UK neobank Monzo pulled in £113 million ($144 million) in Series F funding led by Y Combinator Continuity:
. But most neobanks have been struggling with profitability as well as converting customers to using them as their primary bank. The percentage of active customers who deposit a minimum of £1,000 per month into their Monzo accounts is between 27-30%, for example,Focusing on generating additional revenue and incentivizing customers to use Monzo as their main account should be of primary importance to the neobank — and its marketplace could help on both counts.
Looking to expand its marketplace further and attract more partners on its platform, which could range from pension, insurance, and wealth management providers, could help Monzo generate significant fee-related revenue while becoming a one-stop shop for customers.from Business Insider Intelligence details the recent developments in fintech funding and regulation that are defining the environment these startups operate in.
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