Sends
Online Banking for Startups
04.12.2025
Launching a new venture in the UK often means moving fast and working globally from day one. Using a UK startup business account online gives founders instant access to banking tools without waiting in queues or paperwork delays. In an era of remote teams and cross-border collaboration, many entrepreneurs consider a multi-currency, borderless banking solution essential rather than optional. An online account lets you manage finances remotely, track cash flow, and make payments anytime from anywhere – flexibility that is critical when your team and customers are spread across regions. With 24/7 online access, startup founders can monitor their funds and execute transactions without visiting a branch.
Equally important, digital banking accelerates setup. Instead of waiting weeks for a branch appointment, an online platform can often get you up and running within a day or two. Fintech platforms like Sends, for example, enable new businesses to open an account and manage finances entirely online. This means a startup can quickly start sending invoices, paying vendors, and receiving customer payments through a web or app interface, aligning with the fast-paced needs of modern ventures.
Startups operate under very different conditions than established companies. Unlike steady businesses with predictable cash flows, startups face unique challenges: rapid scaling demands, irregular or unstable income streams, urgent funding needs, and constant pressure to prove credibility to investors and clients. Cash flow can swing widely month to month; the business model might pivot overnight; and growth opportunities often can’t wait for slow banking processes. Many UK startups also deal with international payments – selling to global customers or paying remote freelancers – which adds complexity if their bank isn’t equipped for cross-border transactions.
Given these challenges, what should a startup-centric bank account offer? Below are some key requirements that new ventures typically seek:
Sends was initially designed with these modern needs in mind. It’s a fintech platform built specifically for companies operating online and internationally. In fact, Sends combines essential banking functions with advanced features to support digital business models – offering multicurrency IBANs, currency exchange, card acquiring, and payout services in one solution. By focusing on speed, flexibility, and global access, Sends and similar fintech providers aim to be the “one-stop” online bank that today’s startups really need.
Types of UK Startup Business Account Online
Not all online business accounts are created equal. When choosing a UK startup business account online, founders have several types of providers to consider. Each comes with its own blend of convenience, features, and trade-offs. Broadly, your options fall into three categories:
Understanding the differences can help you select an account that best matches your startup’s needs and situation.
These are the online offerings from established high-street banks (think Barclays, HSBC, NatWest, etc.). In many cases, they have introduced modern online banking portals and mobile apps for business customers. The strength here is the recognizable brand and the breadth of services. Having a big-bank name on your account can sometimes reassure large enterprise clients or investors. For example, an invoice coming from a Barclays or HSBC account might appear more “credible” at first glance to a corporate partner. Also, traditional banks can offer services beyond basic banking – from loans to international trade support – as your startup scales into a larger company.
However, the drawbacks often include slower onboarding and stricter requirements. Opening a business account with a legacy bank can be a lengthy process (multiple forms, in-person identity checks, waiting weeks for approval). These banks have more conservative risk appetites, so if your startup operates in a new or unusual business model, you might face extra scrutiny. It’s common for high-street banks to require an in-person meeting or a UK resident director, which isn’t ideal for globally distributed startups. In short, while you do get the stability of a big institution, you may sacrifice some speed and flexibility.
Challenger banks are the new generation of digital-first banks that operate entirely online (examples include Tide, Starling Bank, Monzo Business, among others). They are fully licensed banks in the UK but built with a digital-first approach, meaning quick online onboarding and app-based services are their bread and butter. If you’re looking for an online bank for startups UK that doesn’t require any branch visits, challengers are very appealing. Typically, you can download an app or visit their website, fill out the application, upload documents digitally, and get an account number within days or even hours.
These neo-banks tend to be more flexible than big banks in terms of requirements, but they still have some conditions. You usually need a UK-registered company and a UK business address (which can be a virtual office). Some may ask for a UK phone number or ties to the UK, although many do accept non-UK resident founders as long as the company is UK-based. The advantages of challenger banks include low fees (often free basic accounts), user-friendly mobile apps with features like expense categorization, and integrations with tools (some integrate with accounting software or provide Open Banking APIs). For example, Monzo Business and Starling offer slick apps and no monthly fees on basic plans, making them popular with early-stage founders.
On the flip side, each challenger bank has its limitations. Some may not support multi-currency accounts (many focus on GBP only). Others might impose caps on transaction volumes or have fees for certain transactions (like international transfers or cash deposits). It’s important to check that a given neo-bank aligns with your specific needs. Still, for a UK startup that wants a pure online banking experience with no traditional paperwork, challenger banks are often the go-to.
