Digital Banking Weekly | 2021 #38


Check out my latest blog post on my new personal channel Marcel van Oost. There you’ll find my thoughts and my opinions. I’ll share updates from my life, angel investing, and my views on the global fintech space.

I could almost feel myself smiling. Except that, as we all know, the downside to every last-minute decision is that you have to pay a premium…

Well, my dutch roots got the best of me. I decided not to pay that premium after all. But to sit on a nearby coffee shop’s patio, in front of the entrance to the event, and, well, meet people there.



Diwakar “Dee” Choubey, founder and chief executive officer of New York-based MoneyLion discusses his growth strategy on "Bloomberg Daybreak: Asia."

MoneyLion, whose investors include Soroban Capital and J.P. Morgan, announced $2.4 billion blank-check merger with Fusion Acquisition Corp. in February, and aims to become a publicly traded company.



11:FS’ report on rebuilding financial services from the inside provides insightful analysis for the lag that traditional banks carry in respect to digital innovation. This report is packed with insights, explanations, and action points.

Consumer attention is decreasing (now averaging 7 seconds). FIs aren’t doing anything to earn a share of that attention, but fintechs are. Customers now expect more than simple banking services. The likes of Square, Monzo & Chime have reset expectations for the whole industry.



Marqeta conducted a survey of 3,500 consumers across the US, UK, and Australia to get a sense of how consumers are using their credit cards and their attitudes towards credit providers, including alternative credit options such as Buy Now, Pay Later (BNPL).

The survey shows how greatly the ongoing pandemic has affected consumer behavior when it comes to credit:

  • 72% of consumers surveyed are more conscious of their credit post-COVID

  • 63% of consumers have relied on credit cards to make ends meet during COVID-19

  • Over half of all consumers surveyed (51%) have now used a BNPL service

According to the survey, BNPL adoption has increased across the globe, with the US, UK, and Australia each reporting growth in use during the pandemic.




Unbundling old-school banking and financial services and building entire businesses around singular useful functions was Fintechs’ business model. The next step is reintegrating.

Leaning into curated and interoperable ecosystems accessed and powered by the rapid ascent of super-apps.

Last week we covered BBG Ventures’ article by Mallory Bell which stated that FinTechs are actively re-bundling, shifting from a product strategy to an audience one.

A great example of the trend is Nuula, a newly formed FinTech with a super-app focused on the data and processing needs of small businesses while simultaneously creating opportunities for third parties to service those small and midsize businesses’ needs.

Nuula CEO Mark Ruddock told PYMNTS’ Karen Webster, “we are kind of bundling the unbundled bank.” Nuula has no ambition “to become an end-to-end financial provider ourselves.”

They are looking at the innovation happening around SMBs and curating best-in-class components of the small business financial services space into one super-app.



⭐️ Neobanking and Buy Now, Pay Later (BNPL) have surfaced as the biggest fintech megatrends in the post-COVID world, alongside Crypto and Open Banking. Link here.

⭐️ MoneyLion announced that it has closed its previously announced business combination with Fusion Acquisition Corp.  Link here.

⭐️ A majority of the African population is still unbanked and underbanked presenting a breeding ground for neobanks to emerge and flourish. Link here.

⭐️ Mix the two hottest FinTech trends, and what do you get — neobanks doing buy-now pay-later (BNPL). Link here.

⭐️ Revolut has been authorized as a licensed broker-dealer in the US, allowing it to expand its commission-free stock trading platform overseas. Link here.

⭐️  PayPal has been talking about its “super app” plans for some time, now the first version of that app was officially introduced. Link here.

Follow my Fintech Newsletter


Railsbank is supporting QNTMPAY, the first lifestyle brand in digital banking, to launch in the UK, with plans to rapidly expand to Europe and Asia. QNTMPAY’s ambition is to tap into the ‘fan economy’ worth £8.5 billion annually in the UK alone. Link here.

Monzo subscribers can now make card payments from their saving 'Pots' with the digital bank. Link here.

Also, Monzo makes it easy for clients to manage their spending and ensures that they have funds set aside for settling bills and adding to their savings, with their newly developed Salary Sorter tool. Link here.

In order to mark National Pension Awareness Week in the United Kingdom, Starling teamed up with their partners in the Starling Marketplace, PensionBee and Penfold, to help consumers gain a better understanding of pensions. Link here.

Wise has entered the retail investing space with its new feature “Assets”, which allows UK account holders to invest in stocks across 54 currencies. Link here.

Wiserfunding, a London-based provider of credit risk assessment for SME lenders, has secured a £3 million investment from BGF and signed up Revolut as a client. Link here.

Recognise Bank has been given the green light by the UK's Prudential Regulation Authority to launch personal and business savings products and to start taking deposits. Link here.


