Tagged: digital bank

Amsterdam-based Banking Challenger Finom Secures €6.5 Million in Seed Funding via Round led by Target Global

Amsterdam-based banking challenger Finom, which aims to serve entrepreneurs and SMEs, has secured €6.5 million in seed funding through an investment round led by Target Global. General Catalyst, FJlabs, the Raisin founders Frank Freund, Tamaz Georgadze, and Michael Stephan also took part in Finom’s funding… Read More

Digital Bank Revolut Partners Digital Advertising Platform Adzooma to Offer Assistance with Marketing to Business Clients

Digital bank Revolut has reportedly partnered with Adzooma, a digital advertising platform, in order to provide assistance with marketing to its business clients. Adzooma’s proprietary software has been developed specifically to help SMEs with establishing effective online marketing strategies. The Adzooma platform may be used… Read More

Challenger Bank Zelf to Launch its own Digital Banking Software that will work only via Popular Messaging Apps like WhatsApp

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

Digital Banking: Israel’s First Neobank, backed by Tata Consultancy Services, to Launch Next Year After Acquiring Banking License

  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

Digital Banking: Senior Citizens in Singapore are Increasingly Using Online-only Banks Due to COVID-19 Outbreak

An increasing number of consumers are now staying indoors and working from their homes, due to the deadly and highly contagious Coronavirus (COVID-19) outbreak. There’s reportedly been a steady growth in digital wealth and online banking solutions and services are increasingly being used, even by… Read More

Digital Transformation: Canada’s Largest Banks have Spent Over $71 Billion on Upgrading Financial Technology Infrastructure

The largest financial institutions in Canada have reportedly spent over $71 billion (appr. C$100 billion) on technology since the financial crisis, in order to accommodate an increasing number of customers who now prefer to use digital banking platforms. According to several reports, the Coronavirus (COVID-19)… Read More

Digital Bank N26 Reveals that Americans Are Saving About $220 per Month Due to Isolation Measures Following COVID-19 Outbreak

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

Dutch Banking Challenger bunq Introduces Joint Accounts for Premium and Business Account Holders

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

Digital Banking: UK-based Neobank Monzo Applies for Banking Charter in the US

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

Digital Banks: Over 10 Million Filipino Adults are Using Online-Only Banks, Consumers in Other Areas Increasingly Using Neobanks

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

Mobile Banking Platform Varo Money to Accommodate Former Clients of Digital Bank Moven, which Closed its Consumer Product Offering

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

Digital Bank WeBank to Explore Using DAML, an Open-Source Smart Contract Programming Language for Meeting Regulatory Requirements

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

Digital Banking: Rewire, a Payments Platform for Migrant Workers, Performs Updates Following COVID-19 Outbreak

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

Europe: 3 Largest Digital Banks Have Over 18 Million Users and Growing Larger

The three largest European digital banks have over 18 million registered users combined. That number is predicted to soar to over 23 million by the end of this year, according to a writeup by Finanso. Today, Revolut (UK) is the biggest at over 10 million… Read More

Digital Banking: Qatar’s Commercial Bank Introduces Employee Payment Card for Online Transactions, Remittances

Qatar-based Commercial Bank revealed on April 12, 2020, that it’s launching two new products that offer digital payment and remittance solutions. Joseph Abraham, Group CEO at Commercial Bank, confirmed during a video press conference that the bank has introduced the “CB Household Worker PayCard,” which… Read More

Digital Banking: India’s Jana Small Finance Bank Introduces DIGIGEN, a Neobank with Competitive Interest Rates

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

Digital Banking Service Provider, Finanteq, to Launch New Programs for Financial Institutions to Help Cope with Coronavirus Pandemic

Finanteq, a software and consulting firm that specializes in digital banking solutions, recently launched a new program for banks. Andrzej Sierpiński, managing director at Finanteq, stated: “The number of [physical] bank branches has been decreasing for years. But as a result of the COVID-19 crisis,… Read More

Digital Challenger Bank Current Says US Government Stimulus Payments Received 5 Days Sooner than Anticipated

Digital Bank Current says it has received the first government stimulus payments five days faster than anticipated. Current told Crowdfund Insider: “Current started receiving government stimulus payments today for individuals and families and we are crediting all transactions to all our members immediately. We’re delivering… Read More

Digital Banking: Standard Chartered-backed Neobank Mox Opens App to Selected Customers in Hong Kong

Standard Chartered, a British multinational banking and financial services company with over $700 billion in total assets, has confirmed that its new Hong Kong-based digital bank Mox is opening its app and platform to a select group of external clients, following its brand name and… Read More

Monetary Authority of Singapore Postpones Decisions Regarding Digital Banking Applications, Due to Coronavirus Outbreak

Companies and institutions that may have applied for a digital banking license in Singapore will now have to wait longer in order to find out if their application was approved. The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has confirmed… Read More

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