A third category is fintech platforms operating as Electronic Money Institutions (EMIs). These aren’t banks in the traditional sense, but they are fully regulated institutions authorized to handle payments and electronic money. Providers like Sends (as well as TransferWise/WISE Business, Revolut Business, etc.) fall into this group. What do they offer? In many ways, they function similarly to banks for day-to-day needs: you get an online account with an IBAN, the ability to send/receive transfers, hold balances, and often additional services like currency exchange or payment processing.
EMIs are particularly startup-friendly because they were designed from the ground up for online service. Account opening is typically very fast and fully remote – you sign up through the website or app, and verify your identity digitally. For example, Sends provides users with a personal IBAN for seamless global transactions via SEPA (Euro payments), SWIFT, and UK local payment networks. In practice, that means a Sends business account can send and receive money internationally just like a normal business bank account. These platforms often support multiple currencies in one account, so a startup can hold GBP, EUR, USD, etc., and convert between them at competitive rates. They also tend to offer innovative features – for instance, Sends combines banking with payments: its core services include internet acquiring (for accepting card payments online) and card payouts, all controllable via web or mobile app.
The benefits for startups using an EMI or fintech platform include speed, flexibility and fewer bureaucratic hurdles. The onboarding processes are user-friendly and fast, there’s usually no requirement for UK residency of directors (EMIs are known to accept fully non-UK resident founders of UK companies), and the focus is on convenience (no “paperwork”; everything is digital). Also, because they’re not lending out your deposits, EMIs can sometimes take on customers that traditional banks might shy away from, provided the compliance checks pass.
One thing to be aware of is regulatory differences. EMIs safeguard your funds rather than insure them via deposit protection. In the UK, bank deposits (in licensed banks) are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 – this is a government-backed insurance. EMI accounts do not have FSCS protection. Instead, an EMI must keep your money in segregated trust accounts with a bank (or invest in low-risk assets) so that if the EMI goes bust, your funds are ring-fenced and should be returned to you. In other words, your balance isn’t insured by the government, but it’s protected by law through safeguarding procedures. Reputable EMIs are very transparent about this and comply with strict FCA regulations to keep client funds safe. For most practical purposes, using an EMI for daily banking is very safe – but it’s good to know the difference. Also, EMIs cannot offer loans or overdrafts (since they’re not banks), so if you’ll need credit facilities, that might be a limitation.
Even when you choose a digital-first bank, you’ll still need to pass the standard checks. Any online bank for startups UK will have to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. The process is usually smoother than traditional banking (since you can upload documents electronically and often get verified via automated systems), but as a founder you should be prepared to provide various documents and information about your company. Understanding these eligibility criteria and requirements upfront will help ensure your application goes through quickly.
Firstly, your business needs to be a legitimate UK entity. Whether it’s a limited company, limited liability partnership (LLP), or you as a sole trader, the bank/fintech will verify that the business exists and is properly registered. For companies, this means having a record on Companies House (the UK company registry) with incorporation documents available. You’ll typically need to supply your company registration number and maybe a copy of the Certificate of Incorporation or other formation documents. Having a transparent ownership structure is important; providers often ask for identification of any significant owners (usually anyone with over 25% share, or sometimes over 10%) to perform background checks.
Beyond the business itself, the people involved must meet certain criteria. Directors, account signatories, and beneficial owners will need to be verified. At minimum, the applicant (whoever is opening the account) must be an adult (18+ years old) and legally associated with the company (director, owner, or authorized officer). Many banks expect at least one director to be a UK resident, but as discussed, some challenger banks and EMIs allow non-UK residents to apply if the company is UK-registered. If you or your co-founders are not UK nationals or not living in the UK, be aware that traditional banks might be more reluctant – whereas fintech providers are generally more accommodating of international founders.
Finally, prepare for KYC/KYB documentation requirements. “KYC” (Know Your Customer) covers personal ID checks; “KYB” (Know Your Business) covers the company. You will need to provide: (a) Proof of identity – a valid passport or driving license for each director/owner being verified; (b) Proof of address – a recent utility bill or bank statement, etc., for each person (typically dated within the last 3 months); and (c) Business documents – e.g. the certificate of incorporation, memorandum/articles of association for companies, or tax registration for sole traders. Additionally, many providers ask for a brief description of your business’s nature and how it makes money. This could be a simple written description during the application or a filled questionnaire about your industry and expected transaction types. Being clear and upfront about what your startup does will help the compliance team assess any risks.
Below, we break down a few specific factors that can affect eligibility and the onboarding process:
What type of business are you running, and where is it registered? In the UK, most startups will be private limited companies (Ltd). Others might be LLPs, and a few operate as sole traders or partnerships. All of these can open business accounts, but the requirements may differ slightly. Limited companies and LLPs should be registered with Companies House and have a company number. You’ll want to ensure your Companies House filings (like the registered address, directors, and Persons of Significant Control) are up to date, since banks will cross-check your application against that public data. If there are discrepancies (e.g., a director’s name or address doesn’t match your documents), it could delay approval.
