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189

Revolut looks to raise £1.2bn from investors

via AltFi

Revolut is looking to raise $1.5bn (£1.2bn) from investors, as it targets the mantle of becoming the world’s most valuable fintech in Europe.

Revolut has hired investment bank JP Morgan to oversee both a $500m (£395m) equity raise and the issue of a $1bn (£790m) convertible loan, according to a report in Sky News.

Chief Executive and founder Nik Storonsky is targeting a valuation of between £3.9bn and £7.9bn to propel Revolut to become the most valuable fintech in Europe. (more…)

Banks, Mobile-first banks

October 14, 2019

375

Neo Bank Juno Raises $3Mn Seed Funding From Sequoia, Polychain

via Inc42 Media

Founded in July 2019, Juno  has been built using Ethereum blockchain and Nuo protocol. The platform aims to decentralise lending and borrowing of digital assets. With the new funding the company wants to expand its team in Singapore and India and apply for a license in select markets. (more…)

Banks, Blockchain, Deals, India, InspirAsia

October 10, 2019

466

UK-based Fintech Starling Bank Launches New Online Banking App for Business Clients

via Crowdfund Insider 

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…)

Banks, Mobile-first banks, SME

September 23, 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

448

Digital banks on track to treble customers . . . but profits harder to come by

via AltFi

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…)

Analytics, Banks, Global trends

September 3, 2019

412

Digital Banking Group Varo Money Launches No Fee Overdraft Feature

via Crowdfund Insider 

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…)

Banks, Mobile-first banks

August 27, 2019

778

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

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

1525

Challenger Bank Tandem Recognized as “Best Credit Card Provider” at Consumer Credit Awards

via Crowdfund Insider 

Challenger bank Tandem Bank has been recognized as “Best Credit Card Provider” and “Innovation of the Year” at the Consumer Credit Awards, according to a release. The Consumer Credit Awards are run by Smart Money People.

Tandem CEO Ricky Knox said the Consumer Credit Awards mean a lot to his company because the winners are voted for by consumers. (more…)

Banks, Mobile-first banks

July 15, 2019

1677

FrankieFinancial signs Australian neo banks to RegTech platform

via Finextra

RegTech startup FrankieFinancial has signed Australian neo banks Xinja and Novatti Group to its financial systems aggregator platform, which provides a single point of access to ID verification, KYC, AML, fraud and credit tools from 114 vendors and data sources. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, RegTech, Security

May 15, 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

1467

Australian neobanks target scale of UK rivals without growing pains

via AltFi

A flurry of neo banks in Australia are threatening to make inroads into the dominance of the country’s established lenders.

Sydney-based digital bank Volt promises to offer a faster more personalised service than the country’s big four incumbents – National Australia Bank, Commonwealth Bank, Australia and New Zealand Banking Group and Westpac. (more…)

Banks, Fintech news

April 1, 2019

800

Bank Negara Malaysia to Pave the Way for Neo Banks

via Fintech News Malaysia 

by Vincent Fong

Bank Negara Malaysia will soon release its requirements for a virtual banking license by end of this year. Virtual banking license seems to be all the rage these days with Hong Kong announcing their 3 approved licensees the same day Malaysia announces its ambitions to regulate this space. (more…)

Banks, InspirAsia, Malaysia, Mobile-first banks

March 27, 2019