> With that investment they're building and marketing a disruptive financial services brand. They're creating all of the technology to support a credit card and current account both in the back end systems and front end mobile apps. They are meeting all of the legal and regulatory requirements. They're providing pretty good customer service and assuming all of the infrastructure costs associated with growing and running a company etc.
In other words, they've built a bank with that 6.7m (+ 1.4m the year before) & they're about to launch current accounts, while the legacy banks struggled to add Touch ID protection to their mobile apps in the same time period. You don't think that's significant?
They're very different, they don't have a banking license, don't want one & are mainly focused on international payments, rather than current accounts & an open marketplace.
they are offering personal bank accounts and recently, business bank accounts (apparently powered by Barclays).. the growth and interest seems to be not less than Monzo`s, so one would guess they'll have to get their own banking license soon.
Most of the other banks are too ashamed to publish their tech stack. After all, it's kind of hard to attract 25-30 year olds with technologies that had their last major updates before the candidates were born :p
In other words, they've built a bank with that 6.7m (+ 1.4m the year before) & they're about to launch current accounts, while the legacy banks struggled to add Touch ID protection to their mobile apps in the same time period. You don't think that's significant?