It has been a couple of weeks of important announcements in the challenger banking space, with some interesting long-term trends emerging in the sector.
Two new challenger banks have received their banking licences in the past week. Berlin-based Number 26 renamed itself N26 and received its full banking licence from the European Central Bank and German regulator BaFin after 18 months of operation and with over 200,000 customers on board. UK-based Starling Bank also received its current account-only banking licence in 18 months and is planning to launch in January 2017.
There are five other UK challenger banks currently midway through their application process with the Prudential Regulatory Authority (PRA) and 14 of them engaged in pre-licence talks.
For more on this story visit the following story: Challenger banks: kick-starting survival mode
Source: Banking Technology