Fintech firms eager to gain market share at the expense of turning a profit have found their business models left in the lurch, the boss of savings startup Chip says, as some of the UK’s biggest players flounder in widening losses.
Simon Rabin, chief executive of Chip, told Financial News that too many fintech firms such as digital banks Monzo and Revolut are stuck with loss-making business models that are overly reliant on generous venture capital funding to stay afloat.
