Visa and Revolut are growing their relationship via an expanding partnership in Europe, adding 24 new markets globally. (more…)
While challengers such as Metro Bank, Santander and Monzo were expected to put a stop to the dominance of the big four, they are instead failing to thrive, according to the Financial Times. Last week, Santander lost 1.5 billion pounds ($1.8 billion) from the valuation of its business, while shares in Metro Bank fell 30 percent after it was forced to cancel a planned bond sale.
Swedish neobank Personal Finance Co (PFC) has gone live on Mambu’s software-as-a-service (SaaS) banking engine 10 months after launch.
PFC offers a personal finance app with an accompanying debit card. Customer are encouraged to reach their financial goals through “automation and data-driven insights.”
The bank plans to launch personalised savings and credit products in the near future and aims to accrue 100,000 users by the end of the year. It operates under a payments institution licence, rather than a full banking licence. (more…)
A new digital business bank E20. has been launched in the UAE to support small business owners. E20. wants to let customers open an account quickly and easily, and allow them to do not only local but international transactions, as well as pay bills, all through a smartphone. E20. will launch through an invite-only beta, which will last through the first quarter of 2020. (more…)
Cryptocurrencies have been getting more popular since the conception of bitcoin in 2009. Currently, there are over 2,600 cryptocurrencies available in the market, with Bitcoin as the leading cryptocurrency. Most users just buy bitcoin and then sell them. However, there are plenty of ways to use your bitcoin and other cryptocurrencies aside from the usual trading.
These ways include using your cryptocurrencies for payments, investments, remittances, loans, and humanitarian aid. (more…)
Digital banking service for SMEs, Tide, is launching a subscription tier for its customers which bundles additional customer support and 20 free transfers a month.
Cybersecurity solutions provider Acronis announced today that it has raised $147 million in funding led by Goldman Sachs, bringing it to unicorn status. The company did not disclose its valuation, but founder and CEO Serguei Beloussov told TechCrunch that it is between $1 billion and $2 billion.
Founded in Singapore as a data backup and recovery company in 2003 and now headquartered in Switzerland, Acronis currently has more than 1,400 employees in 18 countries. Its cyber protection technology is used by 5 million consumers and 500,000 businesses. (more…)
Fintech startup FairMoney is building a challenger bank in Nigeria. The company first started offering microcredit and now plans to expand to current accounts and savings. FairMoney just raised an $11 million Series A round (€10 million) led by Flourish, DST Global partners and existing partners Newfund, Speedinvest and Le Studio VC.
FairMoney lets you get a loan from its mobile app. After answering a few questions and sharing financial information, the startup analyzes this data set as well as your geolocation, other apps installed on your phone and other factors to give you an answer in a few minutes.
On average, people borrow the equivalent of $33. Eventually, if you always repay on time, you are able to borrow as much as $415. Interests vary depending on repayment periods and other factors, but the maximum annual percentage rate is 13%. (more…)
Which challenger bank is best for you depends on your own needs, and some people may be better off staying with a legacy provider. Wired.co.uk have reviewed a quartet of the top challenger apps – Monzo, N26, Starling and Revolut – and identified the best challenger bank for each of the following use cases: for travelling, for expats or people with families abroad, for developers and creatives, for business, for rich people, and for the rest.
UK challenger bank Monzo has broken through the three million customer mark, with sign-ups continuing to accelerate for the app-only bank.
The FinTech Northmill, which offers cloud-based financial services, was awarded a banking license from the Swedish Financial Supervisory Authority (SFSA) on Friday (Sept. 13), according to reports.
