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Challenger banks’ crusade to rescue balance sheets ahead of next reporting season

Finding ways to put balance sheet capacity to work will be a big focus for neo-banks in the run up to their next round of financial reporting

Challenger banks’ crusade to rescue balance sheets ahead of next reporting season
Photo: Nadia Bormotova / Getty Images

The latest financial results for the UK’s big three neo-banks brought the difficulty of making money off millennials into sharp relief.

Monzo lost £113.8m in 2019, prompting the startup to issue a stark warning about its survival prospects. Rivals Starling Bank and Revolut lost £52m and £107.4m respectively.

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