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Monzo Plus has attracted about 50.000 users since its launch last month
The British challenger Monzo bank has relaunched its premium ‘Monzo Plus’ account with a £5/month fee. And their customers embraced it.
„Although we have about 4 million users, we spent almost nothing on marketing, “ says Ahmed F. Karslı from Papara
Ahmed F. Karslı is the founder and CEO of Papara. He got his Bachelor of Law and is currently pursuing his LLM at Istanbul University. Ahmed is a serial entrepreneur, that build his first company at the age of 17.
OakNorth Bank has approved over £600m in new loans since March
OakNorth Bank received additional CBILS (Coronavirus Business Interruption Loan Scheme) allocation from the British Business Bank.
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?
Founders of N26 filed a restraining order against the Works Council and are facing a serious staff unrest
Max Tayenthal and Valentin Stalf, the founders of the German challenger N26, have obtained a temporary injunction to prevent the election of the works council.
Tinkoff launches charity cashback scheme
Russian neobank Tinkoff announced the launch of its new charitable scheme called 'Cashback to Give Back'.
Revolut losses tripled to £107m in 2019
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 the 2018.
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.
Starling bank 'on track to break even' despite the losses doubled to £52m in 2019
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.
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.
Klarna rival 'Curve credit' plans to attract 300,000 UK customers
The 'all cards in one' fintech Curve has been testing its new lending option with just a small number of customers at the moment. The full launch is expected later this year.
Spanish challenger Bnext extends Series A funding round by €11 million
Spain's digital banking app Bnext has raised €11 million as an extension to a €22 million Series A financing round they managed to secure last October.
Revolut launches Open Banking in Italy in partnership with TrueLayer
Revolut has just announced the launch of Open Banking for its over 400.000 retail and business customers in Italy.
Curve is set to raise £100m in the upcoming Series C
Curve has managed to overcome the Wirecard struggle and now is looking to raise fresh capital, according to Sifted.
TransferWise hits $5bn valuation
TransferWise early investors sold some of their stakes in a $319 million secondary deal. With that, the value of the company was estimated at $5bn.
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