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In news of cross-selling financial products across categories, roboadvisor Wealthfront has gathered a nifty $1 billion of deposit assets for its 2.29% interest-yielding non-bank cash account. Given that the firm has a little over $10 billion in managed investment assets, charges somewhere between 0 and 25 bps on those assets, and took years of wiggly pivoting to get to the current stage, it is fair to consider this influx a big win in terms of client traction. It is also $22 million of annual interest payments. A couple of things come to mind that are worth pulling apart.
In an interview with AltFi, Mambu CEO Eugene Danilkis explained he thinks the UK is the fintech hub of Europe; the digital banking platform sees this as the case partly because the UK government has done a great deal on bring more competition into the banking system; with the government support you have seen dozens of banking applications submitted and new entrants like Starling Bank, Atom and OakNorth have success; Mambu provides software to incumbents and startups, telling AltFi, “Incumbents will have to think like fintechs in order to develop channels of servicing clients quickly, seamlessly and creatively.” Source.
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