Temenos, Banking-as-a-Service (BaaS) provider Vodeno, and digital bank Aion have teamed up in an effort to boost the rollout and adoption of BaaS in Europe. Link here.

Customers of sustainable bank Triodos Bank now have access to tax apps untied as part of a tie-up between two companies. Link here.

Switcho closed its equity crowdfunding campaign on Mamacrowd, which started at the beginning of August, raising just under $2.35 million (€2 million). Link here. just closed its $35m funding round, led by new investor SmartFin and existing investors Prime Ventures and Kreos Capital. Link here.

SweepBank is catering to tech-savvy young adults who need a financial partner capable of supporting their investment aspirations, whether that be for cars or couches. Link here.


Mbanq announced that it is partnering with Galileo Financial Technologies, the global leader in card issuing and payments processing, to streamline and speed up card issuing for Mbanq’s clients. Link here.

Neobank Zolve has launched to provide US immigrants the ability to obtain a fully insured US bank account, credit card and debit card, without the need for a social security number. Link here.

JP Morgan has selected UK fintech Thought Machine to overhaul its core banking systems across the banking giant’s entire US retail network. Link here.

Also, JPMorgan Chase & Co announced that it has acquired Frank, the fastest-growing college financial planning platform, to help millions of students and their families navigate their financial journey to college and beyond. Link here.

First National Bank of Omaha (FNBO) announced the launch of a breakthrough new buy-now-pay-later (BNPL) solution, which will allow merchant partners to offer their customers the option to make purchases and pay for them at a future date. Link here.

U.S. Bancorp announced that it has entered into a definitive agreement to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group. Link here.

Citi announced its next round of investments through the Citi Impact Fund, a $200 million fund launched last year to invest in companies that are addressing some of the biggest societal challenges. Link here.


Nubank announced the launch of a credit card for legal entities. “Since the account (PJ) was launched in 2019, our customers have been ordering by credit card. Link here.

Also, Nubank acquired in Mexico Sociedad Financiera Popular, which comes with an operating license that will enable the company to expand its product portfolio in the country. Link here.

Zetta is an association founded by Nubank, Google, and Mercado Pago aims to “ensure a competitive economic environment that results in greater financial inclusion, innovation, and customer satisfaction”. Link here.

Chilean lender BancoEstado has selected Mambu and its cloud-based core banking system to deliver new digital services. Originally founded in 1855, BancoEstado is the only public bank in Chile. Its current iteration was formed by a government decree in 1953. Link here.

Also, Financiera Dann Regional has deployed Mambu’s SaaS digital platform for IRIS, its first commercial neo-bank spinoff, in an unprecedented timeframe for the traditional banking sector. Link here.

Read more on my Fintech LATAM Newsletter


Statrys, a Hong Kong-based digital payment services platform started in 2018 is getting a whole new look after more than two years of helping small businesses across the world make payments via its multi-currency business accounts. Link here.

In dynamic times, where neobanking and fintech startups are changing the game for the small and medium businesses (SMBs), Bengaluru-based Chqbook has raised INR 40 Cr in a Pre-Series B round led by Aavishkaar Capital and Rajiv Dadlani Group. Link here.

Ubank, a Vietnamese digital bank powered by VPBank, has partnered with digital banking software provider Backbase to leverage its cloud solution to enhance the bank’s mobile banking experiences and offerings. Link here.

TAG (YC S21), a one-year-old startup that offers banking and financial services to users in Pakistan, has raised over $12 million in what is now the largest seed financing round in the South Asian market. Link here.

FloBiz, a neobank focused on small and medium businesses, raised $31 million (Rs 227 crore) as part of its Series B funding round. Link here


S&P Global Ratings has reportedly given Judo Bank a BBB- rating, which is a move that may have surprised one of Australia’s first banking challengers for SMBs, especially due to the “relatively short life cycle”. Link here.


Emirates Development Bank (EDB) has launched its new EDB Business Banking app, with an aim to redefine the banking experience for entrepreneurs, startups, and SMEs across the UAE. Link here.

Zand, a new digital retail and corporate banking challenger, is preparing to launch in the UAE. The new fintech, which gained authorization from the Central Bank of the UAE earlier this year, claims to be the first of its kind in the country. Link here.

As part of the numerous steps being led by the Bank of Israel and the Ministry of Finance to enhance competition in the financial system, a new system will be launched on September 22, 2021. Link here.


Digital banking startup dopay has raised an $18m Series A round to provide financial services to unbanked people in Africa. Link here.

Share Marcel’s Digital Banking Newsletter


The Board of Mox Bank Limited announced the appointment of Barbaros Uygun as the CEO of Mox and Executive Director of the Board with effect from 27 September 2021. Link here.