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Monzo
Monzo Bank Ltd () is an online bank based in the United Kingdom. Monzo was one of the earliest of a number of new app-based challenger banks in the UK. Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. As of July 2022, Monzo had over 5.8 million customers. Their most recent financial results issued in July 2022, showed an annual net loss of £119M (an increase from the £116.2M lost in the previous year) on revenue of £154.2M. History Monzo Bank was founded as Mondo in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman. The team originally met whilst working at Starling Bank. In February 2016, Monzo set the record for "quickest crowd-funding campaign in history" when it raised £1m in 96 seconds via the Crowdcube investment platform. Two weeks prior to the name change, Monzo was granted a restricted banking licence, b ...
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Challenger Bank
Challenger banks are small, recently created retail banks that compete directly with the longer-established banks in the UK, sometimes by specialising in areas underserved by the "big four" banks (Barclays, HSBC, Lloyds Banking Group, and NatWest Group). As well as new entrants to the market, some challenger banks were created following divestment from larger banking groups ( TSB Bank from Lloyds Banking Group) or wind-down of a failed large bank (Virgin Money from Northern Rock). The banks distinguish themselves from the historic banks by modern financial technology practices, such as online-only operations, that avoid the costs and complexities of traditional banking. History Prior to changes in the regulatory landscape in the UK financial services industry, setting up a new bank, with a full UK banking licence, was extremely expensive and time-consuming. This led to a very small number of banks dominating the UK market—the so-called Big Four—with virtually no competi ...
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PayPoint
PayPoint plc is a British business offering a system for paying bills in United Kingdom, Ireland and Romania. It is listed on the London Stock Exchange. History The PayPoint network was set up in 1996 with the aim of enabling customers to load gas and electricity onto their pre-paid energy meters in cash at their local convenience store. Prepayment meters are intended to help customers to manage energy use, thereby helping the environment, and control their spending, thereby enabling to live within their limited means. Typically about 40% of customers use prepayment meters for their electricity and gas: this percentage has remained roughly constant over the last five years. First tested in Northern Ireland, the system was expanded to London in 1997 and in 1998, British Gas prepayment meter customers were able to charge their Quantum smart cards at PayPoint retailers. Following continued growth and public listing, in 2006, the company became the exclusive cash payment network for ...
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Gary Hoffman (businessman)
Gary Andrew Hoffman (born October 1960) is the former chairman of Monzo and Coventry Building Society. In April 2020 he was appointed as chairman of the English Premier League a role he began on 1 June 2020. He was formerly the chief executive of Northern Rock and NBNK and chairman and chief executive of Hastings Insurance. In April 2021, Hoffman faced criticism of his actions within his role as chairman of the Premier League. This involved allegations of complicity in the failed European Super League attempt, and of acting with bias in the Premier League’s blocking of the Newcastle United takeover. Later in July 2021 it emerged that Internet bank Monzo, which Hoffman is the current chairman of, was under investigation for potential money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in m ...
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Thrive Capital
Thrive Capital is an American venture capital firm based in New York City. It focuses on media and internet investments. The firm was founded by Joshua Kushner who is also co-founder of Oscar Health and minority owner of the Memphis Grizzlies. Background Joshua Kushner is son of billionaire real estate developer Charles Kushner. His brother Jared Kushner is the son-in-law and former senior advisor to former U.S. President Donald Trump. After graduating from Harvard College in 2008, Kushner spent a year at Goldman Sachs working in its private equity division. In 2009, he enrolled at Harvard Business School and used his earning from Goldman Sachs to invest in companies like Kickstarter and GroupMe. He caught the attention of Joel Cutler, co-founder of General Catalyst who convinced Kushner to start his own venture capital firm. At only 24, Kushner founded Thrive Capital in 2009. Cutler and General Catalyst provided the initial $5 million in seed money for the firm in 2010 a ...
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Novator Partners
Novator Partners LLP is a British private equity investment firm based in London owned by Björgólfur Thor Björgólfsson. Assets overview The company specializes in investments in companies based in emerging markets. Industries by which it focuses on include telecommunications, pharmaceuticals, social gaming, financial services and natural resource sectors. Investments In 2003 Novator acquired a 70% stake in Czech telecoms company České Radiokomunikace for £120m. It owns 39.23% of the shares in T-Mobile Czech Republic a.s. (one of the two largest mobile operators in the Czech Republic). Novator sold the stake three years later for £942m. In 2005 it acquired the largest single stake in Finnish telecom company Elisa for around £100m. The stake was later sold in 2007 for £311m. In 2005 Actavis acquired the New Jersey-based generic drug company Amide Pharmaceutical for US$500 million. In 2005 Novator invested in video game developer CCP, and sold their stake to deve ...
