Mettle
Mettle is the NatWest-backed digital business banking platform serving UK sole traders and limited companies with up to two owners, offering a free mobile-first current account with FSCS protection, integrated invoicing, FreeAgent-powered tax calculation, and MTD compliance.
- Company typePrivate
- Founded2018
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Mettle does
Mettle is the digital business banking brand operated by National Westminster Bank plc, part of NatWest Group plc, targeting UK-based sole traders and limited companies with up to two owners. Founded in 2018 and headquartered in London, the platform delivers a mobile-first business current account accessible via iOS, Android, and web (web.mettle.co.uk), with no physical branches. Core features include invoicing, payment tracking, automated invoice-to-payment matching, Tax Pots and Savings Pots, Apple Pay and Google Pay support, and deep native integration with FreeAgent accounting software for real-time tax calculation and Making Tax Digital compliance. Eligible deposits are protected by the FSCS up to £120,000.
The underlying technology is built on NatWest Group's banking infrastructure with a cloud-native, mobile-first architecture and Open Banking APIs; security includes facial-recognition video identity checks for account recovery. The go-to-market motion is product-led growth via app stores and self-serve digital onboarding, supported by organic social (LinkedIn, Instagram, TikTok), content marketing (tax hub), and SEO. A premium subscription tier (Mettle+, £4/month) adds quote-to-invoice conversion, and a new Mastercard Business Bonus program adds debit-card-linked rewards.
Mettle's revenue model combines subscription (Mettle+), transaction and account fees, FreeAgent partnership economics, and — via the sister NatWest Boxed division — banking-as-a-service licensing to enterprise clients (including the AA and Saga, plus three undisclosed large clients) that reuse Mettle's platform technology. Mettle Ventures Limited handles the e-money account variant under FCA EMI regulation via Prepay Technologies Ltd. The platform operates exclusively in the UK, has 101-250 employees, and is wholly owned within the NatWest Group.
Mettle firmographics
Firmographics- Name
- Mettle
- Legal name
- National Westminster Bank plc
- Website
- https://mettle.co.uk
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Mettle is the NatWest-backed digital business banking platform serving UK sole traders and limited companies with up to two owners, offering a free mobile-first current account with FSCS protection, integrated invoicing, FreeAgent-powered tax calculation, and MTD compliance.
- Ownership category
- akta.pro rank
Mettle industry classification
Industry- Product category
- Digital Business Banking
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Activities Related to Credit Intermediation (5223)
- SIC
- Finance Services (6199), Services-Prepackaged Software (7372)
- akta.pro primary industry
- Mobile Wallets (NFC Tap-to-Pay / HCE) (FSAMAEAB)
- akta.pro secondary industry
- Custodial Wallets & Hosted Accounts (exchange/fintech custody, omnibus wallets) (FSAPACAC)
Keywords
Where Mettle is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Mettle business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Mettle+ Premium Subscription: Premium subscription tier offering quote creation and invoice conversion capabilities for £4 per month, targeting small businesses needing client quote management
- FreeAgent Partnership Revenue Share: FreeAgent accounting software is provided free to eligible customers who make at least one transaction per month. Revenue likely derived from transaction volume and customer referrals to FreeAgent
- Transaction and Account Fees: Standard banking fees for business current accounts including potential charges for certain transactions, direct debits, and services as outlined in fee information document
- BaaS Infrastructure Licensing: NatWest Boxed leverages Mettle's technology to offer banking-as-a-service to external companies, with the BaaS market valued at $29.5bn in 2024 projected to reach $74.8bn by 2030
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Free basic account with core banking features |
| Subscription | Monthly | Mettle+ premium tier for £4/month |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Mettle product offering
Product offeringCore offering
Mettle is a free digital business bank account offered via a mobile app and web platform for sole traders and limited companies with up to two owners in the UK. The account includes invoicing, payment tracking, automated tax calculation through FreeAgent integration, savings pots, and spending insights. A premium Mettle+ subscription tier at £4 per month adds features such as quote creation and a payment link on invoices.
Product overview
Mettle is a digital business banking platform provided by National Westminster Bank plc (NatWest) targeting sole traders and limited companies with up to two owners. The core offering is the Mettle Business Bank Account, a mobile-first current account with FSCS protection up to £120,000. The platform integrates accounting capabilities through FreeAgent (provided free to eligible customers) for Making Tax Digital compliance and tax calculations. Premium functionality is available through Mettle+ (£4/month) for quote and invoice creation. Additional features include Pots and Savings Pot for money organization, Get Paid Faster for invoicing, and digital wallet integrations with Apple Pay and Google Pay. Users can also access the platform via Mettle on the Web for desktop banking.
Differentiator
Problem solved
Functional benefit
Brands
- Mettle+: Premium subscription service offering quote creation and invoicing features for £4 per month.
Products and services
- Mettle Business Bank Account A free, mobile-first business current account for UK sole traders and limited companies with up to two owners, offering invoicing, payment tracking, automated tax calculations through FreeAgent, savings pots, spending insights, and FSCS deposit protection up to £120,000 through NatWest Group.
- Mettle+ Premium Subscription
Quantifiable outcome
- Save at least £150 per year with included FreeAgent subscription (based on FreeAgent's lowest tariff)
- +2 more outcomes
Companies that use Mettle
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles2 records
Mettle technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability2 records
Feature7 records
Mettle partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and secondary.
- FreeAgentcoreFreeAgent accounting software is deeply integrated with Mettle, providing customers with free access to MTD-compatible bookkeeping software. Bank feeds sync automatically between Mettle and FreeAgent, with consent refresh required every 90 days. Customers must make at least one transaction per month to maintain free access. The partnership enables tax calculation, invoice management, and Making Tax Digital compliance directly within the Mettle ecosystem.
