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NatWest launches new digital business bank Mettle to combat the challenger threat – is it any good and will...

Via THISISMONEY.CO.UK

Mettle was launched as a test last October and is now being rolled out in full. It is a standalone digital offering launched by NatWest, which does not have a banking licence – only an e-money licence like Tide. Since it comes without fees, the question arises – is it any good compared to other business bank accounts?  (more…)

Banks, Mobile-first banks, SME

November 22, 2019

A digital bank that raised $110 million from investors including Leonardo DiCaprio has run into trouble

via CNBC 

A digital bank that raised $110 million from venture capital funds and celebrities including Leonardo DiCaprio is scrambling to find funding, a potential sign that investors are cooling on risky start-ups after the WeWork debacle. (more…)

Analytics, Banks, Mobile-first banks

November 22, 2019

133

How Revolut and Mastercard Are Helping Fintech Do Good

via Finovate blog

Revolut and Mastercard have teamed up this month to help rebuild schools in Mozambique after they were destroyed by a cyclone this spring. The effort, which is timed with UN’s Universal Children’s Day, aims to raise $207,000 (£160,000) to help get children in Mozambique back to school. (more…)

Banks, Fintech news, Influences FinTech

November 22, 2019

127

Digital Bank Chime Will Quadruple Its Revenue In 2019, Reeling In Direct Deposits

via Forbes 

A growing throng of startups are betting you’d like to do your banking on your smartphone. San Francisco-based Chime, which offers a debit card with no monthly or overdraft fees, has seen its revenue explode over the past year. In 2019, it will reach nearly $200 million, a fourfold increase over 2018, according to a person familiar with the matter. Now the company plans to expand into other products like credit cards and investment services in its quest to become a full-service digital bank.  (more…)

Banks, Mobile-first banks

November 19, 2019

Brazilian Digital Bank Neon Raises $95 Million

via Crowdfund Insider 

Brazilian Digital bank Neon has reportedly raised $95.27 million in a funding round led by Banco Votorantim and the General Atlantic fund. Neon claims a customer base of 2 million users and claims 25,000 new accounts – each day. The additional funding will help the digital bank grow with expectations to triple that number by 2020. (more…)

Banks

November 19, 2019

132

How To Succeed As A Challenger Bank

via Forbes 

OBSERVATIONS FROM THE FINTECH SNARK TANK

Challenger banks, neobanks –or whatever you want to call these fintech startups–face a number of challenges themselves:

  • Consumers don’t want a bank just because it doesn’t have branches.
  • The digital user experience at banks–especially the mega-banks–isn’t as bad as many challenger banks claim.
  • Even if a challenger bank’s user experience was superior, consumers don’t simply want a better experience–they want better products and services.
  • Many challenger banks have yet to demonstrate sustainable revenue generation.

(more…)

Banks, Mobile-first banks

November 19, 2019

132

Crypto-Friendly Banking Service Provider Cashaa Introduces US Dollar Bank Accounts for Companies Dealing in Digital Assets

via Crowdfund Insider

Cashaa, a cryptocurrency-friendly banking service provider, recently revealed that it’s introducing US dollar bank accounts for companies dealing in digital currencies. The new accounts are being offered through a partnership with Metropolitan Commercial Bank. (more…)

Banks, Cryptocurrencies

November 18, 2019

225

Enormous cryptocurrency popularity in Canadian major sectors

Canada has always been one of the modern and innovative countries, especially when it comes to the financial sector of the country. That is not a secret anymore that cryptocurrency, more specifically Bitcoin, has been taking over the world in many aspects of our daily life.

Thus even Canada’s biggest bank, the Royal Bank of Canada (RBC), has recently announced that it is planning to launch its own cryptocurrency trading platform. It was confirmed when everyone found out that the bank applied for four patents both in Canada and the U.S. to navigate across ways to properly integrate cryptocurrencies in its operations. (more…)

Cryptocurrencies

November 18, 2019

216

Georgian neo bank Space to go global with Visa partnership

via Finextra 

Georgian neo bank Space, an app-only offshoot of FTSE 250 TBC Bank, is to expand its international footprint through a partnership agreement with Visa

Launched in 2018 with just three employees, Space has achieved more than 400,000 downloads and 160,000 registered customers. (more…)

Banks, Global trends, Mobile-first banks

November 14, 2019

216

HSBC and RBS race to launch new digital banking platforms

via FinTech Futures

UK banks HSBC and RBS are both set to launch new separate digital banking platforms.

HSBC has announced its app-based service for small business customers – HSBC Kinetic – is in beta testing, just as RBS, through NatWest, is gearing up to launch its new digital bank Bó to the public later this month. (more…)

Banks, Fintech news, Mobile payments/banking

November 14, 2019

115

NatWest integrates with Xero to boost lending

via AltFi

NatWest is integrating business customers with accountancy platform Xero, allow its subscribers to access a NatWest financing service directly from the Xero platform.

Xero users will have direct access to NatWest’s Rapid Cash service, which provides businesses with a flexible line of credit to cover unpaid invoices for up to £500,000.

(more…)

Banks, Mobile-first banks, p2p/online lending

November 13, 2019

203

MAS to reboot e-KYC project

via The Business Times

THE Monetary Authority of Singapore (MAS) will have a second go at its failed electronic know-your customer (e-KYC) project, said MAS managing director Ravi Menon on Wednesday.

The centralised KYC utility idea was first proposed in 2017, and was meant to allow financial institutions to identify and verify potential customers’ details in a seamless way. (more…)

InspirAsia, Security, Singapore

November 13, 2019

203

Starling has hit the 1 million account milestone, placing it among the three most successful UK neobanks

via Business Insider 

UK neobank Starling has achieved the 1 million account mark, Starling’s founder and CEO Anne Boden confirmed to Yahoo Finance UK. The milestone places Starling among the three most successful neobanks in the UK — trailing Revolut’s 8 million customers and Monzo’s 3.3 million. (more…)

Banks, Global trends, Mobile-first banks

November 13, 2019

202

Australian neo bank 86 400 rolls out digital mortgage offering

via Finextra 

Just nine weeks after going live to the general public, Australian neo bank 86 400 has entered the mortgage business, offering entirely digital home loans through a network of brokers. (more…)

Banks, InspirAsia, Mobile-first banks

November 12, 2019

218

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

384

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

292

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

296

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

233

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

286

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

241

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

188

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

254

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

316

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

221

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

253

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

237

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

307

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

262

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

182

Wirecard releases payment app with neo-banking services

via Verdict 

German fintech firm Wirecard has introduced a new payment app, called boon Planet, with neo-banking services.  The app will enable the users to create a digital bank account, transfer money and conduct contactless payments. The customers will also receive a physical debit Mastercard as part of the offering.

(more…)

Payment processors/providers/gateways

October 30, 2019