For sole traders, since there’s no Companies House registration, the bank will rely more on your personal identity and perhaps proof of your business activity (like a registration with HMRC or any trading evidence). Generally, any UK-registered business can apply, but only certain people can open the account on its behalf – e.g. a director in the case of a company, a partner for an LLP, or the proprietor for a sole trader. Ensure the person applying has the authority and correct info to avoid hiccups.
If your company was formed very recently, or through an agent, make sure you have the incorporation documents handy. Some fintech providers ask for a share cap table or ownership structure chart if ownership is complex (like multiple layers or foreign parent companies). Simpler is better: a straightforward UK entity with easily identifiable owners will speed things up. In summary, prove your company is bona fide and UK-based – a quick way is providing the company number and confirming your company’s registered office (which might be a virtual address – that’s usually fine, but you may need to show proof of that address service if asked).
Your startup might be UK-registered, but what if the founders or investors aren’t based in the UK? This is common in today’s startup scene – e.g. two co-founders living in different countries, or an overseas parent company with a UK subsidiary. Traditional banks often insist on at least one UK-resident director, which can be a hurdle for international teams. By contrast, many online providers (neo-banks and EMIs) are more lenient as long as the business itself is UK-registered. Still, non-UK residency can slow down the checks. The provider might need to verify foreign IDs or perform extra due diligence if someone lives in a country that’s considered higher risk or simply outside their usual service regions.
Be prepared to provide certified translations of any documents not in English (for instance, if a foreign utility bill is used as address proof). Also, if any owner holding a significant stake is a foreign company or person, the bank will want to “look through” that to the ultimate beneficial owners. This could mean supplying incorporation documents from overseas or additional identity documents for those individuals.
It’s wise to inquire upfront with the provider if they support non-UK residents. Many fintechs explicitly say they do – some even market to international entrepreneurs. However, even with those, expect that the onboarding might take a bit longer simply because international KYC databases can be slower. The UK government has noted that when a company has foreign owners or directors, account approval can take longer on average (potentially several weeks in complex cases). To smooth this out, have all foreign individuals’ docs ready and in order: passport copies, second proof of address if required, etc., and be ready to explain the role of each person (why they are part of the company).
In short, non-UK shareholders aren’t a deal-breaker for many online banks, but transparency is key. Provide a clear ownership org chart if there are multiple layers, and ensure each person in that chart can be verified. It may help to proactively offer additional evidence of your business activity (like a pitch deck or website) to give the bank comfort that your startup is legitimate and intends to operate primarily in/of the UK despite the international elements.
Every bank and EMI has certain industries and activities they consider higher-risk. This can affect whether they’ll onboard your startup or how much scrutiny your application gets. Understanding this from the start can save you time. For example, sectors like gambling, adult entertainment, cryptocurrency trading, firearms, etc., are commonly deemed high-risk by financial institutions – a small startup in those areas might get declined by a lot of providers due to regulatory complexity or reputational risk. On the other hand, mainstream sectors like SaaS software, e-commerce retail, marketing agencies, consulting, etc., are usually well within the comfort zone.
During the application, you’ll usually have to select an industry category or describe what you do. Be honest and specific. If there’s anything that could raise questions (say you work with crypto technology, or your product has a fintech element of its own), be sure to clarify the nature of transactions to avoid misunderstandings. Sometimes an account gets flagged simply because the bank didn’t understand the business model and lumped it into a wrong category.
Many digital banking platforms pride themselves on serving modern, innovative industries. For instance, Sends works with a wide range of businesses, including startups, internet marketing and consultancy services, wholesale trade companies, IT and software development firms, etc.. This breadth is great for startups in cutting-edge fields – it means the platform has experience with new business models and won’t automatically panic just because your revenue comes from, say, a blockchain app or a YouTube channel. In fact, Sends is known to support startups across IT and digital sectors that traditional banks sometimes struggle to categorize.
That said, even a fintech-friendly provider must obey laws. They will evaluate your risk level based on factors like: expected transaction volumes, countries you transact with (sending money to sanctioned or very high-risk jurisdictions will be a red flag), and the sources of funds (e.g. if you expect large investor deposits, they may ask for documentation of the source). It’s helpful if you prepare a brief explanation of your business model and anticipated transactions in plain language. Some applications have a section for this. Use it to your advantage to preempt questions – e.g. “We are a SaaS platform selling monthly subscriptions to customers in UK and EU, average transaction £50, using Stripe for card payments, and paying a team of 5 contractors in Europe monthly.”
Innovative companies – whether a cutting-edge SaaS, a biotech startup, or a digital agency – need more from their bank than a basic account and a debit card. They really need a financial platform that can keep up with their creativity and growth. When evaluating a business account for innovative company UK founders should look beyond the standard features and consider whether the account offers tools that streamline operations and support global expansion. In essence, the right account functions as a financial operating system for the company.
