Here's a look at how Tandem and Monzo plan to close fresh funding rounds in the next few months:
of consumers reported using their PFM app in the last week, compared with just 5% who visited a branch over the same period.While securing new capital will help neobanks expand their services, profitability may still be years away.
Competition for neobanks is getting tighter, which makes profitability a bigger hurdle.Despite Monzo adding 28,000 users every week, it's not expected to be profitable for years, per the Times. This is partly due to the average balance of its 1.5 million users being just £250 ; and only 20% of its users have their salaries paid into Monzo. Hence, Monzo reported total revenue of £1.8 million in the fiscal year ending in 2018, compared with £5.
banks plan to launch their own challenger, which can threaten to lure paying customers away from neobanks, as 23% of consumers don't trust online-only banks with all their money, per Pepper."Monzo's ongoing fundraising success underscores the competitiveness of great tech companies successfully battling incumbents by creating relentlessly customer-focused experiences, even in regulated industries.
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