As the number of challenger banks continues to rise, there are now 4 operating in the UK alone. Monzo, which received its full UK banking license in April 2017, now has over 200,000 users and £250 million has been spent through the platform. City A.M’s Tech Editor, and Hot Topics Contributing Editor, Lynsey Barber, sat down with Monzo’s CEO and co-founder, Tom Blomfield, to discuss how challenger banks are competing with each other and playing their different hands in this ‘game of poker.’
The poker game being played by challenger banks
Monzo, Starling, and Atom are among the UK challenger banks competing for your custom, but how do they differ?
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