Digital Banking | 2022 #39
Weekly news up to Monday, September 26th, 2022
Bronze🥉!
Congrats to all of you listed and to those who are not. Keep sharing those updates for the FinTech community!
👉 Check out the full Onalytica list/article “Who’s Who in Fintech? Top 50 Influencers to Follow” here.
REPORT
More than 1 in 5 US consumers still need better banking.
👉 Download the full Morning Consult “The State of Consumer Banking & Payments“ report by Charlotte (Bowden) Principato here.
REPORT
Monzo Bank, only second to Revolut as the largest UK consumer-focused Neo-bank, is a special contender in the FinTech sector largely thanks to its obsession with customer experience, which has been both a blessing and a curse for the company.
👉Download the full c-innovation report here.
👀 NEWS HIGHLIGHT
The Federal Reserve is reportedly reviewing the operation of Goldman Sachs Group’s retail online banking platform, Marcus, asking questions of Goldman managers in a weeks-long process.
The process is not indicative of wrongdoing, but it goes beyond the regulator’s usual oversight, Bloomberg reported.
👉 Read the full PYMNTS article here.
😎 SPONSORED CONTENT
Have you ever wondered what the Berlin Group is, what makes a sandbox, or what the difference between an ASPSP and AISP is?
Despite what you may think, Open Banking terminology doesn’t need to be confusing. To help you along your way and get to grips with key terminology, the team at Klarna Kosma has put together this simple but comprehensive guide.
📰 ARTICLE
To help neobanks scale we need better regulation.
Banking regulation should be proportionate to the level of systemic risk banks hold, writes Nick Lee, Head of Regulatory and Government Affairs at OakNorth Bank.
👉 Read the full altfi article here.
💬 INTERVIEW
Colin Walsh answering the critics: Varo Bank is viable and not for Sale.
👉 Read the full Financial Brand interview with Colin Walsh here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Goldman Sachs strikes credit card deal with T-Mobile after Apple and GM. Link here.
⭐️ Revolut breach exposes data of over 50,000 customers. Link here.
⭐️ The Open Banking industry is expected to reach $135 Billion worldwide by 2030. Link here.
⭐️ Bump up the Banking-as-a-Service roundup 2022. Link here.
⭐️ Fincog is pleased to present its newest report “Banking for Tomorrow”. Link here.
⭐️ Finastra and Visa introduce global BaaS offering integrating Visa Direct. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
HSBC invested $35 million in neobank Monese, which has agreed a broader strategic partnership with the high street bank as part of the deal. Link here.
Railsr and Maslife partner to launch financial health app. Link here.
Habito has closed its latest funding round at £5m. Link here.
Revolut brings business management features to its retail app with Revolut Pro. Link here. Revolut has fully launched its ‘responsible’ BNPL product in Ireland, where 1.9m adults have accounts on the app. Link here.
Zopa Bank and ClearScore join forces to tackle UK’s cost of living crisis. Link here.
Kroo brings Apple Pay to customers. Link here.
Jupiter to sell £100m Starling Bank stake at big discount to valuation. Link here.
FROST raised £1.1M since its launch in May 2022. Link here.
Perenna raises $30m from Zopa-backer IAG Silverstripe. Link here.
Linked Finance reaches €200m lending milestone. Link here.
Trade Ledger partnered with Thought Machine to provide a fully integrated technology stack for commercial lenders and banks. Link here.
EUROPE 🇪🇺
The Nordic-Baltic eID Project is leading a consortium of six countries to deliver a cross-border payments pilot aligned with the aims of the European Commission’s EU digital identity wallet program. Link here.
Goldman Sachs is opening its API-based Transaction Banking (TxB) platform to corporates in the European Union. Link here.
N26 announced that customers with a Spanish IBAN can start using Bizum. Link here.
FairMoney partners with Oradian to accelerate market growth. Link here.
Raisin launches managed crypto portfolio. Link here.
USA 🇺🇸
Stripe supports crypto payouts for freelancers in USDC. Link here.
Treasury Prime has been accepted into the Jack Henry Vendor Integration Program. Link here.
Inovatec signs with Provenir, a global leader in AI-powered risk decisioning software. Link here.
Chipper Cash partners with Highnote to launch card product for US. Link here.
Stash successfully built and launched Stash Core. Link here.
Bancorp Bank switches to national bank charter. Link here.
Treasury Prime is partnering with FB Financial Corp (FirstBank) to bring embedded finance offerings to its clients. Link here.
LATAM
RappiPay Colombia has obtained a $112M financing. Link here.
ASIA
WeLab and Astra completed the acquisition of Bank Jasa Jakarta. Link here.
Rakuten Group Inc. chose Goldman Sachs Group Inc. and Daiwa Securities Group Inc. as lead managers for its banking unit’s initial public offering. Link here.
Wipro partner Finastra to support the digital transformation of corporate banks in India. Link here.
Delio partner with Blockdaemon to launch retail-focused staking services. Link here.
AUSTRALIA 🇦🇺
Reserve Bank digital currency pilot tipped for next year. Link here.
MIDDLE EAST
Fexco and NymCard announced a partnership to revolutionize consumer digital foreign exchange facilitating the rapid launch of innovative multi-currency programs across the region. Link here.
AFRICA
Nedbank is to become the first African bank to enter the metaverse, buying 144 plots in yet-to-be-built Unbutuland to create a virtual financial services village. Link here.
Julaya gets $5M to become banking partner for businesses in Francophone Africa. Link here.
The Central Bank of Kenya has awarded licenses to 10 digital credit providers out of the 288 applicants who responded to its call for applications in March 2022. Link here.
OPPORTUNITIES
Revolut announced its expansion into Mexico and Brazil, with a plan to hire 250 new employees in both countries by 2025. Link here.