Tagged: neobanking

Asian Digital Banking Challenger Tonik Launches Very First Neobank in the Philippines, Offering Competitive Deposit Rates

Southeast Asia-based all-digital banking challenger Tonik has officially launched the first neobank in the Philippines. Tonik is regulated by the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. Tonik’s deposits will reportedly be insured by the Philippine Deposit Insurance Corporation (PDIC). The digital banking… Read More

Indian Neobank Razorpay Provides Updates on Local and Global Digital Banking and Fintech Ecosystem

Indian neobank Razorpay points out that it seems like banks have been “around forever.” In India, for example, the history of banking “dates way back to 1750 BC,” the company reveals. It also mentions that we’ve traditionally or historically been dependent on banking institutions for… Read More

Messenger-Based Neobank ZELF Raises $2 Million Through Pre-Seed Funding Round

ZELF, a neobank that provides financial services through online messengers, has reportedly secured $2 million through its pre-seed funding round, which was led by Austrian venture capital fund 3VC, with Seed X and Hard Yaka  Founded in 2017, ZELF claims to be the first bank… Read More

Global Neobank Zolve Secures $15 Million in Capital via a Seed Round led by Accel and Lightspeed

Global digital bank Zolve has secured $15 million in capital through a seed funding round that was led by Accel & Lightspeed. Others who took part in Zolve’s investment round include Blume Ventures and several angel investors: Dr. Ashish Gupta (ex-Helion MD), Greg Kidd (angel… Read More

Digital Banking: Neobanks like Nubank, Neon, and Uala are Now Key Players in South and Latin America Fintech Sector

The digital banking sector in South America has been growing steadily, with now over 30 neobanks in the region. Digital banking platforms currently serve more than 50 million consumers out of the region’s (approximately) 430 million residents, according to the latest data from Dutch Fintech… Read More

Fintech Analyst Says UK’s Neobank Monzo Is Dealing with Challenges Comparable to Digital Bank Xinja which Recently Exited Market

UK-based challenger bank Monzo is reportedly struggling to maintain operations and may be trying to avoid the same fate as digital bank Xinja which was recently forced to shut down permanently. Fintech analyst Katherine Long from GlobalData recently noted that Monzo has turned into an… Read More

Germany’s Digital-Only Banking Platform N26 Appoints New CFO as Maximilian Tayenthal to Serve as co-CEO

Digital-only banking platform N26 has appointed a new Chief Financial Officer as Maximilian Tayenthal becomes the Fintech firm’s co-CEO. Dr. Jan Kemper is N26’s latest executive hire. Berlin-headquartered neobank N26 confirmed that it promoted company co-founder Maximilian Tayenthal to serve as co-CEO along with current… Read More

Digital Banking: US based Current Says it Helped Consumers Save Over $100 Million in Overdraft Fees

Current, one of the leading digital banks in the US, has noted that 2020 was “certainly not the year anyone was expecting,” however, for all the tribulations (not to mention “being in the epicenter of a pandemic” – above all), the company is quite proud… Read More

Sweden Neobank Northmill Bank Unveils Third Savings Account

  Northmill Bank, a neobanking group based in Sweden, announced earlier this week the launch of its new 24 months fixed-rate savings account with a 1.35% annual interest rate and state-provided deposit insurance up to SEK 1,050,000. The third savings account’s launch comes almost exactly… Read More

Neobanks have Not Yet Gained Trust of Most Consumers, but Monzo and Starling Lead in Service Quality: Survey

Although neo banks or digital banking platforms have been gaining significant market share during the past few years, consumers still appear to be somewhat hesitant when working with these new providers as their primary accounts, according to recent research by Accenture. The 2020 Accenture Global… Read More

Digital Banking: UK’s Fintech Challenger Starling Provides Reasons why Consumers Should Switch Over to Its Services and Leave Old Banks

UK-based digital bank Starling claims that more consumers appear to be switching to its Fintech platform than “ever before.” As confirmed by review site Which?, Starling Bank has topped the chart for current account switches – which means that clients decided to part ways with… Read More

Digital Banking: Fintech Challengers in the US Grew Customer Base by Nearly 40%, UK Digital-Only Banks Report Growth as Well

With digital or neo banking gaining more users and popularity during the Coronavirus pandemic, the leading challenger banks in the US and Europe recently confirmed steady growth and adoption. Trading Platforms reveals that seven US or American challenger banks managed to record a combined user… Read More

Czech Republic based Neobanking Platform Octobank to Serve European E-Shops and Merchants

Czech Republic-headquartered Octobank is introducing what it claims is Europe’s first neo banking platform that’s focused on serving SMB e-shops and merchants. Octobank has launched a freemium plan for small merchants that are registered businesses in the Czech Republic. The package comes with a business… Read More

Digital Bank Revolut Pursues UK Banking License Anticipates Half of its Clients to Deposit Salaries and Use it As Primary Account

Prominent digital bank Revolut is expecting half of its clients to deposit their salaries and switch over to Revolut as their main bank account provider, after the Fintech challenger has acquired a banking license. Revolut issued a statement earlier today stating it has submitted its… Read More

Asia Is Expected to Experience a Dramatic Surge in Digital Banking and Fintech Adoption, with Around 50 New Challengers

Asia might be getting ready to experience a digital banking revolution. During the next few years, the continent is expected to see over 50 new digital banks that could completely transform the financial services sector. GFT’s Christopher Ortiz claims that these developments may just be… Read More

Digital Banking: Fintech Revolut’s App was Downloaded 5.8 Million Times in 2020, More than Monzo and Starling Combined

Digital bank Revolut has reportedly outpaced competitors Monzo and Starling in terms of the number of downloads during 2020. Notably, Revolut saw more app downloads last year than Monzo and Starling Bank combined. As first reported by the Telegraph, Revolut’s online banking app grew more… Read More

Digital Banking: US based Fintech Challenger Chime to Offer $200 in “Spending Power” before Next Round of Stimulus Payments

Chime Financial Inc., a US-based banking challenger valued at around $14.5 billion, has confirmed that stimulus payments are coming and they’ve “got your back” with SpotMe. The digital bank acknowledged that “a lot has changed” since the first round of stimulus payments were made back… Read More

Digital Banking: Malaysia’s Reserve Bank Issues New Policy Document for Virtual Banks, Up to Five Licenses Anticipated

Malaysia’s reserve bank, Bank Negara, has released its policy document on digital banks. The Malaysian central bank’s new document on the licensing framework for all-digital banks has been published after completing a 6-month public consultation. Bank Negara officials stated on December 31, 2020, that the… Read More

Fintech Professional Says Challenger Banks are Disrupting Banking Sector in a “Big Way” by Improving Customer Experience

Mr. Potter Banker Banking (1)

Last year, we saw many banking challengers offering services to customers who might not have been satisfied with their traditional bank. Many more people also began to use online banking services due to the COVID-19 pandemic which forced many physical business locations to shut down…. Read More

Digital Banks and Fintech Challengers Must Show they Can Generate Profits, Investors are Expecting Returns

European digital banks have experienced significant challenges this year. Many have continued to record substantial losses and have received complaints from clients regarding service-related issues. Investors have been pushing banking challengers to show them how they can generate sizable profits by effectively monetizing their products… Read More

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