The original venture backers of Canadian eCommerce lender Clearco are reportedly buying a loan made to the company by Silicon Valley Bank (SVB). Inovia Capital and Founders Circle Capital, joined by the still operating venture capital arm of SVB, are buying SVB’s $60 million loan to Clearco, Bloomberg reported Friday (Aug. 4), citing unnamed sources....
Revolut is now offering accounts to non-United States citizens lawfully in the country, who do not have a Social Security number (SSN) or individual taxpayer identification number (ITIN). With this extended availability, the digital banking and lifestyle app can serve the more than 2.5 million people who are...
J.P. Morgan reportedly plans to expand its online banking platform Chase into Germany and other European Union (EU) countries. Preparations for such a move have been reported previously, but CEO Jamie Dimon confirmed the plans for the first time in an interview published Friday (July...
This next installment of PYMNTS’ mini-series on consumer behavior popularized during the pandemic focuses on the rise of digital-only banking. Traditional, brick-and-mortar banking through well-established financial institutions (FIs) was the standard until lockdowns and restrictions swept the globe, driving consumer adoption of online banking platforms...
Digital-only banks may fill the gap between traditional institutions’ low rates and Apple’s reported newcomer wrinkles. As some of Apple’s first set of savings account users are learning, early adopters get the cachet of signing up early — along with the brunt of a new...
It is apparently a good time to be an online bank. As The Wall Street Journal reported Saturday (June 3), these banks took in more deposits than they lost so far this year while regional lenders like Truist, Citizens Financial and PacWest saw their deposit numbers fall....
From high fees to complex applications and an impersonal service, the business current accounts offered by traditional banks still leave a lot to be desired, said Richard Davies, CEO at Allica Bank, a regulated U.K. neobank which provides savings, lending and payments services for small...
Neobank N26 has launched a savings account in Spain as it weathers a turbulent period. The new Instant Savings account, announced Tuesday (May 26), offers eligible customers in Spain an interest-bearing savings account with 2.26% yield and no conditions of permanence, minimum deposit requirements or excess fees....
Embedded finance is made possible by banking as a service (BaaS), a fee-based model that enables nonbanking entities to provide financial services to their customers through direct connection with banks via application programming interfaces (APIs). In effect, BaaS allows nonfinancial companies to “embed” banking products and services into their...
