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The evolving relationship between supermarkets and banking and the key role of fintechs

March 18, 2024

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.

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