Mambu Appoints Ivneet Kaur as Chief Product & Technology Officer
Weekly news up to Monday, 6th of January 2025.
👀 NEWS HIGHLIGHT
Two weeks prior, the app introduced a Ukrainian language interface.
While currently limited to select test users, the app offers features like international transfers with no fees and virtual card issuance.
Revolut’s beta test is a significant milestone in its journey to enter the Ukrainian market.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Russia shares CBDC business model as banks push back.
⭐️ Mambu appoints Ivneet Kaur as Chief Product & Technology Officer.
⭐️ D360 Bank launches operations in Saudi Arabia: SAMA.
⭐️ Revolut is one of the most downloaded financial apps.
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🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Trust Bank launches a gamified Savings Pots tool, which allows customers to create personalized savings pots for specific goals, such as emergencies or travel. Users can make instant withdrawals without penalties, and digital mascots visually track savings progress. The feature aims to enhance convenience and user engagement.
Revolut investors sell nearly $1 billion in stock. The secondary share sale, initially for current employees, was extended to include early backers and former staff. Institutional investors, including Abu Dhabi’s Mubadala, participated, marking a first-time stake. CEO Nik Storonsky earned $200-$300 million.
Revolut stablecoin in doubt. Revolut’s plans to enter the $200bn Stablecoin market has hit some speedbumps and might never materialise. Industry experts question how new entrants can carve out market share. Revolut declined to comment on the status of the project.
Modulr secures contract to provide CoP services to HMRC. The agreement will enhance payment validation and security for HMRC's transactions with individuals and businesses. Modulr's CEO emphasized the importance of modern payment technology in improving public sector services.
Crypto startup BVNK raises $50 million. The round values BVNK at around $750 million, according to a source familiar with the deal. CEO Jesse Hemson-Struthers, states that BVNK has an annualized revenue of $40 million and processes $10 billion in annualized transaction volume.
Allica Bank passes £3bn in loan balances. The bank highlighted “substantial growth” in recent months. The company’s CEO emphasized the bank’s commitment to serving SMEs, which play a crucial role in the UK economy, contributing a third of employment and GDP.
Monzo partnered with SignLive to offer customer support via British Sign Language (BSL). This means BSL users can now chat with Monzo’s customer support team through a fully-accredited interpreter, in real time, using video relay services. Continue reading
EUROPE 🇪🇺
Revolut is preparing a new product blitz in 2025. The company announced that it had three million adult users of its app in Ireland, is planning to debut a suite of credit cards and a refreshed range of personal loans. “In the coming year, we’re going to focus very much on product,” said Malcolm Craig.
Revolut, the neobank with more than 50 million customers worldwide, and almost 3 million in Italy, has announced the launch of Revolut Bank UAB's Italian branch and Italian IBANs. The company is now offering Italian IBANs to all new customers and will offer existing customers to migrate to an Italian IBAN from January 2025 onwards.
Revolut Bank opens in Romania. The digital bank has started the migration of customers from the Lithuanian entity to the local one and issuing Romanian IBANs to existing clients. This update aims to better serve Romanian retail and business clients' financial needs while expanding the bank's product offerings.
SocGen and Banque de France complete blockchain repo transaction. This deal demonstrates Societe Generale's commitment to leveraging its financial structuring expertise and SG-FORGE's technological capabilities to contribute building innovative financial markets.
Bunq enhances AI & launches Loyalty Program. Bunq upgraded its AI assistant, Finn, to simplify banking and break language barriers. It also introduced bunq Points, rewarding users for spending—1 point per euro for subscribers, double for Elite members, catering to digital nomads and everyday users.
Putin ordered Russian government and top bank to develop AI cooperation with China. This move follows his announcement of AI partnerships with BRICS nations and others to counter Western dominance. Sanctions have limited Russia's access to key technologies like GPUs. Russia aims to advance its AI ambitions despite these constraints.
USA 🇺🇸
Chime initiates confidential IPO filing. The company aims to go public in 2025, according to sources who asked not to be identified because the information is private. The IPO timing is not finalized, and the plans could still change, sources said. Read more
Debanking’ debate resurfaces amid Trump’s return to office. Debanking can present major obstacles for affected parties, especially if they depend on financial services to operate. For businesses, it could mean trouble accessing payment systems, getting credit or even simply making deposits. Find out more
OCC to intensify oversight of larger banks. The OCC is increasing scrutiny on anti-money laundering (AML) practices. Recently, it issued a cease-and-desist order to Bank of America for deficiencies in Bank Secrecy Act (BSA) and sanctions compliance, citing delays in filing suspicious activity reports. Read more
Morgan Stanley’s E-Trade explores offering crypto trading. This move comes as the Trump administration takes a more crypto-friendly approach, with other large brokers like Schwab also exploring crypto services. E-TRADE's potential entry highlights the expanding role of cryptocurrencies in retail investing.
ASIA
Mastercard partner with Bank of Punjab to transform digital ecosystem. The collaboration seeks to transform the bank’s digital ecosystem and its customers’ digital experience. Also, see the launch of Islamic credit cards to address the high demand for Islamic banking payment solutions in Pakistan.
Mastercard collaborates with Jeel to drive payment modernization in Saudi Arabia. This collaboration will bring unprecedented benefits to a wide range of stakeholders. It empowers non-banking financial institutions to bring innovative products to the market swiftly and efficiently with greater ease and peace of mind.
Emirates NBD invests in Zodia Custody. This move aligns with the UAE's growing crypto-friendly stance and the increasing demand for secure digital asset solutions. By partnering with Zodia, Emirates NBD aims to strengthen its position in the digital asset market and offer innovative solutions to its clients.
TBC Uzbekistan launches new SME service. The service aims to streamline banking processes for SMEs, enabling them to conduct all banking activities online and eliminating the need for branch visits. The platform also provides round-the-clock payment services, one-click access and instant payments. Find out more
AFRICA
Nubank expands to Africa and Asia with Tyme. Nubank announced an investment of US$150 million in Tyme Group leading their Series D round. Tyme aims to leverage this investment for expansion and improved customer experiences. Read More