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The Everly Summary (weekly TOP5 news)

Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the last week in a TOP 5 list!

Monzo bank is now obliged to have a capital worth of 13.6 percent of its risk-weighted assets to be protected against potential losses. Before the rule change, Monzo was required to have capital worth at 9 percent of its risk-weighted assets as a shield against losses.

Revolut reported a pre-tax loss of £107m for the year 2019 to December. This means the company’s losses more than tripled to a £33m pound loss in 2018.

Starling bank recently announced that it generated £6.7 million for the month of July 2020, meaning that it could make annual revenue of £80m. Russian neobank Tinkoff announced the launch of its new charitable scheme called ‘Cashback to Give Back’ and we have also prepared a comparison of various challenger bank models.

1st place: Monzo capital requirement was raised by the Bank of England

These capital requirements were increased by the Bank of England while Monzo was in the process of raising £60 million in top-up funding.

2nd place: Revolut losses tripled to £107m in 2019

The losses for Revolut came despite Revolut’s revenue jumping by 180% to £163 million.

3rd place: Starling bank ‘on track to break even’ despite the losses doubled to £52m in 2019

Revenues came in at £14.2 million, a significant rise from the £750,000 it secured a year earlier.

4th place: Tinkoff launches charity cashback scheme

This particular tool allows Tinkoff’s users to direct their cashback to charities and aims to encourage more Russian consumers to consider donating to some of the current issues in the country.

5th: Which challenger bank model is going to survive?

With the annual reports from Revolut, Monzo and Starling it became apparent that challenger banks were losing money despite the rapid growth in 2019. Which models are viable to profit and which not?

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Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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