Suits Me Limited - Entrepreneur of the Year

Company: Suits Me Limited
Entry Submitted By: Awards Intelligence
Company Description: Suits Me is a hassle-free alternative to traditional banking, providing all account holders with a current account and a contactless Visa debit card with a secure online banking facility and free mobile banking app to manage their finances. As the UK's most inclusive banking solution and financial services provider, it eliminates financial exclusion and connects everyone to a banking facility.
Nomination Category: Entrepreneur Categories
Nomination Sub Category: Entrepreneur of the Year - Financial Services

Nomination Title: Matthew Sanders

Successful and inspiring business leader, prominent philanthropist figure and passionate champion for diversity and inclusion, Matthew Sanders is one of the UK’s most exciting and dynamic entrepreneurs. In January 2015, he founded Suits Me, an alternative banking solution to traditional high street banks, offering e-money current accounts to anyone aged 18 or over and currently residing in the UK. The organisation delivers fair and transparent banking to all, employs 47 people and in 2020, turned over £3,028,983. Placing ethics and responsible practices at the very heart of his business, Matthew has disrupted the industry. He is an enthusiastic Patron of The Princes Trust, a supporter of the Outward Bound Trust, and a fierce advocate for the development of his young employees. Matthew is an outstanding entrepreneur.

From selling lemonade on his front lawn as a young boy, to founding and growing online job board, Zoek, transportation service, Delivery Quote Compare, or recruitment company, de Poel, it was clear that Matthew Sanders was a man on the up. But it has been the past two-and-a-half years in particular, that have defined him as an entrepreneur of extraordinary talent, a business leader whose impact and influence has extended beyond British shores. In launching and growing Suits Me, Matthew has more than proved that ‘people before profit’ is a commercially viable business model.

The organisation was originally an offshoot from de Poel where Matthew identified the need for a banking solution for individuals who worked in temporary recruitment positions and struggled to secure bank accounts. Many were migrant workers without proof of a permanent address, and in some cases, with a poor credit history.

His vision? To become the UK’s most inclusive banking and financial services provider, to eliminate financial exclusion, and enable access to a banking facility where everyone can manage their money safely and securely. A desire for diversity and inclusion has enabled the incredible growth of Matthew’s company in an industry where many of the big players are not profitable. Turnover in 2019 stood at £1,691,285.24 and by 2020, increased to £3,028,983.

A fine business leader and inspiring entrepreneur, Matthew has placed customers up-front-and-centre. A first-class customer service offering has resulted in Suits Me retaining a 4.5 out of 5 rating consistently on Trust Pilot. 40% of its client bases are non-UK nationals and tend to be Eastern European workers here on a temporary basis. Matthew’s diverse customer service team speak nine languages and go the extra mile in every respect. Many of these customers are deemed ‘vulnerable’, however, their hands are held through the process. In the industry, many businesses shy away from providing such a level of frontline support, but each customer of Suits Me has their very own Customer Manager.

Like every outstanding entrepreneur, Matthew has overcome countless challenges to ensure his company remains an industry leader: in-house development, growth during Covid-19, securing the correct team (from a rural location) and bracing against the impact of various UK and EU banking regulations, amongst many. He has faced them all - and flourished - during a period of economic turbulence and at a time of tremendous uncertainty.

Suits Me has highlighted the need to eliminate the ‘invisible barriers’ to banking. The company offers current accounts to everyone, regardless of position or lifestyle. Financial exclusion remains a significant challenge with an estimated 1.3 million UK adults still unbanked, without access to an account. In his offering, Matthew is changing lives.

The future for Matthew is international! In Q3 2022 he will launcha Euro currency product in Ireland and Germany, and by 2022, will have a presence in seven different regions in Europe, as well as in the US. Plans for expansion are considerable.

A passionate philanthropist, Matthew is Patron of The Prince’s Trust, supporter of the Outward Bound Trust, and has been an Ambassador for Royal Marines Business.

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