Financial Services

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.

On today's episode, we discuss what cryptocurrency is, why it's popular, what it's used for, and which coins will lead the charge and why. Tune in to the discussion with eMarketer vice president of content and head of financial services Daniel Van Dyke and financial technology analyst at Insider Intelligence Victor Chatenay.

JPMorgan gives in: ‘Yes, you can have your crypto funds’: In a first from a big US bank, JPMorgan is offering some of its retail clients a choice of five funds. This could help the banking giant dissuade customers from moving funds to fintechs—and spur other incumbents to make similar rollouts.

Fifth Third puts Midwestern branches on chopping block: The US bank plans to shutter 42 branches and use the savings to fund tech improvements. Its actions are in keeping with moves across the sector.

Spending on travel and entertainment and goods and services saw strong growth driven by Amex’s rewards revamp—and the issuer can keep riding this wave by gearing rewards and solutions to younger consumers.

Revolut throws a bone to free-tier users: The UK neobank will now pay interest on its Standard customers’ deposits. The new terms will keep Revolut competitive with fellow neobanks and incumbents in its home market.

The life insurtech will use this and the $200 million that it recently raised to fund an expansion—just as interest in life insurance innovation is ticking up.