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190

Wellness platform Branch is now a challenger bank

via Bank Innovation

Against the rising tide of digital-only banks, Minneapolis-based personal finance platform Branch has taken the plunge.

The four-year-old company offers a suite of personal finance tools, including payday advance services for hourly workers through integrations with employer payroll platforms, including Pizza Hut and Taco Bell. Its fee-free checking account is offered in partnership with Evolve Bank & Trust, and the company is considering rolling out other incentives to encourage the use of Branch checking accounts, including increased advance amounts. (more…)

Mobile-first banks, PFM/PFP services

October 10, 2019

392

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

1449

Personal Finance App Dave Launches Mobile Banking; Raises $110 Million In Debt

via Forbes 

Dave, the mobile personal finance app that helps people avoid overdraft fees, is getting into the banking market, announcing the launch of Dave Banking.

It’s the latest challenger bank to launch in the U.S. following on the heels of Monzo of the U.K. last week.

Aimed at the younger generations, Dave Banking helps customers build their credit by automatically reporting everyday payments including rent and utility bills. The service, which costs $120 a year, is free to users who deposit their paycheck into the Dave Banking account.  The checking account also provides customers with a $100 no-interest overdraft protection, available regardless of the customer’s current credit score.

In conjunction with the launch of its bank, the Los Angeles startup that counts Mark Cuban as an investor raised $110 million in debt led by Victory Park Capital. Co-founder and chief executive Jason Wilk said the company is in talks with investors about raising more capital at a valuation of close to $1 billion.

(more…)

Banks, Deals, PFM/PFP services

June 18, 2019

1027

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

1066

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

1344

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

1006

NatWest trials money management app

via Finextra

UK bank NatWest is trialling a standalone personal finance app that uses AI, data analytics and Open Banking APIs to help customers better manage their money.

The app, called Mimo, will help customers budget, remind them of the financial tasks they need to do and provide proactive and personal insights into their money, looking at their bills or day-to-day spending, as well as insurance, subscriptions and utilities before offering tips on the best deals on the market.

(more…)

Banks, Mobile-first banks, Open Source/ API, PFM/PFP services

April 1, 2019

2787

Micro-lending case study: Mynt

FinTech Futures talks to Philippine fintech, Mynt, about the business case and technology behind its current micro-lending efforts and where it is planning to head with other financial services, leveraging the customers and data of its majority shareholder, the country’s largest telco. (more…)

Fintech news, Global trends, PFM/PFP services

June 12, 2018

Digital bank Lidya lands $6.9m funding

Nigeria-based digital bank Lidya landed a fresh round of funding, reports Julie Muhn at Finovate. The bank pulled in a Series A round totaling $6.9 million, an amount that marks the round as one of Nigeria’s largest tech investments. (more…)

Fintech news, Global trends, PFM/PFP services

May 31, 2018

Personal finance app Fintify readies for UK-India launch

UK-based cross-border personal finance app Fintify is preparing to launch into beta as it aims for the non-resident Indian (NRI) market. (more…)

Fintech news, Global trends, PFM/PFP services

May 31, 2018

1296

Savings chatbot Plum introduces ethical investment tool

British money management chatbot Plum has launched an investment tool that lets users choose where their money goes. (more…)

AI / Machine Learning / Big Data, Hotnews, PFM/PFP services, Wealth management

March 26, 2018

1509

BNP Paribas Fortis signs deal with Swedish PFM startup Tink

BNP Paribas Fortis in Belgium has struck a deal with Tink to incorporate the Swedish firm’s account aggregation service into the bank’s mobile app. (more…)

Banks, Fintech news, Global trends, PFM/PFP services

March 12, 2018

Plum launches Fee Fighter tool to help consumers tackle excessive bank fees

Today, Plum, the automated money management chatbot, has launched Fee Fighter, a free tool that enables users to check exactly what fees they are being charged by their banks. (more…)

Bots, PFM/PFP services

February 5, 2018

Standard Chartered to implement Moneythor PFM platform

By Moneythor

Moneythor, the technology company providing financial institutions with a digital banking toolkit powered by artificial intelligence (AI), has been selected by Standard Chartered to further advance personalisation and engagement in its digital services. (more…)

Banks, PFM/PFP services

February 5, 2018

1830

Personal finance bot Cleo adds charity donation option

AI-based personal finance chatbot Cleo has introduced a one-click charity giving feature designed to appeal to young Brits who make donations on an ad hoc basis. (more…)

Bots, Hotnews, PFM/PFP services

January 25, 2018

1406

Money app Yolt hits 100,000 UK users in less than six months

By Yolt

Yolt, the money app owned by ING, has reached 100,000 registered app users in less than six months of Open Beta in the UK. (more…)

Banks, Deals, Hotnews, Mobile-first banks, PFM/PFP services

December 4, 2017

Emma launches closed beta

By Emma

December, 2017 – London-based Emma Technologies LTD has started rolling out invites to join its closed beta. After successfully releasing Emma, an app for Android and iOS, the company has given priority access to the thousands of users who signed up on the website. (more…)

