Bo, the challenger bank created under the Royal Bank of Scotland's Natwest business, is shutting down after launching in November 2019. 

Bo was launched as RBS looked to counter the rising level of competition from startup digital banks like Revolut, Monzo, N26 and other challengers. 

Bo announced the shutdown on Thursday, informing customers they would have at least 60 days before individual accounts were closed. 

RBS, which reported earnings on Friday, said the bank will merge Bo accounts with Mettle, which is a digital bank for SMEs.

Cover image: RBS