- XerosecondaryMettle offers integration with Xero accounting software, allowing customers to connect their bank account and sync transactions for bookkeeping purposes. FAQ documentation references Xero connection capabilities.
- Apple PaycoreMettle debit cards support Apple Pay for contactless mobile payments. Customers can add their card to Apple Wallet via the Mettle app or Apple Wallet app. Token activation requires a phone call to Mettle support.
- Google PaycoreMettle debit cards support Google Pay for Android devices. Customers can add cards via Mettle app or Google Wallet. Token activation requires phone verification with Mettle support.
- NatWest BoxedcoreNatWest Boxed, part of NatWest Bank's tech division, leverages technology originally built for Mettle to offer banking-as-a-service (BaaS) to external companies. Mettle's technology is being used to serve BaaS clients including the Automobile Association and Saga, with three large unannounced clients. The 800-strong NatWest Boxed team (including ~300 technology professionals in UK and Poland) uses the Mettle-built platform for embedded finance offerings.
- NatWest Group plccoreMettle is a trading name of National Westminster Bank plc, part of NatWest Group plc. The partnership provides Mettle with the security, regulatory standing (FCA and PRA authorization), and infrastructure of one of the UK's largest banks, while Mettle operates with startup agility to serve the small business market.
- NatWest AcceleratorsecondaryMettle is promoted through the NatWest Accelerator program, which supports startups and small businesses. This provides cross-promotion opportunities to entrepreneurs who may benefit from Mettle's business banking services.
- Prepay Technologies Ltd (PPS / Edenred Payment Solutions)coreFor e-money accounts, Mettle is provided by PPS, a trading name of Prepay Technologies Ltd, an electronic money institution regulated by the FCA under Electronic Money Regulations 2011 (FRN 900010). PPS handles e-money issuance and payment services processing.
Scale indicators10 records
Recent moves1 record
Expansion highlights5 records
Mettle competitors and assessment
Company assessmentDirect peers
- Tide: UK SMB-focused digital business banking platform serving sole traders and small limited companies with mobile-first onboarding, invoicing, and accounting integrations. Direct head-to-head competitor to Mettle in the same UK SMB segment.
- Starling Bank: UK challenger bank offering a dedicated Business Current Account for SMEs, freelancers, and limited companies with mobile-first UX and integrated invoicing/tax tools. Closely comparable to Mettle in product, target customer, and UK regulatory setup.
- Monzo Business: UK mobile-first bank with a Business account tier for sole traders, freelancers, and small companies. Same target customer and digital-first product experience as Mettle.
- Revolut Business: Digital business account serving freelancers, sole traders, and SMEs with multi-currency, invoicing, and expense tools. Comparable UK SMB offering with broader international scope that pressures Mettle's domestic focus.
- Anna Money: UK SMB-focused business current account targeting sole traders, freelancers, and small limited companies with app-based banking, invoicing, and tax features. Closely aligned niche competitor to Mettle.
- Cashplus: UK digital business banking provider serving small businesses and sole traders with current accounts, expense cards, and credit products. Comparable SMB-focused digital banking model to Mettle.
Broad incumbents
- HSBC Kinetic: UK SMB-focused digital business banking app launched by incumbent HSBC targeting sole traders and small businesses. Established bank incumbent entering Mettle's niche with similar mobile-first value proposition.
- Lloyds Bank Business: Major UK incumbent providing business current accounts and digital services to sole traders and SMEs. Competes with Mettle across the same SMB segment via broader, branch-anchored offerings.
Others
- FreeAgent: UK-focused cloud accounting software for sole traders, freelancers, and small businesses. Deeply integrated with Mettle's core offering as a strategic partner for MTD compliance and tax calculation.
- Xero: Global cloud accounting platform used by UK SMBs for bookkeeping, invoicing, and MTD compliance. Integration partner to Mettle's ecosystem and adjacent fintech rail for the same SMB customer base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Mettle social profiles
Digital presenceMettle compliance and trust
Trust signalCompliance3 records
Mettle financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mettle leadership team
Management profileNumber of profiles
Profiles4 records
Mettle funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mettle 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 Mettle
What does Mettle do?
Mettle is a free digital business bank account offered via a mobile app and web platform for sole traders and limited companies with up to two owners in the UK. The account includes invoicing, payment tracking, automated tax calculation through FreeAgent integration, savings pots, and spending insights. A premium Mettle+ subscription tier at £4 per month adds features such as quote creation and a payment link on invoices.
Is Mettle a public or private company?
Mettle is a private company. It is classified as corporate owned and is currently operating.
When was Mettle founded?
Mettle was founded in 2018. It employs 101 to 250 people.
Where is Mettle based?
Mettle is headquartered in London, United Kingdom, in the Europe region.
How does Mettle make money?
Four revenue lines are on record. Mettle+ Premium Subscription is the primary driver. The others are freeAgent Partnership Revenue Share, transaction and Account Fees and baaS Infrastructure Licensing.
Who are Mettle's main competitors?
Direct peers on record are Tide, Starling Bank, Monzo Business, Revolut Business, Anna Money and Cashplus. Broad incumbents are HSBC Kinetic and Lloyds Bank Business. Others are FreeAgent and Xero.
Does Mettle have an API?
Yes. Mettle exposes a public API. Developer documentation is at docs.openbanking.prd-mettle.co.uk/registering.
What industry is Mettle in?
Mettle's product category is Digital Business Banking. Its primary akta.pro industry code is FSAMAEAB, Mobile Wallets (NFC Tap-to-Pay / HCE), with a secondary code of FSAPACAC, Custodial Wallets & Hosted Accounts (exchange/fintech custody, omnibus wallets). Its NAICS code is 52232 and its SIC code is 6199.