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REPORT

Dive right into this special report from?LendIt?and?Amount?on the risks and opportunities of embracing a digital strategy – and what leading financial institutions must do next.

Findings showed that for most FIs that partner with fintechs, fraud, and risk are top concerns in digital banking, and nearly half integrate new consumer credit products like BNPL.

Two hundred enterprises contributed to the white paper; respondents were individuals from the c-suite, product, or risk management at banks with under $50 billion to $300 billion under management.?

??Read the full?Lendit Fintech News?article?here.

?? NEWS HIGHLIGHT

LatAm's?Nubank?beats revenue estimates on strong client additions.

The neobank reached nearly 60 million customers in Brazil, Mexico, and Colombia.

“This is the strongest quarter in Nu’s history. We reached nearly 60 million customers and a record-high activity rate of 78%,” Chief Executive Officer?David Véléz?said. The majority of clients (57.3 million) are in Brazil.

??Read the full?LABS?article?here.

??Also,?Nubank?turns cell phones into POS terminals for corporate clients.?The so-called?NuTap?allows corporate customers to collect payments using only their cell phones as a POS terminal. Link?here.

?? INFOGRAPHIC

2022 Online Bank Ranking:?Chime?at the top,?Current?coming on strong.

??Read the full article by?Ron Shevlin?here

?? MVO - CARD COLLECTION

CaixaBank?has launched a?Visa?card with?Braille?reading and writing code embedded for visually impaired customers.

?? Read more?here.

?? ARTICLE

Four strategic lessons from digital-only banks and neobanks.

Research by?J.D. Power?points to consumer preferences relating to fees, rates, and services that banks and credit unions must address.

??Read the full article?here.

?? INTERVIEW

With 18m personal users, 500k business users, and operations in more than 200 countries,?Revolut?could very confidently class itself as a ‘super app’.

Revolut?CEO?Nik Storonsky: “Our mission is to unlock a borderless economy.”

??Read the full?Altfi?article?here.

??INSIGHTS

The future of finance is open, and the rise of Banking-as-a-Service (BaaS) means this future is closer than ever.

?? Read the full article?here.

?? PODCAST

UKTN?Podcast:?Banked:?CEO on open banking and disrupting payments:

“We’ve got a very big ambition,” Brad Goodall tells?UKTN?Podcast host?Mark McDonagh.?

??Link to the full episode?here.

NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

?? DIGITAL BANKING HIGHLIGHTS

???Visa?CEO is confident remote work would have kneecapped his career. Link?here.

???Mastercard?launched a program that allows retailers to offer biometric payment methods, like facial recognition and fingerprint scanning. Link?here.

???Plaid?officially expands into identity and income verification and fraud prevention. Link?here.

?? The number of?neobanks?has grown tremendously in the last two years, but only a few of them are profitable. Link?here.

?? REGIONAL HIGHLIGHTS

UK ????

Thought Machine?has doubled its valuation to $2.7bn. Link?here.

Recognise Bank?seals ￡8.7 million capital raise. Link?here.

Tide?has announced a partnership with?Sage. Link?here.

MarketFinance?raises ￡100 million debt financing to fund UK?SMEs.?Link?here.

9Spokes?and?Virgin Money?unveiled a ‘financial dashboard’ for?Virgin’s?SME business customers. Link?here.

Railsbank?has announced strategic moves to support growth and build expertise in the sports industry. Link?here.

Revolut's?planned native crypto token will aim to reward customers for their loyalty. Link?here.

EUROPE ????

Mastercard?partners with?Dreams?on sustainable banking. Link?here.

USA ????

Jack Dorsey defended the?Afterpay?deal saying value will ultimately be created by building connections between groups in the economy. Link?here.

Unit,?a banking-as-a-service startup, has closed on a $100 million Series C round of funding led by Insight Partners. Link?here.

Greenlight?launched credit cards for parents. Link?here.

Climate First Bank?officially launches its digital solar lending platform. Link?here.

Quontic Bank?opens metaverse outpost. Link?here.

Stretch?wants to bank individuals with a conviction history. Link?here.

Nomad?raised $32 million. With the round, the company is valued at $200 million. Link?here.

iOS?15.5 brings a new?Apple?Cash?update that lets you send and request money directly in your Wallet. Link?here.

LATAM

Neon?triples revenue in its quest to become the biggest bank for Brazil’s working class. Link?here.

ASIA

Planto?has partnered with?Cogo?to develop software for the city’s banks that encourages consumers and small businesses to cut their greenhouse gas emissions. Link?here.

Affin?Bank?partners?MYTHEO?to offer Robo-advisory for the mass affluent. Link?here.

Neobank?Fi?launches a new feature ‘Connected Accounts’; to allow users to sync multiple bank accounts. Link?here.

GrabFin?brand will be progressively rolled out in other Southeast Asian markets in the coming months. Link?here.

AUSTRALIA ????

Commonwealth?bank has begun pilot tests of?Kit, a new money app and digital information tool for kids. Link?here.

Westpac?is looking to UK-based technology provider 10x Banking to provide the core technology. Link?here.

Smart bank?86 400?will now be known as ubank, following its merger with Australia’s first digital bank. Link?here.

Acacia Money?unveils home loan compare and swap feature. Link?here.

AFRICA

VodaPay?super app has attracted 2.2 million downloads and 1.6 million registered users in the eight months since its launch. Link?here.

Sokin?expands payments partnership with?Mastercard?across the Middle East and Africa. Link?here.

MOVERS AND SHAKERS

Atom Bank?has appointed?Andy Sturrock?from?BP?as its new chief technology officer. Link?here.

Rebecca Owen?has been promoted to commerce director and?Louise Halliwell?has been promoted to savings director in?Bank North.?Link?here.

Ronelle Arbib?has become the?Recognise Bank’s?first COO and?Mo Fadaei?has been promoted to Director, Banking Platforms and Partnerships. Link?here.

Solarisbank?appoints?Ingmar Krusch?as CIO and?Dennis Winter?as CTO. Link?here.