Digital Banking: | 2024 #16
Weekly news up to Monday, 15th of April 2024.
👀 NEWS HIGHLIGHT
Revolut, the licensed European bank with more than 40 million customers around the world, has announced that its <18 app for 6-17 year olds now has more than 2 million young customers worldwide jumping to a total of 3.5 million worldwide when including guardians.
In the last year in Ireland, total customers of the Revolut <18 app including kids and their guardians have increased by nearly 35%.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ N26 Launches Joint Accounts in 21 New Markets.
⭐️ Navy Federal Credit Union Announces 7-year Strategic Partnership with Backbase.
⭐️ US Capital Global Partners with Zyng Corp. on Capital Formation Strategy.
⭐️ Revolut is currently running its largest advertising campaign ever.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Monzo axes unfair fees for over nine million customers. Monzo, the app-based bank, will no longer charge you interest if your account goes below £0, it has confirmed in a fresh Cost of Living update.
Digital bank OakNorth is in the early stages of testing to provide wire banking services in the UK. The bank is beta-testing business banking services, including operational accounts, cards and payments, Chief Executive Rishi Khosla told Bank Automation News.
Monzo joins Post Office Banking Framework with cash deposits for Monzo Customers nationwide. This new service introduces an additional, convenient and accessible way for Monzo customers to deposit cash.
UK digital bank SmartSave reaches £2bn deposits milestone. SmartSave, UK digital bank Chetwood Financial‘s savings proposition, has doubled last year’s milestone by reaching a total of more than £2 billion in direct deposits.
EUROPE 🇪🇺
Fintech startup Emerge wants to 'fix' banking in New Zealand, starting with SMEs before launching into consumer banking. This simplifies processes like expense claims and impose limits and controls for team purchases.
Digital bank, N26, is to begin offering joint accounts to users in Ireland. The service is available to all personal customers of the German fintech, including those using its free N26 Standard service.
USA 🇺🇸
Digital bank OakNorth looks to US expansion. Digital bank OakNorth is expanding its business beyond the United Kingdom and into the United States, exploring a merger and acquisition strategy.
Greenlight Survey Finds Financial Anxiety Begins as Young as 14 Years Old. 76% of Gen Z teens are stressed about money, while Gen Alpha shows higher financial confidence.
CANADA 🇨🇦
Neobank Keytom launches with lofty ambitions for global expansion. The company’s strategic roadmap involves an extensive trajectory of expansion. At present, Keytom offers investment strategies and transactions in crypto and USDT as its flagship products.
LATAM
Nubank Ultravioleta enters the travel segment with the launch of Global Accounts for (high-income-) customers, in partnership with Wise. This new service, initially available to its high-income Ultravioleta segment customers, aims to offer lower fees and overseas internet service.
One step closer to being the global financial super app: Revolut will become a bank in Mexico. Revolut has a presence in nearly 40 countries, with different licenses and financial services.
Santander to introduce Openbank in US. Openbank operates with a technological platform designed in-house at Santander that provides secure, easy and simple best-in-class customer experience by combining functionality and design.
Neobank Inter&Co Aims For Brazilian Diaspora To Drive US Growth. Digital bank Inter&Co is advancing a strategy focused on international expansion and targeting a specific niche.
Nubank launches Verified Call feature that identifies legitimate company calls. As another reinforcement for the security of its customers, Nubank, one of the largest digital financial services platforms in the world, announces today the launch of Verified Call.
Brazil’s Central Bank Introduces Features to Identify Fraud Attempts Using Pix Aliases. The second report discloses complete information on Pix aliases. Along with all data on the current aliases, the document displays “the history of all those once used and disabled by the user, with the date and time of deletion.”
ASIA
SAMA greenlights beta launch of STC Bank. The approval has enabled the subsidiary to pursue a beta launch of its Sharia-compliant banking services.
Revolut India gets PPI license from RBI, to launch app soon. ‘The app is live with its employees and is in the testing phase, in terms of compliance and customer experience, but once all bugs are cleared the app will be rolled out to the public soon,’ said CEO Paroma Chatterjee.
MOVERS AND SHAKERS
Revolut reveals its five stage interview process for software engineers. Getting a job at London digibank Revolut is no easy feat, but it pays to know what to expect before applying.
Rodrigo Graca Moura joins Backbase as Chief Financial Officer. Rodrigo brings to Backbase a deep finance and business partnering expertise with more than 20 years of experience in scaling enterprise software companies.