Payments News » Challenger Banks

Former Google Pay execs raise $13.2M to build neo-banking platform for millennials in India

January 13 2020

in
Challenger Banks

“Two co-founders of Google Pay in India are building a neo-banking platform in the country — and they have already secured backing from three top VC funds. Sujith Narayanan, a veteran payments executive who co-founded Google Pay in India (formerly known as Google Tez ), said on Monday that his startup, epiFi , has raised […]

Providers

Razer Fintech Plans to Build ‘world’s First Global Youth Bank’ Targeting Youth and Millennials

January 2 2020

in
Challenger Banks

“Singaporean entrepreneur Min-Liang Tan’s Razer Fintech – the fintech arm of gaming hardware maker Razer – has applied for a Digital Full Bank Licence in Singapore, with a focus on the underserved youth and millennials segment, the company announced on Thursday (Jan 2). If successful, the firm will build what it calls the “world’s first […]

Providers

S.Korea Launches “Open Banking” Services to Lower Fee, Enhance Convenience – Xinhua | English.news.cn

December 18 2019

in
Challenger Banks

“South Korea’s financial regulator said Wednesday that it formally launched “open banking” services in a bid to lower transaction fees and enhance convenience for using online banking services. Under the open banking system, bank customers will be allowed to use any mobile banking application they choose to approach their bank accounts at any local bank […]

Providers

Hong Kong’s First Digital Bank Offers 6% Rate That Tops HSBC

January 13 2020

in
Challenger Banks

“The first of Hong Kong’s new generation of digital banks has announced its arrival with an introductory rate of 6% or higher for deposits. ZA Bank Ltd. , one of eight firms preparing to start digital-only banks in Hong Kong, has begun a trial run that pays a select group of depositors over 3 percentage […]

Deals

Challenger business bank Qonto raises $115 million round led by Tencent and DST Global

January 21 2020

in
Challenger Banks

“French startup Qonto has raised a $115 million Series C funding round led by Tencent and DST Global. Today’s news comes a few days after another French fintech startup Lydia raised some money from Tencent. Existing investors Valar and Alven are also participating in today’s funding round. TransferWise co-founder Taavet Hinrikus and Adyen CFO Ingo […]

Providers

Fintech Has Finally Cracked the US Banking Sector

February 11 2020

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Challenger Banks

“Varo Money is poised to become a full-fledged bank , making it the first of a new wave of fintech upstarts to win that approval in the US. The company’s long and expensive journey through a thick barrier of regulation is a reason why America’s banks have repelled the tech disruption sweeping through other industries.”

Providers

N26, the German Online Bank Backed by Peter Thiel, Is Leaving the UK — and It’s Blaming Brexit

February 11 2020

in
Challenger Banks

“German online bank N26 has told customers it’s pulling out of the U.K. because it won’t have a license to operate there after Brexit. The Berlin-based firm launched in Britain in October 2018, about six months before the country’s exit from the European Union was initially due to take place. At the time, N26 CEO […]

Providers

America’s First Standalone National Digital Bank – Axios

February 10 2020

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Challenger Banks

“The FDIC has given Varo Money its official seal of approval, according to Varo CEO Colin Walsh. Why it matters: It’s the crucial second step for Varo to become a national bank, following the Office of the Comptroller of the Currency granting its own preliminary approval back in October.”

Providers

N26 Unveils Its US Debit Card Benefits Perks Program With New Partners Lime, Booking.com, and Headspace

December 10 2019

in
Challenger Banks

“N26 Inc. , the US subsidiary of N26 GmbH, parent company of one of Europe’s fastest growing mobile banks, today announced an expansion of its Perks program, which offers customers exclusive cashback rewards and discounts when using their N26 debit card. The partners include some of the most popular global brands in travel, mobility, wellness, education, and […]

Providers

N26 Hits 250,000 U.S. Customers in First Five Months

January 27 2020

in
Challenger Banks

“N26 Inc., the U.S. subsidiary of one of Europe’s fastest-growing mobile banks, N26 GmbH, today announced it has reached 250,000 U.S. customers. Having only launched in the U.S. last August in partnership with Axos Bank, N26 has grown rapidly to become a leading force in changing how American consumers bank.”