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Providers

Royal Bank of Scotland takes aim at challengers with digital-only bank

“RBS is moving in on challenger bank territory. The Royal Bank of Scotland reportedly plans to launch a mobile, digital-only banking platform in a beta testing phase in the third quarter. The experience is being designed as a “marketplace” for financial services that would recommend different financial products to customers, whether they’re from RBS or partner companies, which is similar to what Goldman Sachs’ […]
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Providers

Digital banking startup Revolut raises $250M at a valuation of $1.7B

“To put this into context, TransferWise — London’s undisputed fintech darling and on some features a direct competitor to Revolut — recently announced $280 million in Series D investment, giving the company a reported post-money valuation of $1.6 billion. The difference? It took TransferWise seven years compared to Revolut’s three. That’s testament to how much value investors […]
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Providers

With Fast-Growing Fintechs Taking a Toll, Banks Will Soon Claim Less Than 50% of Payments Revenue

“In 2017, U.S. banks’ total payments revenue netted out to $163 billion, with nonbanks claiming revenue of $136 billion, according to the research released recently by Accenture Payments. That already meant nonbanks ranging from the likes of Apple Pay, PayPal, and Square to less well-known players claimed a 45% share of revenue last year.”