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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