Digital bank Monzo becomes Britain’s best-rated lender

Fast-growing bank topples First Direct from top position in Which? consumer surveyThe fast-growing digital bank Monzo has toppled First Direct from its near decade-long reign as Britain’s best-rated lender, according to a Which? annual survey.But it was a bittersweet triumph for Monzo after it was forced to defend the potential involvement of overdrawn customers in its £20m crowdfunding drive. The bank, which has grown exponentially since its launch in 2015 but is making heavy losses, was accused of allowing its customers to borrow from the bank using its overdraft facility to buy shares. Continue reading…
Via: Digital bank Monzo becomes Britain’s best-rated lender