Budgeting app Moven is planning to buy a small bank so they can become a more direct competitor in the banking space; the company’s new partner, SBI Holdings, is investing in Moven to create two entities MovenBank and Moven Enterprise; “We’ll do a digital direct challenger bank without having to run branches,” Moven CEO Brett King said to TearSheet. “That was really the thing we were waiting to see if we could solve because we’re just not interested in doing branch banking.”; the company will look continue allowing banks to leverage their technology with Moven Enterprise then use MovenBank to be a true digital bank alternative. Source.
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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Bitcoin has seen a resurgence in 2019 with the value of the...
Stripe led the $22.5 million Series A round in the startup which...
Martin Kissinger, the founder of Lendable is just 28 years old; he has built Lendable into a successful business that has lent £80 mn to 20,000 borrowers; the company had a growth rate of 430% in the last year and provides funds to borrowers in as little as two hours; article profiles Kissinger’s past work experience and more about Lendable. Source
With the price of bitcoin increasing as of late there have been increasing amount of people coming out stating that it is a bubble; conversely there are enthusiasts who claim that people simply don't understand the cryptocurrency; the WSJ reflects on recent bitcoin news and shares the wide variety of perspectives from their readers. Source
New Zealand-based Xero provides cloud-based accounting software for small and medium size businesses; it has now announced new agreements to integrate its software with working capital financing platforms MarketInvoice, iwoca and DueCourse; the business integrations will help to better facilitate invoice finance lending and working capital credit for businesses using Xero. Source
A bankruptcy court filing has caused the share price to drop for BofI however FBR is maintaining its outperform rating; BofI is a banking affiliate to online lender Quick Bridge who is the defendant in a court case in which a plaintiff in bankruptcy is seeking to annul its debt from the lender; the plaintiff is claiming the lending relationship violates state laws and that the loan is not valid. Source
U.S. based growth investor, Motive Partners, recently opened their European hub in Canary Wharf, London as they see the market as one of the epicenters of financial services; this is the latest sign that London has not lost their attractiveness since Brexit; a few additional reasons for being a destination include experience with the new open banking regulations and the Financial Conduct Authority (FCA) has been very supportive of fintech. Source.
PeerIQ provides their perspective on the jobs report from last week which...
A new report by Oxford Economics and fintech startup Juvo says mobile...