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Digital banking challenger Monese launches business accounts

Monese recently raised $60m in its series B funding round

via CityAM

Digital banking app Monese announced its expansion into the world of business banking, as it launches accounts for young companies and entrepreneurs across the UK and Europe.

The accounts will be released to UK-registered businesses first, available in 11 languages in a bid to tap the UK’s growing multicultural industry base. The firm told City A.M. that accounts in Europe are expected to follow suit “very soon”.

(more…)

Fintech news, news

October 23, 2018

4008

Top 7 Ride hailing Apps in India 2018

Need to leave urgently from home and not able to get any auto or taxi during that time it is one of worth situation for anyone. Now if you have any Taxi App in your mobile then that can work as a savior for you, which will be there within 10 min at your designated place. With the ease of booking with these ride hailing apps users are used to with these cabs whenever you are getting late or may be doesn’t want to take any public transport, just need to have any right taxi app in your smartphone. Even some days back people used to have an idea like booking online cab is something tough job or may be have some issues about safety or may be how will make payment as they are not aware how much it is going to charge them, but with the increase of convenience by these apps while booking cab or may be kind of payment mode available it have really become very easy and awesome. Not only high prices taxi but you can also choose to club your ride with sharing as well or maybe you can choose to take shuttle as well if you are leaving any metro city. Commuting office with the help of these apps are really easy and convenient where user can find comfort & reliable ride. (more…)

Fintech news

October 21, 2018

Nubank is now worth $4 billion after Tencent’s $180 million investment

nubank

Via TechCrunch

Nubank, the Brazilian financial services company, has raised $180 million from the Chinese internet giant, Tencent.

Tencent has long been interested in financial services startups, and with its $90 million direct investment and another $90 million investment in the secondary market, the company now has access to what is arguably the largest digital banking company in the world.

With the $4 billion valuation, it also makes Nubank one of the most highly valued privately held startups in Latin America.

(more…)

Banks, Fintech news

October 19, 2018

How the 22-year-old founders of Brex built a billion dollar business in less than 2 years

Brex co-founders Henrique Dubugras and Pedro Franceschi

Another successful business at 22: this fintech startup led by young Brazilian founders Henrique Dubugras and Pedro Franceschi, reached a $1.1 billion valuation.

Focusing on a huge problem entrepreneurs inevitably face – access to credit – Brex provides startups with corporate credit cards without a personal guarantee or deposit. The service offers a 10x higher credit limit than the market average and simple expense tracking for the whole team.

Public only since June 2018, the startup has already reached support of market giants such as PayPal founders Peter Thiel and Max Levchin and the former chief executive officer of Visa Carl Pascarella. 

(more…)

Credit/Debit/Prepaid cards, Fintech news, SME

October 16, 2018

4221

eToro Releases a New Cryptocurrency Wallet: How You Can Exchange Your Bitcoin for Ethreum

Meta Description: Are you trying to exchange their Bitcoin into Ethereum? Find out how in this guide!  (more…)

Fintech news

October 15, 2018

2941

Victorieum Offshore Bank announces fiat loans with crypto collaterals with interest as low as 14%!

In the ever expanding world of cryptocurrencies, the possibilities and opportunities are phenomenal. Ever since the advent of Bitcoin, the world has been an astonished witness to the astounding growth of the crypto industry. The blockchain technology with its magnitude of robust features such as transparency, security, reliability and fast transaction speeds to name a few have elevated the crypto trading to a whole new level. (more…)

Fintech news

October 12, 2018

1234

The Ultimate Platform For New Business Funding

Uris is a decentralized ecosystem. It is a non-profit organization that has been founded by a blend of venture capitalists, entrepreneurs and individual investors sharing the same belief that company ownership is the basis of development in emerging markets. It serves as one of the best platforms for projects and startups that are in requirement of no cost funds. Creators and entrepreneurs possessing excellent ideas and innovations in the present market trends can use the Uris platform for achieving their complete potential. Uris gives them the scope of sharing their innovation and technology with others. (more…)

