Monzo ditches Monzo Plus, Revolut launches share trading service: Finder’s digital banking monthly round-up

Posted: 3 October 2019 4:36 pm

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Keep on top of the latest in digital banking with our news digest.

Our experts have put together all the digital banking events worth knowing about from the past month, so expect some juicy stuff.

Personal banking

  • Open Banking. On 14 September, new EU legislation on banking came into force. Long story short, security will be tighter for all banks, while budgeting apps that rely on Open Banking connections, such as Yolt or Money Dashboard, will start working much better. You can read about all this in our story on tighter security.
  • Monzo. With all the stuff Monzo has announced this month, one wonders whether anyone at its offices got any sleep in the last 30 days. We’re talking a revamp of the app, a new budgeting feature to organise your salary and of course, the whole Monzo Plus fiasco.
  • Revolut. The Revolut team must have had some sleepless nights, too. Revolut’s new share trading feature has been rolled out to all users. The fintech unicorn has also published its 2018 accounts, according to which Revolut’s revenue was £58.2m (up by 354% from the previous year) and its losses amounted to £32.8m (+121% compared to 2017). Revolut also says it now has 7 million users around the world. Not bad.
  • Dozens. Remember Dozens, the company that made a lot of noise with its ads on the Tube at the beginning of the year, promising a 5% fixed bond? The bonds are finally live, plus the company is partnering with Visa and changing a few things.

Business banking

  • Starling Bank. Business banking is a big focus for Starling this year. The challenger got a good chunk of money from the RBS remedies fund (set up in the wake of government bail-out of RBS) and now has to spend it, after all. This month’s news is that, if you have a business account with Starling, you can now bank from your laptop as well as from your phone. Starling’s personal account is app-only, but apparently many business customers asked for an online banking platform, so Starling has built it.
  • Tide. Business banking platform Tide has made it to 100,000 customers this month. Considering it’s business-only, that’s quite impressive. It’s also launching Tide Capital, which will offer pre-approved credit to SMEs, and Tide Plus, a premium option that will offer a 24/7 legal helpline to its customers.

That’s all, folks. See you next month.

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