In 2021, mobile finance apps reached 573.1 million downloads in the US, up nearly 19% from 481.9 million in 2020.
UBS’s $1.4B acquisition of Wealthfront brings in new tech and, more importantly, lots of affluent millennial and Gen Z investors.
Monzo hangs with a younger crowd: The UK-based neobank won’t join a postal-banking deal that will help older Britons, but it will expand into an investing space that attracts younger consumers.
Because the system can’t turn a profit, it can offer more competitive pricing, which may help spur adoption when it launches in 2023.
Solarisbank, Contis wrap up BaaS bulk-up: The newly merged European banking-as-as-service providers now have a scale that will help them compete in a crowded regional field.
As part of a broader push toward liquidity assistance, checking customers will get a $100 cushion for certain transactions. Alternatives like this are becoming a must-have in a post-fee landscape.
With a $550M raise, the crypto as a service platform quadrupled its valuation to $8B as large companies increasingly seek out opportunities in digital currencies.
Both card networks reported strong volume growth and outlined ambitions for cryptos and B2B payments.
he UK-based neobank’s remittances feature isn’t unique but could still help it build name recognition in Mexico ahead of a direct launch.
Diem could still succeed under bank ownership: Under Silvergate, a bank that offers crypto-related services, the ex-Meta stablecoin will have a better chance to stay clear of regulatory clouds.
Needham’s cannabis division buy could prove prescient: The Massachusetts regional bank’s pending acquisition of Eastern Bank’s specialty division sets it up for prominence within an often-shunned sector.