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July, 2019
Archive

735

N26 announces N26 You, a revamped premium account

via TechCrunch

Challenger bank N26 has unveiled a new premium plan called N26 You. This plan replaces N26 Black with the same benefits and a few tweaks.

N26 is keeping its three-tier system with a free basic bank account, a premium account (N26 You) and a super premium account (N26 Metal). With N26’s free plan, you can pay anywhere in the world without any foreign transaction fee, but there’s a 1.7% markup on ATM withdrawals in a foreign currency.

N26 You costs the same price as the previous premium plan N26 Black, €9.90 in the Eurozone and £4.90 in the U.K. In addition to a travel and purchase insurance package, you can withdraw money without any foreign transaction fee (€9.90 is roughly what you’d pay in fees if you withdraw the equivalent of €580 with a free N26 account). (more…)

Banks, Mobile-first banks

July 16, 2019

796

Customer onboarding and the brand new digital banking licences by MAS

via e27

The announcement from MAS that non-banking fintechs will be eligible to create banks in the digital format, and provide services without any physical branches whatsoever can be considered as the biggest headliner in the financial news of Singapore in July. Altogether, MAS is planning on issuing 5 digital banking licenses in the nearest future.

Applications admission shall begin in August and financial enterprises are, one after another, already announcing their interest in getting the license. As early as today, top managers form Validus, Grab, Razer, Singtel, and InstaReM have already expressed such intentions.

The new licenses issued for digital banking allow the performing of the following services: depositing, lending, and investing for both businesses and natural persons. Customer onboarding therefore, will become essential as the very first step towards utilizing the product. This step has to take into consideration the requirements of the regulations as well as internal risk assessment. This motivates companies to engage in specific partnerships in order to perform the onboarding and KYC. (more…)

Banks, Global trends, InspirAsia, Singapore

July 16, 2019

794

Curve, the ‘over-the-top’ banking platform, raises $55M at a $250M valuation

via TechCrunch

Curve, the London-based “over-the-top banking platform,” has raised $55 million in new funding. The startup lets you consolidate all of your bank cards into a single Curve card and app to make it easier to manage your spending and access other benefits.

Curve’s Series B round is led by Gauss Ventures, the London-HQ’d fintech investor, alongside Creditease, IDC Ventures and previous backer Outward VC (formerly Investec’s INVC fund). A number of other early investors, including Santander InnoVentures, Breega, Seedcamp and Speedinvest also followed on.

The new round of funding values Curve at $250 million (or one-quarter unicorn, so to speak), and will be used by the company to continue adding more features to its platform and for further European expansion. (It also plans to launch in the U.S. in 2020). To date, the company claims 500,000 users and says it is on track to reach 1 million by the end of the year. (more…)

Banks, Deals

July 16, 2019

640

How CARD used affinity marketing to emerge as one the largest challenger banks

via Tearsheet

There are a handful of firms gunning to become leaders in the challenger bank space. There are the usual suspects, like Revolut and N26. But there are others firms that are growing their userbases and assets. One of those companies is CARD. It has 600,000 accounts and $3 billion in customer deposits to date. With some new growth initiatives, CARD claims it is on track to surpass 1.5 million new accounts in 2019.

CARD’s kind of an unbank bank — meaning, the product focus is on branded debit cards, including logos from popular sports teams, athletes, and music groups.

CARD CEO Tim Coltrell joins us to talk about how he’s doubling his account base year over year and what he’s doing to evolve into a competitive challenger bank brand. We discuss Card’s product pipeline and how the company acquires new customers. (more…)

Banks, Mobile-first banks

July 15, 2019

114

Challenger Bank Tandem Recognized as “Best Credit Card Provider” at Consumer Credit Awards

via Crowdfund Insider 

Challenger bank Tandem Bank has been recognized as “Best Credit Card Provider” and “Innovation of the Year” at the Consumer Credit Awards, according to a release. The Consumer Credit Awards are run by Smart Money People.

Tandem CEO Ricky Knox said the Consumer Credit Awards mean a lot to his company because the winners are voted for by consumers. (more…)

Banks, Mobile-first banks

July 15, 2019

3848

N26 launches its challenger bank in the US

via TechCrunch

European fintech startup N26 is now accepting customers in the U.S. The company is launching a bank account with a debit card that should provide a better experience compared to traditional retail banks. (more…)

Banks, Mobile-first banks

July 11, 2019

3367

via PYMNTS

Trulioo, which focuses on global identity verification, said Wednesday (July 10) that it now is able to verify customers in new countries, including Bahrain, Iceland, Qatar and Georgia.

The company said in a press release that it is able to verify customers in those countries through GlobalGateway, its marketplace of identity data and services. (more…)

Fintech news, Security

July 10, 2019

3569

Ualá’s new credit line evens the playing field in Argentina

via Contxto 

As the challenger and neo-bank industry starts to mature, what used to be called “startups” are now reaching puberty.

These alternative banks aren’t the cute little babies that they used to be. Rather than hoping to someday be like dad, now they’re actually competing with dad.

At least this is the case of Argentina’s most famous challenger bank, Ualá. Previously succeeding in terms of debit card allocation, it is now joining the big boys club with its new credit services. (more…)

Banks

July 10, 2019

3431

Bengaluru-based neo-banking startup NiYO raises $35 million in series B round

via The Indian Wire

NiYO Solutions, a Benglauru-based neo-banking startup has raised $35 million in a Series B funding round. The round was led by Horizons Ventures and Tencent. While, the company’s existing investor JS Capital also participated in the funding round.

