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Business banking service Tide unveils £9.99/month subscription

via AltFi

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.

To date, Tide has operated a ‘freemium’ business model where SMEs can sign up for a free current account, and then pay-per-payment for transfers, etc. (more…)

Banks, SME

September 19, 2019

140

FairMoney raises $11 million for its challenger bank for emerging markets

via TechCrunch

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…)

Banks, Mobile-first banks

September 17, 2019

219

Which challenger bank is best for you? We compare Monzo, Revolut, Starling and N26

via Wired.co.uk

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. 

(more…)

Banks, Mobile-first banks

September 16, 2019

181

One in every 20 adults in the UK now bank with Monzo

via Finextra 

UK challenger bank Monzo has broken through the three million customer mark, with sign-ups continuing to accelerate for the app-only bank.

The milestone was reached just four months after Monzo hit two million users. The company says it is currently signing up 55,000 new customers every week.

(more…)

Banks, Mobile-first banks

September 16, 2019

130

Neobank Northmill Gets Swedish Banking License

via PYMNTS

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…)

Banks

September 13, 2019

149

Arival Bank Nets $2.3 Million in Equity Crowdfunding Campaign

via Finovate blog

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…)

Banks, Crowdfunding/investing, Hotnews, SME

September 12, 2019

147

Soon to Launch Challenger Bank Zenus Bank Selects NICE Solution for AML/KYC

via Crowdfund Insider 

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…)

Banks, Security

September 11, 2019

152

In Europe, Digital Banking And APIs Eye Banking As A Service

via PYMNTS

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…)

Banks

September 11, 2019

143

Digital Bank Revolut Gives Up on Luxembourg e-Money License

via Crowdfund Insider 

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…)

Banks, Mobile-first banks

September 10, 2019

273

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

298

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

427

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

364

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

349

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

287

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

300

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

190

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

222

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

321

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

263

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

424

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

402

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

485

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

604

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

652

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

758

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

673

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

571

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

598

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

597

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