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Thursday, August 11, 2022
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Tag: Monzo

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?

Monzo capital requirement was raised by the Bank of England

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.

Challenger vs. incumbent banks, who is going to win the customer over?

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.

Monzo bank future in doubt as losses double

Monzo bank’s losses jumped from £47.2m to £113.8m amid a hiring spree, marketing and US expansion.

Monzo is finally launching its premium ‘Plus’ subscription account

British challenger Monzo bank has relaunched its premium 'Monzo Plus' account with a £5/month fee.

Monzo’s new open banking feature is called ‘easy bank transfer’

Monzo bank has been recently working on a simpler way to move money into the Monzo account from other major UK banks.

Monzo’s co-founder Tom Blomfield steps down from the board

With this move, Blomfield takes part in the process of clearing the path for the new CEO TS Anil and moving into the role of President.

Monzo’s valuation drops by 40% to £1.25B as it sealed a £60M funding round

Monzo bank is a key market player in the U.K. with more than 4 million customers, now it has confirmed it has closed £60 million in top-up funding. But the paper value of the challenger bank now dropped from £2.0 billion to £1.25 billion.

Monzo cuts 120 jobs as a response to the coronavirus downturn

Monzo, the U.K. challenger bank, will cut up to 120 jobs as a result of the coronavirus pandemic.

TS Anil, the new CEO of Monzo

After co-founder Tom Blomfield decided to move to the newly established position of president, TS Anil the Monzo's US CEO is going to become the CEO of Monzo as such. But who is he?
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Revolut plans to increase its crypto headcount by 20%

Fintech company Revolut continues to expand its cryptocurrency services operations after recently getting approval to operate in Singapore.

Nubank hits 1 million crypto users in less than a month

Brazilian challenger bank Nubank has announced hitting one million cryptocurrency users in the country barely a month after launching the service.

Revolut has been hit by high-profile resignations

Revolut has been hit by multiple resignations from its UK risk and compliance chiefs.

Starling Bank reports first full year profit

Starling reported a pre-tax profit of £32.1 million for the financial year ending 31 March 2022.