While the surge in new Fintech companies is fuelling a boom in cashless payments, traditional banks appear wary of joining the fray. They fear of losing trust in their brand and the service experience customers typically enjoy. Only about a half of banks plan to make full use of application programming interfaces (APIs). Fintech Global.
The UK banking provider for small and medium sized enterprises, Cashplus, has added further in-house services for its 100,000 or so existing customers. An extra 11 third party financial products – such as payments service Square, website-builder Wix, and open office space provider WeWork – are now available through Cashplus. altfi.
London-based Fintech and digital banking provider PrePay Solutions (PPS) is hoping to hedge against potential disruption to its business by Brexit by securing an e-money licence from the National Bank of Belgium (NBB). The licence allows it to continue trading throughout the EU whatever the fallout from Brexit. Fintech Futures.
Conventional banks run the risk of losing out on $280 billion if they fail to take advantage of new Fintech technology. At the same time, the burgeoning global payments industry stands to enjoy a surge in a further $500 billion by the year 2025. Fintech Global.
Crowdfunding has helped Fintech companies raise more than £126 million in equity funding in the past 12 months, with £71 million of that coming in 2019 alone. This is the funding route chosen by many startups, including investment providers Seedrs and Crowdcube. altfi.
Fintech startup and currency exchange service Currensea is launching a new debit card. It allows customers to make payments abroad directly from their existing bank accounts while saving as much as 90% on the exchange rates offered by high street banks. Fintech Futures.
New Fintech startups are giving traditional banks more than a run for their money by capturing a greater share of the market among retailers and small businesses. The challengers use cutting-edge technology and feedback from customers themselves to offer an improved service and experience – with traditional banks losing out in that process. The Financial Brand.
The UK’s status and reputation as a leading provider of new Fintech companies are helping to forge a stronger relationship with India. Partnerships are blossoming between the UK’s Fintech sector and the more than 3,000 similar startups in India. Leading players in the sub-continent include Paytm, Policybazaar, and TMWpay. Economic Times.
Monzo – the runaway success in UK digital banking – claims that one in 20 adults in the country now has a Monzo account. With an existing customer base of 3 million, the bank is adding a further 55,000 a week. Growth has been so strong that the bank can now afford to end its customer referral rewards incentive scheme. altfi.
In a comparison of Fintech startup challenger banks, Revolut emerged as the first choice for frequent travellers – a role it shared with N26 for expats and those with families abroad, Monzo for creators and developers of new technology, and Starling for sole traders and small businesses. Though, if you’re very rich, it may pay to keep your money in a traditional rather than digital bank. Wired.