Fintech news, Global trends, PFM/PFP services

December 4, 2017

1492

Moven builds AI into latest app upgrade

By Moven,

Today, the team at Moven is releasing the latest update to their financial wellness platform. The release will be available in the Google Play and App store in the United States, as the team gears up to roll out the innovations for their global bank partners. (more…)

Banks, Hotnews, Mobile-first banks, PFM/PFP services

September 15, 2017

2094

Habito, an app that helps you find the right mortgage, raises £18.5M Series B led by Atomico

By Steve O’Hear for TechCrunch

Habito, a London startup that is bringing the entire mortgage process online, has raised £18.5 million in Series B funding. Atomico, the European VC firm founded by Skype’s Niklas Zennström, led the round, with participation from existing investors Ribbit Capital, Mosaic Ventures, and Revolutionary (Ad)Ventures. It brings the total raised by the U.K. company to just over £27 million. (more…)

Fintech news, PFM/PFP services

September 4, 2017

1876

MoneyLion’s redesigned app gives personalized financial advice and instant access to personal loans

By Ryan Lawler for Techcrunch

Personal finance management app MoneyLion was created to help users save money, reduce debt and improve their credit. Today the app is being updated to provide users with more personalized information about how they can improve their financial health, as well as even faster access to personal loans. (more…)

PFM/PFP services, Wealth management

May 29, 2017

Micro-investing app Acorns moves into PFM territory

By Acorns

Micro-investing app, Acorns, today launched ‘My Finances’, a new feature for Australian customers that helps them better understand and control their spending habits. (more…)

Fintech news, PFM/PFP services, Wealth management

May 4, 2017

1769

Banking tech platform Meniga secures €7.5 million in new funding

Digital banking technology startup Meniga has announced a funding round of €7.5 million from Industrifonden. Velocity Capital, Frumtak Ventures, and Kjolfesta also participated. (more…)

Banks, Fintech news, Mobile payments/banking, PFM/PFP services

April 12, 2017

1493

Digit will charge $2.99 per month to save you money

By Khari Johnson for Venture Beat

Savings service Digit announced today that it is ending its free service, and in the next 100 days will begin to charge customers $2.99 monthly subscription fee. Using an algorithm that tracks your spending habits, Digit withdraws money over time and puts it in a savings account. (more…)

Hotnews, PFM/PFP services

April 12, 2017

Facebook Messenger AI assistant offers payments suggestions

Facebook has revamped its AI assistant for Messenger, M, letting it butt into conversations about payments to offer help with sending and requesting money. (more…)

Bots, Payment processors/providers/gateways, PFM/PFP services

April 10, 2017

1559

Monzo attracts largest-ever crowd for £2.5 million round

Digital challenger bank Monzo has completed its £2.5 million crowdfund raise, attracting a record-breaking 6500 investors to the funding round on Crowdcube. (more…)

Deals, Hotnews, Influences FinTech, Mobile-first banks, PFM/PFP services

March 30, 2017

1628

Japanese finance app Moneytree raises $9 million to grow enterprise business

By Masara Ikedu for VB

Tokyo-based Moneytree, the Japanese startup offering an asset managing app and cloud-based accounting soutions, announced on Tuesday that it has raised a total of 1 billion yen (nearly $9 million US) in their latest funding round. (more…)

PFM/PFP services

March 26, 2017

1900

Clarity Money raises another $11 million to help users improve their financial health

By Ryan Lawler

Founded by serial entrepreneur Adam Dell, Clarity Money makes a personal finance app that aims to help users lower their monthly bills and improve their financial health along the way. Just three months after launch, the company is announcing another $11 million in funding from RRE Ventures and Citi Ventures. (more…)

Deals, PFM/PFP services

March 23, 2017

3213

New Artificial Intelligence Service Plum Enables Consumers to Automatically Save, Invest & Earn More Interest on Money

By LTP Team

  • Plum brings artificial intelligence (AI) to savings and investments enabling people to automatically put money aside every couple of days.
  • Plum exists to solve UK’s £350bn savings black hole.*
  • Its new partnership with RateSetter allows consumers prepared take on risk to earn a higher rate of interest – the average return earned by RateSetter investors to date is 4.7%.

(more…)

AI / Machine Learning / Big Data, PFM/PFP services

February 23, 2017

1755

Invisible PFM Will Transform Banking As You Know It

By Finextra

Personal Financial Management (PFM) has evolved greatly since its birth in the early eighties. Originally developed to bring money management into what was then a widespread technological shift to the nascent personal computer age, PFM has since become a sophisticated means of managing your money. (more…)

Analytics, Fintech news, PFM/PFP services

February 20, 2017

1788

London fintech Soldo launches multi-user expense account for businesses

By TechCrunch

Soldo, the London-based fintech startup founded by Carlo Gualandri, who previously helped create Italy’s first online bank, is rolling out a new product in the U.K. today aimed at businesses who need to deploy and manage expenses across an entire company. (more…)

About, Fintech news, PFM/PFP services

February 14, 2017