UK Fintechs Facing Most Consumer Grievances: Revolut, Monzo, and Wise
Here's the revamped, fresh, and straightforward take on the rise of complaints among popular UK fintechs:
Hold onto your hats, folks! The fintech scene isn't just making banks sweat over innovation—it's also giving them a run for their money when it comes to complaints. Recently released data from the Financial Ombudsman Service (FOS) revealed that Monzo and Revolut ranked highest in the fintech world for customer complaints.
Bearing witness to impressive growth, with over 10 million users each in the previous year, these giants are quickly becoming household names. Yet, the numbers don't lie; growth often involves a fair share of grumbles.
Without further ado, here's a lowdown on the top five UK fintechs that found themselves in hot water with their customers in the last half of 2024:
Revolut
It's no shocker who took the top spot in the complaints sweepstakes. Yes, you guessed it—Revolut reigned supreme in this unwanted category. The firm saw 3,397 grievances in the final six months of 2024, all neatly categorized under banking. That's a slight bump from the 3,193 complaints they received earlier in the year.
Revolut's rise to glory came when it clocked a pre-tax profit of over £1 billion for the first time in 2024, after revenue jumped by 72%. Its global reach now stands at a staggering 52.5 million, outshining even Europe’s giants like HSBC.
Monzo
Monzo wasn't too far behind Revolut, nipping at its heels with an impressive 3,396 complaints. With the exception of a lone complaint under mortgages and home finance, general insurance, and investments, the majority of complaints came under banking. This figure rose from 2,843 in the first half of 2024, earning Monzo a place alongside the FTSE 100 banking giants on the complaints front.
Wise
With 945 complaints, consumer and business transfer firm Wise fell slightly behind Revolut and Monzo. However, given a drop from 1,220 complaints at the start of 2025, Wise could still be heading in the right direction. The fintech is well-known for international money transfers and multi-currency accounts and is reportedly considering an IPO in the near future.
Starling
Missing the top three by a hair's breadth was Starling, with 731 complaints recorded. This figure increased from 572 at the beginning of the year. Starling made waves as one of the pioneers in the industry, receiving its banking license from the Prudential Regulation Authority and Financial Conduct Authority in 2016. The fintech now boasts over 4.2 million customer accounts across retail and business accounts.
Zopa
Although Zopa received a comparatively lower number of complaints at 419, it’s hard to ignore the upward trend. This figure grew from 369 in the first half of the year. Known for its pacesetting profits and office expansion in 2024, Zopa also set its sights on exceeding its "2025 Fintech Pledge," which aimed to improve financial resilience in the UK with positive actions.
The high number of complaints against these top fintechs can be linked to several factors, including rapid growth, the complexity of services, customer expectations, regulatory pressures, and market competition. These factors may pose challenges for fintechs, leading to disappointment and grievances among their customers. Stay tuned to see how these titans handle these challenges and navigate the ever-changing landscape of the fintech world.
- Despite the rise in complaints, fintech giants like Revolut and Monzo have shown impressive growth, with each garnering over 10 million users in the past year.
- The Financial Ombudsman Service data revealed that Revolut had the highest number of complaints among fintechs, with 3,397 grievances in the last six months of 2024.
- In the same period, Monzo ranked second with 3,396 complaints, primarily categorized under banking.
- Fintech Wise, known for international money transfers, saw a drop in complaints from 1,220 to 945, suggesting a potential improvement.
- Starling, with 731 complaints, has seen an increase from the start of the year, missing the top three by a small margin.
- Zopa, while having fewer complaints at 419, has shown an upward trend, raising concerns about maintaining customer satisfaction as the company aims to exceed its "2025 Fintech Pledge."
