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The Future Of Banking
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?? NEWS HIGHLIGHT
Revolut is now doing ~520m transactions per mon.
?? ARTICLE
There was no escaping Revolut during the recent UK party political conference season. The fintech co-sponsored Labour’s opening reception earlier this month and hosted events at the Conservatives’ convention the week before.
Banks' strategic choices will be tested as they contend with multiple fundamental challenges to their business models. They must demonstrate conviction and agility to thrive.
??INSIGHTS
There are now over 65 national open banking programs globally, marking a significant milestone in the financial industry's evolution.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? DIGITAL BANKING HIGHLIGHTS
?? German regulator to ease draconian growth cap on bank N26.
?? Elon Musk gives X employees one year to replace your bank .
?? Revolut is the UK’s thirteenth most valuable brand .
?? Citigroup led a $260 million asset-backed financing for WeLab.
?? AIB apologises for online banking glitch .
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?? REGIONAL HIGHLIGHTS
UK ????
Tandem has committed to a new office in London , reconfirming its commitment to the UK’s fintech capital.
Monese plans to switch from Thought Machine to in-house XYB for core banking .
Lettspay has launched a designated client account banking solution for letting agents and property managers in partnership with Griffin Bank.
Monzo is reportedly working on a ￡300m+ funding round with a group of investment funds.
Paysend announced an agreement with Western Union to provide seamless and efficient cross-border money transfer capabilities .
EUROPE ????
Toqio would like to raise a glass to welcome its latest client , Mahou San Miguel.
USA ????
US Bank has launched an embedded, multi-channel point-of-sale lending platform that lets firms offer customers financing at the checkout .
Cross River Bank CEO Gilles Gade is bullish on the opportunities that lie ahead for fintechs and the banks who partner closely with them, saying 2024 will be a banner year for firms in the space .
LATAM
Nubank announces a new curation of exclusive benefits for its Ultravioleta customers. In addition to the black credit card offering 1% cashback, users will have access to constantly evolving solutions .
Nubank has surpassed 90 million customers in the region . Nearly 85 million are in Brazil, and 5.2 million are in Mexico and Colombia.
ASIA
UNO Digital Bank has partnered with Collabera Digital to expand and increase its user base by developing and integrating a mini-app in Philippines-based GCash.
AUSTRALIA ????
Mambu has bolstered its dominance of the cloud banking technology sector in Australia , expanding its customer base to now include 10 of the country’s most innovative and forward-thinking financial service providers.
Judo Bank chairman Peter Hodgson and CEO Joseph Healy lashes investors for tanking share price .
MIDDLE EAST
One Zero to raise $100m led by Deutsche Bank. The Israeli digital bank expects to be profitable by the fourth quarter of 2024 .
AFRICA
Fidelity Bank has blocked neobanks like OPay, Palmpay, Kuda, and Moniepoint over concerns that their lax KYC processes are leading to increased fraud cases .