Artificial intelligence (AI) may cut costs, but financial services companies have reportedly been slow to embrace it. That’s according to a report Sunday (June 30) by the Financial Times (FT), which said that regulatory concerns and worries about job losses have kept banks from adopting...
The U.K.’s financial watchdog has apparently dropped a probe into Monzo’s anti-money laundering system. That’s according to an item buried deep in the neobank’s annual report issued Monday (June 3), which notes that the Financial Conduct Authority (FCA) informed the company in November that it was no longer “assessing criminal liability...
British neobank Monzo is planning further expansion as it marks its first profitable year. The company’s annual report, released Monday (June 3), showed its profit before tax at $144 million (£15.4 million) compared to a loss of £116.3m in the prior year. “This was a...
U.K. neobank Monzo reportedly raised $190 million as it plans to expand overseas. The funding brings the total Monzo has raised to $610 million so far this year, valuing it at $5.2 billion, company officials told CNBC Wednesday (May 8). The total funding marks the single-largest round for a European FinTech in the...
December 13, 2023
Beyond the card networks, among those that may feel the squeeze should cross-border interchange fees see new caps in the United Kingdom are neobanks. As reported Wednesday (Dec. 13), the U.K.’s Payment Systems Regulator (PSR) said in its review of cross-border interchange fees on transactions between U.K. businesses and the European Economic Area (EEA) that […]
August 18, 2022
Amid soaring inflation and rising food and fuel prices, terms like financial literacy and spend management have emerged as some of the biggest buzzwords in recent months. The concept is...
July 31, 2022
The U.K. is home to popular digital-first challenger banks valued at over $1 billion such as Monzo, Revolut and Starling. Zopa, another British FinTech which has been around as a...
July 17, 2024
British digital bank Monzo is launching a free account for children under 16. The bank on Wednesday announced the waitlist for Monzo for Under 16s, designed to offer money management tools to kids between the ages of 6 and 15. “The account gives children the opportunity to experience magic money firsts like saving, budgeting, receiving […]
June 30, 2024
Artificial intelligence (AI) may cut costs, but financial services companies have reportedly been slow to embrace it. That’s according to a report Sunday (June 30) by the Financial Times (FT),...
June 04, 2024
The U.K.’s financial watchdog has apparently dropped a probe into Monzo’s anti-money laundering system. That’s according to an item buried deep in the neobank’s annual report issued Monday (June 3), which notes that the Financial...
June 03, 2024
British neobank Monzo is planning further expansion as it marks its first profitable year. The company’s annual report, released Monday (June 3), showed its profit before tax at $144 million...
