US challenger Varo Bank reportedly raising funds at reduced valuation
Fintech Business Weekly reports the firm is raising $50m at a $1.8bn valuation, a 28% decline in value.
Challenger Bank
FinTech Futures: Top five stories of the week – 3 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
German challenger N26 loses its chief risk officer
Thomas Grosse has quit the firm citing personal reasons. A successor has yet to be named.
Revolut records first full year of profitability, plots global expansion
In its long-awaited annual report, Revolut says it recorded £26.3 million in profit for 2021.
Power to the people: How Zenus Bank aims to democratise access to banking
FinTech Futures sits down for a chat with Mushegh Tovmasyan, founder of Zenus Bank.
Should digital banking platforms be fraud prevention solutions by design?
Banks should look to use technology to not only curb financial crime but to gain a competitive advantage.
Banking Technology Magazine March 2023 issue out now
Cover story: FACE OFF – Confrontation can be a good thing.
Remitly to wind down digital banking app Passbook
All Passbook accounts will be closed on 1 May 2023.
Varo Bank appoints Wook Chung as chief product officer
Chung most recently served as vice president of product, design and engineering at SoFi.
FinTech Futures: Top five stories of the week – 24 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Chetwood’s SmartSave Bank partners cash deposit platform Flagstone
Under the new partnership, SmartSave’s fixed rate accounts will be made available to Flagstone clients.
Dutch challenger Bunq becomes first EU neobank to report a quarterly profit
Bunq reported a pre-tax profit of €2.3 million over Q4 2022.
Icelandic neobank Indó taps Lucinity for AML protection
With the partnership, Indó will have access to Lucinity’s transaction monitoring and case manager solutions.
State of play: neobanks
Neobanks as a sector are now approaching their teenage years and quickly maturing.
North America fintech funding round-up: Vexi, Comun, ModernFi & more
A round-up of the latest funding endeavours of fintech start-ups from across North America.
Ecuador’s first digital bank goes live with Temenos core
Diners Club Ecuador has gone live on Temenos’ cloud-native banking platform with AWS.
Unity Small Finance Bank taps M2P for core banking upgrade
The Indian bank will deploy M2P’s Turing CBS offering.
What the FinTech? | S.4 Episode 2 | Space Bank and financial inclusion
In this episode, we’re joined by Nika Kurdiani, deputy CEO at TBC Bank and CEO of Space International.
Ghana’s Fortek partners Codebase for Digibanc platform
It is hoped the partnership will “accelerate digitisation” and boost entrepreneurship in Africa.
Cartoon: À la carte
A new cartoon illustrating how the drop in VC money may result in new fintech start-ups being acquired.
Lunar lands €35m in fresh funding to boost Nordic expansion
Most of Lunar’s existing investors took part in the funding round, the neobank says.
Why change your core?
If you treat core transformation like a standard large project, your chances of success are slim.
Banking Technology Magazine February 2023 issue out now
Cover story: HAPPY DAZE – Banking for cannabis businesses boosted.
GXS Bank names Muthukrishnan Ramaswami as group CEO
Ramaswami most recently spent 12 years as president of the Singapore Exchange (SGX).
Hong Kong’s ZA Bank names Ronald Iu as CEO
Iu served as chief risk officer (CRO) of ZA Bank, a role he will step down from immediately.
South African digital lender Lulalend bags $35m Series B
Lulalend will look to increase its loan book size and develop new products.
JP Morgan reportedly planning German digital bank offering
The launch is set for late 2024 or early 2025, Bloomberg reports.
UK challenger Zopa lands £75m funding to fuel growth
Zopa says the deal “cements and markedly enhances” its unicorn valuation.
Singapore’s Trust Bank taps FIS for real-time payments
Trust Bank will make use of FIS’ real-time payments platform Open Payments Framework.
Nano sells home loan book to AMP Bank as it pivots to tech focus
Nano plans to wind down its home loan services and focus on providing technology to financial services companies.
German challenger N26 names Arnd Schwierholz as CFO
Schwierholz, who will assume the role of CFO on 1 February 2023, replaces Jan Kemper.
Dubai Investments buys 9% stake in UK challenger Monument Bank
Dubai Investments says the acquisition gives it a “unique opportunity” to move into the digital banking space.
Finora Bank taps regtech iDenfy for automated customer onboarding
The partnership will help Finora Bank manage fraud risks and gain insights into its financial operations.
New digital bank greenpenny opts for Jack Henry’s tech
Greenpenny is a start-up bank in the US focused on sustainable energy and powered by Decorah Bank & Trust.
State Bank of Pakistan names five successful digital bank applicants
The country’s central bank and regulator expects these new digital banks to promote financial inclusion.
Tyme Group opts for Mambu’s core banking tech for Philippines’ GoTyme Bank and future banks across Asia
Mambu’s platform enabled a “lift and shift” of Tyme Group’s digital bank concept from South Africa to the Philippines.
Hadhramout Commercial Bank opts for ICS Banks core banking system
Hadhramout Commercial Bank (HCB) is a new universal bank in Yemen.
2023: the final countdown for incumbents versus challengers
If incumbents fail to adapt in 2023, challengers could gain the lion’s share of the market once and for all.
CFPB outlines public registry proposal for nonbank terms and conditions
Firms would need to submit information on terms and conditions that “waive or limit” consumer rights.
Germany’s Gen Z neobank Ruuky files for insolvency
The neobank has assured customers that all their funds are secured and its app is still “fully accessible”.