Fintech news

October 12, 2018

624

Getting the Right Investment Advice

Investing money is something that can be very rewarding if you make the right decisions. However, it can also be very risky and daunting, particularly for those that have little real experience when it comes to investments. Anyone that is thinking of investing should seek advice if they have any doubt or are uncertain about the ideal long term investments or the best short term investments for them. (more…)

Fintech news

October 11, 2018

5146

“Fintech unicorn” WB21 faces securities fraud enforcement action from SEC

 

On October 2nd, the US Securities and Exchange Commission (SEC) revealed a lawsuit against Michael Gastauer and Roger Knox for “intentionally defrauding investors by secretly dumping large quantities of stock.”

(more…)

Banks, Fintech news

October 11, 2018

969

A single point of trade across digital assets and multiple exchanges – One token is all you need

Throughout history, the world has undergone multiple stages of economic and technological evolutions and our world is at the cusp of another revolution just around the corner. The prevailing generation is well versed with the growth and expansion of internet and technologies alike. (more…)

Fintech news

October 10, 2018

1101

Financial Planning – the Cost of College

Planning for children’s college expenses can be very stressful. Not only do we not always know which college they will go to, but the costs of college have been increasing for over 20 years. From 2003 through the year 2013, the cost of a college education nearly doubled. (more…)

Fintech news, Wealth management

October 9, 2018

2678

Should I create my own payment app?

One of the hottest niches in tech right now is payments. If it’s big enough for Google, Apple and Paypal to pursue – it’s BIG. If the Bitcoin, a currency built specifically for instant (de-centralized) online transactions, increase in value 100-fold over a period of several years, it is another very solid indication the world is moving towards digitized transactions. In fact more than 50% of all transactions taking place in the USA are cash-free.

Building a money transfer application has more than a few hurdles. Many have tried and failed, and the others are sitting on the fence waiting for the industry to boom to make substantial profits. The top money transfer apps in 2018 are composed of large companies who have been in the domain of online payments from way before mobile apps even existed.

The difficulties of creating money transfer apps

Regulation

The biggest hurdle in creating a money transfer app is definitely NOT the programming you need to put in, nor the UI, no anything else you would traditionally say is the sticking point of creating app. It’s regulation.

When you handle people’s money, you need to be carefully inspected and show beyond any reasonable doubt you are eligible to be in this position. It goes way further than just the regulator, by the way – banks are very reluctant to deal with you, and so us other providers. So, you need to be approved by a regulator (or SEVERAL regulators if you are going to accept people from different regions in the world), be in excellent relations with at least one bank, and prove one or more tax authorities people are not using your platform to evade taxation.

All of the above is far more complex than it sounds and it will require serious resources to accommodate all of the above, and particular as a startup.

Liquidity pool

If you are going to handle people money you need a line of credit to enable real-time transactions. That means that you need to cover the deficiency in cash inside your system between the time that someone pays, and until you actually receive the money. That is a significant issue and you need to have significant reserve pools just in any case. What happens if your security is breached and some money is stolen off the system? What happens if you have a an unusually high number of feedbacks in one certain month? You need a few millions of dollars to be sitting aside to facilitate a real money transfer network.

Product

Although this aspect only comes third on our list, to compete in the payment business you have to come up with a very slick app that appears trustworthy, maintains the highest level of security (super important), and is easy to use as your target audience is very broad. In essence, you need to out-do companies which have been in the market since before the 2000 high-tech bubble like Paypal. It is obtainable, but it will require high level of expertise and yet again – a sizeable investment.

Foreign exchange – liquidity and capability

If you intend to accept clients from overseas who are paying via multiple currency, you need to be able to exchange foreign exchange through your application. This requires connecting with a source of liquidity provider who is also able to facilitate currency exchange, and a lot of additional hurdles when it comes to product development and regulation. Cross border transfers tend to be more sensitive and difficult to execute.

