MENU

Mobile-first banks
Category

384

New Indian challenger Payzello launches

via FinTech Futures written by

Payzello is a new challenger bank in India, focusing on the retail market that offers a wide variety of products, with a specific focus on personal finance management.

In its list of offerings, the firm includes a single card for both debit and credit, app-based loans, money transfer and request, end to end expense management, Bharat QR, three minutes’ account opening, among others – and all this with zero paperwork.

A chatbot is included in the app, called Ello. It was made for conversations regarding users’ finances and provides suggestions. (more…)

Banks, India, InspirAsia, Mobile-first banks

June 10, 2019

405

Step raises $22.5 million to help teens manage their money

via VentureBeat

Step, a financial services startup that offers fee-free money management accounts to teens, today announced that it has secured $22.5 million in a series A round led by Stripe, with participation from existing investors Crosslink Capital, Collaborative Fund, and Sesame Ventures. The round — which also saw contributions from Will Smith’s Dreamer’s fund, hip hop musician Nas, consumer tech holding company WndrCo, former NFL player Ronnie Lott, Matt Rutler, Kevin Gould, and Noah and Jonah Goodhart — brings Step’s total raised to over $25 million. CEO and cofounder CJ MacDonald said the new funds will be used to expand Step’s offerings, workforce, and user base. (more…)

Banks, Mobile-first banks, PFM/PFP services

June 6, 2019

432

You probably haven’t heard of Nubank. But it could be a $10 billion company, so you should.

via Vox 

Not many people in the US are familiar with Nubank, a digital bank that has become the most valuable startup in Latin America by extending credit cards to the unbanked and challenging the financial system of one of the world’s biggest markets, Brazil.

But Nubank is trying to become one of the most valuable financial technology startups in the world — aiming for a valuation of between $8 billion and $10 billion as it prepares to expand beyond Brazil to all of Latin America, Recode has learned. (more…)

Banks, Mobile-first banks

June 5, 2019

443

Revolut, Chip and Marcus by GS integrate with Money Dashboard

via FinTech Futures

UK-based money management app, Money Dashboard, has released integrations with Revolut, Chip and Marcus by Goldman Sachs.

The integrations help consumers track spending and progress towards their savings goals in real time.

Money Dashboard is the first UK personal finance app to release an integration with Revolut and follows the recent integration with cryptocurrency platform, Coinbase. (more…)

Banks, Mobile-first banks, PFM/PFP services

June 1, 2019

481

BankMobile Grows Through Partnership Marketing

via Forbes 

BankMobile has the most customers of any mobile-only bank, according to Cornerstone Advisors. The bank reports 1.064 million active accounts, and 1.8 million  open accounts. It has built those numbers through student banking by acquiring HigherOne which provides student checking accounts that are linked to their school’s disbursement of refunds and student aid and more recently through a partnership with T-Mobile. (more…)

Banks, Mobile-first banks

May 24, 2019

449

Online bank Simple makes things harder by removing bill pay

via TechCrunch

With a growing number of challenger banks taking on the U.S. market, one of the original startup banks, Simple — now owned by BBVA — has taken the unusual step of removing a core banking feature: bill pay. The company claimed the feature was under-utilized and usage was trending downwards, which is why it decided to sunset the option to pay bills through its app. That decision, not surprisingly, has angered a number of customers who are taking to social media and online forums like Reddit, threatening to switch banks as a result.

It’s likely true that fewer people today use bill pay than in the past. (more…)

Banks, Mobile-first banks

May 24, 2019

374

Challenger bank N26 ordered to bolster money laundering safeguards

via American Banker

The German smartphone bank backed by billionaires Peter Thiel and Li Ka-shing has been ordered to bolster safeguards against money laundering and terrorist financing.

Germany’s financial regulator told N26 to “take appropriate internal safety measures” and “comply with general customer due diligence obligations.” The measures are likely to lead to higher security costs.

