I actually don’t think it’s out of the realms of possibility regardless of the company being profitable or not. If there were a small business, that may already themselves be profitable, and acquiring them would be a better move for us than building out a similar offering, I am sure we would at least consider it.
Fun fact: The regulatory process for becoming a bank in the USA is so difficult and laborious that there have been instances where fintech companies with a lot of venture capital have acquired small local banks in any given state simply to acquire the license. I don’t believe that’s something we’re personally considering at this time, but it has happened in the past and so isn’t out of the realms of possibility on a wider industry scale.
Reminds me of the backwards drinking laws here in northern ireland. Drinking licenses are so hard to get here (generally one in one out) that some people actually buy smaller pubs in the middle of nowhere and close it down just so they can open a bar in say belfast.
Trotters independent trading acquisition would be good all round Monzo plus on the pay weekly…
Not an acquisition as such but could be the uk Apple Card provider
That actually happened here in the UK once in 2010 when Virgin acquired a tiny bank called ‘Church House Trust‘ (which had no branches) just to get a banking licence!