Tagged: banking challenger

Around 66% of European Consumers Say COVID-19 has Accelerated Shift Towards Digital Onboarding, but 40% Can’t Access New Financial Services: Report

Around 40% of European consumers responding to a survey claim that they’ve not been able to access new financial services because of lockdown measures enforced after the COVID-19 outbreak. These consumers also said they’re unable to access digital platforms, which is why they can’t use… Read More

US based Digital Bank Chime Introduces Credit Builder, a Visa Credit Card that Works like a Debit Card, Only letting Users Spend Funds Available in their Accounts

US-based banking challenger Chime Financial Inc. has introduced a credit card, called Credit Builder, which aims to work somewhat like a regular debit card by allowing users to spend only the funds that are currently in their accounts. The Chime Credit Builder Visa Credit Card… Read More

French Financial Giant Société Générale Acquires Neobank Shine to Better Serve Clients looking for All-Digital Services

Paris-based Société Générale S.A., a French multinational investment bank and financial services company with around €1.3 trillion in assets, is reportedly acquiring Shine, a French neobank for business owners. The acquisition might be worth approximately €100 million, according to estimates from industry participants. Established about… Read More

Banking Challenger Branch Partners with Mastercard to Provide Cardholders Instant Access to Funds and Contactless Payments Option

Banking challenger Branch, a service provider that works with employers, has teamed up with Mastercard in order to provide cardholders instant access to their funds. Customers may directly add their Branch Mastercard debit cards to their mobile wallets, which supports Apple Pay and Google Pay…. Read More

Canadian Banking Challenger EQ Bank has Reportedly Surpassed $3 Billion in Total Deposits

EQ Bank, the digital platform established by Canada-based challenger bank, Equitable Bank (TSX: EQB and EQB.PR.C), has reportedly surpassed $3 billion in total deposits. The increase in deposits is due to a recent growth in customers, the bank claims. EQ Bank noted that daily sign-ups… Read More

Banking User Experience (UX) Specialist Peter Ramsey Reveals that “Freezing” Cards at Digital and Regular Banks Is Still Not User-Friendly

Metro Bank was reportedly the first financial institution in the UK to allow users to freeze their cards in case they lost it. The feature was introduced in 2014. The freeze feature blocks transactions via payment cards through software, but it’s reversible so the card… Read More

UK Fintech Plutus, which Enables Easy Conversions between Cryptocurrencies and Fiat Money, Announces Affiliate Partnership with Nike

London-based Plutus​, a Fintech firm that helps users easily convert their digital assets at 0% into major fiat currencies including the British pound (GBP) and Euros, has announced an affiliate partnership with sports apparel giant, Nike. Through the partnership, users will be able to earn… Read More

Digital Banking: Monzo, Starling, and Revolut Make it Much Easier to Open Accounts, According to a Recent Review

Many large banks in the United Kingdom appear to be falling behind their all-digital competitors when it comes to providing better overall customer service, which includes the ability to allow clients to quickly open new accounts – according to a recent review performed by Peter… Read More

Digital Bank Monzo Announces Appointment of Former American Express Executive Sujata Bhatia As COO, Pending Regulatory Approval

Digital bank Monzo has made more personnel changes, as it continues to strengthen its executive team. Sujata Bhatia, a former SVP and general manager, Europe at Global Merchant Services at American Express, will be serving as Monzo’s new chief operating officer. Bhatia will be replacing… Read More

Amsterdam-based Banking Challenger Finom Secures €6.5 Million in Seed Funding via Round led by Target Global

Amsterdam-based banking challenger Finom, which aims to serve entrepreneurs and SMEs, has secured €6.5 million in seed funding through an investment round led by Target Global. General Catalyst, FJlabs, the Raisin founders Frank Freund, Tamaz Georgadze, and Michael Stephan also took part in Finom’s funding… Read More

Challenger Bank Zelf to Launch its own Digital Banking Software that will work only via Popular Messaging Apps like WhatsApp

Challenger Bank Zelf is reportedly planning to introduce its digital banking offering which will operate exclusively through widely-used messaging apps. The Latvian Fintech firm claims that it has already signed up more than 58,000 users, who are waiting for the official launch of Zelf’s virtual… Read More

Dutch Banking Challenger bunq Introduces Joint Accounts for Premium and Business Account Holders

European challenger bank bunq is introducing joint accounts for its Premium and Business account holders. Bunq+1 users will now have the option of opening an account for anyone they want to, which includes their partners and children. Bunq+1 business clients can create new accounts for… Read More

Mobile Banking Platform Varo Money to Accommodate Former Clients of Digital Bank Moven, which Closed its Consumer Product Offering

San Francisco-headquartered Varo Money, an established mobile banking service provider, is reportedly planning to accommodate the former clients of digital bank Moven, which recently closed down its direct-to-consumer product offering. In March 2020, Moven’s management had reported that it experienced funding challenges due to the… Read More

Los Angeles-based Banking Challenger, HMBradley, Launches Digital Banking Platform to Reward Savers

Los Angeles-headquartered banking challenger, HMBradley, has launched its own digital banking platform, which has been developed to reward savers. The bank’s clients who had been on the HMBradley waitlist will now be able to open a bank account and set up direct deposits. Users will… Read More

Iceland-based Banking Challenger indó Prepared to Move Out of Stealth Mode, After Securing €1 million in Seed Funding

Iceland-based banking challenger indó has secured €1 million in seed funding from several angel investors. As mentioned on its official website: “indó is the first Icelandic bank in decades. We want to make a difference by offering you 100% safe deposits. We will offer you… Read More

Challenger Bank Virgin Money Is Evaluating Plans to Shut Down Physical Branch Locations, Following Coronavirus Outbreak

Challenger bank Virgin Money is reportedly evaluating its plans to shut down its physical branch locations as lenders begin to increasingly focus on reducing the potentially negative impact of an economic downturn, resulting from the coronavirus (COVID-19) outbreak. Hundreds of jobs, which had been created… Read More

Fintech: Lanistar, an Alternative Financial Services Company, Officially Launches After Securing £2 Million in Seed Funding

Lanistar, a new challenger bank, has officially launched its platform after acquiring £2 million in seed funding. Based in Hammersmith, Lanistar reportedly has 45 full-time workers on its payroll. The digital bank plans to add 150 more staff members. The neobank has been founded by… Read More

Digital Banking: ClearBank and Temenos to Help UK’s Banks Access Real-Time Payment Services via the Cloud

Switzerland-based Temenos (SIX: TEMN), a banking software company, has teamed up with ClearBank, a challenger clearing bank (the UK’s first new clearing bank in over 250 years), in order to help local banks access UK’s payment platforms and real-time payment services in the cloud. Clearbank’s… Read More

Banking Challenger Judo Bank Signs $350 million Committed Facility with Multinational Financial Giant Citi

Banking challenger Judo Bank has reportedly agreed to a three-year long, $350 million committed facility with giant multinational bank Citi. This should help Judo Bank provide funding to small businesses that may be struggling to meet expenses due to the coronavirus (COVID-19) outbreak. The commitment… Read More

Fintech Firms, Aion Digital and Qarar, Team Up to Accelerate Development of Online Lending Platforms in the Middle East

Two major Fintech companies, Aion Digital and Qarar, are teaming up in order to accelerate the growth and development of online lending platforms across the Middle East region. According to a press release, the collaboration between the two Fintechs aims to “revolutionize the credit market”… Read More

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