BaFin also said in the order, publicly released on Wednesday, that the lender must “remove backlogs in IT monitoring” and “ensure the existence of an adequate personnel and technical-organisational equipment in order to comply with its obligations under money laundering law.” (more…)

Banks, Mobile-first banks, Security

May 22, 2019

592

Kard is a challenger bank for teens

via TechCrunch

Meet French startup Kard, a challenger bank that works a lot like N26 or Revolut. But Kard is all about convincing teens that their first bank account is going to be a Kard account — a bit like Step in the U.S.

When I talked with Kard co-founder and CEO Scott Gordon, he kept saying that Kard was a product for Generation Z. While I’m not a fan of that buzzword, it still looks like a well-designed app with some personality. (more…)

Banks, Fintech news, Mobile-first banks

May 21, 2019

993

How Monzo, Revolut, Starling and N26 plan to topple legacy banks

via WIRED UK

Digital banks aren’t going anywhere – with Monzo, Starling Bank, Revolut and N26 starting to rival legacy banks. Perhaps best known for their personal finance apps, they are now also starting to sell financial products. And there’s a lot more to come.

Meanwhile, traditional high-street banks are trying to up their game by investing in – and imitating – their digital offerings. Last month, for instance, NatWest began trialling Mimo, a new personal finance app with budgeting tools, spending insights and reminders. It will be rolled out later in 2019. Barclays, HSBC and others are also jumping on the bandwagon and adding features to their existing mobile banking apps. (more…)

Banks, Fintech news, Global trends, Mobile-first banks

May 17, 2019

526

YouTrip, a challenger bank in Southeast Asia, raises $25.5M for expansion

via TechCrunch

Singapore-based startup YouTrip thinks consumers of Southeast Asia deserve a taste of the challenger bank revolution happening in the U.S. and Europe, and it has raised $25.5 million in new funding to bring its app-and-debit-card service to more parts in the region. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, Singapore

May 16, 2019

1006

FrankieFinancial signs Australian neo banks to RegTech platform

via Finextra

RegTech startup FrankieFinancial has signed Australian neo banks Xinja and Novatti Group to its financial systems aggregator platform, which provides a single point of access to ID verification, KYC, AML, fraud and credit tools from 114 vendors and data sources. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, RegTech, Security

May 15, 2019

395

Hong Kong Issues More Online Banking Licenses

via PYMNTS

The banking regulator in Hong Kong has issued an additional four online-only banking licenses to Ping An, Alibaba, mobile phone maker Xiaomi and a joint venture (JV) consisting of Tencent, ICBC and Hillhouse Capital.

Reuters is reporting that this totals eight total licenses handed out by the government.

The Hong Kong Monetary Authority, which handed out the licenses, expects the banks to launch in about six to nine months. The new ventures would be closely regulated, with special attention given to customer reactions and the response of the banking industry. (more…)

Banks, Hong Kong, InspirAsia, Mobile-first banks

May 9, 2019

843

Tink, the European banking platform, partners with British incumbent NatWest

via TechCrunch

It’s easy to push a narrative of fintech upstarts versus the big incumbent banks, but the more subtle reality is that as well as competing on numerous fronts, there are partnerships being formed across the board. The latest such move sees Tink, the Sweden-based banking platform that raised €56 million in new funding in February, partner with British bank NatWest.

The agreement gives NatWest access to Tink’s Personal Finance Management (PFM) and “Data Enrichment” products, which will be integrated into NatWest’s core mobile banking app. This will allow NatWest to improve its mobile banking offering by giving NatWest customers personalised insights into their finances based on transaction history. The features built with Tink’s technology are planned to go live in Q4 2019. (more…)

Banks, Mobile-first banks, PFM/PFP services

May 8, 2019

530

Tandem Recognized as Best New Digital Bank

via Crowdfund Insider

Challenger bank Tandem has been recognized by CFI.co (Capital Finance International) as the “Best Neo Bank UK 2019.”

According to Tandem, the CFI.co judges stated that “Tandem differentiates itself from other banks in the way its people always consider how well a new initiative will work for the customer and how it helps to solve real money problems.” (more…)

Banks, Mobile-first banks

May 7, 2019

1606

Varo Money Builds A No-Fee, High Interest Paying Bank On New Technology

via Forbes 

Varo Money Inc. may be on its way to becoming the first full-service all-mobile bank in the U.S. It provides tools that let users monitor their spending and save for special purposes. It is similar to offerings from Simple and Moven which also offer advice on how much is safe to spend by using AI and machine learning to understand a customer’s income and regular payments, like rent. Like them it has worked through a partner bank.

