The pandemic has accelerated digital adoption across financial services, with fintechs enjoying extraordinary customer growth in the past 15 months.
Sadly, for their backers, however, few are yet making a profit.
In a note published this week, titled Digital Neobanks: Clients Grow, Losses Grow, analysts at Citi scrutinized four leading UK firms – Monzo, Starling, OakNorth and Revolut – and found their combined customers increased 45% in 2020 to 22 million.
That is almost as many as domestic retail champion Lloyds Banking Group, with 25 million.
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