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702

UK challenger bank Atom raises another £50M from BBVA and more at £530M valuation

via TechCrunch 

Another hopeful among Europe’s so-called challenger banks — startups taking on the big names in consumer banking by targeting niche groups of users with a more modern set of tools to manage users’ money — has raised a sizeable round of funding to expand its business.

Atom Bank — which targets mainly millennial-aged consumers (current slogan: “It’s all about you, you, you”) with mobile-first savings accounts and mortgages as well as small business loans — has raised a further £50 million in funding. It’s not disclosing its valuation officially, but sources confirm it’s £530 million (or around $660 million at current rates), up from £450 million previously. (more…)

Banks, Deals, Mobile-first banks

July 23, 2019

754

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

494

Behind BBVA’s ramp of its Banking as a Service offering in the US

via Tearsheet 

Tearsheet talked with Brent Baker, the head of growth and operations at BBVA’s Open Platform, which means he’s in charge of bringing new customers and maintaining risk and control. The talk focuses primarily on his work with the firm’s banking as a service offering and how it fits into BBVA’s global strategy of being the bank of billions of people. (more…)

Open Source/ API

March 26, 2019

The ‘To-Die-For Customer Experience’ Starts with Tech

By Penny Crosman for Maerican Banker

For Manolo Sanchez, the chief executive of BBVA Compass, the future is about sharing technology and the basics of banking with fintech partners, and getting help from them in turn, without relinquishing customer relationships. (more…)

Banks, Fintech news, Global trends

May 18, 2016

1465

BBVA continues its fintech acquisition run, buys Holvi, an online-only business bank

By Ingrid Lunden for techcrunch

Spanish banking giant BBVA has made another M&A play as it looks for a bigger role in the next generation of financial services: today the company has announced the acquisition ofHolvi, an online-only bank for entrepreneurs and SMBs based out of Finland. (“Holvi” means “vault” in Finnish.) (more…)

Banks, Mobile-first banks

March 13, 2016

1545

BBVA Shuts In-House Venture Arm, Pours $250M Into New Fintech VC Propel Venture Partners

By Ingrid Lunden for techcrunch.com

BBVA — the Spanish banking giant that acquired Simple in the U.S. and last year made a$67 million investment in still-stealth mobile-only bank Atom in the UK — is changing up how it plans to invest in fintech startups in the future. (more…)

Deals, Fintech news, Global trends, news

February 11, 2016

1791

Why a former trust company launched a digital-only bank

By Mary Wisniewski for the American Banker Magazine,

Rather than partner with a neobank, a more than 45-year-old Canadian financial services company chose to build a digital-only brand to acquire retail customers and to control the user experience. (more…)

Banks, Fintech news, Mobile-first banks

February 4, 2016

BBVA gets agile as scrum teams tear up the bank IT rule book

by Finextra.com

Spanish bank BBVA now has 500 staff members working in small scrum teams to rush through the development of new projects, representing a five-fold increase over the past year. (more…)

Banks, Fintech news

January 21, 2016

6358

8 Reasons To Buy a FinTech Startup

Fintech startups: who buys them and why? They’re expensive, lossmaking and overvalued. Why people even pay for them?

By Igor Pesin, Partner at Life.SREDA

(more…)

Columns, Fintech news, news

November 2, 2015

17924

12 lessons from BBVA and Goldman Sachs: how banks should regard fintech

Vladislav Solodkiy, Managing Partner, Life.SREDA VC

“Innovator’s Dilemma”: are the banks capable of making innovations by themselves? (more…)

About, Banks, Columns, Influences FinTech

August 5, 2015

1895

10 Reasons Why Singapore Is The Next Big City for fintech

TECHINASIA: When we decided to relocate the Life.SREDA fund from Russia, a number of countries – Great Britain, Estonia, Latvia, Hong Kong, Singapore – invited us to move there and do business with them. Here are some reasons, according to my expertise, why Singapore is the best place in the world for financial innovation: (more…)

InspirAsia, Singapore

June 11, 2015

1811

Peek Inside 7 of The Banking World’s Coolest Innovation Labs

The Financial Brand: Banks are often ridiculed for their lack of innovation, but some seem to be taking it pretty seriously, at least from the looks of the innovation centers they’ve created. Take a tour around these digital playgrounds, idea labs and test kitchens built by banks looking to keep pace with the wave of digital disruption sweeping the industry.

(more…)

Influences FinTech

June 8, 2015

2283

What Startups Can Learn From LearnVest’s $250 Million Acquisition

TECHCRUNCH: When LearnVest, one of the hottest startups in fintech, announced its acquisition by Northwestern Mutual, the $250 million deal raised some eyebrows. While this partnership may seem unlikely at first, it actually makes a lot of sense for both parties. (more…)

Fintech news, news, PFM/PFP services

May 14, 2015

1807

Investing Early On for Insights, Not Profits

The New York Times: Life.SREDA’s friend Jay Reinemann, the head of BBVA Ventures, looks to back start-ups that could upend the entire financial services industry. (more…)

Fintech news, news

April 1, 2015

1390

WIRED Money 2015 Date Announced

WIRED: It has been announced that WIRED Money Together with BBVA will be back on July 8, 2015. Now in its third year, WIRED Money returns in partnership with global financial services group BBVA. This landmark one-day summit, taking place at The British Museum, will bring together the most exciting forward-thinking innovators and captivating thought leaders in money, banking and finance. (more…)

Influences FinTech, news

March 10, 2015

1631

Half Of The World’s Banks Set To Fall By The Digital Wayside – BBVA

FINEXTRA: Up to half of the world’s banks will disappear through the cracks opened up by digital disruption of the industry, forecasts BBVA chairman and CEO Francisco Gonzalez.

Speaking to the press as the bank reported a 25% uplift in profits to EUR2.62 billion, Gonzalez said that competition from fintech startups and the entry into banking by any one of a number of big tech computer companies would have drastic consequences for banks which had failed to adjust to the digital revolution sweeping the industry.

(more…)

Analytics, Global trends

February 4, 2015