Wells’ entry into the market may be particularly keenly felt by smaller groups which have struggled to increase revenues quickly enough to cover their costs of acquiring new customers. Wells already has plenty of customers actively using mobile devices: 27.5m at the end of September, according to its latest quarterly report, up about 1.1m from a year earlier. At a recent industry conference in Las Vegas, there was a lot of talk of how venture backers are becoming more demanding, asking for evidence that start-ups can turn customers into more solid income streams.

https://www.ft.com/content/a564f890-a944-11e6-809d-c9f98a0cf216