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397

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

292

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

472

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

469

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

555

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

424

Stripe launches Stripe Capital to make instant loan offers to customers on its platform

via TechCrunch

Stripe has made the long-awaited move into business finance and launched Stripe Capital, a service for advancing cash to customers that in turn gets repaid out of their future sales made through Stripe’s payment platform, with loan amounts and repayments based on the customer’s transaction activity on Stripe itself. (more…)

Payment processors/providers/gateways, SME

September 5, 2019

608

Namaste Credit becomes neobank

via FinTech Futures 

Indian online lending marketplace Namaste Credit announced it is becoming a “fully-fledged digital-only bank” for micro small and medium businesses (MSMEs).

The neobank will have a “foundational software-as-a-service (SaaS) play” and aims to offer the first one-stop-shop for MSMEs. It will include automated credit, banking and accounting solutions.

Soon-to-be-launched app ‘Namaste Biz’ will centralise MSME’s cash flow and banking and credit management. (more…)

Banks, India, InspirAsia, SME

September 5, 2019

833

Digital Bank Revolut Launches Business Expense Management Feature

via Crowdfund Insider 

Digital bank Revolut has integrated Xero, an SME accounting platform, to facilitate seamless business expense reporting. The Revolut for Business app has also been updated for team members to upload receipts and add expense information, according to a release from the company

The new “Expense Management tool,” is designed to help growing businesses more easily manage expenses. Business owners may now approve or reject team expenses, an area that has traditionally been difficult to manage. (more…)

Banks, SME

August 14, 2019

776

German Digital Bank Gets Backing of Billion-Dollar Venture Fund

via Bloomberg 

A Berlin-based fintech is trying to emulate the success that digital banks like N26 have enjoyed with retail customers by specifically targeting business clients.

Penta, which offers bank accounts for firms with up to 70 employees, has just won the backing of HV Holtzbrinck Ventures, one of Europe’s largest venture funds with more than 1 billion euros ($1.1 billion) under management. The fintech company — founded in 2017 — expects to increase its customer base to about 20,000 by the end of this year from over 8,000 at the moment. It plans to expand into Italy in the fourth quarter.

(more…)

Banks, SME

August 6, 2019

567

Tide, Starling Ramp Up Rivalry Over SMB Customers

via PYMNTS

The rivalry between U.K. challenger banks Tide and Starling continues to heat up as Tide signs on its 100,000th small business customer.

Reports in The Telegraph on Monday (Aug. 5) said the companies continue to compete for the small business customer base. Tide has on-boarded 100,000 small business customers, described by the firm’s chief executive Oliver Prill as a “very significant milestone.” (more…)

Banks, Open Source/ API, SME

August 6, 2019

722

Ex-Lazada CMO’s neobanking platform for SMEs, Aspire, raises US$32.5M to grow in Southeast Asia

via e27

Aspire provides SMEs with a 60-day, interest free credit line of up to S$100,000 to solve their working capital needs (more…)

Banks, Deals, InspirAsia, Singapore, SME

August 1, 2019

1602

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

638

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

1529

German fintech company builder Finleap acquires SME banking provider Penta

via TechCrunch

Just since months after raising $7 million in Series A funding, German SME banking provider Penta has been acquired by Finleap. Terms of the deal remain undisclosed, although I understand that the acquisition sees Finleap and Penta’s co-founders becoming the challenger bank’s sole owners, with all other shareholders exiting.

Launched in late 2014 by Hitfox Group and Ramin Niroumand, Finleap has developed 16 ventures from scratch, as well as acquiring a number of fintechs. Companies in its portfolio include banking platform solarisBank, of which Penta is a customer, and digital insurer Element, to name just two. (more…)

Banks, SME

April 2, 2019

931

Inside OakNorth’s plan to take its lending technology global

via Tearsheet

As a challenger bank, OakNorth charts a different course. While Revolut, Monzo, and N26 focus on putting their digital current accounts in the hands of millions, OakNorth doesn’t even offer a current account. While other challengers are racing to acquire banking licenses all over the world, OakNorth is happy with just a UK license.

OakNorth is also posting profits while other challengers aren’t.  The bank announced a £33.9m profit for 2018, up 220 percent from 2017. (more…)

Banks, p2p/online lending, SME

March 27, 2019

1707

World’s fastest growing SME neo-bank announces Middle East expansion

via FinTech Magazine

Open, a neo-banking startup which offers business banking solutions for startups and SMEs, has announced that it will expand into the Middle East market. (more…)

Banks, Fintech news, Mobile-first banks, SME

March 22, 2019

717

Square Capital head: We are leveraging data to extend credit to small businesses that lack access to traditional loans

via CNBC

Square Capital, the lending arm of Square Inc., has taken advantage of a market of small- and medium-sized businesses that lack access to traditional financing, the subsidiary’s head Jackie Reses told CNBC Tuesday.

