Monzo and Starling Bank saw more than 10,000 customers open accounts through the account switching service in the first few...
Only 98,192 account switches took place in Q2 2020, down 65 percent from Q1 when more than 280,000 switches took...
It is unsurprising that the UK has embraced the financial market shift to fintech, but where do they stand on a global scale?
This week, we look at:
The financial model behind Monzo, and comparisons to Revolut and Starling
How the Eastern super apps inspired the marketplace model, and why that success is hard for neobanks to replicate
Paths from losing $100 million per year to break-even and enabling digital assets and other financial products
Facebook Financial forming to take over payments and commerce
Santander announced recently that it will spend €20 billion ($22 billion) on digital transformation through 2022; JPMorgan Chase has said...
Sources say that the digital bank Monzo will announce their US launch plans today; Monzo has seen a lot of...
Monzo's CEO talks about the digital bank's growing business in an interview with TechCrunch; the firm was recently granted a UK banking license with some restrictions; the digital bank has 100,000 users with activity driven by pre-paid Mastercards and mobile applications; Tom Blomfield gives his perspective on the fintech banking market and new PSD2 regulations; Blomfield also confirmed Monzo has already turned down an acquisition offer from a major bank. Source
The leaders in the digital banking space in Europe are all looking to capitalize on the US market; however, the...
AltFi takes a look at overdrafts in the digital banking market, both arranged and unarranged; their research found that Starling...
This week, we look at Betterment launching a bank account and payments feature. They are not the first, but they could be the best! Still, it feels like the world has moved on. Barriers to entry around digital finance have collapsed, and shifted industry goal posts. Hundreds of companies are integrating API-based solutions that connect to banking and investment entities. Amazon, Google, and Apple are there already. And let's not forget the incredible pressure from the COVID recession: 20MM+ unemployed, $100 billion decrease in global remittances, 1 in 8 banks being unprofitable. Is it time for incremental improvement, or a sea change?