To set the stage, let’s clarify what “more than just an account” means. Traditional business bank accounts were about holding money, making transfers, maybe issuing a card. But an innovative company often juggles multiple currencies, integrates technology into every process, and leverages data for decisions. They might have subscription revenues, international clients, or usage-based billing – scenarios that benefit from automation and insight. Modern fintech providers recognize this: many startup-focused accounts now come with real-time spending analytics, automated expense categorization, and integration capabilities to connect with your other software. For example, you might get dashboards that show your cash runway or APIs that let your developers connect the bank data to your internal tools. Collaboration is another aspect – you might want multiple team members (CEO, CFO, accountants) to access the account with different permissions. Many online business platforms allow that level of multi-user access with controls, fitting a distributed team setup.
Let’s break down a few key features that innovative UK companies should look for in a banking solution:
Operating in the UK doesn’t mean you’re dealing solely in sterling. Innovative startups commonly think global from day one: you might charge customers in euros, pay suppliers in dollars, or run a development team in Eastern Europe. Having multi-currency accounts under one roof is extremely beneficial. Look for an account that supports at least GBP, EUR, and USD natively (with individual IBANs or account numbers for each). This allows you to receive and hold funds in those currencies without forced conversion. For instance, a UK SaaS company with European clients could collect revenue in EUR and use those funds for EU expenses, avoiding double conversion fees.
Sends and similar platforms shine here. With Sends, you can open a multicurrency business account that provides a global IBAN and local payment details, enabling you to send and receive money internationally with ease. All the major payment networks are covered – SEPA for euros, SWIFT for worldwide transfers, and the UK’s local Faster Payments/CHAPS for domestic transfers. This means your startup can, say, wire money to a U.S. partner in USD, pay a contractor in France in EUR, and pay a UK supplier in GBP, all from the same interface. Funds can be exchanged between currencies at competitive rates within the account, so you handle Forex needs on the fly.
The benefit goes beyond convenience: it makes your startup look local globally. By having, for example, a European IBAN, your EU customers can pay via a local transfer which is faster and cheaper for them. Likewise, a multi-currency account with global reach can cut down on the number of banking relationships you need – no separate euro account in Europe, dollar account in the US, etc. It’s hard to overstate how much time and cost savings this brings as you expand. Traditional banks often make international operations complex and pricey, whereas modern accounts simplify cross-border finance significantly.
Time is critical for startups. If you’ve just gotten funding or a big contract, you don’t want to be stuck waiting weeks for your bank account to be ready. A key feature of modern business accounts is speed of onboarding – the ability to apply, get verified, and start using the account in very short order. Many fintech providers advertise account opening “within 48 hours” or even same-day in some cases. This is a game-changer compared to the old model of scheduling branch meetings far in advance.
Why is speed so important? Imagine you’ve incorporated your startup and need to start billing clients or paying employees – you’ll need that account number to do anything. Or consider fast-moving scenarios like product launches and investor wire transfers; delays in setting up banking could literally slow your business down. A survey of digital banking shows that online platforms often complete identity checks in a day or two, allowing same-day or next-day account activation in straightforward cases. This is possible thanks to automated document verification and electronic KYC processes.
Sends, for instance, focuses on a quick turnaround. In some of its services, once you submit all required documentation, the verification and activation can be completed within 24 hours (often by the next business day). In fact, Sends has noted that it can open a SEPA euro account for a new business within 48 hours of receiving the docs. That’s just two days to get a functional IBAN and start transacting – a huge advantage for a startup on tight timelines. Similarly, Sends’ internet acquiring service emphasizes fast compliance checks, aiming to get merchants set up in as little as 48 hours as well.
When evaluating providers, look for this kind of commitment to speedy onboarding. Check reviews or documentation to see if “instant” or “rapid” account opening is their norm. And of course, to leverage this, have your documents ready and respond to any queries quickly (as we discussed in the requirements section). The best providers will essentially let you sign up online in minutes, upload digital scans, and you might even get an account number issued on the same day pending final verification. This agility can make the difference when you’re trying to get your startup operational on short notice.
Innovative startups often need to do more than send single payments – they might need to mass pay users or contractors, accept online payments from customers, or manage numerous SaaS subscriptions for their own tools. Having these capabilities integrated into your banking solution is a major plus.
