Tagged: neobank

May 11, 2020 @ 6:20 pm By Omar Faridi  |  

The COVID-19 crisis has significantly reduced the revenue generated by some of the largest banks in Australia. The pandemic may present opportunities to banking challengers such as 86 400 to gain market share. As the nation’s Big Four banks try to deal with a dramatic… Read More

May 8, 2020 @ 7:46 am By Omar Faridi  |  

Sweden-based banking challenger Rocker has reportedly chosen Enfuce, a Finland-headquartered Fintech firm, as its official card issuing and payment processing partner. The move should streamline processes involving the issuance of Visa prepaid cards. The news has come after Rocker (previously operating as Bynk) introduced a… Read More

May 7, 2020 @ 9:52 am By Samantha Hurst  |  

Xinja Bank, an Australia-based neobank, announced on Thursday it will move the interest rate on its Stash savings account to 1.8%, effective May 11th. Xinja reported launched Stash, a savings account linked to your Bank Account (transaction account) designed for customers to save by separating… Read More

May 6, 2020 @ 7:52 pm By Omar Faridi  |  

Singapore-based digital security firm V-Key announced on May 5, 2020, that it will be the official mobile security partner of TONIK Bank, which is an all-digital bank that is expected to launch in the Philippines later this year. V-Key will aim to offer a secure… Read More

May 2, 2020 @ 12:58 pm By Omar Faridi  |  

Digital bank Monzo has made more personnel changes, as it continues to strengthen its executive team. Sujata Bhatia, a former SVP and general manager, Europe at Global Merchant Services at American Express, will be serving as Monzo’s new chief operating officer. Bhatia will be replacing… Read More

April 30, 2020 @ 8:49 am By Samantha Hurst  |  

FIS (NYSE: FIS), a financial services technology firm, announced on Thursday it has joined forces with neobanking group Bambu to power a new digital solution for the U.S. unbanked and underbanked. According to FIS, Bambu has created the solution to provide banking for underbanked Hispanics… Read More

April 27, 2020 @ 6:10 pm By Omar Faridi  |  

Challenger Bank Zelf is reportedly planning to introduce its digital banking offering which will operate exclusively through widely-used messaging apps. The Latvian Fintech firm claims that it has already signed up more than 58,000 users, who are waiting for the official launch of Zelf’s virtual… Read More

April 27, 2020 @ 2:27 am By Omar Faridi  |  

  India-based Tata Consultancy Services Ltd. (TCS), the country’s largest multinational information technology (IT) service and consulting firm, confirmed recently that it will launch the very first all-digital bank in Israel. As previously reported, Tata’s neobank project aims to transform existing business and banking processes…. Read More

April 26, 2020 @ 10:25 am By Omar Faridi  |  

N26 Inc., the US-based subsidiary of digital bank N26 GmbH, one of the fastest-growing mobile-based banks in Europe, has published its global and US-specific research report, which reveals the impact that the Coronavirus (COVID-19) pandemic has had on the neobank’s finances. The all-digital bank reportedly… Read More

April 25, 2020 @ 10:27 am By Omar Faridi  |  

European challenger bank bunq is introducing joint accounts for its Premium and Business account holders. Bunq+1 users will now have the option of opening an account for anyone they want to, which includes their partners and children. Bunq+1 business clients can create new accounts for… Read More

April 24, 2020 @ 1:07 am By Omar Faridi  |  

UK-based digital bank Monzo has been planning to enter the US market for a fairly long time. A beta launch in the US was announced in late 2019. The banking challenger, which has been valued at over $1 billion, has managed to almost double its… Read More

April 18, 2020 @ 8:23 pm By Omar Faridi  |  

Digital banks or neobanks have now been around for several years. There are many challenger banks that aim to compete with and provide better financial services than traditional banks and institutions. Conducting transactions online has become more popular due to the deadly Coronavirus (COVID-19) outbreak…. Read More

April 17, 2020 @ 2:08 pm By Omar Faridi  |  

San Francisco-headquartered Varo Money, an established mobile banking service provider, is reportedly planning to accommodate the former clients of digital bank Moven, which recently closed down its direct-to-consumer product offering. In March 2020, Moven’s management had reported that it experienced funding challenges due to the… Read More

April 16, 2020 @ 8:43 pm By Omar Faridi  |  

WeBank, one of China’s first all-digital challenger banks, has revealed that it will begin exploring  the potential integration of DAML, which is an open-source smart contract programming language developed by Digital Asset (the company). The DAML software has been developed in order to help software… Read More

April 15, 2020 @ 7:22 pm By Omar Faridi  |  

Rewire, an international banking service provider for migrant workers, recently revealed that it’s making updates to its platform, following the Coronavirus (COVID-19) outbreak. Rewire, which is focused on developing a virtual bank for the migrant workforce, is now offering free digital and physical Mastercards and… Read More

April 12, 2020 @ 10:07 pm By Omar Faridi  |  

Bengaluru-based Jana Small Finance Bank, a scheduled commercial bank, has introduced a new digital banking solution, called DIGIGEN. The neobank will allow users to digitally open a savings account and offers various fixed deposit options, which can be accessed instantly from anywhere at any time…. Read More

April 9, 2020 @ 10:00 pm By Omar Faridi  |  

Neobank Amica Technologies, which is managed by Jitendra Gupta, the former PayU India’s chief executive, has acquired $2 million in capital through an investment round led by two major VC firms, including UK-based Hummingbird Ventures and US-headquartered Bedrock Capital. Gupta said his company is planning… Read More

April 8, 2020 @ 12:56 pm By Omar Faridi  |  

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

March 31, 2020 @ 10:36 am By Omar Faridi  |  

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

March 30, 2020 @ 5:53 pm By Omar Faridi  |  

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