Royal Bank of Scotland shuts down its app-only bank Bó

Monday 4 May 2020 12:51 CET | News

Royal Bank of Scotland (RBS) has announced shutting down its app-only bank six months after the challenger brand was launched to the public.

RBS will instead focus on Mettle, the second of its two digital-only challenger brands. Bó will be merged with Mettle, which is focused on the small business market.

According to Yahoo!News, the COVID-19 pandemic influenced the decision to close Bó, a greater opportunity being seen in the small business market given the level of support businesses currently require.

RBS first begun working on Bó in September 2018 in response to the surging popularity of startup banks such as Monzo, Revolut, and Starling. It launched in November 2019 but has struggled since the start. 

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Keywords: RBS, Monzo, challenger bank, , app-only bank, Mettle, Scotland, SMBs, COVID-19, coronavirus, startup, Monzo, Revolut, Starling
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech