South Korea’s KB Kookmin Bank to launch cryptocurrency custody service
The bank filed a trademark application at the end of January.
Business-to-Consumer/B2C
Phyre secures $1.7m to develop its e-wallet in Bulgaria
The fintech works with two major telcos in Bulgaria.
Canadian financial planner Finally to launch in May
“People don’t want to tell strangers how bad they’re doing with their finances,” says founder.
N26 expects 70% of bank branches to disappear in 10 years
The coronavirus is accelerating a permanent change in consumer behaviour, says N26.
Moven shuts all consumer accounts, pivots to B2B-only service for banks
Founder says “major multi-year funding” was withdrawn due to coronavirus.
UK auto-saving app Chip lands authorisation from FCA
The app has seen an influx of savers using its platform as of late.
Australian telco ZipTel buys up challenger bank Douugh
Douugh uses AI to help customers get better insights on their money.
Dublin start-up My Money Jar lands investment from Enterprise Ireland
The fintech has raised a total of $1.4 million.
Russia’s PM introduces new bill for fintech sandboxes
These new sandboxes will be subject to lighter regulations.
Draft coronavirus stimulus bill considers ‘digital dollar’ to help unbanked
House Democrats have drafted a bill which, if enacted, would create a ‘digital dollar’.
Aussie challenger Xinja lands $255m from Emirates’ World Investments
Xinja will receive the bulk of the investment over 24 months.
UK contactless limit raised to £45 to prevent coronavirus cash handling
“The changes were already under consideration by the industry,” says UK Finance
Jumia steps in to assist Africa amid rising coronavirus numbers
Jumia will help various African governments distribute masks to hospitals.
UK challengers Revolut and Monzo combat claims they are going bust
Revolut dubs the claims “fake news”, and Monzo says it is “here to stay”.
Fronted, 11:FS and Credit Kudos create ‘Covid Credit’ for self-employed
Covid Credit uses open banking data to help the self-employed get income relief.
Will Asia’s Big Tech European expansion stick?
Asia’s mega funding rounds make Europe’s look like child play.
DriveWealth extends to UAE with Wealthface agreement
Trading technology firm signs first Middle East deal.
ID Finance’s revenues hit $86.6m across Spain, Brazil and Mexico
“Despite macroeconomic volatility, the company plans to continue its growth,” says CEO.
Video: Top fintech stories this week – 20 March 2020
FinTech Futures’ weekly news round-up.
Wirecard expands ecommerce partnership with WeChat Pay
European merchants can integrate WeChat Pay “in just a few minutes”.
Mastercard set to propel bunq’s Green Card throughout Europe
The cards have seen a CO2 reduction of roughly 30.8 million kg so far.
Will regulators make an example of trading unicorn Robinhood?
“We don’t think they were set up to do it properly,” says class action lawyer.
Neobank for America’s middle-class One lands $17m Series A
The 40-person challenger has opened early access to its private beta.
US challenger Cogni to create lifestyle hub, starting with banking
The challenger wants to be the ultimate “operating system” for lifestyle.
TransferWise teams with Alipay in latest Asian expansion
TransferWise customers just need the recipient’s name and Alipay ID.
Revolut launches accounts for under-18s in the UK
Only the children of Premium and Metal account holders will have access.
Revolut loses CFO after just six months, brings in interim CFO from SLA
David MacLean joined Revolut from Metro Bank last July.
Crypto start-up Bakkt lands $300m Series B from Microsoft and PayU
The fundraising was closed last Friday, the same day Bitcoin experienced a multi-month low.
Underpinned helps companies pay freelancers with Banked
“The number of people choosing freelance work has grown rapidly,” says UnderPinned CEO.
Central banks free up US dollar liquidity amid coronavirus pandemic
The price on the US dollar liquidity swap arrangements will go down by 25 basis points.
Amazon VP Maria Renz joins Californian fintech SoFi
For a time, Renz was Bezos’ first and only female adviser.
Over one million users migrate from Yes Bank’s to ICICI Bank’s UPIs
The collapse of Yes Bank is causing ripple effects for UPI partners.
UK challenger ikigai to launch flat-fee investment account
“I think the pain points are quite similar across different income levels,” says co-founder.
Tandem launches AI personal finance adviser Ada
The AI assistant can predict cashflow, spending patterns and forecast balances.
Video: Top fintech stories this week – 13 March 2020
FinTech Futures’ weekly news round-up.
Revolut launches gold trading for Premium and Metal users
The neobank will apply a 0.25% markup, with no other fees.
BandPay lands $2m to help musicians get paid
“This is a crucial investment,” says co-CEO.
Global fintech funding: 2018 still stands as the reigning year
As of February 2020, year-over-year deal counts were down by 22%.
Wirecard strikes again with Klarna payments partnership
Also this week, Wirecard teamed with Southeast Asian ride-sharing firm Grab.
Neyber sells up to biggest rival Salary Finance
The sale is “understood to have seen Neyber’s assets sold for a meagre sum”.
