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224

Revolut named UK’s fastest-growing technology company

via AltFi

Digital banking app Revolut has been named the UK’s fastest-growing tech company, with an average three-year growth rate of 48,477%.

The figures were published today in Deloitte’s 2019 UK Technology Fast 50 ranking, which calculates the fastest-growing tech companies every year.

Revolut was closely followed by OakNorth (37,449%) and Dividebuy (23,878%) in second and third place respectively. (more…)

Analytics, Banks, Global trends, Mobile-first banks

November 8, 2019

308

Monzo surpasses 50% of UK challenger banking market share

via AltFi

German digital bank N26 is currently leading the European challengers in the US digital banking landgrab, taking nearly 50,000 downloads for the month of September, according to figures from Apptopia.

Revolut came in second place with over 20,000 downloads, and Monzo brought up the rear with just 6,400 downloads.

All are playing catch-up with local digital banking challenger Current and market leader Chime with 109,000 and 740,000 downloads respectively. (more…)

Analytics, Banks, Global trends

November 1, 2019

223

A new-wave of challenger banks is taking on Monzo and Starling

via Wired 

Monzo, Starling and Revolut have locked down the challenger banking market, but smaller rivals are finding a foothold by offering niche, specialised services, from business accounts to fixed savers

(more…)

Analytics, Banks, Mobile-first banks

October 30, 2019

317

The future of neo-banks and inside Revolut’s Singaporean launch

via Sifted

It was widely reported last week that Revolut launched its travel card in Singapore, its first move in Asia. But there are few obstacles ahead.

Last week Sifted welcomed two guests to our first remote roundtable to discuss the fate of challenger banks. The panellists were Roxane Sanguinetti, a former Bank of America Merrill Lynch trader who now runs a capital markets fintech, and George Davies, a managing partner at European venture capital fund Hambro Perks.

The conversation centred on neobanks’ need for niches, the fragility of young brands and their survival prospects. (more…)

Analytics, Banks, InspirAsia, Mobile-first banks, Singapore

October 28, 2019

291

Mastercard and Visa battle over Revolut deals

via FinTech Futures 

UK challenger Revolut will be launching its US card with Mastercard by the end of this year. However, the fintech will also be primarily issuing Visa-branded cards in its global expansion.

Revolut will use Visa to expand in 24 new markets, for a total of 56 around the world and simultaneously partner with Mastercard for at least 50% of existing and future cards issued in Europe (Visa will have the other half), according to a statement.

The fintech uses its licence with Lithuania’s central bank to service Europe, but it will have to partner with a US-licensed bank when it starts rolling out cards to US citizens. (more…)

Banks, Global trends, Mobile-first banks

October 22, 2019

461

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

668

Revolut chooses Visa as lead issuing partner for its international expansion

via Tearsheet 

Visa and Revolut are growing their relationship via an expanding partnership in Europe, adding 24 new markets globally. (more…)

Banks, Mobile-first banks

September 30, 2019

788

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

916

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

443

Digital Bank Revolut Gives Up on Luxembourg e-Money License

via Crowdfund Insider 

Revolut has decided to withdraw its application for an e-Money license in Luxembourg, according to a report in the Telegraph. The application was originally filed in September of 2018. Revolut was said to make the decision following the approval of two financial services licenses from Lithuania that will allow the digital bank to “passport” its services across the European Union. Additionally, Revolut has filed for a similar license in EU member state Ireland. (more…)

Banks, Mobile-first banks

September 10, 2019

739

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

978

Digital Bank Revolut Launches Business Expense Management Feature

via Crowdfund Insider 

Digital bank Revolut has integrated Xero, an SME accounting platform, to facilitate seamless business expense reporting. The Revolut for Business app has also been updated for team members to upload receipts and add expense information, according to a release from the company

The new “Expense Management tool,” is designed to help growing businesses more easily manage expenses. Business owners may now approve or reject team expenses, an area that has traditionally been difficult to manage. (more…)

Banks, SME

August 14, 2019

904

Fintech firm Revolut launches a Robinhood-style stock trading service

via CNBC 

  • Revolut’s trading feature lets users buy or sell popular U.S. stocks from Apple to Beyond Meat.
  • Users can also buy a fraction of a share, with the minimum amount being $1 worth of stock.
  • The move comes after Robinhood’s botched attempt to launch checking and savings accounts.

