Orange is a large French telecom company and recently announced plans to launch their own bank; the company is hoping to capitalize on the movement to online banking and is the first telecom company to launch a bank; they are targeting 2 million clients in ten years which would represent 25% of the online banking market; 25,000 of their current customers have expressed interest in the new offering (out of its 21 million mobile clients). Source
Digital banks have been presenting themselves as a more transparent fairer option than the traditional players; what these newcomers are finding is to scale and reach profitability they will need to figure out a way to lend that doesn’t strike the same tone as customers get from their typical bank; Tandem, Monzo, Starling Bank, Revolut and N26 have all started to roll out lending options in a variety of ways by using a tailored data driven approach; figuring out where the balance lies is the key piece if these banks are truly going to disrupt the banking system. Source.
Speaking at Money2020, Paulette Rowe, Facebook’s global head of payment and financial services partnerships stated, “We don’t believe we are...
The digital bank crossed 2 million customers after crossing 1 million 8 months ago; Monzo received their banking license two...
Tillful, the leading business credit platform for small and medium-sized businesses (SMBs), today announced with Highnote and Mastercard
Initial results from a congressional investigation shows that minority business owners are more likely to seek a loan from a fintech firm and potentially pay a higher fee; Rep. Emanuel Cleaver (D-Mo.) wants to further explore whether or not these lenders are aggressively targeting these borrowers and offering higher rates; the investigation has focused on online lenders and their underwriting practices for emerging minority owned businesses. Source.
The central banks of Britain, Japan, the euro zone, Sweden and Switzerland have teamed up with the Bank for International...
Making news this week is the bankruptcy of a crypto platform, Meta gives up on Novi, Upstart hits some headwinds, startup funding is down, the US Treasury develops a framework for crypto and more...
The global fintech will enable full ecommerce payment transactions for the first time LONDON, UK – 17 FEBRUARY 2022 – Sokin, the next generation payments