What are the challenges Monazo, Revolt, and Starling Bank
Due to the coronavirus epidemic, the number of British Nebank application downloads fell 23.38% in March. This is evident from the data of Finbold Company, which is engaged in financial market studies.
Leading this anti-rating was Monzo, whose application downloads decreased by 36.12%, leading to 148 608 downloads in March. In February, the figure was 232,639 downloads. At the same time, from February to March last year, the number of Manzo applications downloads increased by 27.68% from 123,317 to 157,463.
Revolut Digital Bank faced a decrease in application download of 18.16%. From February to March, the number of downloads decreased from 116,648 to 95,461. In the same period last year, like Monzo, Revolt experienced an increase in its customer base, while growth was 13.19%.
The number of installations of the Starling Bank application also decreased by 20.03% and the number of new downloads decreased from 100,704 to 80,523. Last year, the number of new downloads increased by 11.36%.
A recent report by Rosenblatt Securities predicted that the effects of COVID-19 would have a devastating effect on fintech companies. According to analysts, unicorn could destroy the startup’s $ 76 billion market value, triggering a series of mergers and acquisitions in the region due to a prolonged recession. The statement said market lenders who manage the digital assets of firms and non-banks are at greatest risk.
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We previously wrote that Revolut and Monzo were forced to refute rumors that they were allegedly at risk of an imminent financial collapse. However, as stated by foreign media, both banks have been well capitalized as they have recently received millions of financing.
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According to the material finextra.com