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1345

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

408

Chase On Gen Z, Mobile Banking — 10 Years In

via PYMNTS

With more consumers than ever interested in fulfilling all their financial needs on mobile, both legacy banks and FinTech firms are focusing on creating digital-only banking services, designed to catch and keep customers using their smartphones to bank. What’s more, financial institutions (FIs) and payment providers around the world are trying their hand at providing all the capabilities of an established bank on the smartphone.

As consumers flock to banking apps, succeeding in the world of digital banking is not as easy as it used to be when mobile apps emerged a decade ago. In the new Digital Banking Tracker™, PYMNTS examines how startups are competing with legacy brands, social media services and even eCommerce companies that want to add financial capabilities to their platforms. (more…)

Analytics, Banks, Mobile-first banks

April 10, 2019

350

US mobile bank Chime raises $200 million, valuing its business at $1.5 billion

via TechCrunch

San Francisco-based mobile banking startup Chime announced it has raised an additional $200 million in Series D financing led by DST Global, valuing its business at $1.5 billion. The oversubscribed round also included participation from new investors Coatue, General Atlantic, ICONIQ Capital and Dragoneer Investment Group, along with existing investors Menlo Ventures, Forerunner Ventures, Cathay Innovation and others.

To date, Chime has raised approximately $300 million, including last year’s $70 million Series C, which then saw the company valued at $500 million.

With the new funding, Chime has now raised the most funding and has the highest valuation among other U.S. challenger banks.

(more…)

Mobile payments/banking, Mobile-first banks

March 4, 2019

2433

The bank that fintech built: Number26 and TransferWise team up to re-invent banking

By Paul Sawers for VentureBeat

Two European fintech startups are teaming up to give a glimpse of what the bank of tomorrow could look like. (more…)

Banks, Fintech news, Mobile-first banks

February 25, 2016

Blockchains Predicted to Power the Internet of Things

By Philip Ryan for Bank Innovation,

You might be using a blockchain to order detergent within the next few years. (more…)

Blockchain, Cashless, eWallets, Global trends, SME

February 17, 2016

2731

2410

Mobile-Money Systems: M-PESA And Monese

The Economist: Paying for a taxi ride using your mobile phone is easier in Nairobi than it is in New York, thanks to Kenya’s world-leading mobile-money system, M-PESA. Launched in 2007 by Safaricom, the country’s largest mobile-network operator, it is now used by over 17m Kenyans, equivalent to more than two-thirds of the adult population; around 25% of the country’s gross national product flows through it. M-PESA lets people transfer cash using their phones, and is by far the most successful scheme of its type on earth. Why does Kenya lead the world in mobile money? (more…)

Fintech news, Mobile payments/banking, news, p2p-payments

May 27, 2015

1299

Bankjoy Is Building A Modern-Day Mobile Banking App For Use By Credit Unions And Smaller Banks

TECHCRUNCH: Thanks to startups like Simple, which was acquired by financial services organization BBVA last year, banking customers got a look at what a modern-day web and mobile banking experience looks like, with features like goal-setting tools, automated categorization of expenditures, real-time notifications of new charges pushed to your mobile phone, the ability to block a lost or stolen card right from the mobile app, and more. Now, a new startup called Bankjoy wants to bring a similar experience to other, smaller banks with a white-labelled product and accompanying API platform that’s initially being aimed at credit unions. (more…)

Fintech news, Mobile payments/banking, Mobile-first banks, news

March 16, 2015