Digital Banking | 2022 #41
Weekly news up to Monday, October 10th, 2022
👀 NEWS HIGHLIGHT
Chase faced “significant disruption” as UK app hit with technical issues.
According to Chase’s status page ‘Major Outages’ are affecting new signups, viewing balances and account activity, sending money and moving money between accounts, with ‘Partial Outages’ affecting customers trying to log into their app.
👉Read the full Altfi article by Oliver Smith here.
😎 SPONSORED CONTENT
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📰 ARTICLE
Small and medium enterprises in the United Kingdom are undergoing a period of resurgence after the impact of Brexit and the COVID-19 pandemic.
According to the Barclays SME Barometer, in Q2 2022, UK SMEs reported an 11.4% increase in revenues compared to the same period in 2021.
👉 Read the full Finextra article here.
💬 INTERVIEW
Elliot Goykhman agreed to an exclusive interview with Everly where he explains his vision and discusses what makes ZELF so unique among other neobanks.
👉 Read the full interview by Everly here.
💡INSIGHTS
Embedded payments is fast gaining traction in the local APAC market, and is quickly becoming the new frontier for elevated customer experiences and value creation within software platforms.
👉 Read the full Payrix article here.
🎤 PODCAST
Immad Akhund, CEO and Founder of Mercury, a US-based neobank built for the next generation of startups. Founded almost five years ago, Mercury now enjoys unicorn status and has raised equity from great investors including CRV, Coatue, a16z, and Clocktower.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Global Neobank Vance raises $5.8M in seed round led by Hummingbird Ventures. Link here.
⭐️ How Airwallex became one of Australia’s top technology companies. Link here.
⭐️ Line Bank lost almost NT$2.3 billion (US$78.7 million) after less than one year of full operations, according to Financial Supervisory Commission. Link here.
⭐️Adriana Restrepo, the chief operating officer of Revolut’s European banking operations, has left to join the founding team of crypto startup Deblock. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
ICICI Bank UK PLC offers bank account in UK for Indian students. Link here.
Paym was launched by a number of banks Pay.UK, is set to be wound down in 2023. Link here.
Railsr, the London startup that rebranded from Railsbank earlier this year, raised $46 million. Link here.
Gigable partners with Weavr for instant gig worker payments. Link here.
The Welsh government is working with Monmouthshire Building Society and Cambria Cydfuddiannol Ltd (CCL) to build Banc Cambria, a community bank for Wales. Link here.
Zopa is considering moving into the SME lending market, after nearly 18 years of offering consumer loans. Link here.
Lloyds Bank launches combined spending and savings account for kids. Link here.
Santander UK launches My Home Manager in mobile app. Link here.
EUROPE 🇪🇺
Enable Banking, discloses a round of €600,000 led by Wellstreet and attracts the strong open banking profile Sarah Häger, now leaving Nordea after 15 years. Link here.
11Onze launched its 11Onze enterprise account for SMEs, offering services usually denied to small companies and sole traders. Link here.
ABN Amro trials integrated digital identity and payments app. Link here.
PKO Bank Polski opens metaverse outpost. Link here.
Rabobank teamed up with Bizcuit to offer businesses integrated invoice financing. Link here.
USA 🇺🇸
Zelle is under fire for how it handles fraud and scams that have exploded on the platform in recent years. Link here.
MoneyGram invests in UAE-based startup Jingle Pay. Link here.
Jiko banks $40M in Series B funding to offer companies a way to park their cash in T-bills. Link here.
Clinc and Alkami partner to bring digital servicing solutions to banks and credit unions. Link here.
Apiture has been tapped by Newtek Business Services to provide the digital capabilities for its soon-to-be-launched Newtek Bank. Link here.
Partnership produces 'bank in a box' for small St. Louis law firms. Link here.
CANADA
HSBC is considering selling its business in Canada, worth billions of dollars and one of the biggest international banking brands in the country. Link here.
LATAM
Nubank attracted more than 1.8 million Brazil-based users to its crypto platform since its full rollout at the end of June. Link here.
Ualá will invest $150 million over the next 18 months to boost its digital banking business, mainly in Mexico and Colombia. Link here.
Grupo Financiero Banorte is one step closer to launching a new digital bank, after receiving authorization to open a new multiple-banking institution. Link here.
ASIA
Taichung Commercial Bank of Taiwan agreed to buy American Continental Bank for USD 82 million to expand into the US market. Link here.
Punjab National Bank introduced banking services through WhatsApp for both customers and non-customers. Link here.
Indonesia’s crossborder payments program with four other ASEAN countries will be fully operational next year. Link here.
Singapura Finance launches internet banking powered by Tagit. Link here.
AUSTRALIA 🇦🇺
The government in Australia has noted that it would be issuing a formal response to a report advising banking institutions in the country of their duty to keep offering banking services to Fintechs. Link here.
Bendigo Bank completes roll out of PayTo. Link here.
Police Bank Australia taps Temenos for core banking upgrade. Link here.
MIDDLE EAST
Colendi secures $150m credit facility from Fibabanka. Link here.
Ajman Bank signs agreement with VaultsPay. Link here.
AFRICA
Be Mobile Africa launches a new multi-currency business banking platform for businesses in Africa. Link here.
MOVERS AND SHAKERS
Timo announced that its Chief Financial Officer, Jonas Eichhorst has been promoted as CEO and will retain his position on the board of directors. Link here.
If you are a fintech startup and have over 100 questions send me an email. Maybe I can answer a few.