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Debit Card
A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of a purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase. Some debit cards carry a stored value with which a payment is made (prepaid card), but most relay a message to the cardholder's bank to withdraw funds from the cardholder's designated bank account. In some cases, the payment card number is assigned exclusively for use on the Internet and there is no physical card. This is referred to as a virtual card. In many countries, the use of debit cards has become so widespread they have overtaken checks in volume, or have entirely replaced them; in some instances, debit cards ...
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Neobank
A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks. The term "challenger bank" is used in the UK to refer to a number of fintech banking startups that emerged in the wake of the 2007–2009 financial crisis. Their services may be accessed by clients through their respective computers or mobile devices. The range of services provided by neobanks is not as broad as that of their traditional counterparts. Unlike incumbent banks, a large portion of the income of neobanks is mainly made up of transaction fees received when customers pay with their debit card. History The term ''neobank'' has been in use since at least 2016 to describe fintech-based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally: companies that applied for their own banking license and compan ...
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Prepaid Debit Card
A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of a purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase. Some debit cards carry a stored value with which a payment is made (prepaid card), but most relay a message to the cardholder's bank to withdraw funds from the cardholder's designated bank account. In some cases, the payment card number is assigned exclusively for use on the Internet and there is no physical card. This is referred to as a virtual card. In many countries, the use of debit cards has become so widespread they have overtaken checks in volume, or have entirely replaced them; in some instances, debit card ...
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Application Programming Interface
An application programming interface (API) is a way for two or more computer programs to communicate with each other. It is a type of software interface, offering a service to other pieces of software. A document or standard that describes how to build or use such a connection or interface is called an ''API specification''. A computer system that meets this standard is said to ''implement'' or ''expose'' an API. The term API may refer either to the specification or to the implementation. In contrast to a user interface, which connects a computer to a person, an application programming interface connects computers or pieces of software to each other. It is not intended to be used directly by a person (the end user) other than a computer programmer who is incorporating it into the software. An API is often made up of different parts which act as tools or services that are available to the programmer. A program or a programmer that uses one of these parts is said to ''call'' that ...
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Query String
A query string is a part of a uniform resource locator (URL) that assigns values to specified parameters. A query string commonly includes fields added to a base URL by a Web browser or other client application, for example as part of an HTML, choosing the appearance of a page, or jumping to positions in multimedia content. A web server can handle a Hypertext Transfer Protocol (HTTP) request either by reading a file from its file system based on the Uniform Resource Locator, URL path or by handling the request using logic that is specific to the type of resource. In cases where special logic is invoked, the query string will be available to that logic for use in its processing, along with the path component of the URL. Structure Typical URL containing a query string is as follows: When a server receives a request for such a page, it may run a program, passing the query string, which in this case is name=ferret, unchanged to the program. The question mark is used as a separato ...
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TechCrunch
TechCrunch is an American online newspaper focusing on high tech and startup companies. It was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare. In 2010, AOL acquired the company for approximately $25 million. Following the 2015 acquisition of AOL and Yahoo by Verizon, the site was owned by Verizon Media from 2015 through 2021. In 2021 Verizon sold its media assets, including AOL, Yahoo, and TechCrunch, to the private equity firm Apollo Global Management, and Apollo integrated them into a new entity called Yahoo. In addition to its news reporting, TechCrunch is also known for its Disrupt conference, an annual technology event hosted in several cities across United States, Europe, and China. History TechCrunch was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare. In 2010, AOL acquired the company for approximately $25 million. As of 2013, TechCrunch was available in English, Chine ...
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Unicorn (finance)
In business, a unicorn is a privately held startup company valued at over US$1 billion. The term was first published in 2013, coined by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures. CB Insights identified 1,170 unicorns worldwide . Unicorns with over $10 billion in valuation have been designated as "decacorn" companies. For private companies valued over $100 billion, the terms "centicorn", "hectocorn", and "super-unicorn" have been used. The term "kilocorn" has been used for companies valued at $1 trillion, of which Apple was the first. History Aileen Lee originated the term "unicorn" in a 2013 ''TechCrunch'' article, "Welcome To The Unicorn Club: Learning from Billion-Dollar Startups". At the time, 39 companies were identified as unicorns. In a different study done by ''Harvard Business Review'', it was determined that startups founded between 2012 and 2015 were growing in valuation twice as f ...
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