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Tag: Monzo

May 19, 2023

Power Struggle: Revolut May Or May Not Be Granted A Banking Licence In The UK!

Over the last 48 hours, rumors have been circulating about granting the UK banking license to Revolut. One hears that the regulators would deny Revolut the banking license. There was also talk that Revolut had offered the regulators to withdraw the application. The Guardian reports that the UK government intervened and coordinated talks with Revolut as part of its growth strategy. Founded in 2015 by Russian-born Nik Storonsky, Revolut is the highest-valued FinTech in the UK.

May 14, 2023

Fact Check! The Ridiculous Black Banx Claim Of Being A $50-Billion FinTech Giant!

Self-proclaimed German FinTech billionaire Michael Gastauer has long suffered from an addiction to portraying himself as big and powerful. Over the past decades, he has built a payment scheme with a network of companies and brands through which funds from illegal transactions were also laundered. He is active with Black Banx, which reportedly has over 20 million customers and would be worth $50 billion. There is virtually nothing that can be verified.

Fintech

May 5, 2023

Challenger Bank Monzo Announced Milestone With 250k Business Customers!

The UK-based challenger bank Monzo has achieved a significant milestone of attracting a quarter of a million business customers, equating to one in 23 businesses in the UK using its services. Monzo was one of the earliest app-based challenger banks in the UK. It entered the business accounts market three years ago, one year after its main competitor, Starling Bank, which has 520,000 small business accounts, translating to an 8.9% market share.

July 19, 2022

Strategy Change! UK FinTech Starling Withdraws Application for A European Bank!

Amit the FinTech downturn, UK-based neobank Starling Bank has withdrawn its application for a European bank license with the Irish central bank. Starling will instead focus on selling its software-as-a-service product and expanding into new areas of lending, CEO Anne Boden told staff in a memo Monday. Starling is one of the U.K.’s largest online-only banks, with more than 3 million clients, 500,000 of which are businesses.

May 27, 2022

While The FinTech Sector Goes South, High-Risk Payment Processors Are Still Bullish!

If we were to look back in a year or two, we might find that the last week of May 2022 manifested the trend toward the entire tech sector's crisis, especially in the FinTech sector, which saw a C19 Pandemic-boosted hype before that. FinTech unicorns like Klarna or Bolt announced massive layoffs. Online payment pioneer PayPal as well. In contrast, the high-risk payment segment still seems to be booming. Alex Leigh, the co-founder of Total Processing, has made a job offer to the terminated Klarna people via a LinkedIn post.

January 29, 2021

Brazil FinTech Nubank received fresh $400M at record-breaking $25B valuation

Forget the European FinTechs like Revolut, N26, Monzo, or Starling Bank. Brazil's Nuban beats them all. The Brazilian superstar Nuban announced that it had raised a $400M, putting their total funding to $1.2B. The company received an astonishing $25 billion valuation (up from $10 billion in 2019). They have an impressive track record and managed to acquire 34 million users' customer base.

Fintech

January 28, 2021

FinTech 2021 – German unicorn N26 still on the growth track planning acquisitions

The German FinTech unicorn N26 evidently seems to be on an unstoppable growth trajectory despite high losses. N26 said net losses at its core European business came in at 110 million euros in 2020, down from €165M in 2018. N26 has plans to make acquisitions, hire more employees , and expand into Brazil.

January 22, 2021

Seriously? UK FinTech Unicorn Monzo on the course to collapse!

Some FinTech could face collapse, analysts argue. According to GlobalData analyst Katherine Long, UK FinTech unicorn Monzo could be the second major collapse in the FinTech universe after the collapse of Australia's Xinja. Monzo is becoming an “increasingly expensive charitable cause for the UK market” and could be the first big UK challenger bank to collapse unless it changes its approach towards a more sustainable future.

December 17, 2020

FinTech Review – FCA-regulated Bilderlings with Latvian roots

Bilderlings Pay Limited is regulated as an authorized e-money institution under reference No 900637 since May 2018. The institution is doing business as Bilderlings (www.bilderlings.com and www.bilderlings.eu) and offers international payments with app and debit card. Like TransferWise et al. The company was founded back in December 2015 and is led by Latvians Deniss Polakovs and Andrejs Zaharovs. Until recently, Latvian Aleksandrs Peskovs was listed as the beneficial owner.

December 13, 2020

European Fintech Festivals – Tink and Solactive receive €135 Mio fresh money

The COVID pandemic seems not to want to end. The BREXIT talks still show no promising perspectives, and nobody knows where the EU, Europe, and the world will be in a few months. This seems to motivate investors to invest even more in FinTechs. Theoretically, many FinTechs should benefit from the age of the home office economy triggered by COVID-19. This week again, the two EU-Fintechs Tink and Solactive announced successful financing rounds.

December 2, 2020

UK FinTech unicorn raises £125 million amid COVID-19 pandemic

Monzo, one of the "Big 3" U.K. challenger banks aka FinTechs besides Revolut and Starling Bank with more than 4.8 million customers just closed another £60 million in funding, priced the same as its last round in June when it raised £65. The new investor valued Monzo at around £1.2 billion. It was a down round, actually. The bank received a 40% hit in its valuation compared to its June 2019-round which gave it a valuation of £2 billion.

October 12, 2020

The PayTech Papers – Regulatory Challenge in Fighting Cybercrime

The revised Payment Services Directive (PSD2) to regulate payment services throughout the EU and EEA came into force in January 2018 and officially kicked-off the “Open Banking Era” with FinTech unicorns TransferWise, Revolut, Monzo, or N26 leading the pack. The number of licensed PayTechs in the EEA exploded as a study published in July 2020 shows. Unfortunately, the number of unregulated and therefore unauthorized acting PayTechs specializing in scams and cybercrime also exploded.