Curve reports widening operating losses despite revenue growth in 2020
The banking platform suffered from the high costs of doing business during the pandemic.
Financial Results
Box: Insurance isn’t just about premium rates, it’s about the entire user experience process
Vaneet Grewal, Box’s financial services managing director, talks to FinTech Futures.
OakNorth Bank lands £77.6m pre-tax profit despite COVID-19 provisions
The fintech lender’s total assets now sit at £3.1 billion.
Why the BNPL sector is growing like crazy
There is plenty of room for experiments in BNPL, and many customer segments are yet to be addressed.
Lloyds spends big on tech projects as profits slump 72%
The bank spent around £1.2bln on tech in 2020, equivalent to the profit it generated for the year.
HSBC explores options for loss-making US arm as profits dip 34%
Asia delivered HSBC a $13 billion adjusted profit before tax in 2020.
UK challenger OakNorth faces £97m in defaults from ten borrowers
All but two are down to property development loans gone bad.
Italian neobank illimity turns €16m loss into €31m profit in a year
The neobank’s best-performing arm, by a long way, was its NPL unit.
Bill.com edges closer to profitability, shares up 30%
Between last October and December, revenue was up 38%, to $54 million.
PayPal posts 22% revenue rise on back of e-commerce growth
2020 set unprecedented records for PayPal, but its 2021 outlook is more conservative.
Santander’s profits down 35%, but Botín bets on vaccine for 2021
“Vaccination is the most important economic policy for 2021,” says Botín.
N26 mulls acquisition despite net losses tripling in 2019
N26’s failed UK expansion cost it a total of €26.9 million.
Tandem quotes same “material uncertainty” as Monzo in 2019 financials
Tandem’s plan is to be profitable by July or September 2021.
Revolut hot on Starling’s heels, breaks even in November
“We’re doing much better compared to pre-Covid times,” says CEO.
Virgin Money profits dive 77% as it braces for bad loans
Before impairment charges, Virgin Money’s underlying profit stood at £625m.
NerdWallet makes second acquisition in 2020 with Fundera
The deal with Fundera sees NerdWallet continue to diversify its business.
HSBC could start charging for “basic banking services”
It reported a 35% fall in pre-tax profit during the third quarter of the year.
German fintech lender Monedo files for bankruptcy
Founded in 2012, Monedo was called Kreditech until earlier this year.
Klarna’s losses widen following first year of negative profit
Profits have been slowly declining for the company.
Revolut’s losses treble to £104.7m after year of rapid growth
Revolut’s revenue was up to £162.7 million in 2019.
Four lessons we can learn from the biggest financial technology scandals
From Wirecard and Enron to Bernie Madoff and Parmalat.
PolicyBazaar’s CEO calls SoftBank-backed expansion a “mistake”
“The point is you don’t double capacity suddenly, it doesn’t help,” says CEO Yashish Dahiya.
How to prevent your cloud finances from sinking you during economic turbulence
Practical steps to establish and maintain a successful cloud financial management (CFM) strategy.
Wirecard’s former CEO Markus Braun arrested
Munich police say a criminal investigation into Wirecard has been launched.
Is Monzo’s 40% drop in valuation a sign of things to come for tech start-ups?
Investors in the company believe the drop is nothing more than a minor blip.
SoftBank’s Mayoshi Son compares himself to Jesus Christ on investor call
Son noted that Jesus was also misunderstood and criticised.
Jack Ma resigns from SoftBank Group’s board of directors
SoftBank reported an annual operating loss of JPY 1.36 trillion ($13bn).
Travelex owner Finablr reveals $1bn hidden debt
Finablr’s debt sits at $1.3 billion, compared to the $334 million it reported.
Revolut lets staff swap pay for shares in the challenger bank
Revolut’s co-founders Storonsky and Yatsenko are forgoing their salaries for a year.
FCA requests listed companies delay publishing preliminary financials
It highlights that this statement does not apply to AIM-listed companies.
SoftBank to sell $41bn in assets to firm up financials amid virus outbreak
The company’s share price shot up 18.6% in Japan today.
ID Finance’s revenues hit $86.6m across Spain, Brazil and Mexico
“Despite macroeconomic volatility, the company plans to continue its growth,” says CEO.
Travelex owner Finablr prepares for insolvency
Finablr processed $115 billion in transactions in 2019, and more than 1,500 firms rely on it.
Revolut loses CFO after just six months, brings in interim CFO from SLA
David MacLean joined Revolut from Metro Bank last July.
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.
Video: Top fintech stories this week – 13 March 2020
FinTech Futures’ weekly news round-up.
HSBC posts 47.8% overall pay gap, nearly double industry average
HSBC’s female employees are earning nearly half of what their male counterparts are.
OakNorth Bank’s profits nearly double in 2019 but growth slows
The SoftBank-backed lender did see a slow down in its total loan facilities.
Europe’s joint largest fintech start-up Klarna reports its first annual loss
The operational loss is down to its US expansion and its set up of a Berlin-based tech hub.
Video: Top fintech stories this week – 14 February 2020
FinTech Future’s weekly news round-up.
