Mobile phone app-based 'neo-banks' such as Monzo and Revolut, two of the industry’s leaders, said losses more than doubled and tripled respectively last fiscal year. — AFP
Europe’s fintech upstarts have added millions of users and billions of deposits in their venture-capital fueled boom the past few years. And now the fight to one day turn a profit is becoming a battle for survival.
Monzo and Revolut, two of the industry’s leaders, said losses more than doubled and tripled respectively last fiscal year. Monzo said that while it had enough capital for at least the next 12 months, its ability to continue to operate as a “going concern” had been thrown into question in a more challenging fundraising environment. N26 shut its UK business this year.
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