This comes just month after the Revoluts CFO David MacLean stepped down (among others).

Some of Europe’s top challengers are dealing with a drop of digital downloads in recent months. This signs that the COVID crisis could mean a huge threat to them.

The digital challenger submitted the application on Monday. For a US banking licence to be approved, it could take up to two years for Monzo's application.

With regard to the coronavirus crisis, Boden is sure this will bring the demise of cash money. But she is also aware that this doesn't just bring benefits as it comes with other challenges.

Capgemini and Efma published World FinTech Report 2020 revealing traditional banks have an opportunity to thrive in today’s market by embracing Open X and becoming Inventive Banks.

The coronavirus crisis has already made senior executives from Monzo, Lloyds and Revolut to slice down their own personal income.

Revolut challenger bank's staff are being offered shares in exchange for lower take-home pay. This comes as the company seeks to tighten its belt in light of the COVID-19 pandemic.

Monzo already implemented voluntary employee furloughs and salary cuts in the U.K.

Chime, the biggest U.S. digital bank start-up, is piloting a way for its users to receive their federal $1,200 stimulus checks instantly.

Starling Bank has just announced the 'Connected card'. This is a second card that customers can link to their existing accounts and give it to anyone they trust to pay for groceries and other essential items on their behalf.

Nordic challenger bank Lunar that has offices across Denmark, Sweden and Norway, has landed an additional $21.6 million (€20 million) in Series B funding round.

He was hired to lead wealth and trading products at Revolut, the $5.5bn challenger bank. Now he is set to leave the company after 18 months in the role.

The Icelandic challenger called Indó just raised €1m in seed funding in three rounds, with the last one having more than 30% excess demand.

Multiple sources confirmed that Meri Williams, who joined Monzo bank in September 2018, announced internally that she was departing.

The Covid-19 outbreak is having irreversible impacts on the banking industry already. Above all, it forces banks to shut their branches. And digital challengers such as N26 are quick to jump on the opportunity to change customer behaviour for good.