iFAST Global Bank
iFAST Global Bank is a UK-regulated digital bank offering multi-currency current and business accounts, fixed deposits, and cross-border payments across nine currencies. It serves UK consumers, expats, and professional services firms via its mobile app, leveraging Alipay+, Standard Chartered, and Xero partnerships.
- Company typePrivate
- Founded2022
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What iFAST Global Bank does
iFAST Global Bank is a UK-regulated digital bank headquartered in London, operating as a wholly-owned subsidiary of Singapore-listed iFAST Corporation following its 2022 acquisition. The bank offers multi-currency current accounts, fixed deposits, Cash ISAs, and cross-border payment services through a cloud-native platform regulated by the PRA and FCA, with FSCS deposit protection up to £120,000. Its customer base spans UK personal banking customers, UK expats and migrant workers sending remittances, and professional services firms (solicitors, accountants, property managers) using the Multi-Currency Business Account launched in March 2026.
The bank's core technology is built on Aqua Global's Aquila multi-channel messaging platform deployed since 2023, supporting nine major currencies (GBP, USD, EUR, HKD, SGD, CNY, JPY, CHF, AED) with ISO 20022 messaging and FAPI 1.0 security following its January 2026 migration to UK Open Banking Standard v4.0. Strategic integrations include Alipay+ for cross-border QR code payments (making it the first UK bank to enable this), Standard Chartered Bank for international payments across 52 currencies, Xero for business accounting, and Ozone API for Open Banking compliance. The Worldwide Scan & Pay feature provides access to 150M+ global merchants.
Revenue is generated primarily through net interest margin on customer deposits (2.9% AER on GBP current accounts, up to 4.15% AER on fixed deposits, up to 2.65% AER on business GBP balances), supplemented by card interchange fees (with promotional 1.5% cashback), international payment transaction fees, and digital remittance services to 60+ global wallets. The bank follows a product-led, direct-to-consumer distribution model entirely through its mobile app and website, with FY2025 revenue of S$83.81 million (£48.5 million) representing 61.1% YoY growth and the first full year of profitability at S$3.11 million profit before tax. Customer deposits exceed S$1 billion.
iFAST Global Bank firmographics
Firmographics- Name
- iFAST Global Bank
- Legal name
- iFAST Global Bank
- Website
- https://ifastgb.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- iFAST Global Bank is a UK-regulated digital bank offering multi-currency current and business accounts, fixed deposits, and cross-border payments across nine currencies. It serves UK consumers, expats, and professional services firms via its mobile app, leveraging Alipay+, Standard Chartered, and Xero partnerships.
- Ownership category
- akta.pro rank
iFAST Global Bank industry classification
Industry- Product category
- Digital Banking
- NAICS
- Commercial Banking (522110), Commercial Banking (52211), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
- akta.pro secondary industries
- International / Multi-Currency Wallets (FSAMAEAL), Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB)
Keywords
Where iFAST Global Bank is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
iFAST Global Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Interest Income: Earns interest spread on customer deposits held in multi-currency accounts. Offers competitive rates including 2.9% AER on GBP balances, up to 4.15% AER on fixed deposits, and 2.65% AER on business GBP balances.
- Card Transaction Fees: Generates revenue from interchange fees on card purchases. Promotional cashback programs (1.5% on eligible purchases) drive card usage and associated transaction revenue.
- International Payment Services: Revenue from cross-border payment services including international transfers. Partnership with Standard Chartered enables payments in 52 currencies. Same-day transfers to 60+ digital wallets globally.
- Business Account Services: Multi-Currency Business Account targeting professional services firms (solicitors, accountants, property managers) with interest on deposits and Xero integration. Provides recurring revenue through business customer deposits and transaction fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | 1% Cashback on QR Payments via Worldwide Scan & Pay |
| Transaction based/ take rate | Pay-as-you-go | 1.5% Cashback on Card Purchases |
| Unit Pricing | Multi-year contract | Fixed Deposit Rates up to 4.15% AER |
| Unit Pricing | Monthly | 2.9% Interest on GBP Multi-Currency Current Account |
| Unit Pricing | Monthly | Multi-Currency Business Account - Up to 2.65% AER on GBP |
| Other | Pay-as-you-go | Free International Transfers to Digital Wallets |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
iFAST Global Bank product offering
Product offeringCore offering
iFAST Global Bank is a UK-regulated digital bank offering multi-currency current accounts for individuals, multi-currency business accounts for professional services firms, and fixed deposit products across nine major currencies (GBP, USD, EUR, HKD, SGD, CNY, JPY, CHF, AED). The bank delivers international payments in 52 currencies through a Standard Chartered partnership, cross-border QR payments via Alipay+, and digital remittances to over 60 digital wallets globally, all accessed through a mobile app and website with FSCS deposit protection up to £120,000.
Product overview
iFAST Global Bank operates as a platform offering multi-currency digital banking products for both personal and business customers. The core offering consists of the Multi Currency Current Account for individuals and the Multi-Currency Business Account for professional services firms, both supporting nine major currencies with integrated interest earnings and cashback rewards. Key features include Worldwide Scan & Pay for cross-border QR payments powered by Alipay+, Fixed Deposit products with competitive rates up to 4.15% AER, and Digital Remittance enabling transfers to 60+ global digital wallets. The bank leverages partnerships with Xero for accounting integration, Standard Chartered Bank for international payments in 52 currencies, and Aqua Global's Aquila platform for multi-currency payments infrastructure.
