Mettle

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.

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

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

• Digital business banking
• Business current account
• Invoicing and payments
• Tax management software
• Mobile banking platform

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Mettle+ Premium Subscription: Premium subscription tier offering quote creation and invoice conversion capabilities for £4 per month, targeting small businesses needing client quote management
2. 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
3. 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
4. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core 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

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and secondary.

• FreeAgentcoreTechnology or IntegrationFreeAgent 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.
• XerosecondaryTechnology or IntegrationMettle 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 PaycoreTechnology or IntegrationMettle 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 PaycoreTechnology or IntegrationMettle 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 BoxedcoreStrategic or Co-development PartnerNatWest 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 plccoreStrategic or Co-development PartnerMettle 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 AcceleratorsecondaryGTM or Marketing PartnerMettle 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)coreTechnology or IntegrationFor 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

Direct 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

• LinkedInlinkedin.com/company/join-mettle
• Instagraminstagram.com/joinmettle
• TikToktiktok.com/@joinmettle
• Xx.com/joinmettle

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Mettle