Neobank Weekly: Atom Bank Contracts With Insurance Firm Gallagher

United Kingdom-based Atom Bank signed a deal with Gallagher, the insurance firm also based in the U.K., to provide the businesses with insurance and risk management advice.

“We were looking to partner with an insurance broker with demonstrable fintech sector expertise which could help advise us on the right types of insurance and risk management solutions we needed, as a firm targeting ambitious growth in a fast-evolving sector,” Laura Farnworth, general counsel at Atom Bank, said in a statement.

Revolut Debuts Payroll Service for UK Companies

Revolut business customers in the United Kingdom can now access payroll processing. Companies who have a Revolut business account can integrate its new payroll feature with its other company finance-related services.

In a statement, Revolut said it hopes this new service will help small and medium-sized businesses with limited resources to accelerate and simplify payroll for their employees.

ClearBank and UK Challenger Bank 3S Money to Offer Multi-Currency Accounts

U.K.-based ClearBank has collaborated with U.K. challenger 3S Money to offer multi-currency accounts to its business and retail customers. By using ClearBank’s Application Programming Interface, 3S Money’s corporate clients can hold any number of currencies such as dollars, euros, and the pound in their accounts.

The lenders say the partnership will support small and medium-sized businesses as they expand across borders. The agreement was done to remove many of the challenges associated with cross-border payments.

Consumers, Businesses in Australia and India Can Now Access Revolut services

Revolut, the U.K.-based neobank, has obtained a license to issue credit in by the Australian Securities & Investments Commission. This gives Revolut the green light to lend money to consumers.

The move follows Revolut’s recent acquisition of Arvog Forex, the India-based FinTech that offers multicurrency accounts and payments services. This id the company’s latest effort to compete in numerous markets as they seek to operate as a financial super app.

Digital Bank D360 Wins Regulatory Approval in Saudi Arabia

Saudi Arabia will soon have access to a third digital bank. This one is called D360. The Saudi Central Bank, the country’s central bank, gave its approval.

With the addition of D360, today there are 35 banks in Saudi Arabia, including 11 local ones, and 21 foreign bank branches. In addition, there also 19 licensed FinTech companies that provide payment services, microfinance for consumers and electronic insurance brokerage.