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Cato Banking opens waitlist for “financial health” account ahead of UK launch

via AltFi

Automatic bill payments, saving pots, and rewards and discounts at 80 retailers are what make Cato unique. (more…)

Banks, Global trends

November 11, 2019

184

The BASIS ID Tale – How Digitisation is Revitalising Client Onboarding

via Fintech News Singapore

BASIS ID, the Estonia-based startup dedicated to ease the hurdles from customer onboarding and KYC will co-host with RegPac an event during the Singapore FinTech Festival. Given the tightened regulatory controls arising from recent scandals with the likes of 1MDB, BASIS ID enjoys a market leader position by offering a KYC service that exactly meets the needs from today’s landscape. By offering an agile yet efficient KYC tool, BASIS ID is making client onboarding seamless. (more…)

Security

November 9, 2019

184

Tandem starts global expansion with Hong Kong launch

via AltFi

Digital challenger bank Tandem is expanding to Hong Kong as it begins an international expansion strategy.

The firm launched in the UK in 2016 and then swiftly, and somewhat unexpectedly, bought Harrods bank. 

Now it says it offers a full-service digital bank, offering a suite of financial products in the UK, including savings accounts, mortgages, credit cards and loans but has kept quiet on plans to launch in other geographies unlike other digital banks such as Revolut and Monzo. (more…)

Banks, Hong Kong, InspirAsia, Mobile-first banks

November 8, 2019

191

Spanish Neobank Bnext Surpasses £2.6 Million Through Crowdcube Funding Round

via Crowdfund Insider 

Bnext, a Spain-based mobile-first neobank, has successfully secured more than £2.6 million through its equity crowdfunding campaign on Crowdcube. The funding round, which originally sought to raise a minimum of £1 million, was launched just weeks after the digital banking startup raised $25 million through its Series A funding round.  (more…)

Banks, Mobile-first banks

November 8, 2019

104

Revolut named UK’s fastest-growing technology company

via AltFi

Digital banking app Revolut has been named the UK’s fastest-growing tech company, with an average three-year growth rate of 48,477%.

The figures were published today in Deloitte’s 2019 UK Technology Fast 50 ranking, which calculates the fastest-growing tech companies every year.

Revolut was closely followed by OakNorth (37,449%) and Dividebuy (23,878%) in second and third place respectively. (more…)

Analytics, Banks, Global trends, Mobile-first banks

November 8, 2019

191

Queensland neobank preps 2020 launch

via Finextra 

A new Australian fintech, DayTek Capital, is due to launch “Infinity” in the first half of 2020 with a vision to becoming the first “product-disruptive” bank in Australia.

Initially starting with a prepaid card, the business is already working towards its Restricted Authorised Deposit-Taking Institution Licence, with an aim for it to be completed later that year.

Infinity has already generated great interest in Australia, with the federal government offering assistance in support of the venture. Trade & Investment Queensland, the Queensland Government’s dedicated global business promotion agency, is also supporting Infinity and its potential to create skilled jobs in Queensland.

(more…)

Banks, Global trends, InspirAsia

November 7, 2019

152

Switch to Digital Wallets in Kenya or payments’ reform

About 12 years ago, Kenya announced the launch of M-Pesa – a mobile money transfer, microfinancing service. Back then, it was truly a step forward in the world of digital payments. But as time goes by, it’s becoming more important to start analyzing consumer behavior and how it redefines digital payment solutions.

Despite the huge impact on various market segments, consumers are becoming more aware and demanding in terms of convenience and quality of service provided. They start speaking out about the limitations of mobile money and asking for something that would imply to the fast-paced rhythm of our lives. (more…)

Analytics, eWallets, Mobile payments/banking

November 7, 2019

122

LA is fast becoming a fintech hub as HMBradley launches another West Coast challenger bank

via TechCrunch

US challenger bank is planning to launch its product next year and reward people for positive financial behaviour. The company has set up variable annual percentage yields for accounts based on the rate its customers save. The firm will provide customers with a digital bank account that combines both checking and saving features, and will also offer one-click free credit scoring and will have a network of 55,000 no-fee ATMs .  (more…)

Banks

November 6, 2019

222

Dawn Of The Neobank: The Fintechs Trying To Kill The Corner Bank

via Forbes

Globally, a vast army of neobanks are targeting all sorts of consumer and small-business niches — from Millennial investors to dentists and franchise owners. McKinsey estimates there are 5,000 startups worldwide offering new and traditional financial services. Underlying this explosion is new infrastructure that makes starting a neobank cheap and easy, plus a rising generation that prefers to do everything from their phones. While it can take years and millions in legal and other costs to launch a real bank, new plug-and-play applications enable a startup to hook up to products supplied by traditional banks. 

(more…)

Analytics, Banks, Global trends

November 4, 2019

264

Monzo surpasses 50% of UK challenger banking market share

via AltFi

German digital bank N26 is currently leading the European challengers in the US digital banking landgrab, taking nearly 50,000 downloads for the month of September, according to figures from Apptopia.

Revolut came in second place with over 20,000 downloads, and Monzo brought up the rear with just 6,400 downloads.

All are playing catch-up with local digital banking challenger Current and market leader Chime with 109,000 and 740,000 downloads respectively. (more…)

Analytics, Banks, Global trends

November 1, 2019

170

What the U.S. Can Learn from U.K. Fintechs and Neobanks

via The Financial Brand

One of the main reasons the U.K. lays claim to being the fintech capital of the universe is due to regulatory support and encouragement. Federal regulators in the U.S. so far have not joined the party. But when they do, the impact for financial institutions could be sweeping. (more…)

Analytics, Banks, Fintech news, Global trends, RegTech

October 31, 2019

210

Neobank Rebellion becomes first fintech to offer Spanish IBANs with banking licence

via FinTech Futures

Spanish neobank Rebellion has become the first challenger in the country to gain a banking licence and offer International Bank Account Numbers (IBANs), reports La Vanguardia. (more…)

Banks, Global trends, Mobile-first banks

October 31, 2019

178

A new-wave of challenger banks is taking on Monzo and Starling

via Wired 

Monzo, Starling and Revolut have locked down the challenger banking market, but smaller rivals are finding a foothold by offering niche, specialised services, from business accounts to fixed savers

(more…)

Analytics, Banks, Mobile-first banks

October 30, 2019

258

Starling Bank launches two-in-one Euro debit card

via AltFi

Dual currency card feature pits Starling against Revolut and WeSwap. (more…)

Banks, Mobile-first banks

October 30, 2019

234

Norwegian challenger Bulder Bank launched by Sparebanken Vest

via FinTech Futures 

There’s a new challenger brand in Norway as mortgage focused Bulder Bank opens its doors in the Scandinavian country. (more…)

Banks, Mobile-first banks

October 30, 2019