October 2024: Top five new launch stories of the month
From digital wallets to robo-advisory services, several new fintechs and innovative solutions have been introduced in the fintech space this month.
Here, we run through five of the top new launch stories in October, featuring Openbank, Wealthsimple, Nymbus, Kuady, and more.
Santander’s Openbank launches in the US
Santander officially launches in the US
Spanish banking giant Santander has officially launched its digital banking subsidiary, Openbank, in the US.
The move, which was first announced back in April, marks Santander’s first nationwide offering for individual consumers in the US, expanding its reach beyond its branch network in the country’s Northeast.
Santander says Openbank will initially offer US customers “a competitive high yield savings product”, with further products set to be rolled out through 2025 as the bank looks to provide a “full banking service in the US”.
With €18.5 billion in deposits, Openbank claims to be the largest fully digital bank in Europe, operating in Spain, Portugal, Germany, and the Netherlands.
Wealthsimple launches in-app travel eSIM powered by Gigs
Online robo-advisory and stock trading platform Wealthsimple has unveiled a new global travel eSIM offering in Canada in collaboration with Telecom-as-a-Service (TaaS) provider Gigs.
The offering has joined the platform’s new lifestyle rewards programme and is now available to clients with assets over $200,000.
Installed directly through the Wealthsimple app, the travel eSIM supports connectivity with over 140 countries and can be used alongside a primary physical SIM or eSIM to eliminate roaming fees.
There is a 10GB travel eSIM option being made available for Wealthsimple’s Premium and Generation clients.
New digital wallet Kuady launches in several LatAm markets powered by Mambu
The Kuady digital wallet is powered by Mambu’s cloud banking platform
Open Payment Technologies has launched Kuady, its new digital wallet app aimed at boosting financial inclusion, in Peru, Chile, Argentina, and Mexico.
The app is powered by Mambu’s cloud banking platform and leverages Microsoft Azure. Mambu says that the launch has been achieved in “just under nine months” since the pair’s partnership began.
Open Payment Technologies managing director Mario Ricciardi says that the firm is now aiming to “enter more countries in Latin America and eventually expand across Africa and Europe”.
Kuady, licenced by the Isle of Man Financial Services Authority for Electronic Money Transmission Services, offers payment processing for merchants and a digital wallet for customers.
Nymbus and PeoplesBank partner to launch two employer-focused financial wellness solutions
Nymbus, a US-based cloud-core banking solutions provider, has teamed up with Massachusetts-headquartered community bank PeoplesBank to launch two new products with the aim to “improve workplace finance by offering solutions that strengthen benefits packages and foster long-term employee loyalty”.
To address “the pressing need for improved financial wellness tools,” Nymbus says the duo’s two new products – Employer-led Bank and Union Workers Financial Services (UWFS) – will enable “mid-large organisations and unions” to create their own digital banks, providing credit-building tools, tailored debit cards, emergency loans, high-interest savings accounts, and discounted financial services.
A “key feature” of the solutions, as stated by Nymbus, is a revenue-sharing model that enables companies to “reinvest a portion of the banking revenue directly back into their workforce”.
FinVolution expands into Pakistan with Daira launch
Daira is FinVolution’s new lending platform
Chinese fintech group FinVolution has entered the Pakistani market with the launch of a new lending platform named Daira.
FinVolution says Daira provides “secure and localised” financial services designed specifically for the Pakistani market. Offering low-interest, flexible loans, Daira claims funds are transferred to customer accounts in under a minute with no service fees.
To get the project off the ground, FinVolution secured a non-banking financial company (NBFC) licence from the Securities and Exchange Commission of Pakistan (SECP) earlier this year.
“Situated at a pivotal crossroads in South Asia, Pakistan has a large and youthful population. However, millions of individuals still lack access to basic financial services,” the company says.
“With the country’s fintech market rapidly digitalising, this gap presents significant opportunities for growth and innovation.”
