Payments News

On The Web

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Providers

Monzo Leapfrogs Revolut by Applying for US Banking Licence

“Monzo has applied for a banking licence in the US, a key step in the journey to being able to offer its full range of banking services in the country . The digital banking start-up, which has 4 million customers in the UK, applied to the US Office of the Comptroller of the Currency for […]
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Companies

Betterment adds checking and savings products

“Betterment , the New York-based automated advisory service for wealth management, is adding FDIC-insured checking and savings account services through partnerships with several banks. “It’s the culmination of something we’ve been working on for a long time.,” says Betterment chief executive and founder, Jon Stein.  While the money management services company has long been one […]
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Providers

First Coronavirus Stimulus Payments Hit Bank Accounts

“The U.S. Treasury has transferred the first batch of personal stimulus payments to banks late Friday afternoon, according to data from mobile banking service Current. “We just saw a bunch of the first wave, lots of $1,200 deposits,” said Stuart Sopp, chief executive of the New York startup. About 40% of the deposits were $1,200, […]
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Providers

RBS Shuts Down Digital Bank Bo, Merges Accounts Into Mettle

“Bo, the challenger bank created under the Royal Bank of Scotland’s Natwest business, is shutting down after launching in November 2019.  Bo was launched as RBS looked to counter the rising level of competition from startup digital banks like Revolut, Monzo, N26 and other challengers.”
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Providers

Revolut Launches Bank in Lithuania

“Revolut has launched a bank for its customer-base in Lithuania. Customer deposits will be protected, like all bank accounts, by the state deposit insurance. The bank plans to offer additional services in the coming months, including consumer loans, credit cards and Revolut Junior accounts for children and young people aged 7-17. Revolut intends to passport […]
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Providers

Monzo faces near 40% valuation drop in latest fundraising

“British digital bank Monzo is raising a new round of cash from investors at an almost 40 per cent discount to its previous fundraising, highlighting the pressure the coronavirus crisis is putting on private tech company valuations. The bank is close to agreeing a deal that will value it at around £1.25bn, compared with the […]
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On The Wires

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Providers

Oxygen Launches Digital Banking Platform for Freelancers and Small Businesses, Joins Visa’s Fast Track Program

“Oxygen today announced the launch of a new digital banking solution specifically designed to meet the unique needs of freelancers and digital natives. Oxygen has built a platform from the ground up to provide flexible banking solutions to the millions of U.S. professionals who thrive on multiple income streams, contract work and freelance gigs. In […]