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637

Curve smashes crowdfunding record in minutes with £5m overfund

Via FinTech Futures

Over-the-top banking platform Curve has become the fastest start-up to reach £4 million on Crowdcube and has raised overfunding of more than £5 million, reports Jane Connolly.

Within 42 minutes of launching on the crowdfunding platform to pre-registered customers, Curve attracted four times its original £1 million target, smashing Crowdcube’s existing record.

Curve also broke the record for the number of people investing in a campaign through Crowdcube, which was previously held by Chip with around 6,500 investors. (more…)

Crowdfunding/investing, Fintech news

September 4, 2019

2367

Curve, the ‘over-the-top’ banking platform, raises $55M at a $250M valuation

via TechCrunch

Curve, the London-based “over-the-top banking platform,” has raised $55 million in new funding. The startup lets you consolidate all of your bank cards into a single Curve card and app to make it easier to manage your spending and access other benefits.

Curve’s Series B round is led by Gauss Ventures, the London-HQ’d fintech investor, alongside Creditease, IDC Ventures and previous backer Outward VC (formerly Investec’s INVC fund). A number of other early investors, including Santander InnoVentures, Breega, Seedcamp and Speedinvest also followed on.

The new round of funding values Curve at $250 million (or one-quarter unicorn, so to speak), and will be used by the company to continue adding more features to its platform and for further European expansion. (It also plans to launch in the U.S. in 2020). To date, the company claims 500,000 users and says it is on track to reach 1 million by the end of the year. (more…)

Banks, Deals

July 16, 2019

1932

How CARD used affinity marketing to emerge as one the largest challenger banks

via Tearsheet

There are a handful of firms gunning to become leaders in the challenger bank space. There are the usual suspects, like Revolut and N26. But there are others firms that are growing their userbases and assets. One of those companies is CARD. It has 600,000 accounts and $3 billion in customer deposits to date. With some new growth initiatives, CARD claims it is on track to surpass 1.5 million new accounts in 2019.

CARD’s kind of an unbank bank — meaning, the product focus is on branded debit cards, including logos from popular sports teams, athletes, and music groups.

CARD CEO Tim Coltrell joins us to talk about how he’s doubling his account base year over year and what he’s doing to evolve into a competitive challenger bank brand. We discuss Card’s product pipeline and how the company acquires new customers. (more…)

Banks, Mobile-first banks

July 15, 2019

677

Monzo, the UK challenger bank, raises £113M Series F led by YC’s Continuity fund at a £2B post-money valuation

via TechCrunch 

Monzo, the fast-growing U.K.-based challenger bank with more than two million account holders, has raised £113 million (~$144m) in additional funding.

Confirming TechCrunch’s scoop in April, the Series F round is led by Y Combinator’s “Continuity” growth fund, and gives the company a new £2 billion (~$2.5b) post-money valuation. That’s double the £1 billion valuation it garnered in October last year. (more…)

Banks, Deals, Mobile-first banks

June 25, 2019

1499

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

1453

Grasshopper Bank opens for business with digital focus

via FinTech Futures

US start-up, Grasshopper Bank, has opened for business, having completed a private placement offering and gained all final regulatory approvals. A key differentiator is intended to be its digital platform. Martin Whybrow reports.

For its technology, the bank opted for Temenos’ T24 Transact core banking system.

Grasshopper Bank will serve innovation economy companies and capital communities in New York and in other major US innovation economy centres. It opened for business on 13 May for a select group of entrepreneurs and venture investors, with a broader rollout of its services planned in the coming months. (more…)

Banks, Fintech news

June 4, 2019

809

Thai banks set for facial and fingerprint biometric verification use in Q3

via Biometric Update

Customers of the Bank of Thailand will be able to use biometrics for identity verification when opening deposit accounts by the third quarter of this year to boost security, build consumer confidence, and improve access to financial services, according to the Bangkok Post.

