Following the discovery that half of all 22 to 29 year-olds have no savings at all, mobile bankers Tandem have launched a “Savetember” campaign to encourage young adults to save more. The bank is encouraged that mobile bankers are probably keener to save than others, with almost half of them saving regularly each month. Tandem.
Millennials – those aged between 18 and 34 – are among the most likely to be victims of banking scams and fraud. Each one of them loses an average of
£2,630 through scammers impersonating bank staff, police or the taxman. The age group’s higher use of online banking apps makes them more vulnerable than others. Fintech Times.
Faster and more affordable debit and credit card payments processing is promised to business customers of TSB thanks to the bank’s recent partnership with payments provider Square. Business banking account holders receive a free Square Reader to accept payments from customers and get their first £1,000 of sales processed free of charge. UKTN.
The first quarter of this year alone saw a total of €2.7 billion invested in European Fintech companies. Among the startups to watch out for are: Cleo – a virtual finance assistant; London-based Curve – for everything you might want in a mobile wallet; Trussle – an online UK mortgage broker; and Wagestream – a London-based app that allows the employed to draw down a percentage of the wages they’ve earned any day of the month. EU Startups.
Indeed, one of those startups, Curve, broke all previous records by raising £4 million in a matter of minutes after the launch of its recent crowdfunding pitch. It becomes the first-ever startup to achieve that figure. Fintech Times.
The beginning of the new year is expected to see Edinburgh become a centre of global excellence in Fintech. The Global Open Finance Centre of Excellence has been set up by a consortium of banking and Fintech companies, in partnership with the University of Edinburgh, and is on the brink of agreeing on funding from international philanthropic organisations, banks and Fintech companies. The Scotsman.
The recent explosion in the number of online banks is set to mushroom still further in the year ahead. An estimated 35 million customers from every corner of the globe are expected to sign up to a host of different digital banks. Profitability for that ever-growing sector of Fintech companies, however, is likely to prove elusive. Finextra.
Mobile banking app N26 launched in Switzerland, where users qualify for five free withdrawals a month in euros (for withdrawals made within the EU) and no foreign exchange commission on card payments made anywhere in the world – a boon to frequent travellers. Fintech Times.
Cloud technology specialists Spaceti has partnered with the Network Control Group (NCG) of London in a bid to transform the British property technology market. The partnership aims to manage the installation of smart office platforms designed to increase work efficiency, effect time-saving practices, and generally improve employee wellbeing. Fintech News.
Revolut is to base its customer operations centre – for customer support, compliance, investigations and complaints – in Porto, Portugal, a country where it aims to employ around 400 people. Although originally founded in London, Fintech banking app Revolut has spread rapidly across Britain and the rest of Europe to a stage where it now claims six million customers. Tech Crunch.