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I worked as a VC and saw the cohorts of (non superstar) challenger bank... and omg: the more customers you have the more you lose, the more they use your produc
by FailMore 7y ago
I worked as a VC and saw the cohorts of (non superstar) challenger bank... and omg: the more customers you have the more you lose, the more they use your product the more you lose.
- BubRoss 7y agoWhy? It seems almost impossible to take people's money, charge them fees for it, then loan it out again for interest and still lose money.
- 55555 7y agoThey all charge almost no fees and there is almost no money to invest for interest. Monzo is very transparent with their financials and when I checked in mid 2018 their account balances totalled a mere 150 million USD. A single rich person might have that in an older bank.