Bunq Bank looks to relaunch in Britain
The Future Of Banking
?? ??????????-?????????? ???????????????? ?????????????????? ???? ?????? ???????????? ???? ??????????????
REPORT
?? NEWS HIGHLIGHT
N26 will soon lift its growth limit, imposed by Bafin due to rapid expansion and inadequate risk management. Since correcting most deficiencies, the Berlin-based FinTech can now accept unlimited new customers.
Despite a recent 9.2 million euro fine for late money laundering reports, N26 has invested 80 million euros in improvements and aims for profitability later this year.
?? ARTICLE
And they keep improving:
Q1 2024 Monthly Average Cost to Serve Per Active Customer: Remained virtually unchanged and below the dollar level, at just $0.90.
Q1 2024 Efficiency Ratio: Stood at 32.1%, further cementing Nu's position as one of the most efficient companies in Latin America.
??INSIGHTS
?? PODCAST
Oliver Hughes is the Head of International Business at TBC Bank, a Central Asian leading bank with a $2Bn current market cap. Previously, he was the CEO of Russia’s Tinkoff Bank from 2007-2022.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? DIGITAL BANKING HIGHLIGHTS
?? Western Union adds Jamaica's two largest digital wallets to remitttance portfolio.
?? Big banks face intensifying political pressure over Zelle fraud.
?? REGIONAL HIGHLIGHTS
领英推荐
UK ????
GB Bank has secured ￡85m of additional capital. Since becoming a fully licensed bank in August 2022, GB Bank has approved more than ￡80m in loans to support over 100 property projects in locations from Northumberland to the south coast.
Revolut is lining up a $500m (￡394m) secondary share sale. The sale may permit some of Revolut's employee-shareholders. However, early indications are that this privilege may be limited to members of Revolut's board.
Revolut is planning to launch a new payment terminal for large companies in a push to increase its market share among business customers. The payment terminal will be rolled out in the second half of this year.
Revolut's 22-year-old software engineers may benefit most from $500m cash out. The FinTech titan is said to be preparing a secondary share sale to raise $500m and to allow some company employees to cash out their stock units.
JPMorgan Chase to allocate ￡40 million into funding underserved communities in the UK. Building on learnings from the firm’s 200 year history of doing business in the U.K., JPMorgan Chase is increasing its support in two focus areas: financial health and careers and skills.
UK bank fraud losses topped ￡1 billion last year. The main driver behind this is purchase scams, where people are tricked into paying for goods that never materialise. The total number of these cases rose 34 per cent to over 156,000.
New challenger SilverRock Bank has been granted banking authorisation with restrictions by the Prudential Regulation Authority following the completion of a ￡50m funding round.
Challenger bank Kroo bans crypto transactions, warning of "scams". London-based challenger bank Kroo is banning customers from carrying out crypto transactions, saying cryptocurrencies are “increasingly being used by fraudsters as a way to scam people”.
Bunq Bank looks to relaunch in Britain - can it compete with Monzo and Starling?. Now Bunq is plotting a comeback, spurred on by the UK being home to a community of 2.8million 'digital nomads' which it is looking to tap into.
EUROPE ????
Deutsche Bank to offer discounted mortgages for climate-friendly houses. The aim is to support private individuals in Germany by granting them low-interest loans when building new, climate-friendly houses or when modernising their houses to make them more climate-friendly with a focus on energy efficiency.
Online bank Revolut has launched new instant access savings accounts in Ireland with rates of up to 3.49% AER variable. Customers with standard Revolut plans will be offered savings accounts at interest rates of 2% AER and users will need to upgrade to a paid plan to earn higher rates.
Will TSB be the next challenger bank to go up for sale? A potential sale of TSB Bank is back in focus as its Spanish parent company, Sabadell, grapples with a rare hostile takeover attempt by larger domestic rival BBVA.
Germany's BaFin fines neobank N26 a further 9.2 million euros. BaFin found that the bank had systematically submitted suspicious money laundering reports late in 2022.
USA ????
FIS upgrades mobile banking app. The application allows customers to bank digitally based on their preferences either on mobile or online and provides an intuitive user experience with simplified design.
Immigrant banking platform Majority secures $20M following 3x revenue growth. The increase of immigrants to the United States some 50 million total foreign-born people live in the U.S. now, according to immigration think tank Center for Immigration Studies.
Synctera launches Bring-you-own-Bank. Synctera was built on the foundation that facilitating strong relationships between our customers and their sponsor bank is the key to everyone’s long-term success.
Chime Partners With Fairplay To Embed Fairness Into Its Algorithmic Decisions. This will enable Chime to address more members' core needs: namely accessing short-term liquidity and building credit.
CBi Group, a rising U.S.-based commercial bank, has secured $15 million in Series A funding, led by Alpol Capital Family Office, known for its investments in new technologies.
A dispute between a FinTech startup and its banking partners has ensnared potentially millions of Americans, leaving them without access to their money for nearly two weeks, according to recent court documents.
Cash App aims to add more features. Block is seeking to make the app the primary bank for Cash App’s users, many of whom are younger and lower-income.
CANADA ????
Neo Financial Enhances Services to Help Canadian Newcomers Establish Credit Profiles. The addition of credit reporting to Equifax Canada complements existing TransUnion reporting, ensuring both major credit bureaus in Canada can help Neo Secured Credit card holders build a financial foundation.
LATAM
Latin American e-commerce giant MercadoLibre's FinTech arm, Mercado Pago, announced that it will apply for a Banking License in Mexico ???? in its bid to become the largest digital bank in the country.
Now one of the world’s largest digital banks, Nubank has crossed 100 million customers and for a brief moment last week while David Vélez spoke at a company event about another record quarter passed Itau as the most valuable financial institution in Latin America.
ASIA
Malysia's Bank Muamalat signs long-term deal with Backbase. This collaboration, together with Mambu for its core banking transformation, marks a significant milestone in Bank Muamalat’s journey to revolutionize its digital Islamic Banking offerings.
The Bank of Thailand is working towards digital payments expansion. Thailand's PromptPay is a mobile banking and payment system that allows users to transfer money using their mobile phone number or National ID number. It was launched in 2017 and has since gained popularity in Thailand and beyond.
Hong Kong e-CNY pilot expands: residents can open digital-yuan wallets and top up via FPS, no mainland account required. The move aims to expand the scope and scale of a cross-boundary pilot of the Chinese central bank digital currency that the HKMA has been conducting, along with the People’s Bank of China (PBOC), since December 2020.
Alchemy Pay preps Web3 digital banking. The Web3 Digital Bank initiative is designed to solve the problems that Web3 firms face in managing cross-border payments and transactions between fiat and crypto currencies.
AUSTRALIA ????
Revolut expands services to Australian sole traders. The Revolut Business app assists business owners with managing their finances and provides features such as multi-currency accounts, virtual and physical debit cards and real-time spending reports.
MIDDLE EAST
UAE's Wio becomes one of fastest 'neo-banks' globally to hit a profit. The?'Wio Personal' has onboarded?40,000 plus customers and with over Dh6 billion in deposits by end of last year.
AFRICA
South African banks have seen a surge in customer transactions using low-cost payment solution PayShap. The South African Reserve Bank and BankServ Africa rolled out the rapid payments system in March 2023.
TymeBank customers can make cash withdrawals from spaza shops across SA. Moving forward TymeBank customers will be able to withdraw cash at over 172 000 spaza shops and traders across the country.