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191

New bank in town: Xinja the latest ‘neobank’ to get its full licence

Via The Sydney Morning Herald

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…)

Banks, InspirAsia

September 9, 2019

198

What’s Driving The Digital Banking Boom In Latin America

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…)

Analytics, Banks, Mobile-first banks

September 8, 2019

204

Stripe launches Stripe Capital to make instant loan offers to customers on its platform

via TechCrunch

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…)

Payment processors/providers/gateways, SME

September 5, 2019

334

Namaste Credit becomes neobank

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…)

Banks, India, InspirAsia, SME

September 5, 2019

293

Neobank Yelo raises funding from Matrix Partners, Omidyar, others

via DEALSTREETASIA

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…)

Banks, Deals, India, InspirAsia, Mobile-first banks

September 5, 2019

283

Chime now has 5 million customers and introduces overdraft alternative

via TechCrunch

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.

Back in March, Chime said it had 3 million customers when it announced its $200 million Series D round. So that’s 2 million additional customers in roughly 5 months. (more…)

Banks, Global trends, Mobile-first banks

September 4, 2019

308

Curve smashes crowdfunding record in minutes with £5m overfund

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…)

Crowdfunding/investing, Fintech news

September 4, 2019

216

European banking app Monese partners with deposits marketplace Raisin

Via TechCrunch

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…)

Banks, Mobile-first banks

September 3, 2019

254

Digital banks on track to treble customers . . . but profits harder to come by

via AltFi

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…)

Analytics, Banks, Global trends

September 3, 2019

324

Tally picks TruNarrative for onboarding and ID verification

via FinTech Futures

Alternative physical asset account Tally has chosen TruNarrative’s unified platform solution for its customer onboarding and identity verification processes, reports Jane Connolly.

(more…)

Fintech news

September 3, 2019

167

N26 launches in Switzerland

via Finextra

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…)

Banks, Mobile-first banks

September 3, 2019

174

Neobank Arival surpasses crowdfund target

via FinTech Futures

Singapore-based neobank, Arival, has surpassed its £700,000 crowdfunding target on Crowdcube following its announcement in June to become the first licensed digital bank in the US this year.

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…)

Banks, Crowdfunding/investing, Hotnews, InspirAsia, Mobile-first banks, Singapore

September 2, 2019

294

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

233

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

401

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

372

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

443

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

580

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

619

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

700

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

627

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

535

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

570

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

575

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

592

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

402

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

434

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

574

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

641

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

557

Challenger banks in South Africa: who’s who and what’s their tech

via FinTech Futures 

FinTech Futures has put together a list of the current challenger banks and banking services in South Africa and the tech they are using. (more…)

Banks, Mobile-first banks

July 31, 2019