Tagged: banking challenger

January 16, 2021 @ 6:04 pm By Omar Faridi  |  

With digital or neo banking gaining more users and popularity during the Coronavirus pandemic, the leading challenger banks in the US and Europe recently confirmed steady growth and adoption. Trading Platforms reveals that seven US or American challenger banks managed to record a combined user… Read More

January 11, 2021 @ 8:12 am By Omar Faridi  |  

Prominent digital bank Revolut is expecting half of its clients to deposit their salaries and switch over to Revolut as their main bank account provider, after the Fintech challenger has acquired a banking license. Revolut issued a statement earlier today stating it has submitted its… Read More

January 8, 2021 @ 9:30 am By Omar Faridi  |  

Fintech firm B-North, which facilitates loans for small businesses and is currently seeking a banking license, has reportedly entered a deal with Channel 4 Ventures. Manchester-headquartered B-North confirmed that it has acquired a follow-on investment of £250,000 from the Greater Manchester Combined Authority. The challenger… Read More

January 4, 2021 @ 8:17 pm By Omar Faridi  |  

Asia might be getting ready to experience a digital banking revolution. During the next few years, the continent is expected to see over 50 new digital banks that could completely transform the financial services sector. GFT’s Christopher Ortiz claims that these developments may just be… Read More

January 4, 2021 @ 7:42 am By Omar Faridi  |  

Digital bank Revolut has reportedly outpaced competitors Monzo and Starling in terms of the number of downloads during 2020. Notably, Revolut saw more app downloads last year than Monzo and Starling Bank combined. As first reported by the Telegraph, Revolut’s online banking app grew more… Read More

January 2, 2021 @ 7:03 pm By Omar Faridi  |  

Malaysia’s reserve bank, Bank Negara, has released its policy document on digital banks. The Malaysian central bank’s new document on the licensing framework for all-digital banks has been published after completing a 6-month public consultation. Bank Negara officials stated on December 31, 2020, that the… Read More

January 2, 2021 @ 5:18 am By Omar Faridi  |  

Last year, we saw many banking challengers offering services to customers who might not have been satisfied with their traditional bank. Many more people also began to use online banking services due to the COVID-19 pandemic which forced many physical business locations to shut down…. Read More

December 31, 2020 @ 8:59 am By Omar Faridi  |  

European digital banks have experienced significant challenges this year. Many have continued to record substantial losses and have received complaints from clients regarding service-related issues. Investors have been pushing banking challengers to show them how they can generate sizable profits by effectively monetizing their products… Read More

December 27, 2020 @ 10:10 pm By Omar Faridi  |  

Dutch banking challenger Bunq has reportedly managed to grow its mortgage portfolio by 400% within six months. Bunq began offering mortgages to Dutch clients in July 2020. The digital bank has teamed up with third-party broker, asset manager NN IP, in order to provide these… Read More

December 20, 2020 @ 10:37 pm By Omar Faridi  |  

Digital bank Monzo, which recently scored an additional £60 million investment, has revealed that personalized cards have now arrived for US customers. The Monzo team notes in a blog published on December 16, 2020, that they’re pleased to announce that they’ve introduced their newly designed,… Read More

December 19, 2020 @ 12:14 pm By Omar Faridi  |  

Banking challenger Branch, the Fintech firm that partners with employers, has teamed up with ProPoint Solutions salon software SuperSalon, which allows salons to digitally pay their workers. As mentioned in a release shared with Crowdfund Insider: “Branch’s integration with the point of sales software allows… Read More

December 9, 2020 @ 7:39 am By Omar Faridi  |  

Prominent digital bank Revolut, which was last valued at around $5.5 billion, has reportedly managed to break even for the month of November 2020. Fintech Unicorn Revolut’s revenues had dropped as much as 40% when awareness about the Coronavirus pandemic began to spread back in… Read More

December 3, 2020 @ 8:23 am By Omar Faridi  |  

Prominent digital bank Revolut has appointed former Citigroup executive Rebecca Macieira-Kaufmann to its US board of directors. Macieira-Kaufmann has worked at Citigroup as a senior management professional for the past 12 years. She has served as the Head of the bank’s International Personal Bank in… Read More

November 26, 2020 @ 3:24 pm By Omar Faridi  |  

SoftBank-backed Fintech firm OakNorth claims that it has been issuing loans at record levels following the COVID-19 outbreak. Established in 2015, OakNorth was recently valued at $2.8 billion and has managed to achieve profitability. This is not too common for many of the firms or… Read More

November 25, 2020 @ 5:20 pm By Omar Faridi  |  

Los Angeles-headquartered banking challenger, HMBradley, had introduced its own digital banking platform in April 2020. As previously reported, the new platform was developed to reward savers. HMBradley recently finalized an $18.25 million Series A funding round that was led by Acrew Capital (which also invested… Read More

November 21, 2020 @ 1:08 pm By Omar Faridi  |  

UK-based digital bank Starling recently revealed that it managed to break even and claims that it may be on track to become the first banking challenger to reach profitability. Starling Bank’s management noted that it’s the first of the new digital banks (which includes Monzo,… Read More

November 19, 2020 @ 9:01 am By Omar Faridi  |  

Prominent digital bank Revolut has confirmed that it will support Open Banking for its customers in Germany. According to a release, the new Open Banking features will allow Revolut’s German customers to easily connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with… Read More

November 18, 2020 @ 7:40 am By Omar Faridi  |  

After joining digital bank Monzo only about a year ago, the Fintech firm’s first Chief Risk Officer, Lisa Nowell, has decided to leave her position to pursue a new role at Ashman Finance, an SME-focused lender. Nowell has previously served as Chief Risk Officer at… Read More

November 13, 2020 @ 7:41 am By Omar Faridi  |  

Switzerland’s Post Office division is reinventing itself as a “radical” banking challenger. Last month, the Swiss Post Office had announced a “Banking & Beyond” initiative, called PostFinance. As first reported by swissinfo.ch, the nation’s post office will be working on the new project with Swissquote,… Read More

November 10, 2020 @ 2:33 pm By Omar Faridi  |  

Italy-based banking challenger Aidexa has secured €45 million in funding through a seed round. Established by Roberto Nicastro, former GM at Unicredit, Aidexa plans to leverage artificial intelligence (AI) and Open Banking to help Italian SMEs with streamlining their banking and overall business operations. Aidexa… Read More