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1689

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

744

Step raises $22.5 million to help teens manage their money

via VentureBeat

Step, a financial services startup that offers fee-free money management accounts to teens, today announced that it has secured $22.5 million in a series A round led by Stripe, with participation from existing investors Crosslink Capital, Collaborative Fund, and Sesame Ventures. The round — which also saw contributions from Will Smith’s Dreamer’s fund, hip hop musician Nas, consumer tech holding company WndrCo, former NFL player Ronnie Lott, Matt Rutler, Kevin Gould, and Noah and Jonah Goodhart — brings Step’s total raised to over $25 million. CEO and cofounder CJ MacDonald said the new funds will be used to expand Step’s offerings, workforce, and user base. (more…)

Banks, Mobile-first banks, PFM/PFP services

June 6, 2019

1859

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

684

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

499

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

2580

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

2917

2591

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

1377

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