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369

Digital bank N26 bigger than HSBC in France with 1 million customers

via Yahoo news

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…)

Banks, Mobile-first banks

October 10, 2019

449

Funding the revolution: the dawn of digital banking

via FinTech Futures 

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…)

Banks, Global trends

October 2, 2019

641

Challenger banks eye the untapped teenage market

via Sifted

Revolut is launching a banking app for under-18s; a group which offer inflated disposable incomes and life-long loyalty. Could this be the next battleground for fintech? (more…)

Banks, Global trends, Mobile-first banks

September 19, 2019

714

Which challenger bank is best for you? We compare Monzo, Revolut, Starling and N26

via Wired.co.uk

Which challenger bank is best for you depends on your own needs, and some people may be better off staying with a legacy provider. Wired.co.uk have reviewed a quartet of the top challenger apps – Monzo, N26, Starling and Revolut – and identified the best challenger bank for each of the following use cases: for travelling, for expats or people with families abroad, for developers and creatives, for business, for rich people, and for the rest. 

(more…)

Banks, Mobile-first banks

September 16, 2019

291

N26 launches in Switzerland

via Finextra

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…)

Banks, Mobile-first banks

September 3, 2019

567

N26 launches Shared Spaces and is now fully available in the US

via TechCrunch

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…)

Banks, Mobile-first banks

August 23, 2019

635

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

966

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

595

Why N26 Is Keeping Fraud Top Of Mind In The US Market

via PYMNTS

Meeting a consumer’s banking needs requires FIs to think locally — but when it comes to fighting fraud, it pays to think globally. That’s why FIs need to stay ahead of fraud trends both domestically and internationally, says Nicolas Kopp, U.S. CEO for German challenger bank N26. In the latest Digital Fraud Tracker, Kopp discusses how N26 is using customer data from 24 countries to better protect users against fraud attacks as it enters the U.S. market. (more…)

AI / Machine Learning / Big Data, Banks, Security

July 26, 2019

2540

Banking startup N26 raises another $170 million at $3.5 billion valuation

via TechCrunch 

Fintech startup N26 is raising $170 million a few months after raising $300 million. While it’s technically structured as a new round, the company considers today’s new funding as an extension of the Series D round.

N26 has only reached out to existing investors. All the investors in the Series D round are investing again, as well as a few investors that have been around for a while. So that’s Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital and Greyhound Capital. (more…)

Banks, Deals, Mobile-first banks

July 18, 2019

2220

N26 announces N26 You, a revamped premium account

via TechCrunch

Challenger bank N26 has unveiled a new premium plan called N26 You. This plan replaces N26 Black with the same benefits and a few tweaks.

N26 is keeping its three-tier system with a free basic bank account, a premium account (N26 You) and a super premium account (N26 Metal). With N26’s free plan, you can pay anywhere in the world without any foreign transaction fee, but there’s a 1.7% markup on ATM withdrawals in a foreign currency.

N26 You costs the same price as the previous premium plan N26 Black, €9.90 in the Eurozone and £4.90 in the U.K. In addition to a travel and purchase insurance package, you can withdraw money without any foreign transaction fee (€9.90 is roughly what you’d pay in fees if you withdraw the equivalent of €580 with a free N26 account). (more…)

Banks, Mobile-first banks

July 16, 2019

4399

N26 launches its challenger bank in the US

via TechCrunch

European fintech startup N26 is now accepting customers in the U.S. The company is launching a bank account with a debit card that should provide a better experience compared to traditional retail banks. (more…)

Banks, Mobile-first banks

July 11, 2019

678

Challenger bank N26 ordered to bolster money laundering safeguards

via American Banker

The German smartphone bank backed by billionaires Peter Thiel and Li Ka-shing has been ordered to bolster safeguards against money laundering and terrorist financing.

Germany’s financial regulator told N26 to “take appropriate internal safety measures” and “comply with general customer due diligence obligations.” The measures are likely to lead to higher security costs.

BaFin also said in the order, publicly released on Wednesday, that the lender must “remove backlogs in IT monitoring” and “ensure the existence of an adequate personnel and technical-organisational equipment in order to comply with its obligations under money laundering law.” (more…)

Banks, Mobile-first banks, Security

May 22, 2019

1922

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

1102

N26 to open security-focused tech centre in Vienna

via Finextra

N26 is opening a technology and innovation centre in Vienna that will focus on using AI to detect fraudulent transactions – which have reportedly been a problem for the digital bank, prompting a probe by German regulators. (more…)

AI / Machine Learning / Big Data, Banks, Mobile-first banks, Security

April 23, 2019

831

New Challenges, Competitive Threats Sharking Financial Waters

via The Financial Brand

In banking, there’s no shortage of new challenges and competitive threats keeping financial marketers up at night. Facing increasingly intense pressure, traditional institutions are innovating faster than ever. (more…)

Analytics, Banks, Global trends

April 15, 2019

1304

Challenger banks face challenges with global expansion

via Tearsheet

European challenger banks are going global. Revolut and N26 are set on acquiring local licenses to launch in markets around the world by assembling regulatory SWAT teams. Others, like OakNorth, are licensing their technology out to go global. Regardless of the expansion strategy, it’s not all unicorns and rainbows as these neobanks push on the growth envelope. Challenger banks are quite delayed in their entry to the US market and have bumped into resistance in other geographies, too. Will challenger banks succeed with their global ambitions? (more…)

Banks, Mobile-first banks

April 15, 2019

1465

‘Why would anyone want to become a bank’: Will more challenger banks evolve as banking as a service providers?

via Tearsheet

Starling Bank recently raised £75 million to fund a European expansion. As part of that announcement, the UK-based challenger said it had signed on three new clients to its banking as a service.

According to Starling, it has 20 institutional clients on its BaaS platform, which it launched in August 2018. Payment volume through the service is doubling month over month. (more…)

Banks, Mobile-first banks, Open Source/ API

April 1, 2019

1184

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