Mass payouts: Suppose you’re a marketplace startup that needs to pay 100 sellers their earnings each week, or a fintech app disbursing funds to users. Doing this manually via individual bank transfers is tedious and error-prone. Modern platforms like Sends include payout services that let you upload a batch or use an API to automate dozens or hundreds of payments in one go. These payouts can often be sent to bank accounts or even directly to debit cards. For example, Sends enables payouts to cards (using Visa/MasterCard networks), which means you can send money to someone using just their card number, and they’ll receive it as a credit on their card or bank account. This is faster than traditional bank wires in many cases (Sends advertises card payouts that can arrive in as fast as 1 second, up to 2 days latest). If your startup works with a lot of freelancers globally, such a payout tool is invaluable for making sure everyone gets paid on time with minimal effort on your side.
Online acquiring (payment acceptance): For any startup that sells something online – whether it’s products, services, or subscription software – being able to accept customer payments is vital. Usually this means card payments, and possibly alternative methods like Apple Pay, Google Pay, etc. While you can use third-party payment processors, some banking platforms offer built-in acquiring services. Sends, for instance, provides an internet acquiring solution where you can integrate their gateway into your website or app and receive payments directly into your Sends account. They tout low commissions and quick setup, making it “ideal for startups, entrepreneurs, and e-commerce merchants”. The benefit here is you have a one-stop shop: the same platform that holds your money also helps you collect it from customers, and usually you’ll see faster settlement of funds (the money from sales goes straight into your account, often available immediately or next day). Plus, having acquiring and bank in one place can simplify reconciliation – you’re not matching up Stripe deposits from a separate system into your bank, it’s all unified.
Virtual cards for expenses/subscriptions: Startups often have to pay for a lot of online services – from cloud hosting to software subscriptions, online advertising, etc. Using the founder’s personal card is not ideal, and even a company debit card can get messy if everyone is using the same card. A great feature some fintechs offer is virtual debit cards. These are digital-only card numbers you can generate instantly for your account, use for online payments, and set limits on. For example, you could give each team or project its own virtual card, or use one dedicated for all your recurring subscriptions. Sends launched its virtual debit card feature in 2025, enabling customers to create a card via the app without any physical card issuance. The virtual card works like a normal Visa/Mastercard for online purchases, just you don’t have a plastic version – which is fine for digital spend. This greatly helps in managing and tracking expenses. If a subscription is causing unexpected charges, you can simply cancel that virtual card. It also improves security (you’re not exposing your main account details everywhere online).
Innovative companies are by nature on the move and tech-driven. Having a strong mobile banking app and API access isn’t just a nice-to-have – it’s often a requirement for busy founders and developer teams.
Consider mobile: Startup founders might be traveling to meet investors, working from coworking spaces, or simply away from their desks often. A capable mobile app means you can authorize payments, check balances, or get fraud alerts from your phone instantly. It’s the convenience of having your “finance department” in your pocket. Most challenger banks and fintechs pride themselves on their apps. For instance, Sends offers a convenient mobile app that complements its web dashboard. On the app, you can manage your account and payments on the go, receiving real-time notifications of incoming or outgoing funds. This always-on access is crucial if, say, you need to quickly approve a transaction while out of office or you want to stay updated on cash flow in real-time.
Now, the API-first aspect: Many innovative startups like to build custom solutions. If you have engineering resources, you might want your banking data or payment capabilities integrated directly into your product or back-end. An API (Application Programming Interface) allows your developers to programmatically interact with the bank – for example, automatically initiate transfers, query balances, or integrate the account with your internal dashboard. Some fintech banks provide open APIs or even webhooks for events (like “funds received” notifications). This can unlock powerful automation. Imagine automatically moving money from one currency to another when exchange rates are favorable, or auto-paying a vendor when a contract milestone is reached, all triggered from your systems.
Banks like Tide and Starling have introduced API access, but fintech platforms often go a step further. Sends, being a modern EMI, provides an API and a developer-friendly approach so that companies can plug its services (like payouts or acquiring) directly into their apps. This is particularly valuable if your startup itself is fintech or if you just want to minimize manual financial admin.
Also, consider integrations: does the bank allow connectivity with third-party services? Many use Open Banking to let you link the account to accounting software, budgeting apps, etc. This kind of openness is what an innovative company should look for – you don’t want to be stuck with a siloed bank that doesn’t play nice with others.
With so many options and features on the table, how do you actually choose the best account for your startup? It helps to take a strategic, step-by-step approach. Ultimately, the “right” UK startup business account online for you is one that fits your specific business model, keeps costs manageable, and will support your growth without friction. Here’s a game plan to find it:
Start with your business, not with the banks. Make a simple map of how money will move in and out of your startup. This depends a lot on your model:
Once you’ve mapped this out, you can match needs to features. For instance, if you see you’ll have a lot of recurring card charges from customers, you’ll want an account that integrates well with payment processors or offers merchant acquiring itself. If you have multiple international payouts every month, look for an account with bulk payments or multi-currency support. If most transactions are in GBP and domestic, maybe a simple UK-focused account suffices.
