UK consumers question sustainability of challenger banks December 7, 2020 UK consumers are worried about the long-term survival of digital challenger banks, according to a new report. Accenture’s Global Banking Study reveals 45 per cent of consumers believed that neobanks would exist in 12 months’ time. Additionally, just a tenth placed “a lot” of trust in the fintechs to look after their data, compared to [...]
Revolut expands business offering with digital payments service December 4, 2020 Challenger bank Revolut is bolstering its business offering as it moves into merchant acquiring allowing businesses to accept online card payments. Revolut’s chief executive Nik Storonsky announced, at this year’s Web Summit, that its business segment had launched an acquiring solution, which will allow businesses in 13 European countries to accept card payments online directly [...]
Monzo secures additional £60m in funding December 2, 2020 Digital bank Monzo has topped up its earlier fundraising round with an additional £60m in funding, bringing its total raised this year to £125m. The challenger bank had previously closed a £65m top-up in June at a reduced valuation of £1.2bn, down from £2bn. The latest funding, first reported by TechCrunch, is effectively a top-up [...]
Revolut offers UK customers the opportunity to be paid a day early December 2, 2020 Revolut is now offering its customers the opportunity to be paid a day early in a move that will prove popular as people struggle with pandemic uncertainty. Revolut customers that receive a salary payment via Bacs credit – which the majority of the population does – will be able to access their salary a day [...]
Challenger lender Koto launches in the UK for left-behind consumers December 2, 2020 A challenger lender focused on providing credit to freelancers and self-employed has today launched in the UK following an investment round. Koto, authorised by the Financial Conduct Authority, has closed a £1.3m funding round which it says it will use to expand and acquire its first 50,000 users. Kotto hopes to cater to “near prime” [...]
Without an eye on social value, Europe risks losing the global fintech race November 30, 2020 Europe has been left behind in Big Tech. The scene is overwhelmingly dominated by US companies, with China potentially coming up from the rear. The question is whether Europe has the potential to avoid the same fate in digital finance — a sector that is likely to play a big role in future economic development. [...]
‘Break’ London banks and give us access to data: fintech firms tell FCA November 24, 2020 A coalition of primarily London startups is calling on UK regulators to end the dominance of banking institutions over the use of consumer data as it would increase competition in the savings, credit, mortgages and pensions markets. The Coalition for a Digital Economy (Coadec), an advocacy group that represent a number of UK fintech firms [...]
Klarna-challenger Zilch becomes first ‘buy now pay later’ firm to secure FCA licence November 23, 2020 The City regulator has issued its first licence to a Buy Now Pay Later (BNPL)company, months after launching an inquiry into the unsecured credit market. London-based Zilch has become the first company in the UK’s BNPL market to become fully licensed by the Financial Conduct Authority (FCA). Zilch has worked with the regulator for over [...]
Starling becomes first challenger to make a profit November 20, 2020 Starling has become the first of the challenger banks to break even as its rivals record mounting losses, with plans to expand across Europe. Positioned as challengers, digital banks Monzo, Starling and Revolut have faced criticism from investors and the Bank of England for failing to deliver profit. But in a trading update today, Starling [...]
Regulator issues warning on fintech Lanistar for unauthorised services November 18, 2020 Update: 9:07pm Friday 20/11: The FCA have withdrawn their warning after changes by Lanistar. The Financial Conduct Authority has accused the much-hyped fintech Lanistar of offering unauthorised financial services. Founded by Gurhan Kiziloz, Lanistar this week launched an influencer campaign claiming to be the “world’s most secure card”. But the regulator today has warned that [...]