Tide’s turndown of SMB program underscores the limitations of not being a real bank: Because it’s not eligible for Bank of England funding reserved for legal banks, the UK neobank has declined to offer a government-backed repayment choice for small and medium-sized businesses (SMB) that borrowed under a pandemic-era relief initiative. This may motivate Tide to get its license.
Revolut’s new trading fee fix signals focus on turning a profit: The UK-based neobank’s second commission increase in less than a year and its introduction of a percentage-based cost suggests that its focus is shifting from adding customers to making money from them.
The top 10 P2P payment apps worldwide
Coinbase goes on an acquisition spree to stay ahead and we expect it will soon close the acquisition of a crypto fund provider.
NAB’s Citigroup deal bulks it up further as Afterpay/Square looms: The Australian banking giant’s unsecured loan book will get a big boost from the proposed deal. That and a platform upgrade adds even more heft to NAB in any face-off against Afterpay and Square.
Are neobanks on the verge of hitting consistent profitability? The UK challenger bank Atom has reached its first monthly operating profit. Neobank milestones like this suggest that the challengers are starting to find solutions to the profit problem.
If your friends all jumped into the same neobank, would you? The UK fintech Kroo has raised $24.5M and plans to push for a banking license. Its product suite focuses on transactions among friends—but it’s going to have to differentiate its offerings from Revolut’s to succeed.
Retail loyalty programs—the most prevalent type in consumers’ wallets—help brands develop lasting customer relationships through easy, accessible, and appealing incentives. Co-brand credit cards—issued as partnerships between major brands, banks, and card networks— have long been a key piece of that puzzle.
In submitting its IPO plans, TypTap joins a wealth of fellow insurtechs also going public during another banner year for insurance IPOs.
The number of Medicare Advantage plans offering social health-focused benefits increased three-fold over the past year, but their members aren’t using them—we explore how tech from SDOH startups like Papa can boost uptake.