Finding partners / Marketing

Payment applications is a very saturated market, and thus, you will need to be able to compete through not only better offering than your competitors, but in fact have powerful business partners who are able to integrate your payment app into their systems. Apple and Google don’t need such a partner, being of such immense size and influence, but you would need them.

Not making money

When you go into an overly competitive market which is currently focused on acquisition and not profit, you would not be able to compete if your prices would be higher than your competitors. Venmo is practically free when it comes to transfers in the U.S, similarly  Google Pay and Apple Pay, and cross-border applications like Transferwise’s charge as little as 0.5% off each transaction, you are not going to be making money in the short and medium term. This is a long term game.

Final words

Looking at all the hurdles expected, you should be entering the payment app industry only if you have a very solid foundation. If you plan on making your mark with your team of 4 out-of-college programmers working in your grandma’s basement, you should at softer and more niche industries.

 

Banks, Fintech news, Global trends, Hotnews, Remittances

October 7, 2018

SEC Takes Unprecedented Enforcement Actions Against Two Cryptocurrency Firms

Article by Michael S. Dicke and Alexis I. Caloza

Over the past year, the U.S. Securities and Exchange Commission has ramped up its scrutiny of cryptocurrencies and other digital token offerings. On Sept. 11, 2018, the SEC escalated its crackdown when it announced a pair of settled enforcement actions against non-issuers participating in the offer and sale of cryptocurrencies it deemed unregistered securities. As with prior cryptocurrency cases, the SEC charged the defendants with offering or selling securities without filing a registration statement or having a valid exemption from registration. However, these cases mark the SEC’s first cryptocurrency enforcement actions against non-issuers for failing to register as broker-dealers and investment companies. As such, they highlight the SEC’s continuing efforts to bring the purchase and sale of cryptocurrencies within a regulated framework, including by targeting third parties who facilitate the purchase and sale of such assets.

(more…)

Fintech news, Global trends

October 4, 2018

254

The Aftermath of Bitcoin’s “Crypto Hangover”

Meta Description: Want to know what happened to the tech industry after Bitcoin’s crash? Then keep reading! (more…)

Fintech news

October 4, 2018

2700

Machine Learning and Humanising the Digital Experience

The digital revolution has seen a huge number of advantages for every sector and industry in recent years. Businesses have been given the ability to engage more easily and effectively with their customers than ever before. While interaction has increased significantly, a new level of disconnect between the business and the customer is also very apparent. Instead of heading to a physical store, customers are now faced with businesses that hide behind a screen. (more…)

Fintech news

September 25, 2018

2374

RippleNet now live in over 40 countries

By Ripple,

Ripple, provider of the leading enterprise blockchain solutions for payments, announced today that its network (RippleNet) is now live in over 40 countries across six continents. (more…)

Fintech news

September 20, 2018

2270

6 FinTech Startups Taking Advantage of Blockchain in 2018 

If Financial Technology is at the forefront of disrupting traditional banking and financial systems, then it could be argued that Blockchain is at the forefront of FinTech. (more…)

Fintech news

September 19, 2018

1462

How the IMF and the World Bank’s Fintech Guidelines Could Affect the Trading Industry

On Thursday the IMF and the World Bank released a paper intended to function as a guideline for regulators regarding the fintech industry. The paper contains 12 elements which will definitely affect the trading world as well as the rest of the fintech industry. So what changes can we expect for the fintech industry, and more specifically the trading business? (more…)

Fintech news

September 15, 2018

2299

Business With A Bang – Why Coworking In Bangkok Can Boost Your Business

Thailand has a plethora of coworking spaces to fit the tastes and needs of all professionals. There are coworking spaces for specific industries and niches. There are coworking spaces for particular platforms (i.e. green business), and there is even a small but growing group of hotels that are coliving hotels or hotels that support the coworking community around them. (more…)

