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UK-based challenger bank
Monzo is reportedly struggling to maintain operations and may be trying to avoid the same fate as digital bank
Xinja which was recently forced to shut down permanently.
GlobalData recently noted that Monzo has turned into an “increasingly expensive charitable cause for the UK market.”
As first reported by AltFi, comparisons can be made between the challenges faced by Australia-based digital bank Xinja that led to its exit from the market and the struggles of UK’s Monzo, according to Long.
She pointed out that the apparent lack of focus on key revenue-generating products and services, and the reluctance to properly incentivize clients to “pursue mutually beneficial outcomes” could be the main reason why both companies experienced challenges.
Tide to introduce new business payroll service in 2021
Business fintech firm Tide has announced that is it to release its first payroll service via its banking app in early 2021.
Tide Payroll will be HMRC compliant and will allow SMEs to conduct their payroll from within their Tide account with an all-in-one payroll service that will allow users to run payroll and pay employees through Tide. Members will also be able to process salary payments directly from their Tide account.
The company hope that small businesses will opt to pay its fees rather that having to pay for accountants or expensive payroll software.