Unlike them, it has applied for its own banking charter; in September 2018 it announced a preliminary approval from the Office of the Comptroller of the Currency (OCC) of its application to become a national bank. (more…)

Banks, Mobile-first banks

April 29, 2019

1231

SME Challenger Bank Judo Bank Receives Full Banking License From Australian Prudential Regulation Authority

via Crowdfund Insider

Judo Bank (formerly Judo Capital), an SME challenger bank, announced on Wednesday it was granted a full banking license by the  Australian Prudential Regulation Authority (APRA). According to the bank’s Chairman, Peter Hodgson, the full license means Judo will be able to significantly extend the scope and depth of services it provides to those businesses across the country.

Founded in 2016, Judo stated it is challenging the “one size fits all” approach of its much larger competitors because it believes every business is unique and should be treated that way.

(more…)

Banks, InspirAsia, Mobile-first banks, SME

April 24, 2019

1535

UK Challenger Bank Masthaven Secures £60 Million Investment From Värde Partners

via Crowdfund Insider

UK-based challenger bank Masthaven announced on Wednesday it secured £60 million equity investment by Värde Partners, a global alternative investment firm. According to Masthaven, the investment will enable the bank to deliver against its strategic ambition to become one of the leading specialist banks in UK residential and SME markets.

(more…)

Banks, Fintech news, Mobile-first banks

April 24, 2019

1365

Revolut Refines Its Culture As It Seeks Expansion

(more…)

Banks, Mobile-first banks

April 23, 2019

787

N26 to open security-focused tech centre in Vienna

via Finextra

N26 is opening a technology and innovation centre in Vienna that will focus on using AI to detect fraudulent transactions – which have reportedly been a problem for the digital bank, prompting a probe by German regulators. (more…)

AI / Machine Learning / Big Data, Banks, Mobile-first banks, Security

April 23, 2019

1625

The Monzo effect: how traditional banks are challenging the challengers

via Which?

Many of the major high-street banks have added challenger-style features to their mobile banking offerings in recent years. The article covers key features of the apps from Barclays, Royal Bank of Scotland, HSBC, and Lloyds. When choosing a bank, it’s important to shop around to make sure you’re getting the best deal:  Starling and Monzo’s apps are known for their budgeting and personal finance features, while high-street banks tend to offer a wider range of products through their apps. (more…)

Banks, Mobile-first banks

April 19, 2019

956

New study: Challenger banks overtake traditional banks in customer satisfaction, in 4 charts

via Tearsheet

Challenger banks have leapfrogged to the forefront in overall customer satisfaction, according to a new study from FIS.

The 2019 FIS Performance Against Customer Expectations (PACE) surveyed almost 1800 US consumers.

Customers increasingly like challenger banks

63 percent of direct bank customers report being “extremely satisfied”, compared to 52 percent of credit union customers and just 19 percent of customers of the top 50 global banks. (more…)

Analytics, Banks, Mobile-first banks

April 17, 2019

1480

Monzo’s Tom Blomfield on lie-ins, video games and finding his zen

via Wired.co.uk

Waking up at 3:45am, on the treadmill by 4am while going through emails, reading a book a day and finding time to meditate – that’s the myth of the superhuman startup founder. It would be “pointless even if it were true”, says Tom Blomfield, the 33-year-old co-founder of one of Europe’s newest unicorns – digital bank Monzo. Recently, the company raised more than £200m in funding and plans to expand into the US. (more…)

Mobile-first banks, People of fintech

April 16, 2019

379

New challenger Xpats kicks off from Mexico

via FinTech Futures 

Xpats Challenger Bank is a new Mexican venture targeting, as you can imagine, expats around the word, with a digital and mobile offering.