The central bank is planning to gradually open up biometric technology to financial institutions for electronic know your customer (e-KYC) processes. Technology for facial and fingerprint recognition is being tested in a regulatory sandbox, with the tests scheduled for completion in Q3, according to Siritida Panomwan Na Ayudhya, assistant governor of the bank’s payment systems policy and financial group. (more…)

Banks, InspirAsia, Security, Thailand

June 3, 2019

1353

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

903

NetSuite’s Scott Derksen on why ERP sits at the center of banking as a service

via Tearsheet

Open banking is happening — it’s just not coming from the big name brand banks. Banking as a service firms are opening up the banking technology stack so that any finance, retail, or travel app can offer financial services without the headache of becoming a bank.

Oracle’s ERP, NetSuite is also a major player here. As a leading cloud system of record for midmarket and growth businesses, NetSuite has its own banking as a service offering which enables banks to deliver financial services where their customers reside — in the ERP. Major financial institutions like JPMorgan, Visa, and the Marco Polo Network are connected to NetSuite’s BaaS offering. (more…)

Banks, Open Source/ API

May 13, 2019

930

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

1382

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

927

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

1107

Who’s the Real Challenger? The Paradoxes of Digital Consumer Banking in the U.S.

via PaymentsJournal

Mention the term “challenger bank” and bankers might free-associate labels such as “fintechs,” “disruptors,” or “non-banks.” Those terms would certainly be apt for a small group of tech-driven market entrants, most focused on providing mobile-savvy transaction accounts for consumers who may have an anti-bank mindset.

However, if you stand back and look at the market data (as we did for our recently released report, Digital Consumer Banks in the U.S.: Your Money or Your Wallet), some of the most fearsome online competitors for U.S. consumers’ deposits have very familiar names (or parent names): Marcus (Goldman Sachs), Discover Bank, American Express Bank, USAA Bank, Charles Schwab Bank, Capital One 360. A new crop of digital banking divisions with unique brand identities and products is also coming to market: Finn (JPMorgan Chase), Greenhouse (Wells Fargo), Citizens Access (Citizens Bank), and more. In total, these well-connected digital divisions are already providing co-opetition for their branch-centric retail banking divisions. (more…)

Banks, Global trends

April 25, 2019

1656

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

2151

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

849

3 in 4 APAC Banks Believe Fraud Will Increase This Year

via Fintechnews Singapore

Almost three in four banks in Asia Pacific anticipate that fraud in their country will increase in 2019, according to a recent poll by FICO.

Two of the main areas of concern are card-not-present fraud and application fraud. Card-not-present payments are concerns are fueled largely by the fact that over 50% global online retail sales came from Asia Pacific in 2018.

Dan McConaghy, President of FICO in Asia Pacific shared that it is precisely due to such reasons that banks need to use AI and machine learning to combat the increased fraud risk. (more…)

AI / Machine Learning / Big Data, Banks, InspirAsia, Security

April 16, 2019

882

New Challenges, Competitive Threats Sharking Financial Waters

via The Financial Brand

In banking, there’s no shortage of new challenges and competitive threats keeping financial marketers up at night. Facing increasingly intense pressure, traditional institutions are innovating faster than ever. (more…)

Analytics, Banks, Global trends

April 15, 2019

2020

Goldman Sachs is Betting Big on Fintech

via Crowdfund Insider

While most of the headlines covering Goldman Sachs’ Q1 earnings report targeted the decline in earnings and profit, for investors that tuned in to the earnings call they were able to learn more about Goldman’s transformation into a financial services firm of the future.

Sure. Equity trading dipped but Fintech initiatives may be indicative of a promising future for the world’s most prominent investment bank. (more…)

Banks, Fintech news

April 15, 2019

679

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

703

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

1066

Envel bank launches “driverless” money management tech

via FinTech Futures

Envel, a challenger bank created around the use of artificial intelligence (AI) targeting millennials and Gen Zs, is launching a “Driverless Banking” framework that automates the steering of customer finances in real-time to stabilise spending.

