Digital banks, like Monzo, primarily generate revenue by using the money saved by customers to invest or lend out, keeping the profits. While they may consider offering insurance in the future as another source of revenue, for now, they are experiencing healthy growth without the need to diversify into this area.
A digital bank like Monzo makes money through various channels, including interchange fees, subscription or premium services, interest on deposits, lending, and foreign exchange fees. These revenue streams help sustain their operations and fuel their business growth.
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