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.
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 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, the U.K. challenger bank, will cut up to 120 jobs as a result of the coronavirus pandemic.
Fintech company Revolut continues to expand its cryptocurrency services operations after recently getting approval to operate in Singapore.
Brazilian challenger bank Nubank has announced hitting one million cryptocurrency users in the country barely a month after launching the service.