Through the past several weeks and months, the drumbeat’s grown louder for regulations at the federal level to govern nonbanks — especially FinTechs, neobanks and Big Tech. And while the goal may be uniformity, there’s still a lack of concrete detail about who would be...
British neo-bank Monzo says it now has more than 500,000 business customers. And with that milestone, the company announced Wednesday (Oct. 16) a new plan for “bigger small businesses” called Team, designed to give business owners more control over their financial management with less expense...
There’s a commonality in financial services — for brick-and-mortar players and for several FinTechs, though the approach may differ: Serving the needs of lower-income households. The big banks have lost at least some share to neobanks — FinTechs that have been able to carve out...
Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against the neobank Wednesday (Oct. 2), noting that it stemmed from problems first identified in 2021. The fine comes amid a...
August 08, 2024
For platforms and neobanks, establishing direct deposits with end users offers an on-ramp to cross-selling opportunities and a wealth of additional revenue streams. The momentum has been underscored in recent earnings reports and announcements surrounding new products and services. The automated transfer of funds into those accounts — often through an accountholder’s paycheck — offers […]
June 21, 2024
The relationships between FinTechs, banks and neobanks has been placed under a harsh spotlight with the recent revelations around the Synapse bankruptcy. The reaction from the industry so far has...
January 24, 2024
Picture this: a 28-year-old $400,000 in debt who has never held a job. Would you give them a loan? Chances are, probably not. And that’s the thought taken by most...
December 22, 2023
As the payments industry gears up for 2024, exciting transformations are on the horizon. Many, in fact, are already here. And for those transformations that are just around the corner,...
October 16, 2024
British neo-bank Monzo says it now has more than 500,000 business customers. And with that milestone, the company announced Wednesday (Oct. 16) a new plan for “bigger small businesses” called Team, designed to give business owners more control over their financial management with less expense administration. TS Anil, Monzo’s CEO, said in a news release […]
October 02, 2024
Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against the neobank Wednesday (Oct. 2),...
September 12, 2024
Dutch neobank Bunq is reportedly launching a hiring spree as it aims to expand. The company’s chief executive told CNBC in a report posted Thursday (Sept. 13) that Bunq plans to expand its...
August 25, 2024
Neobank PrizePool is reportedly shutting down its consumer app amid an acquisition. That’s according to a report Sunday (Aug. 25) by Fintech Business Weekly, which says that winding down a...
