Competitor Profile: Up

Competitor Profile: Up

Summary

Up is a mobile-only Australian bank and the creation of a collaboration between software company Ferocia and Bendigo and Adelaide Bank. The bank is currently growing at around 500-1,000 customers per day and is aimed at under-35-year-olds. The team behind Up has taken inspiration from UK challenger banks and personal financial management tools such as Monzo and Cleo, offering a wide array of new features to the Australian market such as Savers, which are similar to Monzo’s “Pots.” Up is currently a balance sheet bank, offering transaction and savings accounts and an overdraft.

For now, the bank intends to focus on improving budgeting and spending insights, as well as remaining in the Australian market. Up will eventually move into other markets such as credit and investment products, as well as other geographies.

This report provides information and insight into Up, including comprehensive coverage of its products and services, a comparative assessment against its key competitors, information on its performance and revenue model, and a breakdown of its biggest events and milestones.

Scope

  • Up has focused on building an engaging platform for its young user base and adding banking features afterwards.
  • The bank is planning some of the most innovative ideas in the Australian banking market. These include a joint account for multiple, unrelated people and a range of budgeting and spending insights similar to Cleo in the UK.
Reasons to buy
  • Gain insight into Up’s business operations and key events.
  • Explore its product and service offering.
  • Assess the competitive dynamics in the retail banking industry by comparing Up’s performance against competitors.


Overview
Benchmarking
Partner Merchants
Technology Focus
Products & Services
Significant Events
Key Employees
Appendix

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