This exercise helps you create a shortlist of “must-haves.” It also clarifies if a fintech solution like Sends covers your scenario. For example, suppose your map shows: UK and EU clients paying via bank transfer, and contractors in different countries to pay out. A platform like Sends – which supports incoming SEPA/UK payments and mass payouts in multiple currencies – would naturally be a strong fit for that profile. On the other hand, if your startup deals exclusively in one currency with just a few large transactions, maybe you don’t need the bells and whistles of a multi-currency platform and could opt for a simpler bank account.
In any case, mapping your flows ensures you focus on functional fit rather than getting lured by marketing. The best account is one that aligns with how your money moves. Use that insight to narrow down choices to those providers whose features (and limitations) match your pattern. It will also prepare you to ask the right questions (e.g., “Do you support X currency?” “Can we have multiple users?”) when evaluating options.
For startups, cost is a big factor. But don’t just look at the headline “free account!” marketing – you need to dig into the fee structure and consider the total cost of ownership over time. Providers make money somehow, so if they’re not charging a monthly fee, they might charge for certain transactions. Conversely, some premium accounts charge a flat monthly rate but then most transactions are free. Depending on your usage, one model might be cheaper than the other.
Here’s how to evaluate fees comprehensively:
When you run the numbers, consider your pattern. For example, maybe Bank A has no monthly fee but charges £5 for each international transfer, whereas Bank B has a £10/month fee but international transfers are free. If you plan to do, say, 5 international payments a month, Bank B would actually be cheaper (5×£5 = £25 vs £10). Or maybe a free account limits you to 3 users but you need 5 team members to have access – the cost of upgrading or the inconvenience might be a factor.
Also, beware of hidden or incidental fees: things like CHAPS payments (same-day high-value payments) which might cost £20+, or penalties for cash deposits, etc. A Sends blog article wisely notes that running a business account involves more than the headline fee – you have to consider transaction charges, FX costs, and other incidental fees that can add up and erode your margins. The takeaway is to examine the full fee schedule of any account you’re considering. All regulated providers have to publish a fees document or page; take the time to read it and even do a hypothetical cost scenario for your expected usage.
The last aspects to weigh are a bit less tangible but very important: the quality of customer support, the provider’s compliance culture, and how the account will scale with you as you grow.
Customer support: When you have an issue – say a payment is delayed or you have a question about increasing a limit – how quickly and competently will the provider help you? Early-stage startups might not have a dedicated finance team, so you’ll rely on the bank’s support to resolve problems. Check if support is included for free and via convenient channels (in-app chat, phone support, etc.). Read some reviews to gauge their responsiveness. For example, some challenger banks are app-only and email-only support, which could be frustrating if something urgent comes up. Others offer 24/7 live chat. If you anticipate needing more hand-holding, a provider known for good service might be better even if it costs a bit more.
Compliance and account freezing: This is a big one – fintech forums are rife with stories of accounts frozen due to compliance reviews. Any regulated institution must monitor for suspicious activity, but their approach can differ. A good “compliance culture” from a startup’s perspective is one where the provider communicates clearly, requests additional info when needed (and explains why), and doesn’t arbitrarily shut you down. Unfortunately, some high-street banks have been known to freeze new startup accounts if something doesn’t fit their old models, sometimes without warning. Fintech providers often understand the nuances of new business models better, but they also have robust automated systems. It’s worth understanding the provider’s reputation here. Are they known to be startup-friendly in giving the benefit of the doubt or quick to engage in dialogue? Or do they offboard customers with little explanation?
One clue can be the provider’s regulatory status and experience. Sends, for example, is an FCA-authorised Electronic Money Institution, operating under strict UK/EU regulations since 2019. That tells you it’s a legitimate outfit with proper compliance in place (FCA regulation number 900873 as noted in their info). It means they have to meet high standards for things like anti-money-laundering controls and safeguarding of funds. At the same time, being fintech-focused, they aim to remain flexible and understanding of startup needs. In practice, this means you get a regulated, safe service (with obligations similar to a bank in many ways) and a team that is used to dealing with young companies and modern business activities. Ideally, you want a provider with that balance: strong compliance (for your safety too) but not inflexible.
Scalability: Think ahead 2-3 years. If your startup 10x’s its transaction volume or enters new markets, will the account still suit you? Here are some angles: Does the provider offer higher-tier accounts or add-ons as you grow (for instance, you might start on a basic free account but later need a plan with bulk payments or higher limits)? Can they provide multiple accounts or sub-accounts if you expand (maybe you spin up a second product or a subsidiary and want it under the same platform)? Also, are they financially stable and growing themselves? It’s not uncommon for early fintech startups to close or change models, so using more established fintechs or those backed by solid finances could be a safer bet.
