Just a month after receiving their long anticipated banking license, digital bank Revolut recently experienced an app failure that left...
Barclaycard is rebranding as Barclays in the US and launching a digital only bank in 2018; they have been testing the market since last year and plan to fully launch their offering next year; Barclays is more of a household name in the UK but has been offering credit card services under the Barclaycard name in the US. Source.
UK based Digital Bank Monzo is planning a crowdfunding round to give customers a greater share of ownership; the round will look to raise between $13mn and $40mn; while they will use the round for hiring it is meant to provide customers “a genuine sense of ownership”; the crowdfunding round follows the recent $94mn private equity backed fundraising. Source.
There have been many recent launches of digital banks which was a result of regulatory changes in the UK; Metro Bank was the first having launched in 2010, but there are many new names since then; article highlights founders and investors in the space including Eileen Burbidge (Monzo), Sanjeev Gupta (Wyelands Bank), Jonathan Rowland (Redwood Bank), Nick Ogden (ClearBank) and the Pears family (Masthaven Bank). Source
The company announced the news in an earnings call; they will begin testing products this year and have invested $53.3 million developing the new bank; Virgin Money is said to have signed an agreement with 10x Future Technologies to develop the platform. Source
Paytm Payments Bank is aiming to have 500 million accounts offering a wide range of financial services products; the bank launched officially on Tuesday; they are unveiling their money market fund, launching a debit card and will have the capabilities for businesses to open up accounts. Source
Though Monzo has seen a share of issues and outages recently the company says the third party marketplace is core to their vision; they also explained it was a key part of their revenue drive and will help to drive down costs per customers in the near future; Monzo have plans to expand product offerings, potentially launch in the US and build out partnerships in the near and mid term future. Source.
No More Content