Digital banks, challenger banks, neo-banks, bank challengers in Europe

1. Inteliace Research PaymentsinPoland,2018 - Bank - Accounts - Payments - 24European markets - EMI - Bank (sinceQ418) - Payments - Accounts - FX - 32 European markets - Bank - Accounts - Deposits - Loans - Payments - The UK - Bank - Deposits - Loans - The UK - Bank - Accounts - Deposits/loans - Payments - Other (marketplace) - The UK, Ireland - EMDAgent - Accounts - Payments - 33 European markets - Bank - Deposits - Loans - Payments - The UK - AR*** - Payments - Loyalty - 27European markets - EMDAgent, EMI - Accounts - Payments - Loyalty - The UK - EMDAgent, EMI - Accounts (SME) - P2P, payments - The UK - EMDAgent - Accounts - Card payments - The UK - Bank licence application pending - Loans (lean) - Initiallythe UK * Or the last available valuation; ** Rough estimates – non market terms funding; *** Appointed Representative of other company , e.g. of a card issuer Source: Corporate websites, industry press, Crunchbase, Inteliace Research 1 2,700 1,700 1,200 585 200-350** 120 78 49 31 26 23 10 N26 Revolut Monzo Atom Starling Monese Tandem Curve Pockit Tide Loot Fiinu The valuationof a few bank challengers has already surpassedUS$1 billion 5.3 5.1 4.4 1.2 2.0-3.5 1.6 1.5 3.8 2.4 0.8 2.3 14.2 Valuation(postmoney) in US$ million,as of Jan 2019* Valuation to funding ratio,(x times) Focus KeyProducts RegionsCompany Company type, licence PARTIALLYESTIMATESSelectedEuropean bankchallengers/non-exhaustivelist/:Valuations

2. Inteliace Research PaymentsinPoland,2018 Payments,FX (for travellers) Universalbanking, Payments Universal banking, Payments Payments Universal banking, Payments Deposits,Cards,AIS Payments,Loyalty Payments– younger clients Depositsor Mortgage Payments- underbanked Payments- freelancers, soletraders Online/Discountlending * Or the last available figure; Source: Corporate websites, industry press, Crunchbase, Inteliace Research 2 3.3 2.3 1.1 0.8 0.3 0.3 0.3 0.18 0.10 0.10 0.06 0.00 Revolut N26 Monzo Monese Starling Tandem Curve Loot Atom Pockit Tide Fiinu Most bank challengersare valued between $150 and $1200 per single customer 515 1174 1091 150 1000 260 165 130 >5000 312 464 n/a Numberof customers, [no common definition] in million,as of Dec 2018*Company SelectedEuropean bankchallengers:Customers Currentfocus Valuationpersinglecustomer postmoney, in US$, as of Jan2019* PARTIALLYESTIMATES

3. Inteliace Research PaymentsinPoland,2018 Company Geo focus C/Aaccountor balanceholding Cards& payments P2Ppayments Deposits /Savings Consumer loan,overdraft Mortgage Europe ✓ ✓ ✓    Europe ✓ ✓ ✓ ✓ ✓  The UK ✓ ✓ ✓ ✓ ✓  The UK ✓ ✓ ✓ ✓ ✓  Europe ✓ ✓ ✓    The UK  ✓  ✓  ✓ The UK    ✓  ✓ Europe  ✓     Source: Corporate websites, industry press, Crunchbase, Inteliace Research 3 There are significant differences among bank challengersin terms of product offer and coverage area As ofJan. 2019 Functionalityofselectedchallengerbanksandfintechfirms

4. Inteliace Research PaymentsinPoland,2018 0.2 1.0 3.1 8.1 2015 2016 2017 2018 Number ofcustomers - Top7 bankchallengersin Europe In million * including: Revolut, N26, Monzo, Starling, Monese,Tandem, Atom Source: Inteliace Research The number of clients of bank challengers has been growing rapidly recently 4

5. Inteliace Research PaymentsinPoland,2018 Major bank challengers are currently valued at 3.7 times of funding received 1.8 6.7 Funding Valuation * including: Revolut, N26, Monzo, Starling, Monese,Tandem, Atom Source: Inteliace Research, Crunchbase Funding& Valuation-Top7 * bankchallengersin Europe In US$ billion,as of Jan. 2019 3.7x (post money) 5