This analysis begins with a look at some of those that did it first. Although a well-established retailer and grocer, it would take 78 years for British supermarket Tesco to tap the financial services market, a push led by the launch of its ‘Clubcard’ programme in 1995. This was followed by the launch of Tesco Bank in 1997, which included a broad offering of credit cards, loans, mortgages and insurance.
It took a further 14 years after its launch for the supermarket’s banking subsidiary to become profitable – a track it has retained in the years since. In recent times, Tesco Bank has partnered with a number of fintechs and technology partners to bolster its offering.
