Tagged: neobanking

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

UK’s Digital Bank and Online Lender Zopa Aims to Generate Profits in 2021, will Compete with Revolut, Monzo, Other European Challengers

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 Fintech Plaid Investor, Predicts User Data Privacy Will be Major Digital Trend, Digital Banks will be Huge

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

Fintech Adoption Is on the Rise Globally with Over 250 Neobanks Operating in Major Financial Markets: Report

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 Banking: Monzo USA Personalized Digital Payments Cards Have Arrived

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 to Close Down Customer Accounts, Hand Back Banking License

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

Only 10% of UK Residents Trust Neobanks or Digital Challengers like Monzo, Revolut, Starling: Survey

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 Secures $45 Million in Capital to Expand Operations into Lending and Insurance Services

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 Neobank Xinja Is Working on Finalizing $433 Million Investment Deal from Dubai’s World Investment Group

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

India’s Tata Consultancy Services Partners Australian Neobank Volt to Power New Banking as a Service Platform

Tata Consultancy Services (TCS), an Indian multinational IT services and consulting firm based in Mumbai, has reportedly partnered with Australian neobank Volt. Both companies will work together to power Volt 2.0, which is the digital bank’s new Banking as a Service (BaaS) platform. Volt 2.0… Read More

Australian Neobank Volt to Further Slash Interest Rates on its Savings Account, Other Digital Banking Challengers Also Making Cuts

Australian neobank Volt has confirmed that it’s planning to reduce the total interest rate on its Save account. The bank will slash the current rate by 20 basis points, so it will be lowered from the current 1.45% p.a. to 1.25% p.a. This new rate… Read More

Neobanks in Australia including 86 400, Xinja, Volt Forced to Further Reduce Interest Rates on Savings Accounts

Neobanks have been finding it quite challenging to maintain their competitive deposit rates. During the past few weeks, three Australian neobanks have reduced their rates and two of them have placed limits on the balances on which they’ll pay higher interest. Australia based digital bank… Read More

Vietnam based Digital Bank TNEX Is Ready to Officially Launch Services, Aims to Offer “Free Everyday Banking for Life”

Bryan Carroll, CEO at TNEX, which claims to be Vietnam’s first all-digital bank to offer “free everyday banking for life,” has confirmed that TNEX is now ready to officially launch its services. Carroll revealed that the TNEX platform is now in its final testing phase…. Read More

Fintech Firms have “Massive Opportunity” to Leverage Credibility of Incumbents to Develop Innovative Products on Top of Them, Industry Exec Argues

UK-based Fintech Payhawk, a corporate expense management solution provider that secured €3 million in seed funding in March 2020, notes that “the ticket to ride the rollercoaster of hype in any emerging technology is expensive.” Hristo Borisov, the co-founder and CEO at Payhawk who’s focused… Read More

Razer Fintech Partners with Singapore’s Lifestyle Marketing SaaS Provider, Perx Technologies, to Enhance Neobanking Experience

Malaysia’s Razer Fintech, the Fintech division of Razer (a multinational financial service provider), has teamed up with Singapore’s Lifestyle Marketing SaaS (software-as-a-service) provider, Perx Technologies, in order to provide better mobile-first customer engagement for financial services. Through the partnership, Razer Fintech will focus on transforming… Read More

Singapore Fintech Atlantis Introduces Digital Bank in India, will Focus on Serving Millennials and Gen Z Consumers

Singapore based Fintech firm Atlantis has reportedly launched a digital bank in India. The company’s business aims to target the estimated $15.7 billion global Millennial banking market. The neobank will mainly focus on serving Millennials (people born around 1980 to 1996) and Gen Z (born… Read More

German Digital Bank N26 Aims to Offer Experience that Fits Modern Lifestyles, Celebrates 1 Year US Launch

Germany-based digital bank N26, which offers a mobile banking platform, is celebrating its one year anniversary in the US with almost 500,000 customers. As mentioned in a release shared with Crowdfund Insider: “Since announcing its public US launch in partnership with Axos Bank in August… Read More

UK based Neobank Hammock, built for Landlords or Rent Collectors, Secures £1 Million in Seed Funding

Hammock, a neobank that has been introduced specifically for landlords, has acquired £1 million through a seed funding round from Ascension Ventures and Fuel Ventures. The capital raised by Hammock should help the bank with its upcoming launch of its current accounts – which should… Read More

Greek Payments Firm Viva Wallet Is Reportedly Planning to Secure €500 Million to Support Digital Banking Business

Greek payments firm Viva Wallet is reportedly planning to secure €500 million in capital to support its virtual banking business, according to Reuters which cited two sources familiar with the matter. As reported, Viva Wallet officially acquired the banking license of Praxia Bank after the… Read More

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