FinTech Futures understands that the new digital bank was set up by Ictineo Plataforma, which offers financial solutions for productive sectors of the population with low incomes. The company is a financial institution regulated by the CNBV. (more…)

Banks, Mobile-first banks

April 16, 2019

892

Challenger banks face challenges with global expansion

via Tearsheet

European challenger banks are going global. Revolut and N26 are set on acquiring local licenses to launch in markets around the world by assembling regulatory SWAT teams. Others, like OakNorth, are licensing their technology out to go global. Regardless of the expansion strategy, it’s not all unicorns and rainbows as these neobanks push on the growth envelope. Challenger banks are quite delayed in their entry to the US market and have bumped into resistance in other geographies, too. Will challenger banks succeed with their global ambitions? (more…)

Banks, Mobile-first banks

April 15, 2019

714

Rise of challenger banks in Asia

via The Edge Markets MY

Challenger banks have been a trend in markets such as the UK in the last few years, but activity is ramping up in Asian markets like South Korea, Greater China and Southeast Asia, says James Lloyd, fintech and payments leader for Asia-Pacific at EY, in the recently published Citi GPS: Global Perspectives and Solutions report, titled “Bank X: The New New Bank”. (more…)

Banks, InspirAsia, Mobile-first banks

April 14, 2019

375

Aussie fintech Volt Bank starts by asking consumers what they want

via ZDNet

In January, the Australian Prudential Regulation Authority (APRA) gave fintech startup Volt Bank a licence to operate without restrictions as an authorised deposit-taking institution (ADI). The green light was given to the new player following APRA approval in May 2018 to act in the Australian finance market as a Restricted ADI.

The APRA approval gave Volt the title as the first digital startup bank in Australia to receive a banking licence since the early 2000s. Funds up to AU$250,000 deposited into Volt are guaranteed by the Australian government as part of this arrangement.   (more…)

Banks, InspirAsia, Mobile-first banks

April 11, 2019

829

The Challenger: Dozens’ Aritra Chakravarty

via AltFi

At the beginning of 2019 luminous yellow adverts promoting a mysterious new app began spreading across London.

Called Dozens, the app appeared almost out of nowhere with a digital banking service similar to a Monzo or Starling, but with the addition of a curious 5% fixed interest bond aimed at “savers”.

The only question on everyone’s mind was – who was behind this mysterious startup? (more…)

Banks, Mobile-first banks, People of fintech

April 10, 2019

505

Chase On Gen Z, Mobile Banking — 10 Years In

via PYMNTS

With more consumers than ever interested in fulfilling all their financial needs on mobile, both legacy banks and FinTech firms are focusing on creating digital-only banking services, designed to catch and keep customers using their smartphones to bank. What’s more, financial institutions (FIs) and payment providers around the world are trying their hand at providing all the capabilities of an established bank on the smartphone.

As consumers flock to banking apps, succeeding in the world of digital banking is not as easy as it used to be when mobile apps emerged a decade ago. In the new Digital Banking Tracker™, PYMNTS examines how startups are competing with legacy brands, social media services and even eCommerce companies that want to add financial capabilities to their platforms. (more…)

Analytics, Banks, Mobile-first banks

April 10, 2019

316

UK Challenger Bank Redwood Surpasses £100 Million Lending Milestone

via Crowdfund Insider

UK-based challenger bank Redwood has reportedly surpassed £100 million in lending. As previously reported, Redwood is considered one of the newest additions to the future of banking, joining peers such as Monzo, Starling, Revolut and more. Redwood is on a mission to target the SME market and its products include mortgages for business owners and professional landlords, as well as a range of savings accounts. (more…)

Banks, Mobile-first banks, SME

April 10, 2019

883

Varo Money gets NICE anti-fraud tech

via FinTech Futures

Varo Money, the US challenger bank, has selected NICE Actimize to implement its financial crime strategy for anti-money laundering (AML) protections, including know-your-customer (KYC) requirements, sanctions screening and transaction monitoring capabilities.

Varo will integrate NICE Actimize’s AML Essentials, a software-as-a-service (SaaS) AML solution that detects and scores a range of banking activities, including customer due diligence, transaction monitoring, watch list filtering and Suspicious Activity Report (or SAR) filings. (more…)

Banks, Fintech news, Mobile-first banks, Security

April 9, 2019