Tagged: digital bank

September 2, 2020 @ 9:15 am By JD Alois  |  

Varo Money, Inc., the first consumer Fintech in the US to become a chartered national bank, is reporting that it has saved its customers over $100 million in overdraft fees in the past year. Varo Bank became a fully chartered bank last month after a… Read More

September 1, 2020 @ 8:43 pm By Omar Faridi  |  

Singapore based Fintech firm Atlantis has reportedly launched a digital bank in India. The company’s business aims to target the estimated $15.7 billion global Millennial banking market. The neobank will mainly focus on serving Millennials (people born around 1980 to 1996) and Gen Z (born… Read More

September 1, 2020 @ 4:18 pm By Omar Faridi  |  

Bank of America (NYSE: BAC), a US-based money center bank and financial services company headquartered in Charlotte, North Carolina, reportedly has over 66 million retail customers. The bank reveals that it handles over 10 billion user interactions per year and claims that 97% of them… Read More

August 31, 2020 @ 5:12 pm By Omar Faridi  |  

The global digital banking platform market is on track to reach $9 billion by 2026. It’s currently expanding at a compounded annual growth rate (CAGR) of 16% during the forecast period, according to a new report. According to a release that summarizes the findings of… Read More

August 31, 2020 @ 7:58 am By Omar Faridi  |  

Customers of UK-based Fintech Unicorn Revolut have reportedly experienced delays when trying to get their salaries which were supposed to be paid this past Friday (August 28, 2020). Users had been complaining about having been left in the dark as they might not have received… Read More

August 28, 2020 @ 4:44 pm By JD Alois  |  

The House Financial Services Committee has posted its list of (virtual) hearings for the month of September. While always subject to change, the Committee has scheduled a hearing by the Task Force on Financial Technology (Fintech) on digital banking. The hearing entitled “License to Bank:… Read More

August 27, 2020 @ 9:58 pm By Omar Faridi  |  

Malaysia’s Razer Fintech, the Fintech division of Razer (a multinational financial service provider), has revealed that it plans to launch a digital banking platform in overseas markets. Razer, which is also (mainly) a gaming company, has applied for a virtual banking permit in Malaysia but… Read More

August 27, 2020 @ 9:14 am By Samantha Hurst  |  

Neon, a Switzerland-based challenger banking startup, announced on Wednesday it scored €4.6 million through its latest investment round, which was supported by the existing investors, including Backbone Ventures, TX Group, the Schwyzer Kantonalbank innovation foundation and the “Höhle der Löwen” investors Roland Brack and Bettina… Read More

August 27, 2020 @ 7:21 am By Omar Faridi  |  

Germany-based digital bank N26, which offers a mobile banking platform, is celebrating its one year anniversary in the US with almost 500,000 customers. As mentioned in a release shared with Crowdfund Insider: “Since announcing its public US launch in partnership with Axos Bank in August… Read More

August 25, 2020 @ 3:24 pm By Samantha Hurst  |  

Copper Banking, a U.S.-based digital bank for teens, announced on Tuesday it secured $4.3 million through its latest seed funding round, which was led by PSL Ventures with participation from Jack Brody, of Snap Inc and Mana Ventures and Western Technology Investment. Founded in 2019,… Read More

August 24, 2020 @ 9:19 am By Samantha Hurst  |  

  UK digital banking group Tandem has acquired “green” lender Allium for  £60 million, Mortgage Finance Gazette reports.  According to the media outlet, Tandem purchased the Allium platform to boost its environmental credentials. Allium notably has a very “clear” focus on lending to improve homes… Read More

August 24, 2020 @ 9:03 am By JD Alois  |  

Zopa, a digital bank and online lender, has published the interest rates affiliated with its savings accounts. According to a note from the Fintech, savers may generate interest from 1.05% to 1.3% – depending on the term. Zopa’s Fixed Term Savings accounts are available today… Read More

August 22, 2020 @ 2:21 pm By Omar Faridi  |  

Australia based Parpera, a Fintech firm that’s focused on developing a digital ​banking solution for business owners and freelance or gig economy workers, has opened shares for trading with Equitise, an equity crowdfunding platform. Established by former EY management consultant Daniel Cannizzaro, Parpera shares are… Read More

August 19, 2020 @ 7:58 am By JD Alois  |  

Digital bank Revolut has launched a new feature called “Group Bills” described as a way to track, split and settle up expenses in a centralised place.  Group Bills seeks to make group expenses easier to manage. Rather than splitting one bill at a time, Group… Read More

August 17, 2020 @ 7:26 am By Omar Faridi  |  

Standard Chartered Plc, a British multinational banking and financial services company with over $700 billion in total assets, is reportedly getting ready to introduce its second all-digital bank in Asian markets. Standard Chartered will be partnering up with a division of Singapore’s largest labor union,… Read More

August 15, 2020 @ 12:43 pm By Omar Faridi  |  

Greek payments firm Viva Wallet is reportedly planning to secure €500 million in capital to support its virtual banking business, according to Reuters which cited two sources familiar with the matter. As reported, Viva Wallet officially acquired the banking license of Praxia Bank after the… Read More

August 15, 2020 @ 11:46 am By Omar Faridi  |  

WeLab Bank recently confirmed the public launch of its digital banking services. It’s notably the only stand-alone firm to acquire a virtual bank license from the Hong Kong Monetary Authority (HKMA), the city-state’s de facto central bank that’s also responsible for promoting the efficiency, integrity… Read More

August 11, 2020 @ 11:19 am By JD Alois  |  

Revolut, a leading UK based digital bank, filed its annual report yesterday indicating that for the fiscal year 2019 revenue jumped alongside a growing annual loss. According to the Fintech, in 2019, revenue nearly tripled to £162.7 million vs. £58.2 million in 2018. The operating… Read More

August 11, 2020 @ 7:55 am By Samantha Hurst  |  

Standard Chartered Bank announced on Monday it has formed a three-year strategic partnership with Microsoft to accelerate its plans to become a cloud-first bank. Standard Chartered reported that the partnership makes a significant milestone for its virtual banking, next-generation payments, open banking, and banking-as-a-service efforts…. Read More

August 9, 2020 @ 10:18 pm By Samantha Hurst  |  

  Nude, a home savings app, is set to close its equity crowdfunding campaign on Seedrs with more than £3.53 million raised from over 780 Seedrs investors. As previously reported, Nude describes itself as a savings account and financial friend for first-time home buyers. The… Read More