The bank’s autonomous framework couples with Banking-as-a-Service (BaaS) solution Cambr, while using behavioural insights to centralise money management activities spread across multiple apps, platforms or services. (more…)

AI / Machine Learning / Big Data, Banks, Fintech news

April 8, 2019

819

Chetwood launches new savings account SmartSave

via FinTech Futures 

SmartSave is a new savings platform created by Chetwood Financial that aims to use technology to “make its customers better off”.

“We’re based outside of London and use modern technology to keep our costs low, so that we can offer great rates,” the bank says.

SmartSave was designed with its customers to offer “a simple way to save”, through an online account that is clear about when the terms are ending.

The bank says SmartSave will launch in the near future. (more…)

Banks

April 4, 2019

604

Moxy picks Nymbus to power DC’s newest bank for 20 years

via FinTech Futures

Nymbus’ SmartCore cloud-based core platform has been picked to support Moxy Bank, Washington DC’s newest bank in two decades, reports Jane Connolly.

The bank will also implement Nymbus’ SmartDigital for internet and mobile banking and SmartPayments for debit card processing and fraud protection. (more…)

Banks

April 2, 2019

1563

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

574

Rewire helps migrants in Europe with $12m funding

via FinTech Futures 

Rewire, the fintech that developed a banking platform for migrants, has completed a Series A investment round of $12 million.

This latest round, led by venture fund Viola Fintech, is supported by new and existing investors, including BNP Paribas through their venture capital fund Opera Tech Ventures, OurCrowd, Moneta, Professor Yair Tauman, Yaron Lemelbaum, Leon Vaidman and partner Standard Bank of South Africa.

Rewire provides an international banking platform for migrants who transfer most of their income to their countries of origin. (more…)

Banks, Payment processors/providers/gateways

March 28, 2019

1183

Banking Startup Launching Visa Card That Lets You Spend 7 Cryptos

via CoinDesk

Banking startup 2gether is launching a prepaid Visa debit card that allows users to spend cryptocurrencies.

In an announcement, 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC). The card “instantly” converts the cryptos to fiat currency and, it said, and can be used fee-free by customers in any of the 19 eurozone nations. (more…)

Cryptocurrencies, Fintech news, Payment processors/providers/gateways

March 18, 2019

Life.SREDA presents accelerator BAASIS Labs powered by Mbanq

Life.SREDA Venture Capital presents ‘BAASIS Labs by Mbanq’, a startup accelerator powered by Mbanq, the global digital banking enabler and Banking-as-a-Service (BaaS) platform. The accelerator will be first announced during Fintech Festival in Singapore on 15th of November.

(more…)

Accelerators/Incubators/Labs, Banks

November 11, 2018

Banking on Millennials: Balancing Branch Preferences And Digital Expectations

Via The Financial Brand 

Knowing what’s really important to consumers is critical to acquisition, retention and cross-selling in the banking industry. But Millennial stereotypes frequently fool financial marketers, muddling their marketing strategies with faulty assumptions. Turns out they love branches just as much as Gen X and Baby Boomers. And all generations share one thing in common: They expect more, particularly in digital channels.

(more…)

Analytics, Banks, Global trends

October 13, 2018

1243

DBS to roll out ‘Live more, bank less’ rebrand as digital transformation takes hold

By DBS,

DBS Bank, a leader in digital transformation, today signalled that the time has come for a new kind of banking. (more…)

Banks

May 18, 2018

1249

The Future ART Augmented Reality Technology in Banking

By Pooja Golakonda – Edgeverve

I still remember seeing science fiction movies in my child hood where suddenly a 3D display would emerge from nowhere followed by some quick actions. I always thought it was fiction until I read about the Augmented Reality technology. Although this technology debuted in 1968, it came to common man’s notice only with Google Glass in 2014. This was followed by Microsoft Hololens, snapchat camera filters and Magic Leap One headset to mention a few. This is also the same time when banks were preparing themselves to understand and embrace this technology. As I write this blog, there is this discovery that it is more than what it seems to be like to use this technology. (more…)

Banks, Global trends

May 14, 2018