Nomo

What Nomo does

Nomo is the digital-banking brand of Bank of London and The Middle East plc (BLME), a UK-authorised bank (PRA/FCA, FRN 464292) that is itself a subsidiary of Boubyan Group, a Kuwait-based Islamic banking group. It is a fully digital, Sharia-compliant retail bank serving non-UK residents in Kuwait, Saudi Arabia, and the UAE, offering a multi-currency current account in six currencies (GBP, USD, EUR, KWD, AED, SAR) with fee-free international spending, instant in-app currency conversion, and free UK ATM withdrawals. Its product suite also includes Fixed Term Deposits and an Instant Access Saver (expected profit rates up to 4.15% AER on 12-month GBP deposits over £25,000), UK Property Finance (residential and buy-to-let, £100K–£2.5M, up to 75% FTV, now extending to Scotland), and — via waitlist — three Sharia-compliant UCITS investment portfolios (Cautious, Balanced, Adventurous) at a 1.00% annual fee.

The technology stack is mobile-first (iOS and Android) with self-serve onboarding that combines passport/Civil ID scanning, biometric authentication (Face ID/Touch ID), and video verification. All banking and Sharia compliance services are delivered through the app; Nomo holds no physical branches. Cross-border payments are powered by Currencycloud (SWIFT/SEPA/Faster Payments/ACH/Confirmation of Payee), cards are issued by Monavate Limited as a Principal Member of Mastercard (physical, virtual, Apple Pay, Google Pay), and Open Banking and BACS are supported for GBP flows. A three-member Sharia Supervisory Board (Sheikh Dr. Abdulaziz Al-Qassar, Chairman; Sheikh Dr. Esam Khalaf Al-Enezi; Sheikh Dr. Mohammad Al-Barrak) certifies all products, including the Commodity Murabaha structure used for property finance, ensuring avoidance of riba and Sharia-prohibited sectors.

The business model combines a £5/month account maintenance fee (waived above £1,000 balances or for property finance/student allowance holders), spread-based expected profit rates on deposits, transaction fees on international transfers (£0.30 low-cost routing up to £31 SWIFT OUR), a 1.00% annual investment management fee, and property finance margins. Distribution is exclusively digital — app stores, content marketing, and white-label co-branded apps with regional banking partners (ADCB | Nomo in the UAE; Al Hilal | Nomo). The company is privately held, has 51–100 employees, and does not publicly disclose customer count, revenue, or funding rounds; growth is funded through BLME and Boubyan Group rather than external venture capital.

Name

Nomo

Legal name

Bank of London and The Middle East plc

Website

https://nomobank.com

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

Nomo is the digital-banking brand of BLME (subsidiary of Boubyan Group), offering Sharia-compliant multi-currency current accounts, savings, UK property finance, and investment portfolios to residents of Kuwait, Saudi Arabia, and the UAE via a mobile app.

Ownership category

akta.pro rank

Product category

Islamic Digital Banking

NAICS

Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI)

Keywords

• Islamic digital banking
• Sharia-compliant banking
• Multi-currency accounts
• Property finance
• Investment portfolios

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Monthly Account Maintenance Fee: £5 per month account maintenance fee, waived for customers holding at least £1,000 or equivalent across any product(s), or those with Property Finance products or receiving student allowances.
2. Fixed Term Deposits: Savings products offering competitive expected profit rates on fixed term deposits in GBP, USD, and EUR. Rates range from 3.05% to 4.15% depending on deposit amount and term length.
3. International Transfers: Fees charged for international transfers including SWIFT transfers (6-31 GBP depending on fee option and destination) and low-cost local routing transfers (0.30 GBP). Revenue generated from transfer fees and foreign exchange margins.
4. Debit Card Fees: 10 GBP delivery fee for physical debit cards (waived for balances over 3,000 GBP). No fees for virtual cards or digital wallet additions.
5. Investment Management: Annual investment account fee of 1.00% on portfolio value (0.50% for account administration, 0.50% for portfolio management). Minimum initial investment of $1,000 with $100 monthly additions.
6. Property Finance: Sharia-compliant property finance for UK residential and rental properties. Revenue generated from bank profit rates on financing. Maximum FTV of 75%, finance amounts from £100K to £2.5M.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Nomo operates a fully digital, Sharia-compliant retail bank delivered through iOS and Android apps, offering multi-currency current accounts in six currencies, fixed-term and instant-access savings, UK residential and rental property finance via Commodity Murabaha structures, and expert-managed Sharia-compliant investment portfolios. It targets residents of Kuwait, Saudi Arabia, and the UAE who want UK-regulated banking with FSCS deposit protection, fee-free international spending and instant currency switching via the app.

Product overview

Nomo is a fully digital, Sharia-compliant bank operating as a trading name of Bank of London and The Middle East (BLME). The product suite centers on multi-currency current accounts supporting six currencies (GBP, USD, EUR, KWD, AED, SAR), complemented by savings products including Fixed Term Deposits and Instant Access Saver accounts. Property Finance offerings include Residential Property Finance (repayment-based) and Rental Property Finance (profit-only structure) for UK properties in England and Wales. Investment services feature three expert-managed portfolios (Cautious, Balanced, Adventurous) constructed from Sharia-compliant UCITS funds. All services are accessible through a mobile banking app with Apple Pay and Google Pay integration, and include FSCS protection up to £85,000 for investments and £120,000 for deposits.

Differentiator

Problem solved

Functional benefit

Brands

• Al Hilal | Nomo: A sub-brand variant of Nomo, referenced in the product navigation.

