Cheshire based fintech, Suits Me, has experienced their biggest year of growth since launching in 2015, despite contending with the global coronavirus pandemic.
The alternative banking solution has announced record growth across multiple areas of the business including the number of new accounts opened, uplift in new staff members and the premier of the Suits Me TV advert, along with the accomplishment of numerous other goals in 2020.
In the nine months since the outbreak of the coronavirus and the first national lockdown in March 2020, Suits Me saw an increase of 45,147 accounts opened and in November 2020 they reached their latest milestone of 100,000 accounts opened, doubling the number of account holders in just one year (52,161).
Richard Lynch, Managing Director, explained: “Suits Me is committed to providing a suitable banking solution for everyone. So, I’m delighted to say that our latest achievements are a great steppingstone to further extend our reach to financially excluded individuals, who are eager to take their next step on the banking ladder. We’re expecting continued growth throughout 2021 and will continue to work hard for all of our account holders”
In October 2020, Suits Me launched their very first TV campaign shown on BT Sport, Dave, Dave Ja Vu and Sky Atlantic. After previously focusing on only digital marketing, the continued growth meant launching the TV campaign was the next natural step to further extend their reach to the underbanked that need a suitable banking service.
Internally, Suits Me has seen growth in most departments within the company, in order to accommodate the rapidly increasing number of account holders.
At the start of 2020, there were just 13 staff members, now there are 35 talented employees, boosted by the company receiving a highly commended award for Best Talent Tech Company to work for in the TIARA Talent Tech Star Awards.
In addition to this, Suits Me also brought home a Highly Commended accreditation for Best Newcomer at the 2020 British Bank Awards.
Kim Roberts, Marketing and Communications Director, said: “The milestones reached throughout 2020, underlines the capabilities we have as a company to compete differently, offering an alternative to traditional banking within the fintech industry. Creating a stable brand identity and streamlining the processes we have in place across the marketing department has been key to helping us to achieve more than we anticipated in the last 12 months.”
Towards the end of 2020, Suits Me also focused heavily on their “Suits Me Savings” reward programme, where they’ve partnered with a wide range of small to medium sized retailers in a bid to help support both account holders and local businesses during the pandemic, an important scheme that will continue throughout 2021.
Matthew Sanders, CEO, explained: “The wonderful achievements made throughout 2020 – despite the uncertainty and impact of the coronavirus – are thanks to the entire Suits Me Team, who have worked harder than ever throughout the global pandemic. I’d also like to thank our understanding and patient account holders, who have helped us to not only achieve our targets but take them to the next level. We’ve got lots of exciting projects planned for Suits Me in 2021 and we can’t wait to begin the next chapter – hopefully without the influence of COVID-19.”
Suits Me 2020 Highlights
- The start of internal expansion through the recruitment of new employees
- Highly Commended accreditation for Best Newcomer at the British Bank Awards
- A reduction in Direct Debit charges for all account holders
- Retailer Jojo Maman Bébé joins Suits Me’s retailer cashback reward programme
- Our discount partnerships scheme with small businesses begins
- Highly Commended award for Best Talent Tech Company to Work For
- Nominated for Supplier of the Year at the 2020 Recruiter Awards
- Premier of Suits Me TV campaign across BT Sport, Dave, Dave Ja Vu and Sky Atlantic
- 2000 Trustpilot Reviews with a rating of: Excellent
- Doubling the number of account holders in 12 months to reach 100,000 accounts opened
Notes to the Editor:
Snapshot of an Average Suits Me Account Holder
- 65% of account holders are male
- Average age: 25-34
- Nationality: English, Romanian, Bulgarian and Polish
- Customer Values: Transparency, Honesty, Integrity, and Reliability
Link to Suits Me: suitsmecard.com
Link to TV Advert:
Marketing and Communications Director
About Suits Me:
Suits Me are a hassle-free alternative to traditional banking, offering a current account with access to online banking, a mobile banking app and a contactless debit card. Suits Me was founded in 2015 to provide a current account to customers who may have poor or no credit history, no proof of address, or struggle to open an account with a traditional bank.
Currently operating in Cheshire, UK, Suits Me gives people an alternative solution to a high street bank. Suits Me do not perform credit checks and provides all their account holders with access to their exclusive cashback reward programme.