Another aspect of scalability is multi-user and role-based access if your team grows – ensure the account can handle having, say, a bookkeeper login, a view-only access for an auditor, etc., as your company size increases. And if you plan to fundraise, check that the account can handle large inbound wires smoothly (some basic accounts might flag an incoming £1 million as unusual, whereas a provider used to startups might expect that scenario when you raise VC funding).
To conclude this section, do a holistic evaluation. Beyond features and fees, you want a banking partner that is reliable when you need help and will not impede your growth. It’s worth reaching out to providers’ sales or support with any specific concerns (e.g., “We are a fully remote team, all non-UK founders – is that okay?” or “We expect to scale to X transactions a month – can you support that?”). Their responsiveness and answers will often tell you what you need to know. With Sends, being an FCA-regulated EMI and focusing on business customers, you can expect a mix of professionalism and modern approach – a combination many startups find appealing.
To make things concrete, let’s walk through the typical process of opening a business account online, using Sends as an example. The process is representative of many modern fintech platforms, so these steps will hold true for other online bank options as well. The big difference from traditional banking is that everything is done online – from filling out forms to uploading documents and signing agreements – meaning you can do it from your office or home without visiting a branch.
Here’s a step-by-step guide to opening an account with an online bank (for startups) in the UK, illustrated with how Sends works:
Getting your paperwork in order first will save you a lot of time. While the exact requirements can vary, generally you will need:
For example, Sends outlines that the essential documents to open a UK business account typically include a valid photo ID, a recent address proof, and official company formation papers as core requirements. This aligns with the list above. If you want a detailed checklist, Sends has a blog post on documents required for opening a business account online, which can serve as a reference (covering various scenarios and tips).
Tip: Scan or photograph these documents in high quality before you start the application. Ensure the images are clear and all information is readable. Most online applications will let you upload JPEG or PDF files. Having them ready to go means you won’t have to stop midway. Also, some providers might ask you to take a live selfie or a short video as part of identity verification (to ensure you’re a real person matching the ID). Be prepared to do that with a smartphone or webcam when prompted.
Now for the application itself. With Sends, you would go to their website (or download their app) and hit the sign-up or “Open account” button. The process typically looks like this:
One great thing here is no branch visits and minimal hassle. As Sends describes on their site, the idea is that everything is completed online through the dashboard. You fill the form, upload docs, and the rest is on their side. For many applicants, this can be done in under 30 minutes if all documents are ready. Compare that to potentially weeks of back-and-forth with a traditional bank!
After submission, you will typically get a confirmation that your application is received. Some fintechs give you an estimated timeline or progress tracker in your dashboard.
Now comes the waiting game, though it’s usually not long with online providers. During this step, the bank/fintech will:
For a well-prepared application, many fintech providers complete this review quite rapidly. Sends often completes the compliance checks and activates new accounts within 24–48 hours assuming all your documents are in order. As noted earlier, some digital banks even manage same-day approvals for straightforward cases. Of course, if your structure is more complex or there are non-UK verifications, it could take a bit longer, but it’s still usually far quicker than traditional banks.
Once approved, you’ll get a notification (via email or in-app) that your account is approved/activated. At this point, you will receive your account details. For Sends, you would get your account number, sort code for UK payments, and likely an IBAN for international payments. These details are accessible in your online dashboard. You can now truly use the account.
First things to do after activation: It’s a good idea to log in and familiarize yourself with the interface. Sends’ platform will show your balances (initially £0 until you deposit) and have menus for making payments, exchanging currency, etc. You might want to perform a test transaction: for instance, send £10 from your personal account to this new business account to see how it arrives, or vice versa, do a small payment out to, say, your other bank or a colleague to ensure you know how to create a payment. This helps confirm everything is working and you know the steps.
If a debit card is provided (virtual or physical), you’ll typically be able to order it or activate it now. Sends offers virtual debit cards that you can generate immediately. You might create one and try it for a small online purchase (maybe buy a work-related software subscription or even just a coffee gift card) to test it out.
Additionally, explore features like currency exchange – you could use the platform to convert that £10 to € just to see the process and rates, if it’s relevant for you. If your startup will accept online payments and you plan to use Sends’ acquiring, now is the time to integrate it: the approval for the account often covers acquiring as well, or there might be a separate quick activation for that service (the blog title “connect the service within 48 hours” suggests it’s fast). Follow their integration guide to set up payment acceptance on your website, and perhaps run a test transaction using a card to ensure funds show up in your new account.
One size doesn’t fit all in banking, and Sends understands that. Startups come in many flavors – from software-as-a-service companies to e-commerce brands to creative agencies – each with distinct financial needs. The beauty of a platform like Sends is that a single account can flex to support multiple use cases and business models under the same roof. Let’s look at a few common startup models and see how having a Sends account could benefit each:
Many SaaS (Software as a Service) startups today are remote-first, meaning the team is distributed across countries. They might earn revenue from subscribers globally (maybe a London-based SaaS has customers all over Europe and the US) and have to pay a cadre of international contractors or developers. For this model, two things are crucial: multicurrency capabilities and cross-border payments.
