More than 113,000 people in the UK switched their bank accounts in the month of March, the third highest amount...
UK digital banks Monzo and Starling Bank announced payments integrations; Monzo plans to integrate Android Pay into the user interface for current account users; Starling Bank says it will be the first bank to partner with Fitbit Pay; while this is the first partnership of its kind for Monzo, Starling Bank integrated with Android pay a few months ago. Source.
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AltFi takes a look at overdrafts in the digital banking market, both arranged and unarranged; their research found that Starling...
Digital only bank Starling Bank and Moneybox, who provides savings and investment services, are teaming up; Moneybox will access Starling Bank customers offering them the tools offered by Moneybox allowing customers to round up purchases and invest the difference; integration is via Starling's API; Megan Caywood, Starling's chief platform officer stated: "People today want to not only manage their everyday money on their phone but their savings and investments too. Working with Moneybox makes this a possibility." Source
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Digital banks have been presenting themselves as a more transparent fairer option than the traditional players; what these newcomers are finding is to scale and reach profitability they will need to figure out a way to lend that doesn’t strike the same tone as customers get from their typical bank; Tandem, Monzo, Starling Bank, Revolut and N26 have all started to roll out lending options in a variety of ways by using a tailored data driven approach; figuring out where the balance lies is the key piece if these banks are truly going to disrupt the banking system. Source.
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UK digital bank Starling Bank is now available to a broader set of users; still in a beta testing phase, the firm is now adding additional clients beyond just friends, family and product testers; as enhancements to the platform it recently announced its public API, which will allow for a product marketplace, and it has also partnered with TransferWise; Starling Bank will be offering its users full current account functionality with a contactless MasterCard debit card also including international payment services. Source