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August, 2019
Archive

449

Singapore Begins Accepting Applications for New Digital Bank Licenses for Non Bank Players

via Crowdfund Insider 

The Monetary Authority of Singapore (MAS) has commenced accepting applications for digital bank licenses. The new licenses are for aspiring non-bank Fintechs. MAS seeks to ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant. Applicants must have their paperwork in by December 31, 2019. (more…)

Banks, Government activities, InspirAsia, Singapore

August 29, 2019

416

Digital Banking Group Varo Money Launches No Fee Overdraft Feature

via Crowdfund Insider 

Digital-only challenger bank Varo Money announced on Tuesday it is now offering No Fee Overdraft. According to Varo, the No Fee Overdraft feature allows customers to overdraft their bank account balance up to $50 with no fee and no interest when they meet certain eligibility requirements. (more…)

Banks, Mobile-first banks

August 27, 2019

570

N26 launches Shared Spaces and is now fully available in the US

via TechCrunch

Challenger bank N26 is announcing two things this week. First, the company lets you share sub-accounts with other N26 users in just a few taps. Second, after a limited beta test, the company is officially launching in the U.S. with open registration. (more…)

Banks, Mobile-first banks

August 23, 2019

503

The Nordics have a new neo bank contender

via Sifted

The Danish banking app Lunar Way has overnight both received a banking licence and €26m in funding, from investors such as Danish Seed Capital, Brittish Greyhound Capital och San Francisco-based Socii Capital.

The company, which started with a banking app for millennials, is planning to use the money to strengthen its position in Denmark and Sweden and also open a division in Norway and Finland. (more…)

Banks, Deals, Mobile-first banks

August 21, 2019

640

Future Fintech: The Fight for the Digital Banking Crown

via Crowdfund Insider 

As 2019 moves into its third quarter, the once burgeoning industry of digital banking is starting to make serious waves in the financial world – and investors are taking notice. Big players like Monzo, Starling, N26, Revolut, and EQIBank have recently completed massive funding rounds supported by a range of VC’s and angel investors from around the world. (more…)

Banks

August 18, 2019

730

US neobank Zenus gets licence

via FinTech Futures 

Puerto Rico-based challenger bank, Zenus, was granted its banking licence by US regulatory authorities this week.

Unlike other challengers, Zenus will allow anyone in the world to open an account, including the unbanked population from countries such as South America, India and China. (more…)

Banks

August 16, 2019

780

Monzo insists new short-term loans won’t be at Wonga rates

via The Guardian 

Digital bank Monzo is dipping its toes into the short-term loans market a year after Wonga’s collapse, but insists it will not target customers who usually turn to payday lenders.

The challenger bank formally launched loans for its 2.5 million customers on Thursday, following a trial with around 4,000 of its users. Those who qualify will be able to borrow as much as £15,000 for up to 60 months, or take loans as small as £200 for as little as 90 days.

That kind of wage top-up has been the hallmark of short-term or payday lenders, whose customers borrow an average of £300 over three months. (more…)

Banks, p2p/online lending

August 15, 2019

972

Neobanks’ have secured a record $2.5 billion in funding this year

via Business Insider

The first half of 2019 is proving to be a lucrative one for neobanks, which raised $2.5 billion this year through the end of July across 55 deals, reports Business Insider citing CB Insights data. (more…)

Analytics, Banks, Mobile-first banks

August 15, 2019

833

Digital Bank Revolut Launches Business Expense Management Feature

via Crowdfund Insider 

Digital bank Revolut has integrated Xero, an SME accounting platform, to facilitate seamless business expense reporting. The Revolut for Business app has also been updated for team members to upload receipts and add expense information, according to a release from the company

The new “Expense Management tool,” is designed to help growing businesses more easily manage expenses. Business owners may now approve or reject team expenses, an area that has traditionally been difficult to manage. (more…)

Banks, SME

August 14, 2019

706

Challenger banking comes to trade finance with the launch of the Anglo-Gulf Trade Bank

via Tearsheet

  • Creating a digital trade bank required rethinking what it could and should be.
  • Joined by Microsoft and Publicis Sapient, AGTB services trade across the Middle East, Asia and the UK.

(more…)

Banks

August 12, 2019

767

Neobank Joust Raises $2.6M To Bank Freelancer Wages

via PYMNTS

The funding round was led by PTB Ventures, with help from Accion Venture Lab, Financial Venture Studio and Techstars.

Founded by Lamine Zarrad and George Kurtyka in 2017, Joust aims to help independent professionals find more financial stability and avoid late payments amid the irregular payment system for freelance work. The bank guarantees invoice payments and has a “PayArmour” feature for same-day funding, which is available as an app in Google Play and the Apple App Store. (more…)

Banks, InspirAsia, Mobile-first banks

August 12, 2019

728

Deutsche Bank creates digital bank Fyrst

via FinTech Futures

Deutsche Bank has started a digital  bank called Fyrst, designed for freelancers, founders and entrepreneurs. However, the project is currently suspended by their former subsidiary, Postbank, reports Ruby Hinchliffe. (more…)

Banks

August 7, 2019

776

German Digital Bank Gets Backing of Billion-Dollar Venture Fund

via Bloomberg 

A Berlin-based fintech is trying to emulate the success that digital banks like N26 have enjoyed with retail customers by specifically targeting business clients.

Penta, which offers bank accounts for firms with up to 70 employees, has just won the backing of HV Holtzbrinck Ventures, one of Europe’s largest venture funds with more than 1 billion euros ($1.1 billion) under management. The fintech company — founded in 2017 — expects to increase its customer base to about 20,000 by the end of this year from over 8,000 at the moment. It plans to expand into Italy in the fourth quarter.

(more…)

Banks, SME

August 6, 2019

567

Tide, Starling Ramp Up Rivalry Over SMB Customers

via PYMNTS

The rivalry between U.K. challenger banks Tide and Starling continues to heat up as Tide signs on its 100,000th small business customer.

Reports in The Telegraph on Monday (Aug. 5) said the companies continue to compete for the small business customer base. Tide has on-boarded 100,000 small business customers, described by the firm’s chief executive Oliver Prill as a “very significant milestone.” (more…)

Banks, Open Source/ API, SME

August 6, 2019

557

Monzo says it wasn’t storing ‘some’ customer PINs correctly, but has now fixed the bug

via TechCrunch

Monzo, the fast-growing U.K. challenger bank that recently soft-launched in the U.S., is disclosing a potential, albeit relatively limited, security oversight that saw customer PINs stored incorrectly within the company’s internal systems. (more…)

Banks, Mobile-first banks, Security

August 5, 2019

722

Ex-Lazada CMO’s neobanking platform for SMEs, Aspire, raises US$32.5M to grow in Southeast Asia

via e27

Aspire provides SMEs with a 60-day, interest free credit line of up to S$100,000 to solve their working capital needs (more…)

Banks, Deals, InspirAsia, Singapore, SME

August 1, 2019

802

Fintech firm Revolut launches a Robinhood-style stock trading service

via CNBC 

  • Revolut’s trading feature lets users buy or sell popular U.S. stocks from Apple to Beyond Meat.
  • Users can also buy a fraction of a share, with the minimum amount being $1 worth of stock.
  • The move comes after Robinhood’s botched attempt to launch checking and savings accounts.

(more…)

Banks, Financial Markets / Trading

August 1, 2019