Thank you for considering Envel, we are currently what is considered a challenger bank.
"What is a challenger bank?" you say -
Funny you should ask...
What is a Challenger Bank?
Challenger banks are newer, smaller banks which use and offer the the latest financial technology to their customer base and partners. The reason they are considered challengers (or neo-banks, depending on where you live) is that they are essentially competing against the larger traditional banks.
What do Challenger Banks do? And where do they do it?
The Challenger Banking apps are designed to electronically move money on and off a debit card and via the Automated Clearing House, (ACH) Network.
Challenger banks don’t have actually brick and mortar branches as their focus is in the digital and financial technology (Fintech) arenas.
How do Challenger Banks work?
Challenger Banks, like Envel can either partner with existing banks (in our case, we are partnered with nbkc); or can apply for their own banking licenses.
With full-blown deposit/current accounts, the ability to parner with other financial app with ease, their electronic, and online reach - challenger banks have become legitimate competitors to incumbent banks with their ability to offer digital banking to their customer base.
Please feel free to contact us with any additional questions you may have.