DTC’s Daily Digest brings you the latest news on the world’s fastest growing direct-to-consumer brands. In today’s edition: RBS attempted to purchase Monzo; Harry's expands product offering; and Faraday Future founder files for bankruptcy.

RBS attempted to purchase Monzo

The Royal Bank of Scotland (RBS) made an informal approach to purchase UK challenger bank Monzo in 2017, according to reports published today (15th October). Since then RBS has moved to set up its own digital- and mobile-focused banking service, Bó, which will launch next month. The Edinburgh-based bank's foray into standalone digital banking has not been a successful one as yet, having invested £5m for a 25% stake in fintech startup Loot, which collapsed less than six months after the investment closed.

At the time of the approach Monzo was valued at approximately £100m, wheras its valuation now stands at approximately £2bn. While the heady valuation reflects the challenger's popularity among its customers, the operators have struggled to turn a profit, with losses of £47.2m last year and the recent disbanding of its entire Monzo Plus subscription team.

Faraday Future founder files for bankruptcy

Jia Yueting, the founder of electric vehicle manufacturer Faraday Future, has filed for Chapter 11 bankruptcy in Delaware. In the filing, Jia proposes to set up a creditor trust, backed by the value of his ownership stake in Faraday Future, which will be paid out if and when the firm goes public. The Chinese entrepreneur claims to owe more than 100 creditors, to the total sum of USD$3.6bn (£2.9bn), which is largely attributed to the collapse of his tech conglomerate LeEco.

It is unclear whether creditors will accept the proposals, given that Faraday Future's future is less than certain. The firm was forced to accept USD$225m (£179m) in bridge financing in May this year, as well as having to sell property worth USD$50m (£40m) to stay afloat. Since being founded, Faraday Future has lost an estimated USD$2.15bn (£1.71bn).

Harry's expands product offering

Shaving DTC brand Harry's is expanding its product offering with the launch of a range of shower gels, shampoo & conditioner, and hair styling products. The products are available from today on the firm's website, and will be sold in Boots stores from 27th October, following their partnership announced in April this year.

Harry's was acquired by Edgewell Personal Care in May in a deal worth USD$1.37bn (£1bn), with the latest product diversification suggesting the US-based parent company views Harry's as the opportune vehicle to expand into the shower gel and shampoo markets. The FMCG firm's existing brands cover shaving, skincare and feminine care.