to raise $1.5 billion, which could give it a valuation of up to $10 billion. These valuations make it increasingly difficult for big banks to justify scooping up the most successful neobank players. However, while funding and customer numbers continue to spike, neobanks also struggle to turn a profit — Monzo reported a loss of $47.2 million during the last financial year, for example — raising questions about their business models' sustainability once VC money runs out.
Here's what incumbents have been getting wrong, and what RBS needs to do to increase Bó's likelihood of success:
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