Mexican corporate card provider Clara has neobanking potential: The fintech’s new payment solution gives businesses access to its credit line and lets them schedule as many as 100 payments at once. It’s another building block that Clara could use to become a neobank.
Santander says cashflow app will help UK SMBs’ pandemic recovery: The bank’s app, in partnership with fintech Tomato Pay, lets small and medium-sized businesses (SMBs) view activities from all of their accounts in one spot and settle payments instantly.
Hippo’s public debut continues the SPAC frenzy, with many similar deals likely to follow in the next few years. But will all these SPAC companies be able to find lucrative acquisition targets?
It’s Citibank vs. Afterpay (and Square) in a Rumble Down Under: The bank’s launch of a BNPL product in Australia sets up Citibank against Afterpay, whose pending merger with Square gives the combined company potential as an Australian SMB-focused neobank.
The Spot card’s vast acceptance network could make Citi a formidable player in the BNPL space and threaten business for incumbent players like Afterpay and Klarna.
Every state in the lower 48 now has a Chase branch: The banking giant can boast of a physical presence in all 48 contiguous states. It’s expanded into 10 states this year alone—this push is a contrarian bet, as other banks have been cutting branches.
Meanwhile, the separate phased migration of legacy BB&T and SunTrust accounts to Truist’s combined digital platform will help limit the bleeding, should major glitches happen.
One of Insider Intelligence’s latest reports discusses how HNWIs’ needs are changing and how technology can enhance onboarding, omnichannel capabilities, and ESG investments.
Nigerian neobank raises $55M and mulls expansion: Kuda says its user base has doubled since March, and it’s looking to broaden its presence across Africa. This initial success will boost its chance at grabbing a crucial early lead in the region.
With its new digital identity verification feature, prospects don’t need to visit a branch to open a new account. Adoption of a similar offering by CIBC’s peers could further entrench incumbents against new entrants.