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October, 2019
Archive

202

Revolut looks to raise £1.2bn from investors

via AltFi

Revolut is looking to raise $1.5bn (£1.2bn) from investors, as it targets the mantle of becoming the world’s most valuable fintech in Europe.

Revolut has hired investment bank JP Morgan to oversee both a $500m (£395m) equity raise and the issue of a $1bn (£790m) convertible loan, according to a report in Sky News.

Chief Executive and founder Nik Storonsky is targeting a valuation of between £3.9bn and £7.9bn to propel Revolut to become the most valuable fintech in Europe. (more…)

Banks, Mobile-first banks

October 14, 2019

253

Failing To Adapt to eCommerce was The Downfall of Forever 21

By Jamie Cheng

If getting sales is the lifeblood of every business, Forever 21 needs more than just one blood bag donated to them. Sadly, even if they had a donor, it would be too late for them.

To most consumers, we wouldn’t think that this booming, teenage-dream retail store would be started by a married South Korean couple who moved to Los Angeles in pursuit of The American Dream.

Even without having the command of English at the back of their heads, Mr. Chang Do Won and Mrs. Chang Jin Sook still found great success as entrepreneurs.

Unfortunately, things headed south when they couldn’t adapt to the sudden change in consumer buying behaviour. It was a long drop for the Changs – an estimated combined net worth of $6.1 billion to declaring Chapter 11 bankruptcy in a blink of an eye. (more…)

news

October 14, 2019

220

Brazilian fintech Nubank has grown to 15 million users: CEO

via Reuters 

Brazilian financial technology start-up Nubank now has 15 million clients, the firm’s chief executive said on Friday, a figure which underlines the rapid growth of the Sequoia Capital-backed venture in Latin America’s largest economy. (more…)

Banks, Mobile-first banks

October 11, 2019

310

Starling adds digital insurance firm Nimbla to marketplace

via Finextra

Challenger bank Starling has partnered with digital insurance platform Nimbla to offer its 65,000 small business customers the ability to protect themselves from financial losses caused by bankrupt clients

Starling business customers can shelter themselves from risk quickly and easily by purchasing insurance cover, for either single of multiple invoices, after signing up for a free Nimbla account directly in the Starling Marketplace.

(more…)

Banks, Insurance, Mobile-first banks

October 10, 2019

174

Wellness platform Branch is now a challenger bank

via Bank Innovation

Against the rising tide of digital-only banks, Minneapolis-based personal finance platform Branch has taken the plunge.

The four-year-old company offers a suite of personal finance tools, including payday advance services for hourly workers through integrations with employer payroll platforms, including Pizza Hut and Taco Bell. Its fee-free checking account is offered in partnership with Evolve Bank & Trust, and the company is considering rolling out other incentives to encourage the use of Branch checking accounts, including increased advance amounts. (more…)

Mobile-first banks, PFM/PFP services

October 10, 2019

381

Digital bank N26 bigger than HSBC in France with 1 million customers

via Yahoo news

Germany’s hot online banking startup N26 said on Thursday that it has hit the 1-million customer mark in France last month.

The online bank, launched in France in 2017, now has gone past HSBC, which has approximately 900,000 customers according to its 2018 report. (more…)

Banks, Mobile-first banks

October 10, 2019

387

Neo Bank Juno Raises $3Mn Seed Funding From Sequoia, Polychain

via Inc42 Media

Founded in July 2019, Juno  has been built using Ethereum blockchain and Nuo protocol. The platform aims to decentralise lending and borrowing of digital assets. With the new funding the company wants to expand its team in Singapore and India and apply for a license in select markets. (more…)

Banks, Blockchain, Deals, India, InspirAsia

October 10, 2019

663

5 Trends That Will Dominate at Singapore FinTech Festival 2019

The Singapore FinTech Festival 2019 is fast approaching with just under two months remaining until the week-long program, which promises to provide groundbreaking innovations to promote growth and development in the financial sector.

The third edition of the festival, held last November, had about 45,000 participants and exhibitors from all over the world. The event attracts a large number of different attendees including; executives, corporate and financial institution representatives, innovators, start-ups and investors.

This year’s festival will feature a host of events ranging from The Global FinTech Accelerator Demo Day to conferences, exhibitions and an awards ceremony. (more…)

Fintech news, Global trends, Influences FinTech, InspirAsia, Singapore

October 9, 2019

494

What does the term ‘challenger’ really mean?

via Chris Skinner’s blog 

Mr. Chris Skinner published a post on the issue of definition of the term ‘challenger bank’.  (more…)

Banks, Global trends

October 8, 2019

383

UK Challenger Bank Tide Secures £44.1 Million Through Series B Funding Round Led By SBI Group & Augmentum Fintech

via Crowdfund Insider

Tide, a UK-based SME challenger banking, announced on Monday it secured £44.1 million through its Series B funding round, which was led by specialist fintech investment companies, The SBI Group and Augmentum Fintech plc.

As previously reported, Tide describes itself as a current account that saves businesses time and money with its tools that automate bookkeeping and make paying/sending invoices quicker. (more…)

Banks, Deals, Mobile-first banks, SME

October 7, 2019

453

Funding the revolution: the dawn of digital banking

via FinTech Futures 

If you happen to have noticed a decrease in waiting times at your local bank branch recently, you’re not alone. The digital banking revolution is taking the world by storm and traditional banking giants are feeling the squeeze. The youth of today may never know the stress of rushing to the bank on their lunch break only to be faced with a mile-long queue.

These days, physical bank branches are becoming an antiquated idea, with many new online digital banks featuring no physical branches at all. From the early days of simple cash transfers and a basic ATM card, the digital banking sector has now evolved to become a serious contender in the financial world. Let’s look at some of the major tech start-ups that are leading the charge. (more…)

Banks, Global trends

October 2, 2019

384

Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million

via TechCrunch

Dave, the personal finance manager turned challenger bank, landed a $50 million investment from Norwest, valuing the company at $1 billion. Dave has over 4 million users with roughly 800,000 people on the waiting list to use its banking services. The company monitors everyday monthly payments and reports them to credit agencies to improve customers’ credit ratings. The fintech also provides up to $100, interest-free, overdraft protection. (more…)

Banks, Mobile-first banks, PFM/PFP services

October 2, 2019

459

Bnext raises $25 million for its mobile banking alternative

via TechCrunch

Spain-based neobank Bnext has raised a $25 million funding round. The fintech already has 300,000 active users and processes €100m ($109m) in monthly transactions. When you open a Bnext account, you get a card and can connect your existing bank accounts to manage finances from a single app. Bnext offers financial products from third-party companies as well. The company has an e-money license and operates in Spain, but plans to expand to Latin America, starting with Mexico later this year.  (more…)

Banks, Mobile-first banks

October 1, 2019

400

Another challenger bank is trying its luck in the UK. This is how it hopes to sweep the market

via Sifted

Holland’s Bunq is launching in Britain this week. Will its “life-hack” features, ethical investing, and credit-card offering be enough to lure a more mature market? (more…)

Banks, Global trends

October 1, 2019