As bank closures change the dynamic of Britain’s high streets, the nation’s digital banks are racing to blow the dust off the dated retail banking industry. Revolut, perhaps the leading digital bank, recently raised $250m at a valuation of $1.7bn – not bad at all since it was only founded 34 months ago. The startup’s founder Nikolay Storonsky has also made headlines for his no-nonsense approach to growing his business. Speaking to the FT, he commented that he cannot see how work-life balance will help Revolut gain traction over its competitors, which include not only other well-funded startups but also big banks with seemingly unlimited resources. His attitude appears to be working: Revolut boasts some 1.5 million users globally and has launched new verticals including a cryptocurrency exchange, business banking features, and borrowing at interbank rates for consumers. Monzo, meanwhile, has roughly 650,000 users and operates almost exclusively in the UK. While Revolut is focused on global growth, Monzo is dedicated to building the best retail banking experience in the nation, before eventually looking to foreign markets.
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