Tagged: digital bank

June 25, 2020 @ 8:40 am By Omar Faridi  |  

Switzerland-based Credit Suisse, a multinational wealth manager, investment bank and financial services firm, has made a deal with modalmais, a Brazilian digital bank. According to the terms of the agreement, the Swiss bank will purchase preferred shares that will be “equivalent to up to 35%”… Read More

June 24, 2020 @ 10:02 pm By Omar Faridi  |  

Chennai-based digital bank Kaleidofin has introduced a payments platform, called KaleidoPay, which lets non-bank financial company (NBFC) clients make digital payments. KaleidoPay digitizes payments, including customers’ savings contributions and insurance premiums. The platform’s software uses machine learning (ML) algorithms to process financial data. KaleidoPay can… Read More

June 23, 2020 @ 7:01 pm By JD Alois  |  

After an extensive regulatory journey, Zopa has been awarded a full bank  license as it transitions from a top online lender to a Fintech offering a growing portfolio of financial services. Zopa Bank will sit alongside its existing peer to peer business (Zopa Limited), as part… Read More

June 22, 2020 @ 10:38 pm By Omar Faridi  |  

Narayanan Ganapathy, a financial analyst, angel investor, and the CEO at Angivest Ventures, recently noted that significantly more people are using smartphone apps and other types of software to make digital payments, because of the COVID-19 outbreak and resulting challenges. Ganapathy, whose comments came during… Read More

June 21, 2020 @ 12:18 pm By Omar Faridi  |  

The COVID-19 outbreak has created significant socio-economic challenges, which have impacted individuals and businesses across the globe. More people are now spending time at home due to government-enforced nationwide lockdowns. Certain segments of the Fintech industry, including digital, mobile, and contactless payments,  have seen increased… Read More

June 18, 2020 @ 9:57 pm By JD Alois  |  

Prepara is the next aspiring digital bank to throw their hat in the Fintech ring. Not yet a regulated bank or authorized deposit-taking institution, Parpera is in the process of securing the necessary licences it requires for its products and services in Australia. In advance… Read More

June 18, 2020 @ 11:28 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) has announced that 14 out of 21 applications to become digital banks have met the eligibility criteria for the Fintechs to be considered. MAS announced on June 28, 2019, that it would issue up to two digital full bank… Read More

June 18, 2020 @ 10:26 am By JD Alois  |  

Thought Machine and Regtech TruNarrative have partnered to bring identity verification, risk monitoring, and cloud-native core banking to digital bank Atom bank, according to a post by the company. The partnership is described as enabling Atom to use the TruNarrative platform to conduct a suite… Read More

June 17, 2020 @ 11:07 am By JD Alois  |  

Top digital bank Monzo has raised £60 million in new funding at a significant decline in valuation reportedly a 40% haircut. A second tranche of funding may be forthcoming later this year. It was reported last month that Monzo was seeking up to £100 million… Read More

June 17, 2020 @ 10:00 am By JD Alois  |  

Upgrade, Inc., has closed on a $40 million Series D funding round led by VC fund Santander InnoVentures – part of the global banking firm Santander Group. The new funding gives Upgrade a valuation of over $1 billion. FT Partners, the top Fintech focused investment… Read More

June 16, 2020 @ 1:50 pm By JD Alois  |  

Earlier this month, Crowdfund Insider reported on Varo Money closing on a huge $241 million Series D funding round. Varo Money is a top US-based digital-only bank seeking to challenge entrenched traditional banks while battling other Fintechs. In the realm of Fintech, digital banking is… Read More

June 16, 2020 @ 10:20 am By JD Alois  |  

Illimity, the first digital bank in Italy, is now offering a “illimity Hubs,” described as an innovative collaboration model in line with open banking and an open platform approach. lllimity is a banking start-up specializing in loans to SMEs. Illimity provides a digital direct banking… Read More

June 16, 2020 @ 8:28 am By Omar Faridi  |  

The developers and management TikTok, a leading Chinese video-sharing social network, are reportedly branching out into the financial services sector with the owners of the Oversea-Chinese Banking Corporation, Limited (OCBC) Bank (SGX: O39), a multinational banking and financial services corporation. Beijing-based ByteDance, a Chinese multinational… Read More

June 16, 2020 @ 1:40 am By Omar Faridi  |  

Tonik Financial Pte Ltd, a company planning to launch a digital bank in the Philippines, has reportedly secured $21 million in capital through a Series A equity funding round.  The round was led by major blue-chip venture capital investors, including Sequoia India and Point72 Ventures…. Read More

June 15, 2020 @ 1:15 pm By Samantha Hurst  |  

NatWest announced on Monday it is developing behavioral biometrics technology that could replace banking passwords. According to NatWest, behavioral biometrics works by analyzing the unique ways a customer interacts with their device when making an online purchase. The technology then uses this information to confirm who… Read More

June 8, 2020 @ 7:00 pm By Omar Faridi  |  

  Ross McEwan, a New Zealand banker and the CEO and MD at National Australia Bank (NAB), recently argued that, in his opinion and assessment, “permanent” change has “just been made in 10 weeks” in consumer behavior and their preference towards using digital banking platforms…. Read More

June 8, 2020 @ 7:42 am By Omar Faridi  |  

Berlin-headquartered Vivid Money, a digital banking service provider that’s supported by Russia’s Tinkoff Bank, launched on June 8, 2020 through a partnership with solarisBank and payments giant Visa. Vivid Money says it’s the first mobile-based, full-service banking solution, providing cashback incentives, sub-accounts in major foreign… Read More

June 7, 2020 @ 7:03 pm By Omar Faridi  |  

EQ Bank, the digital platform established by Canada-based challenger bank, Equitable Bank (TSX: EQB and EQB.PR.C), has reportedly surpassed $3 billion in total deposits. The increase in deposits is due to a recent growth in customers, the bank claims. EQ Bank noted that daily sign-ups… Read More

June 7, 2020 @ 6:58 pm By Omar Faridi  |  

Stuart Sopp, founder and CEO at digital bank Current, says that the COVID-19 outbreak has shown how his company serves employees whose roles are considered essential during the global pandemic. Sopp told Banking Dive that his members’ addressable market has increased considerably in size and… Read More

June 6, 2020 @ 2:48 pm By Will Hurst  |  

    The financial services competitive landscape has evolved in recent years and it’s clear that fintechs have certainly disrupted traditional banks. Fintechs include any financial tech company that serves any of the following areas; lending, blockchain, Regtech, personal finance, payments and billing, insurance, capital… Read More