Monzo bank has just launched its second premium account in the last three months as part of an effort to increase revenues and cover deep losses.
Monzo spent 12 months building a business account for SMEs that has been launched March this year and managed to attract 50,000 customers according to AltFi.
The British challenger Monzo bank has relaunched its premium ‘Monzo Plus’ account with a £5/month fee. And their customers embraced it.
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.
Revolut managed to raise $80 million from TSG Consumer Partners while Monzo bank’s losses jumped from £47.2m to £113.8m. CFTE has done a research among its employees to see if challenger banks stand a chance to ever replace the incumbent banks so customers use them as their primary account.
British challenger Monzo bank has relaunched its premium 'Monzo Plus' account with a £5/month fee.
Monzo bank has been recently working on a simpler way to move money into the Monzo account from other major UK banks.
Nordic challenger Lunar has managed to raise another €40 million in funding and is about to launch a BNPL product.
Thought Machine is a cloud-native core banking technology company and it has been selected by Curve to power it's new 'buy now, pay later' feature, the Curve Credit.