UK challenger bank Monzo has begun offering online personal banking , a move that demonstrates its marketplace model was not viable , according to Retail Banker International . It said Monzo , which has invested £ 85 million ( $ 100 m ) since launching in 2015 , was unable to make its vision of a banking marketplace turn a ##wry , but offering traditional banking products , such as bonds , at near - market rates would eventually get it into the black .
UK challenger bank Monzo has begun offering customers personal loans, a move that demonstrates its marketplace model was not viable, according to Retail Banker International. It said Monzo, which has lost £85m ($103m) since launching in 2015, was unable to make its vision of a banking marketplace turn a profit, but offering traditional banking products, such as loans, at near-market rates would help get it into the black.