The UK Neo-Banks: A Comparative Analysis
Updated: Nov 9, 2020
While the 3 Neo-banks in the UK started during a similar timeframe, their evolution⏩ over the last 4-6 years has taken quite distinct trajectories 🛣.
🐢 🐇 Slow and Steady Vs Move Fast and Break Things :
Starling has been steady in executing its plans, whereas Revolut has remained bullish on its customer acquisition and expansion strategy. Monzo has moved fast and already broken a few things that need to be fixed.
⚔️ 🥊 Business Banking: Round 2 is ON
Starling and Revolut were the first ones to focus on Business Banking, with Starling taking a lead in the UK amid COVID. With Monzo joining the fray, the next battleground most certainly is business banking.
🌪👣 Revolut-ion in the making
Revolut has focussed on geographic expansion like no other fintech. The launch in Australia and Japan will keep them on track on their exponential customer acquisition journey.
🛣💰Path to Profitability: SuperApp, SME Banking and Subscription
While all 3 Neo-banks are in Deep-Red, the renewed focus on Subscription fees, SuperApp strategy and SME Banking are the 3 routes in their pursuit of profitability.