Products and services

• Multi-Currency Current Accounts Digital Sharia-compliant current accounts supporting six currencies (GBP, USD, EUR, KWD, AED, SAR) with fee-free international spending, instant currency conversion through the app, free UK ATM withdrawals, free and instant UK bank transfers, and FSCS protection up to GBP 120,000. Designed for residents of Kuwait, Saudi Arabia and the UAE who want UK-regulated everyday banking.
• Fixed Term Deposits Sharia-compliant fixed-term savings accounts available in GBP, USD and EUR with 3, 6 or 12 month terms, offering tiered expected profit rates that vary by currency, term and deposit band (e.g. GBP up to 4.15% AER on 12-month deposits over GBP 25,000). Minimum deposit GBP 5,000 equivalent.
• Instant Access Saver Flexible Sharia-compliant savings account providing instant access to funds with competitive expected profit rates and tiered deposit levels for higher returns. Supports multiple currencies for customers who want liquidity without locking into a fixed term.
• Residential Property Finance Sharia-compliant digital mortgage alternative for purchasing or refinancing residential properties in England, Wales and Scotland, structured via Commodity Murabaha with repayment-based financing. Available to qualifying Gulf-resident applicants with finance amounts from GBP 100,000 to GBP 2.5 million at up to 75% FTV, applied for fully through the Nomo app.
• Rental Property Finance Sharia-compliant buy-to-let mortgage alternative for financing rental properties in England and Wales, using a profit-only financing structure where monthly payments cover only the bank's profit. Suited to Gulf-resident investors acquiring UK rental property as a Sharia-compliant investment.
• Nomo Investment Portfolios Expert-managed Sharia-compliant investment portfolios (Cautious 25% equities/75% sukuk, Balanced 50/50, Adventurous 75% equities/25% sukuk) constructed using UCITS funds to provide global market exposure. Minimum initial investment USD 1,000 with USD 100 monthly additions, a flat 1.00% annual fee, and FSCS protection up to GBP 85,000.
• Physical and Virtual Debit Cards Mastercard debit cards issued via Monavate Limited enabling spending in six currencies with fee-free international transactions. Includes virtual card support for Apple Pay and Google Pay, and a GBP 10 physical card delivery fee (waived for current account balances above GBP 3,000).

Quantifiable outcome

• Competitive expected profit rates on Fixed Term Deposits up to 4.15% AER for GBP deposits over £25,000 for 12 months
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and major.

• Bank of London and The Middle East (BLME)coreOthersNomo is a trading name of BLME (Bank of London and The Middle East plc). BLME is registered in England and Wales (no. 05897786), authorised by the Prudential Regulation Authority and regulated by the FCA and PRA under registration number 464292. BLME operates as the licensed entity under which Nomo services are provided.
• CurrencyCloudcoreTechnology or IntegrationNomo has partnered with The Currencycloud Limited to offer multi-currency accounts. CurrencyCloud provides the infrastructure for international transfers, SWIFT processing, and multi-currency IBAN and BIC codes. SWIFT/BIC code TCCLGB3L is associated with CurrencyCloud.
• Monavate LimitedcoreTechnology or IntegrationCards are issued by Monavate Limited as Principal Member of MasterCard International on behalf of BLME. Monavate handles card issuance and processing for Nomo debit cards.
• Abu Dhabi Commercial Bank (ADCB)majorChannel Partner/ Reseller/ DistributorADCB | Nomo is a branded version of Nomo available through Abu Dhabi Commercial Bank in the UAE. This partnership enables ADCB customers to access Nomo banking services through a co-branded app, expanding Nomo's distribution in the UAE market.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Al Rajhi Bank: Largest Islamic bank in the world by assets, headquartered in Saudi Arabia. Represents the dominant incumbent Nomo must compete against for Saudi Sharia-compliant banking customers.

Direct peers

• Al Rayan Bank: UK-headquartered Sharia-compliant retail bank authorised by the PRA and FCA. Directly comparable to Nomo in serving UK-regulated Islamic retail and property finance customers, though primarily UK-resident focused.
• Gatehouse Bank: UK Sharia-compliant bank offering savings, property finance and investment products. Closely overlaps Nomo on UK property finance for GCC investors and Sharia-compliant deposit products.
• Abu Dhabi Islamic Bank (ADIB): One of the largest Islamic banks in the UAE offering retail, wealth and property finance. Direct comparator for Nomo's UAE customer base and Sharia product set, and a likely competitor for ADCB-distributed customers.
• Alinma Bank: Saudi Arabian Sharia-compliant bank with a strong digital channel and retail focus. Comparable as a regional Islamic digital bank serving the same Saudi customer segment Nomo targets for deposits and property finance.
• Boubyan Bank: Parent bank of Nomo and one of Kuwait's leading Islamic banks. Provides the strategic and product blueprint that Nomo extends internationally, and serves as the internal benchmark for product and Sharia governance.
• Kuwait Finance House (KFH): Largest Islamic bank in Kuwait and a major GCC Islamic finance player. Comparable as a competitor for Kuwaiti customers seeking Sharia-compliant international banking services.
• Emirates Islamic Bank: UAE-based Islamic bank offering full retail, property finance and investment products. Directly competes for the UAE-resident segment Nomo targets through its ADCB partnership.

Regional players

• Masraf Al Rayan: Qatar's leading Islamic bank post-merger with Khaleeji Commercial Bank. A comparable Sharia retail and property finance provider in a GCC market adjacent to Nomo's current footprint, indicating a logical next geography.

Emerging players

• Wio Bank: UAE-based digital banking platform offering multi-currency accounts and cross-border transfers. Competitor for the same digitally native, internationally mobile UAE customer segment Nomo targets, though not Sharia-focused.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nomo_bank
• Facebookfacebook.com/nomobankGB
• LinkedInlinkedin.com/company/nomobank
• Instagraminstagram.com/nomobank

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nomo