(more…)

Banks, Financial Markets / Trading

August 1, 2019

483

Revolut tweaks business accounts with new pricing structure

via TechCrunch

Fintech startup Revolut announced changes to its business accounts this week. The good news is that if you were thinking about trying Revolut for your business needs, it’s now cheaper to get started. But there are some limits.

While Revolut is better known for its regular consumer accounts that let you receive, send and spend money all around the world, the company has been offering launched business accounts for a couple of years.

The main advantage of Revolut for Business is that you can hold multiple currencies. If you work with clients or suppliers in other countries, you can exchange money and send it to your partners directly from Revolut’s interface. (more…)

Banks, Mobile-first banks

July 25, 2019

3769

Do good by doing well: Fintech moves further into charitable giving

via Tearsheet

Digital banks are looking to make donating to charity more accessible and simple for their customers. From round-up features to charity linked loyalty programs, raising money for fintech users’ favorite causes is becoming more tech friendly.

54 percent of donors worldwide prefer to give to charity online, according to Non-Profits Sources. That’s driving $31 billion of online charitable givings in the U.S. alone. Plus, in 2018, mobile payments grew by 36 percent. While there are still some who prefer mailing donations, the number of people who are attracted to quick and easy forms of giving to charity is growing. (more…)

Banks, Global trends

July 9, 2019

264

Revolut launches charity feature Donations

via Tearsheet

UK challenger bank Revolut has released a new in-app feature called Donations, which allows customers to round up their card payments and donate the difference to charity.

What is it: Using a round up feature, five million Revolut users can donate spare change to charity. There’s also the ability to make one time and recurring payments. Revolut doesn’t require a minimum donation amount and the feature can be turned on and off by customers at any time. (more…)

Banks, Mobile-first banks

July 1, 2019

1239

Revolut, Chip and Marcus by GS integrate with Money Dashboard

via FinTech Futures

UK-based money management app, Money Dashboard, has released integrations with Revolut, Chip and Marcus by Goldman Sachs.

The integrations help consumers track spending and progress towards their savings goals in real time.

Money Dashboard is the first UK personal finance app to release an integration with Revolut and follows the recent integration with cryptocurrency platform, Coinbase. (more…)

Banks, Mobile-first banks, PFM/PFP services

June 1, 2019

2042

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

1646

Revolut Refines Its Culture As It Seeks Expansion

(more…)

Banks, Mobile-first banks

April 23, 2019

2171

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

1348

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

1434

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

2011

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

1318

Viva Republica finalizes consortium for internet-only Toss Bank

via The Korea Herald 

Viva Republica, operator of mobile payment app Toss, said Monday that it has finalized a consortium to establish Toss Bank, the third internet-only bank here.

The consortium will consist of Silicon Valley-based venture capital Altos Ventures, Goodwater Capital, Brazil’s Nubank, UK fintech player Revolut, and the Korea Electronic Certification Authority, the company said in a press release. (more…)

InspirAsia, Korea, Mobile-first banks

March 25, 2019

1248

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

1799

Deals: Revolut Gets More Funding For Its Mobile Foreign Exchange Service

By Romain Dillet for techcrunch.com,

British startup Revolut just closed its seed round. After announcing having raised $2.3 million this Summer, the company has added a couple of new investors. In total, the company has raised $4.8 million (£3.2 million) from Index Ventures, Balderton Capital, Seedcamp and Point Nine, Venrex and business angels. (more…)

Deals, Fintech news

February 27, 2016

2130

Revolut Raises $2.3M For Its Mobile Foreign Exchange Service

TechCrunch: British startup Revolut just raised $2.3M (£1.5M) from Balderton Capital to make you pay less exchange fees when you travel around the world. Also backed by Seedcamp, Revolut provides an app to seamlessly exchange or send money, and an optional debit card to pay around the world or online. (more…)

Deals, Fintech news, Mobile payments/banking, news

July 20, 2015