Mizuho Financial Group is looking to invest several billion dollars over the next five years, targeting fintech in Asia; the...
Factor 21 has done a management buyout with funding from Mobeus; the private equity firm provided a 9 million british pound funding line for the buyout; Jonathan Gregory of Mobeus will join Factor 21 as investor director; Factor 21 has been in business for over 15 years and has provided invoice funding of over 2 billion british pounds; the management buyout funding will help the firm grow business at its two regional offices. Source
Mobile app Dave is trying to help consumers manage their expenses and avoid overdraft fees; its technology provides users with their lowest seven day forecasted balance based on previous spending habits; it also allows customers to borrow up to $250 to cover expenses; the app has received investment from Mark Cuban. Source
A number of new smartphone apps are now available with varying methods for inspiring consumers to save; apps such as Stash, Acorns, Digit, Qapital and Long Game are making it simpler and easier to make incremental savings deposits and investments through automated technology; with these new apps, investors can automate the investment of unused cash and round up purchases, saving extra pennies. Source
PayKey, a mobile banking fintech, raised a $10mn series B round led by MizMaa; other investors include SBI Group, Digital Ventures, SixThirty, Fintech71 and The FinLab; the company plans to use the funds for global expansions and further product development; PayKey has a mobile banking keyboard that allows users to complete actions without opening the specific bank app. Source.
Chime raises $18mn in a series B fundraise from Cathay Innovation, Northwestern Mutual Future Ventures, Crosslink Capital and more; Chime is a digital banking app focused on millennials by not charging monthly fees or overdraft charges; they make money on transactions and thus far have over 500,000 customers. Source.
Empower is a new digital banking that helps consumers earn, save and spend money more wisely; the company, founded by...
Citi’s 2018 Mobile Banking Study released today shows that 31% of consumers use their mobile banking app the most, followed...
With bank earnings season upon us we have seen a continued growth among mobile users at some of the biggest banks; JPMorgan Chase saw active mobile customers jump 13 percent and Wells Fargo saw total active digital users jump 3 percent; mobile banking has become a priority for all banks as the focus has shifted from just offering mobile to increasing engagement on mobile. Source.
A 2019 survey by Cornerstone Advisors found that 44 percent of millennials banked with Bank of America, JPMorgan Chase and...