The company plans to use the funding to accelerate the development and rollout of new product offerings. It will also use funds to amplify distribution and marketing. (more…)

Banks, Deals, India, InspirAsia

July 10, 2019

2720

Do good by doing well: Fintech moves further into charitable giving

via Tearsheet

Digital banks are looking to make donating to charity more accessible and simple for their customers. From round-up features to charity linked loyalty programs, raising money for fintech users’ favorite causes is becoming more tech friendly.

54 percent of donors worldwide prefer to give to charity online, according to Non-Profits Sources. That’s driving $31 billion of online charitable givings in the U.S. alone. Plus, in 2018, mobile payments grew by 36 percent. While there are still some who prefer mailing donations, the number of people who are attracted to quick and easy forms of giving to charity is growing. (more…)

Banks, Global trends

July 9, 2019

2884

Indonesia’s OVO Adopts Refinitiv’s World Check to Boost KYC Capabilities

via Fintech News Singapore

OVO, one of Indonesia’s leading digital payments platform, has selected Refinitiv’s World-Check to support its Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures to minimize its exposure to financial crime risks.

This partnership comes at a time when OVO looks to continue the expansion of its business and to drive financial inclusion across the country.

With Indonesia’s push to build an inclusive digital economy and financial ecosystem, financial technology services such as OVO play an integral role in defining industry standards and enhancing measures to fight against financial crime. (more…)

Fintech news

July 9, 2019

218

Monese Announces New Collaboration With PayPal

via Crowdfund Insider

Digital challenger bank Monese announced on Thursday it has formed a new collaboration with payments platform giant PayPal. Monese reported that customers in the UK will be able to do the following:

  • Link Monese and PayPal accounts, to manage PayPal balance and transactions in the Monese app
  • Seamlessly add Monese card to PayPal digital wallet to buy from, and send money to, PayPal’s 277 million consumers and merchants around the world
  • Easily select Monese as preferred way to pay within PayPal wallet

(more…)

Banks, Mobile-first banks, Payment processors/providers/gateways

July 5, 2019

163

Six Nordic Banks Team To Take On AML Issues

via PYMNTS

Six major banks in the Nordic region will form a customer checking center to help combat money laundering and improve the reputation of the area’s financial institutions, according to a report by Reuters.

The banks involved will be Danske Bank, Swedbank Handelsbanken, Nordea, SEB and DNB. The banks said the KYC Utility would gather know your customer (KYC) checks to start with at large and medium-sized companies in the region, and also start offering commercial services.

Money laundering is a big concern for the region after Danske Bank and Swedbank were implicated in scandals that cost them both billions in their value on the market.  (more…)

Banks, Security

July 5, 2019

162

Swedish ‘neobank’ P.F.C. picks up €5M backing from Nordic banking giant Nordea

via TechCrunch

P.F.C. (Personal Finance Co.), a so-called “neobank” founded in Sweden, has raised €5 million in funding. Backing the young company is Nordea, the largest bank in the Nordics region.

In other words, chalk this up as another example of an incumbent bank placing financial and strategic bets on a fintech upstart, even if it doesn’t always end as the parties involved planned. (more…)

Banks, Deals

July 4, 2019

1127

Kyash, a would-be challenger bank in Japan, raises $14M

via TechCrunch

The new era of tech-enabled banks is coming, even in regulation-heavy Japan. Kyash, a fintech company with visions on becoming Japan’s first challenger bank, said today it has raised $14 million to continue its expansion.

To be clear, Kyash isn’t a bank. Yet. But it is currently applying for a host of licenses in Japan that could allow it to offer banking-style features, including checking accounts, ATM withdrawals and money remittance. Right now, it is a payment app that offers a connected Visa card in the style of Monzo, N26, Revolut (which has a Japan license) and others of that ilk.

The startup was founded in 2015 by Shinichi Takatori, a former banker and management consultant who saw the potential to merge tech and finance. (more…)

Banks, Deals, InspirAsia, Japan

July 3, 2019

1031

SmartSearch pioneers first online AML business credit checks

via FinTech Futures

SmartSearch says it is currently the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally, all in a single platform via a browser or API, with full sanction, politically exposed persons (PEP) and adverse media screening and then ongoing monitoring. (more…)

AI / Machine Learning / Big Data, Open Source/ API, Security

July 3, 2019

First Singapore Startup Says It Will Apply for Digital Banking License

via Bloomberg

Singapore cross-border payments startup Instarem is seeking partners in the lending business as it prepares to apply for a digital banking license in the city state.

The Monetary Authority of Singapore said on Friday it will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses. Singapore Telecommunications Ltd., Grab and Razer have expressed an interest since the MAS announcement, but Instarem is the first company to say it will apply for a license. (more…)

InspirAsia, Remittances, Singapore

July 1, 2019

403

Singapore Advances Digital Only Bank Sector with Five New Digital Bank Licenses

via Crowdfund Insider 

The Monetary Authority of Singapore (MAS) will issue five new “digital bank licenses” according to the financial regulator. MAS said this was in addition to any existing Singapore banks which may also offer digital banking under existing rules.

MAS said the new rules extend digital banking to non-bank entrants.

Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, announced the new rules during a meeting of the Association of Banks in Singapore. Shanmugaratnam said the new digital bank licenses “mark the next chapter in Singapore’s banking liberalization journey.” (more…)

Banks, Global trends, Government activities, InspirAsia, Singapore

July 1, 2019