Challenger bank Starling has partnered with digital insurance platform Nimbla to offer its 65,000 small business customers the ability to protect themselves from financial losses caused by bankrupt clients
Starling business customers can shelter themselves from risk quickly and easily by purchasing insurance cover, for either single of multiple invoices, after signing up for a free Nimbla account directly in the Starling Marketplace.
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…)
Germany’s hot online banking startup N26 said on Thursday that it has hit the 1-million customer mark in France last month.
The online bank, launched in France in 2017, now has gone past HSBC, which has approximately 900,000 customers according to its 2018 report. (more…)
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…)
If you happen to have noticed a decrease in waiting times at your local bank branch recently, you’re not alone. The digital banking revolution is taking the world by storm and traditional banking giants are feeling the squeeze. The youth of today may never know the stress of rushing to the bank on their lunch break only to be faced with a mile-long queue.
These days, physical bank branches are becoming an antiquated idea, with many new online digital banks featuring no physical branches at all. From the early days of simple cash transfers and a basic ATM card, the digital banking sector has now evolved to become a serious contender in the financial world. Let’s look at some of the major tech start-ups that are leading the charge. (more…)
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…)
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…)
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…)
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…)
Digital challenger bank Zenus Bank wants to be one of the first banks in the United States to service a global clientele. The San Juan based operation is said to be nearing launch, currently scheduled for Q4 of 2019, and in advance of this event, Zenus has enlisted NICE (Nasdaq: NICE) to establish a cloud-focused financial crime strategy for both anti-money laundering compliance and enterprise fraud protections with its AML and Fraud SaaS Essentials solutions. (more…)
In Europe, banking upstarts are gaining traction in digital banking, with new products and services focused on enterprises and consumers alike, easing account to account payments, international transactions and data security. Think of it as Banking as a Service — and some of these tech-savvy firms have banking licenses, newly-granted, in hand. (more…)
Revolut has decided to withdraw its application for an e-Money license in Luxembourg, according to a report in the Telegraph. The application was originally filed in September of 2018. Revolut was said to make the decision following the approval of two financial services licenses from Lithuania that will allow the digital bank to “passport” its services across the European Union. Additionally, Revolut has filed for a similar license in EU member state Ireland. (more…)
Xinja, the latest “neobank” to be given a full banking licence in Australia, is looking to raise more than $50 million from big investors as part of its plan to disrupt the lucrative retail banking sector. In a key milestone that allows the bank to take deposits from the public, Xinja was on Monday granted an unrestricted licence from the Australian Prudential Regulation Authority (APRA). (more…)
High smartphone penetration in Latin America is the key factor driving digital banking and financial inclusion in the region. One of the most prominent fintechs is Brazil’s Nubank, which is the largest digital bank outside of Asia and the highest-valued digital bank in the world. Mexico and Argentina are two other fintech ecosystems with albo and Ualá attracting much attention.
The major trends that are influencing Latin America are: increased focus on small business banking, regulatory initiatives, bank-fintech collaborations and China’s banking services as a source of inspiration for Latin American fintechs. (more…)
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…)
Personalized neobanking service Yelo said on Wednesday it has raised seed round funding from Matrix Partners India, Omidyar Network India, Flourish and current investor, Better Capital.
Yelo describes itself as a digital-only mobile-first neobank with a custom-made suite of financial products for remittance, healthcare, education, e-commerce, and day-to-day cash flow management. (more…)
Challenger bank Chime has reached 5 million customers in the U.S. The San Francisco-based startup is creating an FDIC-insured mobile bank without any physical branch. The company also promises fewer fees.
Back in March, Chime said it had 3 million customers when it announced its $200 million Series D round. So that’s 2 million additional customers in roughly 5 months. (more…)
Digital banks based in Britain are expected to almost triple new customers across the globe to 35 million, according to a new report.
New banks such as Revolut, Monzo and Starling will see their ease of use, lower operating costs and widening customer profiles drive new accounts across Europe and the US, said new research from professional services firm Accenture. These banks currently have around 13 million customers, which has more than doubled over the previous 12 months. (more…)
N26, the mobile bank, is launching its service in Switzerland today, bringing their free euro bank accounts to the market for the first time.
Swiss customers using iOS will also be able to use N26 with Apple Pay. The N26 account will offer all Swiss customers five free withdrawals in euros per month within the Eurozone, with no foreign exchange fees on card payments worldwide, irrespective of currency. This offer is designed for people who travel frequently within the European Union, those who live near the Swiss border, and those who are tired of paying high fees for a euro account. With a bank account denominated in euros, N26 will offer Swiss customers truly borderless banking within the Eurozone. (more…)
Singapore-based neobank, Arival, has surpassed its £700,000 crowdfunding target on Crowdcube following its announcement in June to become the first licensed digital bank in the US this year.
The three-year-old bank has raised £1,214,136 so far, before it closes the round at midnight on 6 September. Currently Arival has a pre-money valuation of £12,012,061.
Targeted users for the neobank are those rejected by other banks, including E-Residency businesses, expats and refugees, cryptocurrency and blockchain-related businesses, politically exposed persons, and digital influencers. (more…)
The Monetary Authority of Singapore (MAS) has commenced accepting applications for digital bank licenses. The new licenses are for aspiring non-bank Fintechs. MAS seeks to ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant. Applicants must have their paperwork in by December 31, 2019. (more…)
Digital-only challenger bank Varo Money announced on Tuesday it is now offering No Fee Overdraft. According to Varo, the No Fee Overdraft feature allows customers to overdraft their bank account balance up to $50 with no fee and no interest when they meet certain eligibility requirements. (more…)
Challenger bank N26 is announcing two things this week. First, the company lets you share sub-accounts with other N26 users in just a few taps. Second, after a limited beta test, the company is officially launching in the U.S. with open registration. (more…)
As 2019 moves into its third quarter, the once burgeoning industry of digital banking is starting to make serious waves in the financial world – and investors are taking notice. Big players like Monzo, Starling, N26, Revolut, and EQIBank have recently completed massive funding rounds supported by a range of VC’s and angel investors from around the world. (more…)
Puerto Rico-based challenger bank, Zenus, was granted its banking licence by US regulatory authorities this week.
Unlike other challengers, Zenus will allow anyone in the world to open an account, including the unbanked population from countries such as South America, India and China. (more…)
Digital bank Monzo is dipping its toes into the short-term loans market a year after Wonga’s collapse, but insists it will not target customers who usually turn to payday lenders.
The challenger bank formally launched loans for its 2.5 million customers on Thursday, following a trial with around 4,000 of its users. Those who qualify will be able to borrow as much as £15,000 for up to 60 months, or take loans as small as £200 for as little as 90 days.
That kind of wage top-up has been the hallmark of short-term or payday lenders, whose customers borrow an average of £300 over three months. (more…)
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…)
The funding round was led by PTB Ventures, with help from Accion Venture Lab, Financial Venture Studio and Techstars.
Founded by Lamine Zarrad and George Kurtyka in 2017, Joust aims to help independent professionals find more financial stability and avoid late payments amid the irregular payment system for freelance work. The bank guarantees invoice payments and has a “PayArmour” feature for same-day funding, which is available as an app in Google Play and the Apple App Store. (more…)
