier. Once your crypto assets are accepted as collateral, your loan can be approved and credited more or less instantly.
The multi-currency account with IBAN will mean that you can manage a range of currencies, including Euro, GBP, US dollar and more, all in one place, and when you open the account it will be ready to use in minutes. There will be no waiting around with Lendo.
What is more, our credit and debit cards will be usable at merchants and ATMs worldwide and each card will offer a range of exclusive cardholder benefits — from cashback to discounts and special privileges. Plus the Lendo cards will enable you to spend crypto and fiat money anywhere.
As you can see, the other mobile banks only offer some of the services that will be available through Lendo, plus it will be breaking new ground by embracing both crypto and fiat currencies.
The Lendo app when it arrives will give you a ground breaking range of services.
Want to know more about Lendo? Please head over to lendo.io for all the information you need and we’d love it if you joined our community. You’re under no obligation to use Lendo’s services if you do sign up, but you will be able to get your loan and card applications on our priority list.