On The Web

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Global

Meridian Set to Launch Its New Digital Bank Called Modusbank

February 5 2019

• in
• Canada
• Challenger Banks

“Meridian has been given the green-light by the Office of the Superintendent of Financial Institutions to move ahead with its new digital bank, Motusbank. The digital bank, set to open this spring, and will allow Canadians to access their bank accounts, investments, and mortgages online, while offering digital customer service from real people. Through Meridian, members […]

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Providers

OCC fights for US fintech charter in court

January 11 2019

• in
• Challenger Banks

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Providers

U.K. Fintech Revolut Gets European Banking License Via Lithuania

December 13 2018

• in
• Challenger Banks

“Revolut, the London-based financial technology startup, has obtained a European banking license as Brexit looms, with plans to launch checking and savings accounts as well as retail and business lending. The Bank of Lithuania, the eastern European country’s central bank, granted Revolut the regulatory approval that gives it permission to operate throughout the European Union.”

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Providers

Tandem’s new credit card targets people who have non-existent credit histories

October 12 2018

• in
• Challenger Banks

“The challenger bank founded by Ricky Knox has launched its second credit card today, this time targeting people in the U.K. who have yet to build up a credit history at all. Credit cards are already one of the most effective ways of improving your credit score (presuming you are approved for one and always […]

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Providers

Challenger bank N26 plans to expand to Brazil

February 27 2019

• in
• Challenger Banks

“N26  has already announced that its next market would be the U.S. at some point during the first half of 2019. Brazil should launch after that. Right now, N26 is available in 24 European countries, including all of the Eurozone, the U.K., Denmark, Norway, Poland, and Sweden, Liechtenstein and Iceland.”

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Providers

Nigeria’s Paylater Lending App Is Converting to a Full-service Digital Bank

March 8 2019

• in
• Challenger Banks

“Paylater is looking to deploy new products while transitioning to a digital bank. Since launching in 2016, the Paylater mobile app was downloaded by over 1 million users and disbursed loans of over 13 billion naira ($36 million). But now, the company is looking to get into the unbanked population of Nigeria and provide banking […]

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Providers

Two New Next-gen Banks to Open in the US

May 13 2019

• in
• Challenger Banks

“Two new banks are coming to the US: Piermont Bank in New York and Nexos National Bank, based in Stamford, Connecticut. “We appreciate, respect and honour family legacy” Piermont Bank is a “new generation” of commercial banking with a focus on helping clients build and grow business. The Piermont Bank’s team says that it aims […]

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Deals

German Fintech Company Builder Finleap Acquires SME Banking Provider Penta

April 2 2019

• in
• Challenger Banks

“Just since months after raising $7 million in Series A funding , German SME banking provider Penta has been acquired by Finleap. Terms of the deal remain undisclosed, although I understand that the acquisition sees Finleap and Penta’s co-founders becoming the challenger bank’s sole owners, with all other shareholders exiting.”

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Providers

Challenging the Challenger Banks

March 14 2019

• in
• Challenger Banks
• Fintech

“Fintech start-ups have begun a phenomenon some call the “unbundling of financial services” through stand-alone products such as unsecured consumer loans, credit cards, checking and savings accounts, or personal financial management tools. A cohort of entities known as “challenger banks” or “neo-banks” have also entered the market in an attempt to take on digital banking […]

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Deals

YouTrip, a Challenger Bank in Southeast Asia, Raises $25.5M for Expansion

May 16 2019

• in
• Challenger Banks

“Singapore-based startup YouTrip thinks consumers of Southeast Asia deserve a taste of the challenger bank revolution happening in the U.S. and Europe, and it has raised $25.5 million in new funding to bring its app-and-debit-card service to more parts in the region. Challenger banks have sprung up in Europe in recent years. Unicorns Monzo, Revolut […]