Mettle, the NatWest-backed digital account for UK small businesses, has recorded 500% customer growth since the start of 2021, reaching 50,000 customers nationwide.
Launched in 2018, the app-only banking service provides hard-pressed freelancers, sole traders and small businesses with a variety of easy-to-use accountancy, bookkeeping and tax-related tools to manage their business finances.
The uptick in customer numbers correlates with a 600% increase in deposits. Mettle says the app has processed £2bn worth of customer transactions through the platform since January 2021.
In line with this growth trajectory, Mettle’s headcount has more than doubled in the past year to 250 people, as the company progresses from start-up to scaleup.
Sectors where Mettle saw the most growth in the past year include construction-based services, with 101% growth in accounts opening, followed by accommodation and food services (94%), accounts relating to the cleaning of buildings (84%), and education services (81%).
In December, Mettle's CEO Marieke Flament, who was recruited from Circle in 2019, quit the role to join Swiss-based blockhain foundation Near.
Her replacement, NatWest veteran Andy Ellis comments: "Hitting this customer milestone is a testament to how active this segment of the market is. Traditionally, smaller businesses and side hustlers have been too expensive to service and their needs too diverse. Our unique position being backed by NatWest’s regulatory and financial know-how gives us the space to focus on putting our customers’ needs first.”