On The Web

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Providers

Simple Bank Shutdown Goes Awry Leaving Customers Without Account Access

May 10 2021

• in
• Banks
• Neobanks

“The online bank Simple shut down on Saturday and was supposed to seamlessly transition customers’ accounts over to its parent company, BBVA. But instead, many users found themselves unable to access their bank account at all, as BBVA’s website returned an assortment of error messages, from “system error” to warnings that their account information was […]

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Providers

Generosity Is Trending. Neobanks Are Tapping Into That.

May 5 2021

• in
• Neobanks

“Banks and fintechs are encouraging acts of generosity by making it easy for customers to transfer money to various causes through keep-the-change programs, recurring payments and donor-advised funds, charitable investment accounts traditionally regarded as vehicles for the wealthy. Opening an account at Greenwood Financial, a digital bank for Black and Hispanic customers, triggers the donation […]

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Providers

Latino-focused Fortú Rolls Out With Support From SoFi and LendingClub

May 3 2021

• in
• Neobanks

“Fortú emerged from a year in stealth mode on Thursday in partnership with SoFi’s Galileo unit and LendingClub. Fortú’s founders aim to address challenges that Latinos face in the US banking market. Fortú’s founders aim to address challenges that Latinos face in the US banking market, such as overreliance on nonbank financial institutions to send […]

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Deals

Greece’s Viva Wallet Raises $80M for Its Neo-bank Targeting Small Business Merchants

April 28 2021

• in
• Neobanks

“Challenger banks continue to make significant waves in the world of finance, with smaller outfits luring customers away from incumbents by providing an easier way for them to not only engage with basic banking services, but to tap into a wave of technology that brings more personalization and often better deals into the equation. In […]

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Deals

Teen Banking Service Step Raises $100M Series C, Announces Steph Curry’s Investment

April 27 2021

• in
• Neobanks

“Step , the digital banking service aimed at teens and endorsed by TikTok star Charli D’Amelio, announced this morning the close of a $100 million round of Series C funding after growing to over 1.5 million users just six months after launch. The new round, led by General Catalyst, comes shortly after Step’s $50 million […]

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Deals

Kids-focused Fintech Greenlight Raises $260M in A16z-led Series D, Nearly Doubles Valuation to $2.3B

April 27 2021

• in
• Neobanks

“Greenlight , the fintech company that pitches parents on kid-friendly bank accounts, has raised $260 million in a Series D funding round that nearly doubles its valuation to $2.3 billion. The funding comes just months after the Atlanta-based startup landed $215 million in funding at a $1.2 billion valuation. With the latest round, Greenlight has […]

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Deals

Mobile Bank Current Raises $220 Million Series D, Triples Valuation to $2.2B

April 27 2021

• in
• Neobanks

“U.S.-based challenger bank Current , which has now grown to nearly 3 million users, announced this morning it has raised a $220 million round of Series D funding, led by new investor Andreessen Horowitz (a16z). The funding swiftly follows Current’s $131 million Series C at the end of last year, at which point the company […]

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Domains

Digital Banking Challenger Chime Now Allows Users to Send Money to “Anyone and Everyone”

April 19 2021

• in
• Neobanks
• P2P

“Earlier this week, digital bank Chime revealed that you can use their platform to pay anyone. Chime users can send money to anyone, “even if they’re not on Chime.” As noted by the banking challenger, the users can claim funds to their bank account “instantly and for free.” Chime confirmed that you can send funds to […]

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Deals

Goldman Sachs Invests $69 Million in Britain’s Starling Bank

April 19 2021

• in
• Neobanks

“British digital bank Starling said on Monday that Goldman Sachs (GS.N) had invested 50 million pounds ($69 million) in the UK lender. The investment is an extension of Starling’s oversubscribed 272 million pound funding round, valuing the bank in excess of 1.1 billion pounds, Starling said in a statement.”

On The Wires

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Providers

Greenwood and Mastercard Partner for the Greenwood Debit Card

April 20 2021

• in
• Neobanks

“Greenwood, the digital banking platform for Black and Latino individuals and business owners, today announced it has selected Mastercard as its network of choice for its first debit card. The Greenwood matte black debit Mastercard will provide cardholders a digital-centric user experience, an extensive list of security and concierge benefits, and innovative giveback programs focused […]