Numont has arrived on the UK’s fintech scene with a resourceful approach to provide financial services for businesses and individuals.
London-based Numont is the creation of Alex Wilkinson, who is also the CEO of management consultancy Trapstone.
Numont has launched with two products, Numont Flex and Numont Boost.
The first is for business customers to offer interest free instalment finance to their customers in fiat and crypto. The latter is for personal customers and offers a range of financial products – and is designed for users with a limited credit history or are new to the UK. Both these options are available within the Numont app, which will go live in Q4 2022.
The challenger bank has plenty of ambitions but it does join a crowded market.
The number of neobanks or challenger banks in the UK is quite remarkable. To keep it mercifully brief, recent stories include Bond (a scoop by eWeek UK), Leatherback, Allica, The Bank of London and Recognise.
Earlier this month, London-based Banking as a Service company Griffin revealed its attempt to get a banking licence.
Not all make it. In February, due to a lack of investment, Masthaven said it will be withdrawing from the UK banking market over the next two years.
- Baas Fintech Firm Griffin Goes for Banking Licence – read the story here
Anyway, Numont is clear about its timeline.
Current accounts and business accounts are set to go live in Q4 2022. Pre-registration opens early next month.
Both personal and business accounts will have a virtual and physical payment card attached to the account.
Numont explains: “All business customers will have a single point of contact from their industry who understands their businesses challenges. Personal customers will enjoy live support via chat, email, telephone, WhatsApp and social media with in-person support being rolled out in summer 2023 for London.”
The issue of sustainability has captured the attention of many companies and Numont is no exception.
It has made a pledge to climate action group TechZero to be carbon neutral by 2028. For every Boost and Flex customer that downloads its app and opens a Numont banking account later this year, the startup will plant a tree. It’s a similar idea to Gloucestershire-based ReforestPay, which eWeek UK covered in a scoop in February.
While the pursuit of digital is highly popular and many high street banks are cutting the number of branches, Numont does plan to have its first physical branch to open in central London in Q3 2023.
Along with all that, the busy startup is building Numont Resources.
Numont states: “Do you know how Bitcoin works? Could you explain how mortgages work? How about an ISA? Well, if you’re a finance or technology journalist probably.”
This is a free service designed to explain the world of finance and will be available from August 2022.