N26 “nearly” hits half a million US customer mark
“Over the past 12 months, we have learned a lot about our US customer base.”
Germany
Wirecard lets 730 employees go, more than half its workforce
The Munich court opened insolvency proceedings on 25 August.
London to maintain grip on EU clearing post Brexit
COVID-19 thwarts Frankfurt’s plans to grab clearing business from Britain.
N26 loses chief product officer Georgina Smallwood
Smallwood departs N26 to join a Berlin scooter firm.
BaFin employees increasingly traded Wirecard shares
2.4% of all reported private financial transactions by its staff were transactions with Wirecard in H1.
Commerzbank closes 200 branches
Commerzbank’s group profit fell by a fifth to €220 million in the second quarter.
Holvi becomes next UK casualty, exits just six months after launch
The Finnish start-up says its departure is down to both COVID-19 and Brexit.
Oracle wins Flexcube deal in Germany
Paymentworld and Heartland Bank pick up Oracle’s flagship system.
N26 founders get injunction against employees’ works council
A German union is still trying to push on with the meetings.
Women need to be empowered not preferred, says Modularbank CEO
“They looked at me, as if to say: ‘what is this girl doing here?'” says Vene.
N26 outed for 2019 data breach, employees ask for works council
Around 300 of N26’s 1,500 employees should have access to unencrypted data.
Automated accounting firm Candis raises €12m in Series B funding
Candis plans to use its new funds to expand within Europe.
EPA critiques FCA approach to Wirecard suspension
The EPA says the FCA should have reached out to it.
Deutsche Bank buys minority stake in Traxpay
Deutsche wants more European banks to invest in the platform.
BaFin gets “sovereign powers” after Wirecard scandal
The plan will also strengthen APAS, the body that oversees auditing firms in Germany.
Degussa Bank up for sale with 2021 deal expected
Frankfurt-based bank could worth up to €400 million.
Investment service Scalable Capital lands $58m in Series D
The start-up says it has more than $2 billion under management on its platform.
ApoBank contracts auditors over ongoing IT transformation issues
Customers of the German bank have had issues connecting to their accounts since June
Former Wirecard CEO Markus Braun arrested again
Jan Marsalek, the former COO, is wanted under an international arrest warrant.
Deutsche Bank snags Wirecard exec Kilian Thalhammer
Thalhammer will be joining Deutsche Bank in October to oversee its Merchant Solutions arm.
Banca Ifis breaks into Germany with Raisin partnership
Raisin to power cross-border finance for Italian firm.
Commerzbank plans 10,000 job cuts as CEO and chairman step down
Shareholder pressure saw Martin Zielke and Stefan Schmittmann depart earlier this week.
German business banking start-up Penta tops up Series B by €4m
The financing round adds to the fintech’s Series B in March.
Deutsche Bank signs Google Cloud strategic partnership
Deutsche picks Google after five-month negotiation period.
Aldi Nord switches card acquiring to Fiserv in five days
Fiserv steps in as long-serving technology partner for retailer.
Commerzbank shareholder calls for 7,000 job cuts
Cerberus Capital Management makes demands of German bank.
Andreas Bittner steps down as co-founder of solarisBank
His five-year contract with the banking-as-a-service platform came to an end on 30 June.
Wirecard’s UK subsidiary WCS: missed red flags
Red flags include late 2018 financials and a €156,000 lost lawsuit.
FCA lifts restrictions on Wirecard Card Solutions
UK watchdog allows payments to restart.
solarisBank lands $67.5m in Series C round
The funding was led by German VC firm HV Holtzbrinck Ventures.
IDnow hopes to bring video authentication to UK banks’ onboarding
Customers include Commerzbank, solarisBank, N26, and UniCredit.
solarisBank enables instalments for German AmEx customers
AmEx users can spread payments of more than €300.
Wirecard files for insolvency amid accounting scandal
The paytech owes creditors almost $4 billion after disclosing a gaping hole in its books.
Wirecard’s former CEO Markus Braun arrested
Munich police say a criminal investigation into Wirecard has been launched.
CFTC fines Deutsche Bank $10m for swaps failure & trade spoofing
Banking giant caught out by US regulator.
Wirecard shares plummet as it announces €1.9bn of missing cash
EY couldn’t find the cash balances — which represent roughly a quarter of its balance sheet.
Deutsche Bank to create new international private bank
The new global private bank will likely hold roughly €250 billion.
Klarna dips its toe in the savings market with Raisin
Offerings range to terms of up to 48 months.
Mobile banking platform Vivid Money launches in Germany
The challenger is working with solarisBank and Visa.
EY sued over Wirecard audit after management board comes under investigation
German regulator alleges Wirecard gave “misleading signals” for its stock market price.
