Financial Services

Nigerian neobank raises $55M and mulls expansion: Kuda says its user base has doubled since March, and it’s looking to broaden its presence across Africa. This initial success will boost its chance at grabbing a crucial early lead in the region.

With its new digital identity verification feature, prospects don’t need to visit a branch to open a new account. Adoption of a similar offering by CIBC’s peers could further entrench incumbents against new entrants.

TD Bank brings lending to the post office: A pilot program with Canada Post, meant to help rural and Indigenous Canadians in particular, will make personal loans available for financial emergencies—and could offer an alternative to high-interest payday loans.

While financial service's digital ad spending has historically outpaced the digital ad market, we expect a slowdown in 2021 and beyond as incumbents in both banking and insurance focus their budgets on technological innovations to compete with emerging fintech companies.

Established Indian fintechs, like insurtech PolicyBazaar, are seeking to cash in on increased investor interest in tech businesses and hostile Chinese market conditions by filing for IPOs

Square makes history: The payment giant will acquire buy now, pay later startup Afterpay for $29 billion to make inroads with younger consumers.

The deal for the buy now, pay later provider, worth about $29B, hands Square an opportunity to roll out a consumer-side neobank in the US and to straddle two neobanking segments in Australia.

SMB credit card fintech gets $100M to expand into crowded corporate US market: UK-based issuer Capital on Tap is ramping up in the US after making its plunge in March—we unpack the troubles ahead for small firms like it competing with established players and not much differentiation.

CBA latest Aussie bank to pare down branches: The bank will cut hours at 90 branches so they can be used as contact centers as its customers have moved toward other banking channels—part of a broader trend against branches.

Q2 insurtech funding is the largest on record, but just 15 late-stage deals accounted for two-thirds of the total, putting newcomers at an even steeper disadvantage.

Neobank for startups invites them to become its investors: On the heels of raising $120 million, Mercury is calling on its customers to join its shareholders. This initiative and a matchmaking service it offers for raising funds helps deepen its relationship with users and win over their loyalty.