UK: Project Imagine prepares for UK launch

London based challenger bank, Project Imagine, is currently preparing for its UK launch later this year with an e-money license and the intent to acquire a full UK banking license in 2020.

Project Imagine aims to become both a digital bank and a wealth management system from the beginning, enabling consumers to have a digital current and/or savings account, investment products, as well as Personal Financial Management (PFM) tools.

CEO of Project Imagine, Aritra Chakravatry, states that Project Imagine want to “encourage savings and money management, and help people get out of the overdraft/over-spending loop – hence we will offer 3.14% in deposits from the start”.

Consumers may be particularly interested in using Project Imagine for their savings or investments, as RFi Group data shows that approximately one in four consumers are extremely likely (a score of 8-10) to consider a digital-only provider for these areas, with this proportion increasing for Millennials and decreasing for Baby Boomers.

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