To be fair, hasn’t a lot of the financial sector dropped. Virgin money is down 60%
Two very different organisations, virgin have a lot of credit customers who are expected to go into arrears because of the virus and also because the interest rate is low a lot of their savings customers are moving cash into stocks or accounts elsewhere. So it’s hit them hard, Monzo on the other hand aren’t a big lender or savings provider. They were massively overvalued. I feel sorry for the ones that used their overdrafts to buy shares.
True, but I think most banks are down quite a bit. I agree though Monzo was overvalued.
They were lucky to close that funding round before the pandemic hit. I know the article mentions some companies related to travel but I wonder who else they might try and acquire.
May be the case where they buy a banking licence.
They’ve been talking about applying for one since 2018 but I assume there’s been little traction (from the regulator).
Global? Digital bank?
Who does that sound like?
I was wondering about that. I guess I just assumed $500m wasn’t enough. Then again Tandem did it.
Could see Revolut buying a UK banking license at some point.
In the context of this thread, I’m assuming you mean making an offer for Monzo?
Someone proposed it earlier in the thread I believe, but honestly I can’t remember. Yes if Monzo is going to the toilet I could see them acquiring it and running it as a brand while utilising the banking license though
3 posts were split to a new topic: Tom Blomfeld to step down as Monzo CEO