With Sends, a SaaS startup can easily handle these needs. As discussed, you can invoice clients in multiple currencies and have them pay into your Sends account via local methods (SEPA for EU clients, etc.), all while keeping funds in the original currency or converting as needed. For example, your European customers can pay in EUR to your EUR IBAN, your US customers might wire USD which you hold or convert, and so on. This ensures you’re not losing money on unnecessary conversions and can price your software appropriately for each market.
On the expense side, if you’re paying remote team members (say a developer in Poland, a designer in India, etc.), Sends’ payouts feature allows you to send money to their cards or accounts swiftly. Instead of setting up multiple bank accounts in different countries, you use one platform. International transfers via SWIFT or local routes are available at your fingertips, and you can manage these payouts in different currencies as needed. A remote SaaS team often also has to pay for many online services (hosting, SaaS tools for themselves) – using Sends’ virtual cards can compartmentalize and track those subscriptions neatly.
Additionally, tech startups often integrate their tools. Sends’ API could enable a SaaS startup to automate parts of their finance – for example, automatically pulling transaction data into their app for metrics or triggering certain payments. This aligns well with a product-centric team that likes to build automation to reduce manual work.
Ecommerce startups (whether D2C product brands or subscription box services) handle a high volume of transactions. They care about things like payment processing for sales, quick access to funds, and paying suppliers or vendors promptly. Also, many run on thin margins at first, so controlling fees and FX costs is important.
For an ecommerce startup, Sends’ acquiring service is a compelling feature. Instead of using a third-party payment gateway that deposits into another bank (with possible delays), the startup can integrate Sends to accept customer card payments on their online store. The payments go directly into the Sends account, potentially faster and with lower fees than some external processors. This improves cash flow – you get your sales revenue sooner so you can reinvest in inventory or marketing. And with 24/7 settlement monitoring via the Sends dashboard, you always see what’s been paid.
If the brand is subscription-based (e.g., a monthly box or SaaS-like physical product service), they likely charge cards on a recurring basis. The reliability of acquiring and the ability to handle failed payments, etc., is key – working with a platform that has dedicated support for online businesses can help resolve issues quickly. Also, for subscriptions, managing all those small monthly transactions in accounting can be painful – but since Sends can export transactions or sync via API, it can ease reconciliation.
Ecommerce businesses also often need to spend online – for example, online advertising on Facebook/Google or paying for Shopify apps. Using Sends’ virtual debit cards for these expenses means you could create a virtual card just for “Facebook Ads” and set a limit, helping budget ad spend and safeguarding your main account. Likewise, a card for “Supplies” could be used with certain vendors. This way if any card details are compromised, your exposure is limited and you don’t disrupt all spending.
This category is a bit broader, but think of startups that might not fit the other molds – perhaps a fintech startup, a biotech company, a marketplace platform, or any venture on a fast growth trajectory (maybe you’re expecting to onboard thousands of users, or you’ve raised a significant seed round). These companies need an account that can scale and adapt quickly.
For a high-growth company, one concern is whether the banking partner can handle large jumps in activity. If you suddenly go from 100 transactions a month to 10,000 (a sign of success!), will your account be okay with that? Sends, being built for scalability, allows for growing volumes without hassle. As a regulated EMI, it’s used to handling large payment flows and can likely increase any limits (if there are daily/send limits) as you grow, with proper notification. Moreover, if you raise funding, receiving a large investor wire into Sends is straightforward – you have a personal IBAN to give to investors for capital calls, and the funds will arrive via SWIFT or Faster Payments.
High-growth firms often expand into new markets or business models. Let’s say you start in the UK but then open a subsidiary in another country or start dealing with customers in Asia. With a platform like Sends, you already have a global-ready setup (multiple currencies, global transfer capability). You might not even need a local bank in the new region immediately, since Sends can handle collections and payments globally. This saves the friction of opening new accounts for each geography in early stages.
Another aspect is team scaling: As you grow, you may hire a finance lead or a CFO, and you’ll want to give them access to the account. Sends supports multiple users and roles on the account (e.g., you can have one user with full admin rights, others with payment initiation or view-only rights, etc.). This means you can safely expand account access without sharing passwords – crucial for maintaining security as your team grows.
On 11 February, fintech leaders, regulators, and investors gathered in Dubai for the 8th edition of FiNext Awards & Conference – a one‑day, high‑impact event focused on the future of finance. Sends was honoured to be part of the conversation and even more honoured to leave with a significant recognition.
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