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…)
Via Crunchbase News
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…)
via FinTech Futures
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.
Via FinTech Futures
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…)
via FinTech Futures
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…)
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…)
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…)
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…)
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…)
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…)
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.
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…)
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…)
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.
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…)