Mexico’s credit alternative challenger Klar lands $15m Series A
“We help people build credit by looking at how and where they spend their money.”
Banking
Game over, insert coin
We are trying to pay lip service to wholesale dramatic change but get away with cosmetic modifications.
Commercial Bank of Dubai serves ‘low-income’ customers with Now Money
“[We’re offering a] much more advanced and cost-effective alternative”.
Hong Kong challenger WeLab Bank goes live on Temenos Transact
The neobank launched a few months ago.
PeoplesBank picks Nymbus to help launch digital bank Zynlo
Regional US bank stand up digital branc with help from Nymbus.
White paper: Low code development in banking and its role in high speed content-based services
How banks can make more strategic use of their content, developing applications at speed that transform services & user experiences.
Curve to launch new credit facility powered by Thought Machine’s Vault
Curve Credit allows customers allows customers to pay for their purchases in instalments.
TreeCard raises $1m from Ecosia ahead of 2021 launch
TreeCard, set to launch next year, is made of sustainable cherry tree wood.
Trading 212 integrates TrueLayer’s open banking platform
The API allows users to quickly and securely fund their investment account, using payments initiation.
Canadian invoice firm FundThrough raises $50m to support SMEs
FundThrough aims to eliminate the “wait” for SME payments
Russia’s Yandex and Tinkoff scrap $5.5bn deal
Internal email suggests agreement was lost on nature of the merger.
Unlocking the benefits of unstructured data in banking
Key areas that the sector is failing to tap into with ML and AI.
TD Bank files lawsuit against Plaid for “duping” its customers
The bank claims Plaid is violating its trademark and tricking customers into handing over data.
Kish Bank picks CSIs NuPoint to fuel digital change
Bank says CSI has been behind it “all the way.”
CUNA Mutual Group acquires lending platform CuneXus
CUNA has been an early-stage investor in CuneXus since 2017.
Aussie challenger Judo Bank picks nCino Bank Operating System
Judo Bank aims to automate processes to focus on customers.
Enveil CEO: Fragmented AML regulation creates “Russian doll effect”
Williams likens it to the “Russian doll effect”.
Future economic relief should care for more families
Deserving families have continued to be unfairly excluded from government relief throughout the COVID-19 crisis.
Video: Top fintech stories this week – 16 October 2020
FinTech Futures’ weekly news round-up.
Morgan Stanley fined $60m for improper disposal of personal data
The OCC found examples in 2016 and 2019 of failure to oversee third party companies.
The end of apps
Is it time that we jumped from the app bandwagon?
JP Morgan Chase partners with Greenlight for kids account
The JPMorgan Chase app has around 39 million ‘active’ customers.
Why the focus on risk weighted asset optimisation is increasing
Many banks have started formulating an action plan and framework to drive this initiative within their organisation.
FinTech Futures Jobs: five exciting fintechs that are hiring now
Top fintechs looking for talent, including Monzo, OakNorth, Cleo AI and Chip.
GPS fills out executive team with handful of new C-level hires
Richard Hodgson, Shaun Puckrin, and Jerome Gudgeon join the payments firm.
Tandem Bank appoints former Allium CEO as new chief commercial officer
Paul Noble joins Tandem to help it create green digital banking services.
Central bank digital currencies – don’t get the popcorn
If the art of the possible is being explored, the art of the valuable remains elusive.
US rapper Killer Mike unveils Black and Latino-focused challenger bank Greenwood
Each month, the digital challenger promises to gift $10,000 to Black or Latinx businesses.
Ternio becomes Visa’s first crypto enablement partner for debit cards
“This shows Visa’s commitment to onboard other companies which develop crypto.”
Temenos appoints former SAS EVP as new European president
David Macdonald joins Temenos after 19 years at SAS.
Rabobank outsources regulatory reporting with BearingPoint
BearingPoint to take on a slice of Rabobank’s European reporting needs.
Modul8 and Nium partner to provide card-issuing for APAC region
The two claim they can deliver the service for companies in as little as three months.
The intersection of digital identity verification and customer empowerment
Mobile onboarding must deliver an experience that is secure and friction-free.
Swiss investment challenger FlowBank picks Temenos Transact
Temenos is set to deliver its system on a SaaS basis.
Fintech Razorpay becomes India’s fifth unicorn during COVID-19
By 2025, Razorpay wants to have 50 million business customers.
Former Barclays execs to launch challenger bank Pennyworth for UK’s “aspiring affluent”
The start-up promises impressive rates considering the current 0% interest climate.
The imperatives behind BFS
The current crisis highlights the urgent action required for businesses to upgrade to digital platforms.
Russia’s Tinkoff launches messenger service in its app
Tinkoff claims to have acquired 1.7 million new credit accounts since the beginning of this year.
Texan challenger Viva First to launch for Latinos before year end
The fintech is piggybacking off Texas-based Spur Security Bank.
Citi to pay $400m OCC fine for risk management failures
“The heavy lift will be the technology upgrade, which [the regulators] will micromanage.”
