HSBC users face payday digital-channel outages: Affected customers couldn’t properly access online and mobile banking services on Friday, which included being unable to make payments. The timing of the outages could hurt users’ trust in HSBC.
Monzo’s losses widen while its revenue stays strong: The UK neobank’s annual report reveals a mixed bag of news: Its deposits are soaring, but it’s the subject of a Financial Conduct Authority (FCA) probe. Its results show it’s less volatile than Revolut, but it’s missing Starling’s stability.
Lloyds has closed its first major acquisition since going private in 2017 to benefit from Embark’s tech capabilities and innovate its retirement and retail wealth offerings.
The UK-based neobank now offers app support for people making cross-border transfers between the countries. Its US division CEO spoke to Insider Intelligence about the feature and Revolut’s plans for a US-focused marketing push and expansion into Latin America.
iCapital Network reached a $4B for broadening access to an asset class traditionally held by institutional investors—a key service for wealth managers to meet HNWI demand.
Visa reported a 34% YoY rise in payments volume in its fiscal Q3—and its recent moves in the BNPL, cryptocurrency, and cross-border payments spaces can help it maintain its trajectory and build market share.
Citizens marches onward with push for scale: The US regional bank seeks to bulk up in the New York City and Philadelphia metros through a $3.5 billion tie-up with Investors Bancorp. But its mobile offering needs to improve to retain the customers it’s gaining.
Get them while they’re young (and maybe you’ll get them for life): The children’s finance app Spriggy plans more products after raising AUD $35 million. Current offerings range from letting parents give their kids pocket money to helping them invest. In time, app and kids could grow up together.
By giving its users access to cross-border fund transfers for more than 100 countries, the Brazil-based neobanking juggernaut can promote its brand well beyond its existing markets.
The bank filed an application to launch an ETF comprising crypto-related firms, but we’ll likely have to wait a few months until such a product is on the market.