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App-Only Banks Rise in Europe and Aim at Traditional Lenders

Last year, Monzo’s losses quadrupled to £33.1 million. The company is developing a marketplace where customers can shop for financial services offered by other firms, with Monzo collecting a fee. In the meantime, it makes some money from overdraft and A.T.M. charges, and is experimenting with giving out short-term loans of up to £1,000.As they expand, these start-ups will also face more regulatory scrutiny and targeting by fraudsters. Traditional banks must ensure, for example, that a certain proportion of the deposits they hold are kept in reserve, as a safety net. Such policies help guarantee that a bank will not lose its customers’ money, but they make…

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