The company submitted an application two years ago and is now all set to become an official bank. (more…)
FinovateAsia 2018 Best of Show winner Arival Bank announced this week that it raised $2.3 million (£1.87 million) in a pre-Series A, equity crowdfunding campaign. The Singapore-based fintech bank for businesses and entrepreneurs soared past its fundraising target of $864,500 (£700,000), and now boasts a pre-money valuation of more than $14.8 million (£12 million). (more…)
Digital challenger bank Zenus Bank wants to be one of the first banks in the United States to service a global clientele. The San Juan based operation is said to be nearing launch, currently scheduled for Q4 of 2019, and in advance of this event, Zenus has enlisted NICE (Nasdaq: NICE) to establish a cloud-focused financial crime strategy for both anti-money laundering compliance and enterprise fraud protections with its AML and Fraud SaaS Essentials solutions. (more…)
In Europe, banking upstarts are gaining traction in digital banking, with new products and services focused on enterprises and consumers alike, easing account to account payments, international transactions and data security. Think of it as Banking as a Service — and some of these tech-savvy firms have banking licenses, newly-granted, in hand. (more…)
Revolut has decided to withdraw its application for an e-Money license in Luxembourg, according to a report in the Telegraph. The application was originally filed in September of 2018. Revolut was said to make the decision following the approval of two financial services licenses from Lithuania that will allow the digital bank to “passport” its services across the European Union. Additionally, Revolut has filed for a similar license in EU member state Ireland. (more…)
Xinja, the latest “neobank” to be given a full banking licence in Australia, is looking to raise more than $50 million from big investors as part of its plan to disrupt the lucrative retail banking sector. In a key milestone that allows the bank to take deposits from the public, Xinja was on Monday granted an unrestricted licence from the Australian Prudential Regulation Authority (APRA). (more…)
High smartphone penetration in Latin America is the key factor driving digital banking and financial inclusion in the region. One of the most prominent fintechs is Brazil’s Nubank, which is the largest digital bank outside of Asia and the highest-valued digital bank in the world. Mexico and Argentina are two other fintech ecosystems with albo and Ualá attracting much attention.
The major trends that are influencing Latin America are: increased focus on small business banking, regulatory initiatives, bank-fintech collaborations and China’s banking services as a source of inspiration for Latin American fintechs. (more…)
Stripe has made the long-awaited move into business finance and launched Stripe Capital, a service for advancing cash to customers that in turn gets repaid out of their future sales made through Stripe’s payment platform, with loan amounts and repayments based on the customer’s transaction activity on Stripe itself. (more…)
Indian online lending marketplace Namaste Credit announced it is becoming a “fully-fledged digital-only bank” for micro small and medium businesses (MSMEs).
The neobank will have a “foundational software-as-a-service (SaaS) play” and aims to offer the first one-stop-shop for MSMEs. It will include automated credit, banking and accounting solutions.
Soon-to-be-launched app ‘Namaste Biz’ will centralise MSME’s cash flow and banking and credit management. (more…)
Personalized neobanking service Yelo said on Wednesday it has raised seed round funding from Matrix Partners India, Omidyar Network India, Flourish and current investor, Better Capital.
Yelo describes itself as a digital-only mobile-first neobank with a custom-made suite of financial products for remittance, healthcare, education, e-commerce, and day-to-day cash flow management. (more…)
Challenger bank Chime has reached 5 million customers in the U.S. The San Francisco-based startup is creating an FDIC-insured mobile bank without any physical branch. The company also promises fewer fees.
Over-the-top banking platform Curve has become the fastest start-up to reach £4 million on Crowdcube and has raised overfunding of more than £5 million, reports Jane Connolly.
Within 42 minutes of launching on the crowdfunding platform to pre-registered customers, Curve attracted four times its original £1 million target, smashing Crowdcube’s existing record.
Curve also broke the record for the number of people investing in a campaign through Crowdcube, which was previously held by Chip with around 6,500 investors. (more…)
Monese, a banking app which focuses on thin file customers is partnering with deposits marketplace Raisin to launch Monese Savings. The new feature sees Monese customers gain access to Raisin’s cross-border deposits marketplace so that they can shop around for a competitive interest rate via the various European banks signed up to Raisin. It will initially be available to Monese personal account customers in the U.K., Germany, Austria, France, the Netherlands and Spain. (more…)
Digital banks based in Britain are expected to almost triple new customers across the globe to 35 million, according to a new report.
New banks such as Revolut, Monzo and Starling will see their ease of use, lower operating costs and widening customer profiles drive new accounts across Europe and the US, said new research from professional services firm Accenture. These banks currently have around 13 million customers, which has more than doubled over the previous 12 months. (more…)
N26, the mobile bank, is launching its service in Switzerland today, bringing their free euro bank accounts to the market for the first time.
Swiss customers using iOS will also be able to use N26 with Apple Pay. The N26 account will offer all Swiss customers five free withdrawals in euros per month within the Eurozone, with no foreign exchange fees on card payments worldwide, irrespective of currency. This offer is designed for people who travel frequently within the European Union, those who live near the Swiss border, and those who are tired of paying high fees for a euro account. With a bank account denominated in euros, N26 will offer Swiss customers truly borderless banking within the Eurozone. (more…)
The three-year-old bank has raised £1,214,136 so far, before it closes the round at midnight on 6 September. Currently Arival has a pre-money valuation of £12,012,061.
Targeted users for the neobank are those rejected by other banks, including E-Residency businesses, expats and refugees, cryptocurrency and blockchain-related businesses, politically exposed persons, and digital influencers. (more…)