Tide to introduce new business payroll service in 2021 December 17, 2020 Business fintech firm Tide has announced that is it to release its first payroll service via its banking app in early 2021. Tide Payroll will be HMRC compliant and will allow SMEs to conduct their payroll from within their Tide account with an all-in-one payroll service that will allow users to run payroll and pay [...]
Exclusive – Fintech tsar Charlotte Crosswell: ‘Our sector is not a fair and inclusive place’ December 16, 2020 As CEO of Innovate Finance, Charlotte Crosswell is Britain’s leading champion of innovative technologies in banking and finance. On behalf of the the not-for-profit group, which was founded in 2014 and supported by the City of London, she works closely with the Bank of England and the Treasury to support fintech solutions and pushes the [...]
Curve and Plaid team up to bring open banking to UK customers December 16, 2020 Curve, a smart banking platform, has joined forces with Plaid, an open finance data network, to help people manage their money.
Revolut launches Plus account as it expands fee-paying services December 16, 2020 Revolut is set to revamp its paid plans while also launching its latest subscription option, Revolut Plus. Revolut’s new Plus service will cost £2.99 a-month and will include theft and accident coverage alongside purchase protection up to £1,000 for a year. Under new plans Premium customers will be protected up to £2,500 while Metal customers [...]
Paypal-backed Tink raises €85m in latest funding round December 11, 2020 Tink, Europe's leading open banking platform, has received €85 million (£78m) during an investment round extension.
Challenger bank Revolut broke even in November December 8, 2020 Revolut broke even last month in the latest indication that the challenger bank is bouncing back from the worst of the pandemic. It is an encouraging sign for the digital bank which tripled its losses to £106.5m, in figures released in August. It came despite a rise in its customer base during the first lockdown [...]
Pocket money app GoHenry secures $40m in funding round December 8, 2020 Children’s bank account app GoHenry has raised $40m as it looks to fund its expansion in the UK and the US. The UK fintech firm, which was founded eight years ago, provides children as young as six with a pre-paid debit card and app that can be controlled and topped up by parents. The funding [...]
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 [...]