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
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
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
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-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
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 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 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
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
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
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
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
Zopa, formerly a peer to peer lender and now a regulated digital bank, is planning to generate sizable profits in 2021. Jaidev Janardana, CEO at Zopa, will aim to leverage his 15 years+ of experience working in the lending sector to give the platform a… Read More
Mark Goldberg, partner at Index Ventures and an investor in Plaid, Intercom, and Transcend, has shared some interesting predictions around where Fintech might be heading in the next 10 years. 1/ Using the end of year to look ahead — here are 5 predictions around… Read More
The neo-banking sector might be more likely to get negatively impacted by the socioeconomic uncertainty created by the COVID-19 pandemic than incumbents. Digital banks like Xinja have been forced to shut down while certain Fintech segments such as lending service providers have also been adversely… Read More
Digital bank Monzo, which recently scored an additional £60 million investment, has revealed that personalized cards have now arrived for US customers. The Monzo team notes in a blog published on December 16, 2020, that they’re pleased to announce that they’ve introduced their newly designed,… Read More
Australian neobank Xinja had been working on finalizing a $433 million investment deal from Dubai’s World Investment Group. However, the digital challenger will now be closing customer accounts and returning its banking license. Xinja’s management noted that they will be refunding customer savings. The Fintech… Read More
Although digital banking challengers have managed to onboard millions of new customers during the past few years, they’re still not completely trusted by UK-based consumers. Most of the nation’s residents don’t think that these new digital lenders will be able to maintain operations in the… Read More
Mexico-based digital bank albo has secured $45 million in capital through an investment round in order to expand its operations into lending and insurance services. Several investors took part in albo’s latest round, including Valar Ventures, Greyhound Capital, Mountain Nazca and Flourish Ventures. The digital… Read More
Australian neo-bank Xinja recently noted that it’s working cooperatively with Dubai’s World Investment Group (WIG) in order to close the $433 million investment deal that was announced in March 2020. At present, the bank is working with auditors so that they can address concerns regarding… Read More
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