British digital banks Monzo and Starling Bank have both reported significant profit increases, with Monzo achieving its first profit. However, concerns arise as high inflation and interest rates threaten the business models of 'narrow banks'. Starling Bank's profit surged by 55% due to higher rates, but it also noted a rise in bad loans. Additionally, UK regulators have imposed restrictions on a fintech firm owned by Uruguay's first-ever billionaires as part of a broader crackdown on payments firms.
Starling Bank flags rise in bad loans as earnings jump https://t.co/qqRUfiPYJx
UK regulators imposed a series of restrictions on a fintech firm owned by Uruguay’s first-ever billionaires as part of a widening crackdown on payments firms https://t.co/AHtJZwzRl8
Starling Bank flags rise in bad loans as earnings jump https://t.co/xw8XdwHtTu
British mobile lender Starling Bank reports its third annual profit after higher interest rates helped boost revenue https://t.co/SdQZTJumNc
British bank Starling reports 55% jump in profit, boosted by higher rates https://t.co/PHSfmTuztu https://t.co/DO9Y4MFbvj
Digial bank Monzo has swung to profit for the first time. But its new-found profitability could prove short-lived, as high inflation and interest rates threaten the business model of "narrow banks". Me, for the FT's Banking Risk and Regulation service. https://t.co/WdUPqZBurd