Nigerian embedded-finance company raises $3.5M: OnePipe could bring more Nigerians into the banking system by helping non-banks offer financial services. Its top line will also benefit from fees and loan interest.
Banks need OCC’s approval for some crypto, stablecoin activities: A supervisor office must consent before banks can jump into crypto custody or holding US dollar deposits backing stablecoins. An initial chilling effect will wear off after banks adjust.
While it’s meeting consumer demand for holistic coverage, it falls short on scalability. The debt and equity raise will help it expand.
Revolut’s regtech tie-up is a blueprint for neobanks to boost compliance: A regtech’s AI-powered monitoring will track regulatory developments. This proactive approach would benefit digital-only banks that have focused more on speed than on oversight.
Black-owned fintech adds neobanking with retail partnerships: Novae’s online-banking product targeting the unbanked lets customers reload debit cards at three big retailers—filling gaps in low-income areas without many branches.
Eschewing a primary provider deal in favor of keeping both public and private clouds reduces risk to service quality. But this pricey approach only works for big financial institutions.
Lydia added trading, but its suite of services still pales in comparison to competitors included within Insider Intelligence’s list of super apps.
Judo Bank looks to simplify SMBs’ financial paperwork: UK-based API provider Codat will help the Australian neobank to streamline sharing financial data with services like accounting platforms and turn convenience into a selling point.
Customer-friendly services—like switching current accounts and data sharing through open banking—helped almost one in three UK consumers form new banking relationships.
Z1 could replicate Nubank’s success by winning over Gen Zers: The neobank bagged $10M to fund its strategy of targeting Latin American teens and young adults. If it builds enough brand loyalty, doors will open for product cross-selling.
The crypto exchange raised $400M to facilitate access to the next iteration of the internet but it's starting further back in the race.
Banks must tell regulators about cyber incidents within 36 hours and inform consumers “as soon as possible.” This transparency will speed up response to breaches and improve consumers’ trust.