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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

127

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

130

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

146

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

250

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

261

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

183

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

255

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

168

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

243

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

290

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

195

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

238

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

206

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

292

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

251

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

216

Nubank’s app has been downloaded more than Revolut, Monzo, and N26 combined

via Quartz

As digital banking startups catch on around the world, Nubank has taken a commanding lead when it comes to app downloads. The Brazilian company’s rapid growth shows the promise of mobile banks in developing markets, where much of the population doesn’t have adequate financial services. (more…)

Analytics, Banks, Global trends, Mobile-first banks

October 30, 2019

305

French Home Finance and Savings Firm 570easi to Launch Challenger Bank, SOeasi

via Crowdfund Insider

570easi, a French home finance and savings solutions company, has introduced its own challenger bank, called SOeasi, in order to establish the world’s first Islamic ethics-focused neobank. (more…)

Banks, Mobile-first banks

October 29, 2019

299

The future of neo-banks and inside Revolut’s Singaporean launch

via Sifted

It was widely reported last week that Revolut launched its travel card in Singapore, its first move in Asia. But there are few obstacles ahead.

Last week Sifted welcomed two guests to our first remote roundtable to discuss the fate of challenger banks. The panellists were Roxane Sanguinetti, a former Bank of America Merrill Lynch trader who now runs a capital markets fintech, and George Davies, a managing partner at European venture capital fund Hambro Perks.

The conversation centred on neobanks’ need for niches, the fragility of young brands and their survival prospects. (more…)

Analytics, Banks, InspirAsia, Mobile-first banks, Singapore

October 28, 2019

306

Mobile banking app Current raises $20M Series B, tops half a million users

via TechCrunch

Mobile banking app Current, which began as a teen debit card controlled by parents, expanded to offer personal checking accounts earlier this year. Now the company says it has grown to host more than 500,000 accounts on its service and has closed on $20 million in Series B funding to further its growth. (more…)

Banks, Deals, Mobile-first banks

October 24, 2019

340

Starling Bank raises additional £30M as it nears 1 millionth account holder

via TechCrunch

Starling Bank, the U.K.-based challenger bank founded by banking veteran Anne Boden, has raised an additional £30 million in funding.

In what was likely already agreed follow-on funding, perhaps contingent on milestones being met, previous backer Merian Chrysalis led the round with an investment of £20 million. JTC, another of Starling’s existing investors, also participated, adding a further £10 million.

Starling says the new funding will support increased investment in its consumer and SME bank accounts, as well as its B2B banking services. The capital will also be used to accelerate expansion into Europe. (more…)

Banks, Deals, Mobile-first banks, SME

October 23, 2019

287

Digital Bank Service Cogni Raises $5.4 Million, Plans Launch for Q4 2019

via Crowdfund Insider 

Cogni, a digital challenger bank, has raised $5.4 million in a seed round, according to a note from the company. Cogni said it will launch its service in Q4 of 2019.

Cogni last raised $1.7 million in funding in late 2018 in an earlier “seed” round.  At that time, Cogni predicted an early 2019 launch. (more…)

Banks, Deals, Mobile-first banks

October 23, 2019

479

Insha launches digital Islamic challenger bank in Germany

via AltFi

A new German challenger bank has launched with the aim of capturing Europe’s Muslim community left underserved by interest-based digital banks like N26.

Insha, based in Berlin, instead charges fees for ATM withdrawals and certain money transfers, which enables its core service to be free.

The startup is actually a digital offshoot of Albaraka Türk Participation Bank based in Istanbul and was originally developed for the Turkish market.

Insha also has several unique features aimed at benefiting its Muslim target market, including a Zakat calculator to help with the religion’s practice of alms-giving, a nearest Mosque tracker, a Qibla finder to help with worship, and a daily prayer schedule. (more…)

Banks, Fintech news, Mobile-first banks

October 22, 2019

282

Mastercard and Visa battle over Revolut deals

via FinTech Futures 

UK challenger Revolut will be launching its US card with Mastercard by the end of this year. However, the fintech will also be primarily issuing Visa-branded cards in its global expansion.

Revolut will use Visa to expand in 24 new markets, for a total of 56 around the world and simultaneously partner with Mastercard for at least 50% of existing and future cards issued in Europe (Visa will have the other half), according to a statement.

The fintech uses its licence with Lithuania’s central bank to service Europe, but it will have to partner with a US-licensed bank when it starts rolling out cards to US citizens. (more…)

Banks, Global trends, Mobile-first banks

October 22, 2019

236

The battle to become the Mexican Nubank just started

via  TechCrunch

Banks in Latin America have long dominated the market as oligopolies, becoming highly profitable but not serving well the population.

In the region, Brazil was the first market to have the banks’ oligopoly challenged by neobanks, with Nubank proving that it was possible to break them up. Providing a superior product and exceptional customer support, it was able to attract more than 15 million customers, valuing the company at an astonishing US$10 billion in its latest round.

Although Brazil has been the center of the neobanks’ emergence in Latin America, attention has been shifting toward another country in the region. (more…)

Banks, Global trends

October 18, 2019

268

Digital bank Up strikes TransferWise deal for overseas payments

via Startup Daily

App-based neobank Up is partnering with fellow fintech TransferWise to offer international payments in 52 currencies.

More than 130,000 Up users will be able to make overseas payments from their transaction account under the deal.

Up co-founder Dom Pym said the integration with TransferWise makes them the first Australian bank offering international money transfers with no exchange rate markups. (more…)

Banks, InspirAsia, Mobile-first banks, Remittances

October 15, 2019

449

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

422

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

458

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

566

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