A growing number of startups are specializing in serving this market, including neobanks Alpian (Switzerland), Monument Bank (UK), and Onyx Private (US). Incumbents like HSBC, CIBC, and JPMorgan Chase have also launched mass affluent products. Alternative data is the key to identifying mass affluent consumers.
In March 2023, the UK-based neobank started developing an FMN. Revolut is seeking to monetize its 30 million customers鈥� transaction data as it awaits its UK banking license. The advertising push is headed by Inam Mahmood, former director of strategic partnerships for ecommerce at TikTok UK. Ads will appear within the existing rewards section of its app, Revolut Shops.
In 2024, 蘑菇AV data partner GWI started offering data on respondents ages 65 and older in seven markets: the US, the UK, Canada, Hong Kong, Singapore, Israel, and Japan. For ease of comparison, our report features data for respondents ages 16 to 64 in all countries. But we have included the data for respondents 65 and older for those seven countries here as a supplement.