Fintech news

September 5, 2018

1517

Ping An Academy sets up financial services security research facility

By Ping An,

On August 13, the National Engineering Laboratory for Big Data Collaborative Security Technology – Financial Industry Security Research Center was inaugurated in Beijing, China. (more…)

Fintech news

September 2, 2018

1407

Rakuten buys bitcoin exchange

By Rakuten,

Rakuten, Inc. (hereinafter “the Company”) announces that today it decided to acquire everybody’s bitcoin Inc. (hereinafter “everybody’s bitcoin”) through its subsidiary, Rakuten Card Co., Ltd. (more…)

Fintech news

September 2, 2018

1320

Modular Blockchain as a Service for Data Center Resources- Everything You Must Know

Sponsored post,

Also known as distributed ledger technology, Blockchain is on the verge of becoming a platform of choice for all those who believe in online transfer of funds. Already it has been predicted that Blockchain would rule the next generation of the Internet. Although a decade has passed since the launch of Blockchain by Satoshi Nakamoto, still it remains a source of regular innovation. (more…)

Fintech news

September 1, 2018

785

The Zero Hassle Approach to HR? Ounalyzer, of Course!

Scrutinizing thousands of profiles, spending hours trying to match the candidate profiles with that of the respective organisation’s requirement, shortlisting a few amongst them, selecting and hiring a candidate followed by the long and strenuous background verification – Only to find out that it has been a wrong hire! This kind of a nightmarish scenario is way too common in the prevalent hiring process practiced by the HR. (more…)

Fintech news

September 1, 2018

1802

 9 Things to look for when picking a coworking space

If you have decided to join the co-working ‘revolution’, here is a checklist of all the questions to think about before you zero in on the right co-working space: (more…)

Fintech news

August 13, 2018

365

Types of Pricing Models Used in SaaS

Meta: There are several kinds of pricing models that can be used in the domain of SaaS (Software as a Service), read on to find out more about each of these types.

(more…)

Fintech news

August 11, 2018

1627

Graeme Holm’s Infinity Group Australia Helps People Reduce Debt And Create Wealth

Sponsored Post,

Financial institutions know how to make money especially when it comes to lending money to buy big-ticket items. Most institutions don’t lend money unless they feel they will get the money back with enough interest to keep their company moving in the right direction. The mortgage market in Australia doesn’t do much to help people get the advice, services, and financial guidance they need to make competent decisions when they buy a home. Once a mortgage deal is in motion, it’s up to the homeowner to make payments on time regardless of the challenges they face on a daily basis. (more…)

Fintech news

August 10, 2018

686

Fintech and Customer Experience: Transformation and Adaptation

The service-customer relationship pattern has changed greatly over the years. Nowadays, the biggest percent of how customers form their opinion of the service is based on the feedback from other clients. The Fintech companies development is greatly responsible for this shift. The 2016 Edelman Trust Barometer Report observed an increased percent of trust from the customers being ready to buy and recommend the business to their friends and family. (more…)

Fintech news, Global trends, news

August 10, 2018

1286

Easy Steps Every Mac User Can Take To Clean His Mac

We all hate slow running computers, especially if it is a Mac, as you have paid a premium price for the lightning speed these computers are famous for. When your Mac becomes tired and slow, how can you fix it without paying again for an expert help? Let’s have a look at some of the quick tips to optimize the performance of your Mac. (more…)

Fintech news

August 7, 2018

326

5 Tips Before Choosing an ICO for Investment

An ‘initial coin offering’ (ICO) is the crypto equivalent of an IPO on the stock market, though they don’t function the same.

It can be better described as a type of crowdfunding where startups issue their own cryptocurrency/token to raise money which investors can purchase for fiat currency as a form of investment.

If the company takes off then these tokens can become very valuable, but the process is considered high risk. (more…)

Fintech news

August 5, 2018