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Out-competed by Monzo/Starling/Revolut and co. and blaming Brexit. Not the first to use that excuse, and certainly not the last.
by butler14 7y ago
Out-competed by Monzo/Starling/Revolut and co. and blaming Brexit.
Not the first to use that excuse, and certainly not the last.
- bartread 7y agoYeah, I was thinking the same... along with "don't let the door bang behind you on the way out". Not that I voted for Brexit - quite the opposite as it happens, and I'd be a lot happier if we were still in the EU - but I don't have much patience with questionable excuses from businesses who failed to effectively compete with other companies in their space. If they were running a commercially viable operation in the U.K., or had realistic hopes of doing so in the foreseeable future, of course they'd have applied for a UK banking license. The only reason not to do so is if that isn't the case. Brexit has nothing to do with it, and I suppose we learn again that success requires more than just hubris and a truckload of money.
- threeseed 7y agoThat's one interpretation. Another is that the imposed costs of Brexit e.g. compliance, privacy, data sovereignty especially since we are heading down the no-deal path make it too costly to compete. And fully agree that it won't be the last business to find it uneconomical to compete in the UK due to Brexit.
- buboard 7y agodo you know if these offer services to EU customers? and specifically business accounts?
- benhurmarcel 7y agoOnly Revolut offer services in the EU.
- imtringued 7y agoAssuming no Brexit they could have stayed in UK indefinitely because there would be no additional compliance costs.