Lloyds dangles £100 for account switchers, but how will it keep them? The UK bank is aiming to grab new customers for a pair of accounts via a bonus it’s offering through October. Convincing them to stick around is the real challenge.
Marshmallow joins Zego and Tractable in surpassing a $1 billion valuation thanks to its data-driven and flexible coverage, highlighting that changing driver behavior and expectations during the pandemic are here to stay.
PayPal signed an agreement to buy the Japanese BNPL provider, which can help it gain a stronger foothold in Japan’s budding installment lending market and overall digital payments space.
Monzo’s 100,000 business accounts are much-needed good news: The neobank reached this milestone just 18 months after its product launch—a development that stands out against the backdrop of the company’s concerns about its viability.
Mastercard gets shot at European open-banking growth with Aiia: The credit-card giant plans to integrate features from the European API provider with Finicity— a combination that has a shot at becoming a de facto open-banking technical standard.
The new offering lets customers designate accounts that can be automatically scoured for funds if an overdraft occurs. It’s another example of an incumbent co-opting what’s been a competitive advantage for challengers.
The country adopted Bitcoin as legal tender on Tuesday, but we have reservations as to how a decentralized currency designed to operate outside government control will support its economic goals.
As the consumer-facing BNPL market heats up, these banks could find success thanks to their strong user bases and acceptance foundations.