Monzo, Starling Bank and Monese Benefit from N26’s UK Exit

Digital only banks Monzo, Starling Bank and Monese have all see some benefits from fellow digital bank N26 deciding to leave the UK market; each of the companies saw an uptick in payments activity and customer numbers, though some seem to think the numbers could have also increase due to the heightened media attention; Norris Koppel, CEO and Founder of Monese, tells AltFi: “This is a sad day for us, we’re all startups at the end of the day and all very young companies who are trying to do a good thing and create a better experience for our customers and so from that perspective we tried to remain neutral and sympathised with N26’s situation”; customers were anxious about the news asking if the other startups were going to be around for the long haul; the UK is one of the hottest challenger bank markets in the world and there is some thinking that N26 did not leave because of Brexit but instead because their product was not gaining enough ground. Altfi

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