As challenger banks attract bigger rounds of venture capital, the race for new account growth is heating up. Earlier in 2019, Tearsheet hosted a webinar with executives from some of the fastest growing challenger and a common theme was scaling growth.
Of course, the industry is beginning to take these numbers with some salt. As challenger banks have made onboarding silky smooth for their customers, people signup up for multiple bank accounts and don’t really using them. Nearly half (47 percent) of UK new account have less than £1,000 in them.
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