Revolut could up user engagement with cash prizes: The neobank is urging UK customers to enter prize drawings by garnering points linked to app activities—using gamification to build engagement and provide data for future programs.
Marcus UK users get interest rate bumps: Goldman Sachs is giving its UK direct bank customers higher interest rates on two savings products—in return, the bank gets a shot at more users for cross-selling.
Coming in at No.1 confirms that it’s the preeminent neobank in the US—but it still could use a national banking charter to help build trust and hang onto its growing customer base.
eToro eyes another quarter of strong user acquisition after a record Q1 thanks to sustained retail investing activity and its expensive US expansion—expect other US trading platforms to share similar record user growth in the coming months.
NCR offers crypto trading to hundreds of banks: The banking services provider is teaming up with crypto custodian NYDIG to give trading capabilities to 650 US banks and credit unions, better arming smaller players against aspiring financial super apps like Venmo and Revolut.
Credit Sesame users can build credit with their debit cards: The company is enabling users of its Sesame Cash banking service to develop credit histories through debit transactions—as financial institutions look for ways to foster alternative credit data.
The US regional bank joins other incumbents that have recently added a feature which used to be a differentiator for neobanks—and broadens its safety net for customers in need of short-term financing.
The downturn forced issuers to take steps to mitigate risks and maintain primary card status. But with much of the US beginning to look past COVID-19, issuers can now switch gears to focus on growth again.
The growth of investment robo-advisors—algorithm-based account services—spiked last year across the US, the UK, and Canada as investors, especially those belonging to younger populations, took advantage of investment opportunities during the pandemic. For instance, independent robo-advisors Wealthfront and Betterment both reported double-digit increases in account openings during the pandemic.
The fintech’s $100 million round shows growing confidence in the crypto sector, as regulations and new use cases increase and make solutions like Chainalysis’ more valuable.
Wells Fargo hands over 280,000 PPP loans: The banking giant’s track record of issuing loans over the course of the pandemic-era program could help improve its standing with regulators as it seeks to end its asset cap.
JPMorgan gingerly enters Brazilian retail banking: The US-based banking giant seeks exposure through a pending 40% stake in digital-only player C6 Bank—the investment will help the neobank compete in a crowded challenger space.