In a sit-down interview with Jim Cramer on “Mad Money,” Reses said the financial technology company has leveraged data to serve businesses that aren’t well capitalized. Square reported making out about $472 million in 72,000 business loans in 2018, up 55 percent from the year prior. (more…)

Credit scoring, Fintech news, POS/mPOS and online acquiring, SME

March 6, 2019

Meet the world’s youngest digital bankers: Jeremy Berger (24) & Ollie Purdue (25)

At 24 years old, most people graduate college, consider different careers options and think about what they want to achieve in their professional lives.

But for every rule, there is an exception. Some 24-year-olds run successful businesses. And some even build their own banks.

We know at least two such exceptions: Ollie Purdue (25) and Jeremy Berger (24).

They have at least two things in common: both are young (obviously), and both have co-founded digital banking startups. And most importantly, both entrepreneurs are similar in their innovative and inclusive approach to banking.

(more…)

About, Banks, Influences FinTech, People of fintech, SME

November 27, 2018

9304

The world’s hottest digital banking startup takes home 2 international awards in one week, preparing to launch in Puerto...

 

This past year, Puerto Rico has taken its place among the world’s most attractive spots for business incorporation and development of cutting-edge products and services.

Puerto Rico’s governor, Ricardo Rosselló wants to see the island develop to meet the needs of the rapidly growing innovative tech & gig economy: “I would like to see Puerto Rico become a place where businesses serve customers and coordinate operations throughout the Americas, what I like to think of as a “human cloud,” where workers spread across the island handle tasks remotely for businesses around the world.”

Puerto Rico’s agenda aligns well with Arival Bank’s goals, which aims to provide banking services for innovative tech and crypto-related SMEs. It makes Arival Bank a perfect fit into the Puerto Rico ecosystem, creating its solutions on the basis of opportunities, generously provided by the U.S. territory.

Now, it will also become the home for two international fintech awards from different corners of the world, proving that Arival Bank is on the right track.

(more…)

Banks, Fintech news, Hotnews, news, SME

November 14, 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

Arival meets Revolut at Japan’s largest fintech summit

On September 26, Jeremy Berger presented Arival Bank at Fin/Sum2018, held in Tokyo. Arival was selected as one of the top 30 startups to pitch in front of executives from 500 Startups, SBI, MUFG, and other leading investment & financial institutions.

(more…)

Banks, SME

October 2, 2018

1091

BofA Entices SMBs To Grow Account Balances With Rewards Program

Bank of America wants small business (SMB) customers to focus on growing their account balances and is introducing a new rewards program to encourage them to do so. (more…)

Banks, Global trends, SME

March 27, 2018

Fundbox addresses SME access to credit with Fundbox Pay

By Fundbox

Today Fundbox, the leading small business growth company, announced the launch of Fundbox Pay, a new payment and credit solution servicing the $4.5 trillion small business-to-business (SMB2B) transactional market in the U.S. (more…)

Fintech news, Global trends, p2p/online lending, SME

March 16, 2018

1249

Sberbank online toolkit for changing company constitutent documents

By Sberbank,

Sberbank has launched a new online service for small businesses which helps them to prepare the documents needed to make changes to charters and constituent documents of individual entrepreneurs and limited liability companies. (more…)

Banks, SME

March 1, 2018

ING introduces Receipts & Invoices app for SMEs

ING has built a ‘digital shoebox’ app that lets small business clients use their phone cameras to scan receipts and bills, then link them directly to transactions.

Currently available in the Netherlands, where it has already attracted over 42,000 users since launching in November, the Receipts & Invoices app promises to make paperwork simpler for small firms.

(more…)

Banks, SME

January 31, 2018

1364

DBS cuts transaction fee for SME payments as more SMEs go online

DBS said on Tuesday it has cut transaction costs for small and medium-sized enterprises (SMEs), as more of the SME transactions go online. (more…)

Banks, SME

January 23, 2018

1472

Software-only Wealthfront raises $75 million

Wealthfront, the software-based wealth management company that is targeting the millennial segment, has raised $75 million in a funding round led by Tiger Global Management. (more…)

SME, Wealth management

January 9, 2018

1496

Ant Financial, Didi, and Xiaomi named top 3 Chinese unicorns, says Hurun Report

The Hurun Research Institute released today the Hurun Greater China Unicorn Index 2017, where Ant Financial, Didi Chuxing, and Xiaomi top the chart. The report listed out 120 best unicorns in the Greater China region that are valued over $1 billion as of the end of November 2017. (more…)

Fintech news, Global trends, Hotnews, InspirAsia, SME

December 22, 2017

1189

Icici takes the paperwork out of PPF account opening

ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a digital service that enables customers to open a Public Provident Fund (PPF) account instantly and in a completely online and paperless manner. (more…)

Banks, SME

December 8, 2017

1579

Nordea brings e-invoicing to Facebook Messenger

Nordea has collaborated with Nordic payments processor Nets on a service which enables consumers to post invoices and pay their bills via Facebook Messenger. (more…)

Banks, Fintech news, Global trends, Hotnews, SME

November 29, 2017