Tagged: challenger bank

Challenger Bank Tandem Launches Second Credit Product

UK challenger bank Tandem announced on Thursday the launch of its new second credit product, which is called the Journey Card, available through an application through the bank’s website. According to Tandem, the Journey Card is considered a way for those who haven’t had credit before to build… Read More

Starling Bank Expands White Label “Banking as a Service” and Payment Service Offer

Digital only challenger bank Starling is expanding its “Banking-as-a-Service” and Payment Services offer. These are two white label banking services offered in the UK allowing other entities to provide retail banking services and make payments. Current  clients include Ditto, Raisin UK, and the Department for Work… Read More

Starling Bank to Offer Mobile Phone Insurance in New Partnership

Challenger bank Starling Bank is now offering on demand insurance for your smartphone. According to Starling, users may purchase insurance from so-sure via the Starling app marketplace. Insurtech so-sure is said to offer fast, reliable and simple mobile phone insurance in a market that is… Read More

German Challenger Bank N26 Announces UK Expansion, is the US Next?

Germany-based challenger bank N26 has officially launched in the UK in setting up an interesting battle between other competing digital banks. The Fintech reportedly issued its first British accounts on Thursday. The launch of the UK accounts comes just a few months after N26 announced it… Read More

Challenger Bank Tandem Adds New Auto-Saving Rules Feature to Digital Banking Platform

UK challenger bank Tandem has added a new feature to its mainly digital banking platform. Tandem has introduced “intelligent auto-savings rules” to help users set aside their spare change to improve their savings habit.  According to Tandem, savings are swept from their existing current accounts,… Read More

Monzo Milestone: 1 Million People Now Use the Challenger Bank’s Services (Infographic)

UK-based challenger bank Monzo announced on Monday that 1 million people are now using its services. Founded in 2015, Monzo is building a new kind of bank, which will live on smartphone and are built for the way the user lives today.  “We’re doing things… Read More

Digital Bank Revolut Reports 5X Jump in Top Line Revenue, Users Now Over 1.3 Million

UK based digital challenger bank Revolut is reporting 2017 numbers and according to the Fintech revenue has increased 5X from £2.4 million to £12.8 million as monthly transaction volume jumps from $200 million to $1.5 billion. Revolut also reported a loss for the year of… Read More

Bain: Most People Want a Bank of Amazon and that’s Bad for Traditional Banks

Consulting group Bain is out with some interesting numbers on the foregone conclusion that a Bank of Amazon will be reality someday. While this is great news for team Bezos it is not so good for traditional retail banks – a sector of finance that is… Read More

29 Apply for Hong Kong Virtual Banking License, More to Follow with First Approvals as Soon as Years End

Hong Kong City

Multiple reports have indicated that 29 firms have made the cutoff for the first batch of virtual banking licenses in Hong Kong. Announced in September 2017, the push for digital banks in Hong Kong was designed to “bring Hong Kong into a New Era of… Read More

Big News! Digital Challenger Bank Varo Money Granted Preliminary Approval for National Bank Charter by OCC

Varo Money, a digital only challenger bank, has received preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national banking charter. This is a very big deal in the world of Fintech, as Varo may end up being the first… Read More

Tandem Calls FCA / CMA Banking Requirements a Big Step for Competition in UK Financial Services

The UK Competition and Markets Authority (CMA), in collaboration with the Financial Conduct Authority (FCA), published a report this week that chastised banks for their poor service and lack of transparency. As part of an ongoing initiative to improve financial services for both consumers and… Read More

Monzo Announces New Joint Account Product

On Tuesday, UK-based challenger bank Monzo announced the launch of its new product, joint accounts. This news comes just a little over a week after the fintech revealed new accounts specifically for 16-17-year-olds. Monzo reported that for the past month its joint accounts have been available… Read More

Monzo Now Offering Accounts for 16-17 Year Olds

UK-based challenger bank Monzo announced on Monday it has made its accounts available to anyone in the UK aged 16-17 years old. According to the fintech, the accounts are not minimalist versions of its account with the training wheels on – they’re the same accounts… Read More

Digital Bank: Zopa Raises £44 Million to Help Fuel Expansion, “Launching Our Bank is a Key Next Step”

Zopa has raised additional money in a new funding round. The peer to peer lending announced a raise of £44 million to help pay for its expansion and push into new services. Zopa will use the latest round of investment towards the capital needs for the… Read More

Monzo Announces Customer Support Team in Las Vegas

On Tuesday, UK-based challenger bank Monzo announced it has recently set up a small customer support team in Las Vegas. The team was created to help Monzo scale its customer service as it grows, without relying on its team in the UK to work unsociable… Read More

Tandem Launches New App Feature That Spot Rising in Bills

UK-based challenger bank Tandem announced on Thursday the launch of its new app feature that tells users when their payments have gone up. According to Tandem, the feature uses AI to track spending and lets app users know if the amount they’re being charged has increased. Tandem… Read More

Tandem Reaches 250,000 Customers & Announces Mortgage Market Launch Plans

Just two months after surpassing 100,000 customers, UK-based challenger bank Tandem has successfully attracted 250,000 customers to its platform. Not only is the fintech celebrating the number of users, it is also reportedly planning to launch its very own mortgage market.  According to Financial Reporter, Tandem… Read More

Monzo Announces Joint Accounts in Monzo Labs

UK challenger bank Monzo announced on Friday the launch of its joint accounts in Monzo Labs. The banking startup reportedly tested the accounts with a few staff members before asking a small group of users on Android and iOS. Monzo recently added another group of… Read More

Zopa Announces £1.5 Million Profit; Revenues Raise By 40% to £46.5 Million

Peer-to-peer lending platform Zopa announced on Monday its 2017 profit after tax of £1.5 million for its online lending business. According to the Fintech, 2017 was a year of strong and sustainable growth, with the year’s revenue being £46.5 million – an increase of 40%… Read More

Hacked: Monzo Says Typeform Breach Impacted Some User Data

Digital challenger bank Monzo reported on Friday that Typeform, a company they have utilized for user surveys, experienced a data breach that impacted some of their users. Tom Blomfield, CEO of Monzo, published a post on the Monzo blog outlining the attack. Monzo was quick… Read More

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