Monzo co-founder wanted challengerbank sold in 2020
Hey FinTech Fanatic!
In a heartfelt letter to his colleagues, Monzo co-founder Jonas Templestein revealed his past desire to sell the challenger bank amidst tumultuous times in 2020.
Detailing both the struggles and highlights during his nine-year tenure, Templestein paid homage to CEO TS Anil and COO Sujata Bhatia.
Their "unwavering belief" and efforts were pivotal in overcoming the myriad challenges Monzo faced, including regulatory concerns and financial losses amplified by the pandemic.
Templestein's acknowledgment of their resilience and leadership shines a light on the importance of steadfast visionaries in times of uncertainty. As he steps away from Monzo, with Matej Pfajfar taking over as CTO, this marks the end of an era and the beginning of a new chapter for the bank.
Turning our attention to bunq, the second-largest neobank in the EU is making a strategic re-entry into the UK market.
CEO Ali Niknam cited the UK's significance as a hub for digital nomads and Brits living the same lifestyle as a key driver for this decision. After halting new UK accounts post-Brexit, bunq's return signals not just resilience but a strategic repositioning in the evolving European banking landscape.
This expansion to the UK comes a few months after bunq had filed an application for a US banking license with the FDIC in the state of New York. By applying for a bank charter, bunq brings its proven and user-centered approach to banking to location-independent people and businesses in the US.
To be continued!
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REGTECH NEWS
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DIGITAL BANKING NEWS
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🇬🇧 bunq plots return to UK 🇬🇧 after leaving post-Brexit. Bunq’s move to regain market share in a crowded fintech sector comes amid a turbulent time for Britain’s biggest banks, with both Barclays and Lloyds recently unveiling thousands of job cuts and dozens of branch closures.
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🇬🇧 Lloyds Bank teams up with PrimaryBid to allow customers to invest in IPOs, following the launch of its 'ready-made investments' service for Lloyds Bank, Halifax and Bank of Scotland customers. Shares brought through PrimaryBid can be settled directly into customers' Lloyds share dealing account.
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M&A
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MOVERS & SHAKERS
Zepz, a $5 billion fintech unicorn, is laying off more staff. “Zepz has entered a redundancy consultation which could affect less than 2% of its global headcount,” a Zepz company spokesperson said in an exclusive statement to CNBC.
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