Tagged: neobank

Australian Neobank 86 400 Secures $34 Million in Capital from Morgan Stanley, Others

Cuscal-backed digital bank 86 400 has secured $34 million in funding from its first outside investors. The Australian neobank’s Series A investment round was led by Morgan Stanley. The banking challenger has acquired a total of $90 million in capital. The bank’s latest round included… Read More

Digital Banking Startup One Partners with Finaxct, a Software as a Service Solution Provider for Core Banking

One, a digital banking startup that aims to provide financial services mainly intended for middle class workers, has chosen Finxact, which is a leading software-as-a-service (SaaS)-based core banking solution. Established by Bill Harris, the former CEO at PayPal and Intuit, One will use Finaxct to… Read More

Digital Bank 86 400 Appoints Two New Business Development Managers to Help Expand its Presence in Mortgage Broking Sector

Digital bank 86 400 has confirmed that it has recently appointed two new business development managers in order to expand its presence in the mortgage broking sector. Hien Nguyen, a former FAST partnership manager, and Zac Harb, ME Bank’s key account manager, have reportedly joined… Read More

Digital Banking: Australia’s Tyro Payments Reports that its Transaction Volumes are Steadily Increasing During Coronavirus Outbreak

Sydney-based Tyro Payments (ASX: TYR), an Australian Fintech institution that specializes in merchant credit, debit and EFTPOS acquiring, reports that its transaction volumes during the past three weeks have been steadily increasing. Tyro Payments notes that from March 1 to March 20, there was a… Read More

Fintech: Lanistar, an Alternative Financial Services Company, Officially Launches After Securing £2 Million in Seed Funding

Lanistar, a new challenger bank, has officially launched its platform after acquiring £2 million in seed funding. Based in Hammersmith, Lanistar reportedly has 45 full-time workers on its payroll. The digital bank plans to add 150 more staff members. The neobank has been founded by… Read More

Digital Banking Challenger NorthOne to Waive Account Fees for Customers Most Affected by the Coronavirus

Canada-based NorthOne, an established digital bank for small businesses, has decided to waive all account fees for thousands of its customers that have been affected by the coronavirus (COVID-19) outbreak. NorthOne’s management confirmed that it will be offering free banking services to all businesses in… Read More

Fintech Firms, Aion Digital and Qarar, Team Up to Accelerate Development of Online Lending Platforms in the Middle East

Two major Fintech companies, Aion Digital and Qarar, are teaming up in order to accelerate the growth and development of online lending platforms across the Middle East region. According to a press release, the collaboration between the two Fintechs aims to “revolutionize the credit market”… Read More

Fintech Unicorn Revolut to Allow Premium and Metal Customers to Purchase and Sell Gold from its App

Fintech unicorn Revolut is now allowing its Premium and Metal customers to purchase and sell gold from directly within its app. Gold has recently risen in price as investors have sought safe havens from the COVID-19 driven market crash. The app’s users can get exposure… Read More

Monett-based Jack Henry and Associates to Launch JHA BankAnywhere, a Cloud-based Digital Banking Platform

Monett-headquartered Jack Henry and Associates has revealed that its banking division will be launching JHA BankAnywhere, a cloud-powered digital banking software developed on a proven core technology platform. JHA provides more than 300 products and services to about 9000 customers to process financial transactions. Customers… Read More

Update: The Philippines is Preparing to Welcome its First All-Digital Bank, Tonik Financial

The Philippines, an Asian country with a GDP of over $300 billion and a population of more than 100 million, is preparing to welcome its first all-digital bank, Tonik Financial, which was established in Singapore in 2018. Tonik has acquired a banking license from the… Read More

Super Size: Digital Bank Market to Top $578 Billion by 2027

The global neo and challenger bank market is projected to reach a valuation of approximately $578 billion by 2027, at a compounded annual growth rate (CAGR) of about 46.5% from 2019 to 2027. This, according to a recent report from Facts and Factors Market Research,… Read More

Bank Negara Malaysia Releases Updated Exposure Draft for Digital Banks, Proposing Simplified Regulatory Framework for Banking Challengers

Bank Negara Malaysia (BNM) has released an updated exposure draft, which covers the licensing guidelines for all-digital banks. The draft from the nation’s central bank proposes a simplified set of regulations for neobanks. Bank Negara officials noted that the simplifications intend to reduce regulatory pressure… Read More

World’s Highest-Valued Challenger Nubank to Introduce Annual Commission-Free Nu Credit Card in Mexico

Brazil-based neobank Nubank is reportedly planning to introduce an annual commission-free Nu credit card to customers in Mexico. There’s already a waitlist of 30,000 potential users, according to TechCrunch.  Mexico was notably the first major market that Nubank expanded to outside of its headquarters in… Read More

Xinja Bank “Pauses” Opening of New Stash Savings Account to Maintain Current Rate for Existing Customers

Xinja Bank, an Australia-based neobank, announced on Thursday it is hitting the “pause” button of opening new Stash Savings Accounts in order to maintain current rates for existing customers. Xinja reported that Stash is a savings account linked to your Bank Account (transaction account) designed… Read More

Billionaire Richard Branson’s Virgin Money Partners Deloitte Digital, Temenos to Launch Digital Bank in Australia

Billionaire Richard Branson’s Virgin Money, a major financial services brand used by three independent brand-licensees based in Australia, South Africa and the UK, is teaming up with Deloitte Digital and Temenos, a Switzerland-based banking software company.  Through the partnership, Virgin Money plans to establish a… Read More

Fintech Firm Neo Financial to Offer Canadian Customers New Savings Accounts with “Instant Rewards”

Canadian residents will soon have the option to open a new savings account, which will be introduced by Fintech firm Neo Financial. The banking challenger is currently working on a 2020 product launch. Neo Financial has been established by two of the co-founders of SkipTheDishes,… Read More

Digital Banking: Australian Consumers Turn to Judo, Xinja, Volt, and 86 400 to Take Advantage of Market Leading Interest Rates

Smart savers have increasingly been turning to all-digital banking platforms or neobanks. They’ve been depositing their savings into virtual accounts in order to benefit from highly competitive interest rates. According to the latest data from the Australian Prudential Regulation Authority (APRA), Judo Bank had been… Read More

UK-based Challenger Starling Bank to Use Irish Banking License to Expand Operations Across Europe

UK-based banking challenger Starling Bank intends to use its Irish banking license to make its way into other European nations in the coming years, Anne Boden, the company’s CEO, confirmed. During a recent interview with IBS Intelligence, Boden, founder of Starling Bank, noted that the… Read More

Singapore-based Digital Bank Tonik Acquires $6 Million in Funding As it Plans to Introduce Services in the Philippines

Singapore-based neobank Tonik Financial Pte. Ltd. has acquired $6 million in funding as it plans to officially introduce its services in the Philippines during the third quarter of this year. Tonik has received seed funding from Fintech venture developer Forum. The digital bank has also… Read More

Australia’s Neobank Xinja Bank Reaches $200 Million in Customer Deposits Less than a Month After it Launched

Australia-based digital bank Xinja has reached the $200 million mark in total customer deposits. The digital bank was launched less than a month back and it has already managed to accumulate the large sum of money via its popular Stash savings account. After only a… Read More

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