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…)
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…)
“You’ll need to deposit a minimum of £500 to open one. In both the current and next tax year (2018–19 and 2019-20), you’ll be able to pay up to £20,000 per tax year into your ISA. But, you can only open one cash ISA per tax year. We’ve launched with an interest rate of 1.14%. OakNorth will pay you the interest you’ve earned on the last working day of each month.”
As a challenger bank, OakNorth charts a different course. While Revolut, Monzo, and N26 focus on putting their digital current accounts in the hands of millions, OakNorth doesn’t even offer a current account. While other challengers are racing to acquire banking licenses all over the world, OakNorth is happy with just a UK license.
OakNorth is also posting profits while other challengers aren’t. The bank announced a £33.9m profit for 2018, up 220 percent from 2017. (more…)
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…)