Revolut and Starling see blue skies ahead

Summary List Placement

The coronavirus pandemic arrived in the UK a little more than a year ago, scrambling neobanks’ strategies and requiring them to cut costs and shore up revenues. But after a year of turmoil, two of the UK’s highest-profile neobanks are seeing signs of better days ahead, the Financial Times reports.

Revolut sees promise in the US market. The neobank originally planned to campaign for customer acquisition in earnest last March, but put those plans on hold with the advent of the pandemic. Now, Revolut has announced that it will launch an aggressive marketing blitz in the US as it works toward a goal of 1 million customers in the country by the end of the year, Financial News reports.

And this is just on the consumer side: The neobank also launched business accounts across the US at the end of last month. In a further sign that Revolut is playing the long game in the US, it has also applied for a US banking charter that would give it more flexibility to bolster its deposit solutions and expand into lending products for a fraction of the cost.

Starling foresees sustained …read more

Source:: Businessinsider – Finance


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