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Future Fintech: The Fight for the Digital Banking Crown

via Crowdfund Insider 

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…)

Banks

August 18, 2019

250

Monzo insists new short-term loans won’t be at Wonga rates

via The Guardian 

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…)

Banks, p2p/online lending

August 15, 2019

272

Neobanks’ have secured a record $2.5 billion in funding this year

via Business Insider

The first half of 2019 is proving to be a lucrative one for neobanks, which raised $2.5 billion this year through the end of July across 55 deals, reports Business Insider citing CB Insights data. (more…)

Analytics, Banks, Mobile-first banks

August 15, 2019

342

Monzo says it wasn’t storing ‘some’ customer PINs correctly, but has now fixed the bug

via TechCrunch

Monzo, the fast-growing U.K. challenger bank that recently soft-launched in the U.S., is disclosing a potential, albeit relatively limited, security oversight that saw customer PINs stored incorrectly within the company’s internal systems. (more…)

Banks, Mobile-first banks, Security

August 5, 2019

426

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

1240

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

1637

How Monzo, Revolut, Starling and N26 plan to topple legacy banks

via WIRED UK

Digital banks aren’t going anywhere – with Monzo, Starling Bank, Revolut and N26 starting to rival legacy banks. Perhaps best known for their personal finance apps, they are now also starting to sell financial products. And there’s a lot more to come.

Meanwhile, traditional high-street banks are trying to up their game by investing in – and imitating – their digital offerings. Last month, for instance, NatWest began trialling Mimo, a new personal finance app with budgeting tools, spending insights and reminders. It will be rolled out later in 2019. Barclays, HSBC and others are also jumping on the bandwagon and adding features to their existing mobile banking apps. (more…)

Banks, Fintech news, Global trends, Mobile-first banks

May 17, 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

1691

Monzo’s Tom Blomfield on lie-ins, video games and finding his zen

via Wired.co.uk

Waking up at 3:45am, on the treadmill by 4am while going through emails, reading a book a day and finding time to meditate – that’s the myth of the superhuman startup founder. It would be “pointless even if it were true”, says Tom Blomfield, the 33-year-old co-founder of one of Europe’s newest unicorns – digital bank Monzo. Recently, the company raised more than £200m in funding and plans to expand into the US. (more…)

Mobile-first banks, People of fintech

April 16, 2019

1081

The Challenger: Dozens’ Aritra Chakravarty

via AltFi

At the beginning of 2019 luminous yellow adverts promoting a mysterious new app began spreading across London.

Called Dozens, the app appeared almost out of nowhere with a digital banking service similar to a Monzo or Starling, but with the addition of a curious 5% fixed interest bond aimed at “savers”.

The only question on everyone’s mind was – who was behind this mysterious startup? (more…)

Banks, Mobile-first banks, People of fintech

April 10, 2019

998

Sources: Y Combinator’s growth fund to back challenger bank Monzo

via TechCrunch

Just five months after announcing £85 million in Series E funding, Monzo is already gearing up to raise additional funding, which would almost double its valuation.

As reported in the Sunday Times yesterday, the U.K. challenger bank is close to raising £100 million in further funding in a new round led by an unnamed U.S. investor. If the deal goes through, it will reportedly give Monzo a pre-money valuation of close to £2 billion, up from £1 billion in October.

Now TechCrunch has learned that the new U.S. backer is Y Combinator. (more…)

Banks, Deals, Fintech news, Mobile-first banks

April 8, 2019

1668

Tech Nation Lists 10 Fintech Pioneers In Future Fifty 2019 Cohort

via Forbes 

Revolut, Monzo, Starling Bank, Currencycloud, Aire, Blockchain, MarketInvoice, Quantexa, Nested and Salary Finance were revealed to be among the 24 most dynamic and fast-growing late-stage technology companies to be chosen to join Future Fifty’s 2019 cohort.

Founded in 2013, Future Fifty works to champion the best British technology companies and provide support as they embark on their scale up journey on a national and international level. Alongside this, the programmes helps the organizations create jobs and inspire the next generation of entrepreneurs. (more…)

Fintech news

March 27, 2019

801

Monzo and OakNorth join forces to offer savings accounts in challenger bank tie-up

via AltFi

Savings accounts will launch for Monzo’s 1.6m customers on Monday, powered by fellow fintech unicorn OakNorth.

The partnership will see Monzo launch seven types of savings ‘pot’, ranging from an easy-access account offering 1% AER all the way to a 12-month fixed-term account boasting a 1.53% AER.

Two of the accounts are available in a cash ISA, with an easy-access account at 1.14% AER and a 12-month fixed account at 1.38% AER. (more…)

Banks, Fintech news, Mobile-first banks

March 21, 2019

1001

The challenger bank playbook: A deep dive

via Finextra

Finextra reports on the rise of the challenger bank economy in Asia, as Money20/20 prepares to open its doors to a new wave of disruptors and innovators in Singapore next week.

As challengers – established firms – and neobanks – digital mobile outfits – are not burdened with legacy technology, they are able to disrupt the status quo. These organisations have taken off in the UK because of the traditional industry having adopted digital banking from the late 1990s.

According to KPMG’s global head of banking and capital markets Judd Caplain, this phenomenon has expanded immensely and there are now more than 100 challenger banks operating worldwide. Caplain lists Asian players such as China’s MyBank backed by titan Alibaba, WeBank launched by conglomerate Tencent, Digibank of India, Vietnam’s Timo, Japanese outfit Jibun Bank and South Korea’s K Bank and Kakao Bank as success stories.

(more…)

Banks, Global trends, InspirAsia, Mobile-first banks

March 13, 2019