Fintech News Review for the 29th November

By Jason Hulott | Fintech News

Podcast interview with Luvleen Sidhu, Co-founder of BankMobile, about the five-year-old Fintech’s business model. Their white-label partnerships have seen them deliver accounts with T-Mobile and to the student finance sector. Internally, BankMobile is taking steps to establish the fair treatment of female executives in terms of status and pay. Wharton

The possibilities of the open banking revolution keep opening up, with the latest plans centring on data integration. A partnership between small business accounting specialists Xero and payment provider CreDec sees users send and receive payments without leaving the app. Meanwhile, Plaid’s expansion into the EU continues, with API integrations agreed with several established banks including Santander and BNP Paribas. Pymnts

$200m startup Curve, which unites multiple accounts onto a single card, claims to have over half a million customers. Leaked internal data, however, suggests that only 80,000 of them are regular monthly users. After breaking records on the online investment platform Crowdcube last year, some investors are calling for greater data transparency from the company. Business Insider

NatWest has launched Bo, an app-based digital bank aimed squarely at the Fintech market, dominated by Monzo and Revolut. Besides a distinctive yellow Visa card, users will have access to “great Visa exchange rates” when using their card outside the UK and the app contains money management and budgeting tools to help customers stay on top of their finances. Bo’s CEO hopes that the stability of NatWest will work alongside the innovative approach needed to provide a service in line with the needs of its customers. CNBC

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Mobile bank Bunq is stressing its green credentials with the launch of a limited edition Green Card, which sees a tree planted for each $100 spent (with an annual $99 fee). Run in partnership with Eden Reforestation Projects, the scheme will centre on Madagascar, offering secure employment to workers and taking advantage of the superior carbon-capturing capabilities of the island’s mangroves. To further make its case, the Green card is 50% steel to limit the use of plastics and lasts for six years between renewals, almost double the normal duration. Finextra

Research from Mastercard has revealed an eightfold growth in payments made across Europe using wearable devices. With 1 in 5 adults now using a smartwatch or fitness device, Mastercard claims the wearables payment market could be worth €30bn by 2020. The Netherlands has had the most significant uptake, with 33% of all wearables transactions, followed by the UK at 18%. Fintech Global

A study by Oliver Wyman suggests that financial services companies are missing out on $700bn a year – by not correctly serving the financial needs of women. Women are increasingly influential in purchasing financial products, but the services don’t always reflect their needs even when ostensibly gender-neutral. The research suggested that improving the gender balance in senior positions would lead to better business outcomes for financial services providers. Fintech Global

Platform-based Fintechs are using feature-creep to expand their reach from their core business to the financial sector. Giants like Alibaba and Amazon are ubiquitous, are on their customers’ phones and computers and have built a wealth of goodwill and brand recognition which Fintech startups can’t match. There are opportunities there for Fintechs to offer their problem-solving capabilities in partnerships and hitch their star to these growing service giants. Forbes

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About the Author

Jason Hulott is Business Development Director at Digital Marketing Specialists, Speedie Consultants. He is Google Partner certified. His role is to identify and implement traffic generating and revenue increasing ideas for our client base.