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308

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

508

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

300

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

258

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

286

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

468

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

442

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

474

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

596

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

661

Neo Bank Juno Raises $3Mn Seed Funding From Sequoia, Polychain

via Inc42 Media

Founded in July 2019, Juno  has been built using Ethereum blockchain and Nuo protocol. The platform aims to decentralise lending and borrowing of digital assets. With the new funding the company wants to expand its team in Singapore and India and apply for a license in select markets. (more…)

Banks, Blockchain, Deals, India, InspirAsia

October 10, 2019

677

What does the term ‘challenger’ really mean?

via Chris Skinner’s blog 

Mr. Chris Skinner published a post on the issue of definition of the term ‘challenger bank’.  (more…)

Banks, Global trends

October 8, 2019

579

UK Challenger Bank Tide Secures £44.1 Million Through Series B Funding Round Led By SBI Group & Augmentum Fintech

via Crowdfund Insider

Tide, a UK-based SME challenger banking, announced on Monday it secured £44.1 million through its Series B funding round, which was led by specialist fintech investment companies, The SBI Group and Augmentum Fintech plc.

As previously reported, Tide describes itself as a current account that saves businesses time and money with its tools that automate bookkeeping and make paying/sending invoices quicker. (more…)

Banks, Deals, Mobile-first banks, SME

October 7, 2019

577

Funding the revolution: the dawn of digital banking

via FinTech Futures 

If you happen to have noticed a decrease in waiting times at your local bank branch recently, you’re not alone. The digital banking revolution is taking the world by storm and traditional banking giants are feeling the squeeze. The youth of today may never know the stress of rushing to the bank on their lunch break only to be faced with a mile-long queue.

These days, physical bank branches are becoming an antiquated idea, with many new online digital banks featuring no physical branches at all. From the early days of simple cash transfers and a basic ATM card, the digital banking sector has now evolved to become a serious contender in the financial world. Let’s look at some of the major tech start-ups that are leading the charge. (more…)

Banks, Global trends

October 2, 2019

512

Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million

via TechCrunch

Dave, the personal finance manager turned challenger bank, landed a $50 million investment from Norwest, valuing the company at $1 billion. Dave has over 4 million users with roughly 800,000 people on the waiting list to use its banking services. The company monitors everyday monthly payments and reports them to credit agencies to improve customers’ credit ratings. The fintech also provides up to $100, interest-free, overdraft protection. (more…)

Banks, Mobile-first banks, PFM/PFP services

October 2, 2019

568

Bnext raises $25 million for its mobile banking alternative

via TechCrunch

Spain-based neobank Bnext has raised a $25 million funding round. The fintech already has 300,000 active users and processes €100m ($109m) in monthly transactions. When you open a Bnext account, you get a card and can connect your existing bank accounts to manage finances from a single app. Bnext offers financial products from third-party companies as well. The company has an e-money license and operates in Spain, but plans to expand to Latin America, starting with Mexico later this year.  (more…)

Banks, Mobile-first banks

October 1, 2019

496

Another challenger bank is trying its luck in the UK. This is how it hopes to sweep the market

via Sifted

Holland’s Bunq is launching in Britain this week. Will its “life-hack” features, ethical investing, and credit-card offering be enough to lure a more mature market? (more…)

Banks, Global trends

October 1, 2019

680

Revolut chooses Visa as lead issuing partner for its international expansion

via Tearsheet 

Visa and Revolut are growing their relationship via an expanding partnership in Europe, adding 24 new markets globally. (more…)

Banks, Mobile-first banks

September 30, 2019

429

UK Challenger Banks Struggle To Compete

via PYMNTS

Challenger banks in the U.K. are having a hard time competing with the country’s big four financial institutions.

While challengers such as Metro Bank, Santander and Monzo were expected to put a stop to the dominance of the big four, they are instead failing to thrive, according to the Financial Times. Last week, Santander lost 1.5 billion pounds ($1.8 billion) from the valuation of its business, while shares in Metro Bank fell 30 percent after it was forced to cancel a planned bond sale.

(more…)

Banks

September 30, 2019

461

Swedish challenger bank PFC goes live on Mambu technology

via FinTech Futures 

Swedish neobank Personal Finance Co (PFC) has gone live on Mambu’s software-as-a-service (SaaS) banking engine 10 months after launch.

PFC offers a personal finance app with an accompanying debit card. Customer are encouraged to reach their financial goals through “automation and data-driven insights.”

The bank plans to launch personalised savings and credit products in the near future and aims to accrue 100,000 users by the end of the year. It operates under a payments institution licence, rather than a full banking licence. (more…)

Banks, Mobile-first banks

September 30, 2019

410

UAE Sees First Digital Bank For SMBs

via PYMNTS

A new digital business bank E20. has been launched in the UAE to support small business owners. E20. wants to let customers open an account quickly and easily, and allow them to do not only local but international transactions, as well as pay bills, all through a smartphone. E20. will launch through an invite-only beta, which will last through the first quarter of 2020. (more…)

Banks, SME

September 25, 2019

582

UK-based Fintech Starling Bank Launches New Online Banking App for Business Clients

via Crowdfund Insider 

London-based digital bank Starling Bank has introduced a new online banking app that allows its business clients to manage their funds more efficiently, according to a release. (more…)

Banks, Mobile-first banks, SME

September 23, 2019

795

Challenger banks eye the untapped teenage market

via Sifted

Revolut is launching a banking app for under-18s; a group which offer inflated disposable incomes and life-long loyalty. Could this be the next battleground for fintech? (more…)

Banks, Global trends, Mobile-first banks

September 19, 2019

587

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

514

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

928

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

527

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

522

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

714

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

535

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

413

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