China’s efforts to roll out a CBDC could create more competition for mobile payment giants like Ant and Tencent, which are already under serious regulatory scrutiny.
UK neobank picks JPMorgan to advise for £100M round: Zopa’s growth in areas like auto loans and credit cards has kindled its hopes of achieving unicorn status and going public. The new round could help Zopa scale up product lines without direct competition from other prominent challengers.
MX aims to make micro-deposits verification less annoying: The banking technology company is teaming up with API provider Dwolla to automate the micro-deposits process. The collaboration will help banks simplify their customers’ experience when linking their accounts.
Trips to the bank have shifted from the default way to bank to something done only when absolutely necessary. Banks should optimize physical locations to meet customers’ desire for “more meaningful experiences.”
While Facebook’s digital currency remains MIA, Twitter and Amazon are making their own headway in cryptos—all in a bid to simplify payments on their global platforms.
SouthState aims for a bigger Atlanta-area footprint: Its planned purchase of Atlantic Capital for around $542 million would enlarge the regional bank’s market share in the metro area—and add a lucrative fintech and payments business.
Starling’s maiden tie-up takes it deeper into lending: The challenger’s £50 million ($64.1 million) deal for specialty lender Fleet Mortgages lets Starling put its deposits to work and takes it into a space that’s not crowded with UK neobanks.
Tesco Bank to ax current accounts due to low primary usage: The UK retailer’s banking unit will close the accounts in November. Other banking players in the market could pick up Tesco’s exes, but the low primary status rate means the upside is limited.
Fintechs raised $30.79 billion, accounting for $1 out of every $5 raised for startups across industries—and newly raised, multibillion-dollar fintech funds will keep up the momentum in the coming quarters.