Differentiator
Problem solved
Functional benefit
Products and services
- Multi Currency Current Account
- Multi-Currency Business Account
- Fixed Deposit
Quantifiable outcome
- First UK bank to enable cross-border QR code payments
- +3 more outcomes
Companies that use iFAST Global Bank
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles3 records
iFAST Global Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature4 records
iFAST Global Bank partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- Alipay+corePowered by Alipay+ for Worldwide Scan & Pay feature, enabling cross-border QR code payments at Alipay+ compatible merchants globally. Makes iFAST Global Bank the first UK bank to enable cross-border QR payments. Part of Ant International's network connecting 150+ million merchants with 2+ billion user accounts.
- Standard Chartered BankcorePartnership enables international payments in 52 currencies for Multi-Currency Business Account customers. Standard Chartered provides the underlying international payment infrastructure supporting cross-border transactions for professional services clients.
- XerocoreXero accounting software integration with Multi-Currency Business Account, providing real-time financial visibility for professional services firms including solicitors, accountants, and property managers. Enables seamless accounting reconciliation and financial management.
- Ozone APIcoreStrategic partnership to migrate iFAST Global Bank to UK Open Banking Standard version 4.0, completed January 2026. Enables secure, standards-compliant Open Banking APIs for multi-currency digital accounts while maintaining PSD2 compliance and Consumer Duty commitments. Introduces ISO 20022 messaging standards, enhanced FAPI 1.0 security, and groundwork for Variable Recurring Payments.
- Aqua GlobalcoreiFAST Global Bank selected Aqua Global's Aquila multi-channel messaging platform as core payments infrastructure since 2023 launch. Platform supports multi-currency payments across nine currencies (GBP, USD, EUR, HKD, SGD, CNY, JPY, CHF, AED), reducing manual intervention and improving operational resilience and customer issue resolution times.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
iFAST Global Bank competitors and assessment
Company assessmentEmerging players
- Zopa Bank: UK digital challenger bank with a full banking licence offering savings, credit cards, and personal loans. Comparable to iFAST Global Bank as a regulated UK neobank pursuing higher deposit yields as a differentiator.
- Atom Bank: UK digital-only challenger bank offering mobile-first current accounts and savings products. Comparable to iFAST Global Bank as another UK-licensed digital bank pursuing differentiated deposit and savings propositions.
Direct peers
- Tide: UK digital business banking platform serving SMEs and freelancers with multi-currency and accounting integrations. Directly comparable to iFAST Global Bank's Multi-Currency Business Account targeting professional services firms.
- Monzo: UK-licensed digital bank focused on consumer current accounts with international payment features. Competes with iFAST Global Bank's Multi Currency Current Account for UK personal banking customers.
- Revolut: UK-licensed digital bank offering multi-currency accounts, international payments, and QR-based merchant payments. Overlaps with iFAST Global Bank on cross-border wallet capabilities and consumer cashback/rewards propositions.
- Bunq: European multi-currency digital bank offering multi-currency accounts and international payments. Comparable product set to iFAST Global Bank across consumer and SME segments, though operating in EEA rather than UK.
- Starling Bank: UK-regulated digital challenger bank with consumer current accounts and a leading SME/business banking franchise. Comparable to iFAST Global Bank on regulated UK digital banking rails and business account proposition.
- Wise: UK-headquartered cross-border payments and multi-currency account specialist. Directly comparable to iFAST Global Bank on multi-currency current accounts, international transfers, and remittance services to global digital wallets.
Broad incumbents
- HSBC: Global universal bank with a leading UK presence in multi-currency accounts, expat banking, and international payments for SMEs. Competes with iFAST Global Bank in the professional services and expat segments at much larger scale.
Others
- Standard Chartered Bank: Global bank providing the 52-currency international payments infrastructure that powers iFAST Global Bank's cross-border offering. Functions simultaneously as a core technology partner and as a potential competitor in cross-border payments for SMEs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
iFAST Global Bank social profiles
Digital presenceiFAST Global Bank compliance and trust
Trust signalCompliance1 record
iFAST Global Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
iFAST Global Bank leadership team
Management profileNumber of profiles
Profiles1 record
iFAST Global Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
iFAST Global Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about iFAST Global Bank
What does iFAST Global Bank do?
iFAST Global Bank is a UK-regulated digital bank offering multi-currency current accounts for individuals, multi-currency business accounts for professional services firms, and fixed deposit products across nine major currencies (GBP, USD, EUR, HKD, SGD, CNY, JPY, CHF, AED). The bank delivers international payments in 52 currencies through a Standard Chartered partnership, cross-border QR payments via Alipay+, and digital remittances to over 60 digital wallets globally, all accessed through a mobile app and website with FSCS deposit protection up to £120,000.
Is iFAST Global Bank a public or private company?
iFAST Global Bank is a private company. It is classified as corporate owned and is currently operating.
When was iFAST Global Bank founded?
iFAST Global Bank was founded in 2022. It employs 101 to 250 people.
Where is iFAST Global Bank based?
iFAST Global Bank is headquartered in London, United Kingdom, in the Europe region.
How does iFAST Global Bank make money?
Four revenue lines are on record. Interest Income is the primary driver. The others are card Transaction Fees, international Payment Services and business Account Services.
Who are iFAST Global Bank's main competitors?
Emerging players on record are Zopa Bank and Atom Bank. Direct peers are Tide, Monzo, Revolut, Bunq, Starling Bank and Wise. HSBC is listed as a broad incumbent. Standard Chartered Bank is listed as an others.
Does iFAST Global Bank have an API?
No public API is recorded for iFAST Global Bank.
What industry is iFAST Global Bank in?
iFAST Global Bank's product category is Digital Banking. Its primary akta.pro industry code is FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services, with a secondary code of FSAMAEAL, International / Multi-Currency Wallets. Its NAICS code is 522110 and its SIC code is 6021.