Tagged: challenger bank

SoftBank backed Challenger Bank OakNorth Claims it’s been Lending to UK SMEs at Record Levels During COVID

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

Los Angeles based Banking Challenger, HMBradley, Secures $18.25 Million via Series A Round led by Chime Investor Acrew Capital

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

UK Banking Challenger Starling Reports Breaking Even, Might Become First New Digital Bank to Reach Profitability

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

Digital Banking: Revolut to Support Open Banking for Customers in Germany

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

Lisa Nowell, the Chief Risk Officer at UK Digital Bank Monzo, Leaves Company for New Role at Ashman Finance

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

Switzerland’s Post Office Division to Reinvent itself as a “Radical” Digital Bank, but Could Face Challenges

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

Italy based Banking Challenger Aidexa Secures €45 Million in Funding via Seed Round

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

UK Challenger Bank TSB Partners with Wealthify to Launch an Investment Program

UK-based challenger bank TSB will be teaming up with Robo-advisory firm Wealthify in order to launch its first investment program. TSB, which claims around 5 million customers, will allow users to follow a link within the TSB app or its Internet banking platform so that… Read More

Digital Bank NorthOne Launches New Desktop Banking Feature

NorthOne, an established digital bank for US-based small businesses, notes that they’ve launched a new desktop mobile banking feature that allows customers to manage their finances on a computer as well as from their mobile devices. NorthOne has partnered with Radius Bank to offer banking… Read More

Cale Johnston from Fintech Firm ClickSwitch Reveals that Banking Challengers are Now Interested Only in Handling Direct Deposits

ClickSwitch, a U.S. fintech that claims it simplifies and automates the switch of direct deposits and recurring payments for financial institutions’ new and existing account holders, recently acquired $2 million through its Series B investment round led by USAA subsidiary. The investment round brings ClickSwitch’s… Read More

Nordic Challenger Bank Lunar Reportedly Raises €40 Million Through Series C Funding Round

Nordic challenger bank Lunar has reportedly secured €40 million through its Series C funding round. The latest round of funding comes just months after Lunar raised an additional €20 million through its extended Series B, bringing the funding round’s total amount to €46 million raised…. Read More

Mexico-Based Challenger Bank Klar Secures $15 Million Through Series A Funding Round Led By Prosus Ventures

Klar, a Mexico-based challenger bank, announced on Monday it secured $15 million through its Series A funding round, which was led by Prosus Ventures with participation from new investor International Finance Corporation and former investors Quona capital, who led Klar’s seed round, Mouro Capital (formerly Santander… Read More

Multi Billion Dollar Merger between Russian Tech Firm Yandex and Challenger Bank Tinkoff has been Scrapped

The recently proposed merger between Yandex, a major Russia-based tech firm, and banking challenger Tinkoff will not be finalized because the bank’s founder Oleg Tinkov has walked away from the deal. Tinkoff’s management confirmed that all negotiations between the two parties have now been “terminated,… Read More

Australian SME Banking Challenger Judo Bank to Use Cloud based Bank Operating System Developed by nCino

Australia-based SME challenger bank Judo Bank has chosen nCino (NASDAQ: NCNO) to help streamline its lending processes. Judo Bank will be using nCino’s Cloud-powered platform to enhance its services which are mainly intended for small businesses. nCino, Inc. is an established cloud banking and digital… Read More

Neobanks in Australia including 86 400, Xinja, Volt Forced to Further Reduce Interest Rates on Savings Accounts

Neobanks have been finding it quite challenging to maintain their competitive deposit rates. During the past few weeks, three Australian neobanks have reduced their rates and two of them have placed limits on the balances on which they’ll pay higher interest. Australia based digital bank… Read More

Australian Digital Banking Challenger Alex Is Planning to Secure $7.1 Million via Series B Round

Australia based Alex, a digital banking challenger, is reportedly planning to secure about A$10m (appr. $7.1 million) in capital through a Series B investment round. As first reported by the Financial Review, Alex’s team of senior management professionals have been focused on acquiring additional funding by approaching various… Read More

Chime CEO Chris Britt Discusses Recent Funding Success & Future Plans With CNBC

  Following the recent announcement that app-only banking service Chime raised $485 million through a Series F round, CEO of the company, Chris Britt, sat down to discuss the funding round, as well as Chime’s future plans. As previously reported, Chime is on a mission… Read More

US Banking Challenger Chime to Focus on Transaction Processing based Business Model, After Reaching $14.5 Billion Valuation with Additional Funding

US-based banking challenger Chime Financial Inc. is now valued at $14.5 billion, which is significantly more than Robinhood, another fast-growing Fintech Unicorn that recently reached a valuation of $11.2 billion after securing $200 million in additional funding last month. Chime has now become the most… Read More

Switzerland’s Credit Suisse to Introduce App-only Banking Services to Compete with Fintech Challengers

Credit Suisse Plans New “CSX” Digital Banking Offering Switzerland’s Credit Suisse, a global wealth manager, has revealed that it will be introducing an app-only banking service, in order to compete with challenger banks. At the end of October 2020, Credit Suisse will launch “CSX” and… Read More

UK’s Digital Challenger Starling Bank Joins Monzo by Introducing New Fees, as Fintechs Struggle to Offer Competitive Services

UK based digital challenger Starling Bank has reportedly joined digital bank Monzo by introducing several new fees for certain services related to its British pound or GBP and Euro bank accounts. As reported recently, Monzo announced two new fees for its customers. The Fintech startup… Read More

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