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Fintech startups amass war chests for the economic downturn

Fintech startups amass war chests for the economic downturn

Consumer fintech startups have been massively profitable in 2019, attracting thousands and thousands of latest customers and disrupting conventional retail banks and monetary companies with mobile-first, consumer-oriented merchandise. Despite the financial downturn in public markets and the large wave of cuts at private and non-private firms in latest weeks, fintech startups have been elevating a ton of cash.

It looks like they’re all constructing a conflict chest to outlive the financial winter as conventional banks proceed to iterate to allow them to catch up and supply extra user-friendly companies. This shouldn’t be the time to lift charges, decelerate on product improvement or plans to accumulate new customers.

Nine-figure rounds

Back in January, I checked out challenger banks and their progress trajectories, however since then, they’ve managed to draw much more prospects. According to the latest figures:

  • Nubank has 20 million prospects;
  • Revolut has 10 million customers;
  • Chime has eight million customers;
  • N26 has 5 million customers;
  • Monzo has four million customers.
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And that’s with out mentioning Starling Bank, Atom Bank, Bunq, Bnext, Paysend, and so on. At some level, there will probably be as many challenger banks as non-challenger banks — maybe we shouldn’t name them challenger banks anymore.

Beyond these startups, buying and selling app Robinhood lately reached 13 million customers, worldwide funds startup TransferWise has 7 million prospects and cryptocurrency alternate Coinbase has 30 million customers.

EditorialTeam

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