Payments News

On The Web

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Providers

Digital Bank Current Sees ‘Insane’ Growth During Pandemic As Essential Workers Sign up for Accounts

“Digital banks like Chime and Square’s Cash App have added millions of users by offering streamlined, mobile-first accounts without the pesky fees associated with brick-and-mortar banks. To that list of disruptors, add the New York-based start-up Current. Current, founded in 2015 by former Wall Street trader Stuart Sopp, has offered fee-free mobile checking accounts since […]
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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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Providers

Neobanks Catering to Self-employed See Influx During Pandemic

“Some challenger banks that offer banking services to freelancers and entrepreneurs say demand for their services is growing as more freelancers enter the workforce, either by choice or necessity, as a result of the coronavirus pandemic. Business neobanks tout low or no fees and a slick digital-only experience, meaning customers can onboard their accounts within […]
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On The Wires

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Providers

Varo Bank Is Here — America’s First Digital Consumer Bank

“On February 10th, 2020, I posted an article announcing Varo’s FDIC approval. It was a historic moment for the banking industry at the time. Today, I announce the official opening of Varo Bank. In the few months between these posts, a series of crises have challenged the very foundation of our society — Covid-19, soaring […]
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Domains

 Intuit Introduces QuickBooks Cash, a New Business Bank Account With a 1% High-Yield Interest Rate

“Today, Intuit Inc. announced QuickBooks Cash, a business bank account that earns high-yield interest, which, when used with the QuickBooks suite of business services, takes the complexity — and latency — out of managing finances for small business owners. QuickBooks Cash has no account opening fees, maintenance fees, minimum balances, overdraft fees, or other recurring […]
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Global

Vivid Money Launches Together With SolarisBank and Visa in Germany

“Vivid Money, the mobile banking platform to spend, save and invest, today announces its launch together with solarisBank, the tech company with a banking license, and Visa in Germany. The Berlin-based company aims to help people to make more of their money by combining the all-in-one mobile-first approach with a full-service package. Using the Vivid […]
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Providers

Kabbage Launches Full-Service Business Checking Accounts Designed and Built for Small Businesses

“Kabbage, Inc., a data and technology company providing small business cash-flow solutions, launched Kabbage Checking™ , a new business checking account built for the smallest of companies, but fit for the largest. True to Kabbage’s continued efforts to support the companies most critical to America’s economy, Kabbage Checking gives small businesses the same capabilities, convenience […]
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Providers

Rellevate Launches Digital Consumer Financial Services Platform for People Who Need It Most

“Rellevate™, a digital fintech company aimed at facilitating access to consumer financial services for middle and lower income Americans, officially launched its platform today. The announcement was made by Stewart A. Stockdale, Rellevate’s Co-Founder, Chairman & CEO, who also announced that the Rellevate platform will facilitate banking services through Sutton Bank.”