Tagged: banking

Revolut Experiences Embarrassing App Failure that Leaves Some Customers Hanging

Digital bank Revolut experienced an App failure yesterday that left some customers hanging, according to a thread on Twitter. The embarrassing fail comes a bit over a month after Revolut announced the company had received a long-anticipated banking license. Revolut took to Twitter to respond… Read More

Challenger Bank Tandem Reports Topping 500,000 Customers, Plans Expansion

Tandem Bank, a digital-first challenger bank, has announced a milestone of 500,000+ customers.  Tandem CEO, Ricky Knox, called 2018 a transformative year for the bank with a number of major product launches, investment, and incredible growth. “We’re ready for more of the same in 2019,” said… Read More

Digital Bank Marcus Now Has $35 Billion in Deposits. “Our Plan Has Always Been to Build a Platform”

Digital only bank Marcus continues to gain traction in both the US and the UK. During the Q4 earnings call by Goldman Sachs (NYSE: GS) yesterday, the management team shared some additional insight into the Fintech’s growth. Goldman, by the way, reported blowout numbers which… Read More

Temenos Launches Two New Cloud-Native Cloud-Agnostic Products to Accelerate Cloud Adoption

Banking software company Temenos announced on Wednesday the launch of its two new cloud-native, cloud-agnostic products, Temenos Infinity and Temenos T24 Transact. According to the company, these two products are to help accelerate cloud adoption and will combine complete banking functionality in the market, leveraging… Read More

SoFi Offering Bank Like Services, But it is Still Not a Bank

The definition of traditional banking continues to crumble as SoFi continues to extend invitations to their new bank-like service. Finally, I have received an email saying the wait is over. SoFi, a Fintech that started out as a student loan provider, has since morphed and… Read More

Dear Bankers, Make Room for Artificial Intelligence in the Future

Technology has infiltrated our lives, and the wave of digital disruption has impacted various industries. The finance sector is no exception. Since the industry is becoming more complex, relying on traditional methods is no longer enough. In fact, it can do your business more harm… Read More

Australian Business Only Bank Tyro Announces Alipay Integration With Sydney Airport Retailer Heinenmann Australia

Tyro, an Australia-based challenger business bank, announced on Wednesday its Alipay integration with Sydney Airport tax and duty-free retailer Heinemann Australia, where the payment system is now live. Tyro claims it is the first Australian bank to offer Alipay to its merchants with Heinemann Gold Coast International… Read More

No Surprise: Report Indicates Digital Bank Monzo Planning US Expansion

Digital bank Monzo is preparing to cross the Atlantic and enter the US market, according to a report in Techcrunch. “Multiple sources” have substantiated the rumblings of Monzo’s pending US expansion. This should come as no surprise to many as several other digital banks, such… Read More

Temenos Banking Software Selected by PayPal

Digital payment platform and online lender PayPal (NASDAQ: PYPL)  has selected Temenos (SIX: TEMN) to provide digital banking services. The announcement by Temenos was buried in a brief release last Friday. Temenos stated: “PayPal, Inc. has selected Temenos T24 Core Banking. The Temenos T24 banking platform will run… Read More

Digital Challenger Bank Xinja Receives Banking License, Preps to Return to Equitise for Second Crowdfunding Round

Merry Christmas, Xinja. In January of 2018, Xinja became the first retail equity crowdfunding offer in Australia following an update to rules. Xinja, a digital challenger bank, went on to raise $2.4 million in a solid “proof of concept” offering that was part of larger… Read More

Tandem says FCA Crackdown on Overdraft Fees is Long Overdue

Earlier this week, the Financial Conduct Authority (FCA) announced a plan to “fix a dysfunctional market” when it comes to overdraft fees. In 2017, banks generated over £2.4 billion from overdrafts alone, with around 30% from unarranged overdrafts. These fees typically came from individuals who… Read More

Not So Fast. Report Questions Robinhood’s Claim about Providing Access to SIPC Insured Savings & Checking Accounts

Mr. Potter Banker Banking (1)

Yesterday, CI reported that Fintech Robinhood had partnered with another firm to provide checking and savings accounts with a 3% annual interest. That, in itself, is pretty amazing as traditional banks are in the habit of not paying any interest at all in real terms… Read More

Temenos to Power Tech for Tunisian Public Bank

Temenos (SIX: TEMN), is reporting a new agreement to provide their tech services to Banque de l’Habitat (BH), a public bank based in Tunisia. Temenos will deliver their T24 Core Banking, Payments, Channels, Analytics, Financial Crime Mitigation, and Enterprise Risk Management to the bank. Temenos adds… Read More

Revolut is Granted European Banking License, Plans US Expansion in 2019

Digital only bank Revolut has received a European banking license. The London based Fintech says it is now positioned to become “the Amazon of Banking.” Revolut applied for the banking license via the Lithuanian central bank just over a year ago in November 2017. It… Read More

Report: Revolut to Raise $500 Million then Launch in USA

Digital bank Revolut is revving up for a $500 million series D funding round, according to recent reports. This next capital injection follows the last round from earlier this year when Revolut raised $250 million at a valuation of $1.7 billion. The funding validated its… Read More

InterAmerican Development Bank Group Teams Up With MAS to Promote Inclusive Financial Services in Latin America, the Caribbean, & ASEAN Regions.

The Inter-American Development Bank (IDB) Group, led by IDB Lab, the Group’s innovation laboratory, announced on Tuesday it has signed a Memorandum of Understanding (MOU) with the Monetary Authority of Singapore (MAS) to collaborate on projects and initiatives that will foster innovation in financial services… Read More

Revolut CEO Says Wall Street Has No Interest in Crypto

The CEO of London-based digital only banking platform Revolut has denied popular claims that Wall Street is poised to avalanche into cryptocurrency investing. Revolut CEO Nikolay Storonsky, told an audience at the Web Summit 2018 in Lisbon, last week, that, as far as he is concerned: “There is… Read More

Small US Banks Join to Fight Fintech Challenge: Alloy Labs Alliance Targets Innovation

Yesterday, a consortium of smaller banks announced their intent to better manage the Fintech challenge with the creation of the Alloy Labs Alliance. Twelve community and regional banks have joined in the Alliance as the banking sector fights to adapt to profound sector disruption and relevance… Read More

Future Digital Bank & P2P Lender Zopa Raises £60 Million, Plans for Expansion [u]

Zopa, the UK’s largest consumer peer to peer lending platform, has closed on a £60 million funding round – its largest capital raise to date. This most recent funding round was partially announced back in August when Zopa reported it had raised £44 million. The new capital… Read More

Malta Bank Accused of Money Laundering by Murdered Journalist Loses License

Pilates, a private bank accused by murdered journalist Daphne Carauna Galizia of laundering money for Maltese politicians and foreign interests, has lost its license, Financial Times reports. The license was withdrawn last Friday by the European Central Bank (ECB), several months after Pilatus’ founder and ex-chairman Seyed… Read More

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