Traditional financial institutions have always been resistant to change; after all, managing and reducing risk is essential to running a successful bank. After decades of building processes to minimise risk, innovative digital technologies, like open banking, often face resistance from traditional operations.
Revolut announced that 2020 adjusted revenues, that grew 57% to £261 million. However, operating losses in 2020 have doubled.
Dutch digital bank Bunq managed to close the very first funding round with an undisclosed British private equity firm.
Wise, former TransferWise, is about to go public on the London Stock Exchange through a direct listing.