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New Financial Services

Selected news clippings
about the future of
financial services

#BankTech #FinTech / Current built its own banking tech. It’s a secret weapon in a crowded field.

… The startup built its own core banking infrastructure, whereas most other digital banks have outsourced this technology to other vendors. This enables Current to do things like account opening, debit card processing, real-time transaction decisioning and direct integration for rewards, cash deposits, ACH transfers and mobile check deposit by itself. It’s a key partContinue reading “#BankTech #FinTech / Current built its own banking tech. It’s a secret weapon in a crowded field.”

#FinancialInclusion / These startups want your kids’ allowance

Millennials and Gen Z are already prized markets for challenger banks. But competition is heating up in an increasingly crowded arena, so fintechs and investors are looking for even younger customers — including children who just started getting an allowance. [Taylor Burton, co-founder of Till:] "There’s this big fight for top-of-wallet, but we’ve also forgottenContinue reading “#FinancialInclusion / These startups want your kids’ allowance”

#CryptoCurrency / Crypto asset manager Babel raises $40M from Tiger Global, Bertelsmann and others

… Babel plans to spend its fresh proceeds on product development, compliance and talent acquisition, seeking especially banking professionals and lawyers to work on regulatory requirements… Mainstream investors are jumping into the crypto scene partly because many see bitcoin as a way to hedge against “solvency and credibility risks” amid global economic uncertainties… The otherContinue reading “#CryptoCurrency / Crypto asset manager Babel raises $40M from Tiger Global, Bertelsmann and others”

#PFM / Curve goes crowdfunding five months after $95m Series C

Curve, the UK start-up which consolidates payment cards, is about to launch a new round on Crowdcube… Funds will go towards the start-up’s product development, including Curve Credit. The fintech began testing the new lending product in June 2020, ahead of a go-live later this year. The start-up currently offers its customers Apple Pay, GoogleContinue reading “#PFM / Curve goes crowdfunding five months after $95m Series C”

#CryptoCurrency / Citi sits on the cusp of a crypto push

Citi is weighing offering its clients cryptocurrency trading, custody and financing options… The bank, in a 108-page March report, wrote… the digital asset [Bitcoin] could one day "become the currency of choice for international trade." If Citi enters the crypto fray, it would join the likes of BNY Mellon, Goldman Sachs, JPMorgan Chase and StateContinue reading “#CryptoCurrency / Citi sits on the cusp of a crypto push”

#SpendManagement / Bill.com acquires spend management firm Divvy in $2.5bn deal

Spend management specialist, Divvy, claims to modernise finance for business by combining expense management software and smart corporate cards into a single platform. [Bill.com] says its newly expanded solution will enable businesses to “automatically manage accounts payable, accounts receivable, and corporate card spend all in one place”. [Bill.com CEO:] “Our expanded platform will provide moreContinue reading “#SpendManagement / Bill.com acquires spend management firm Divvy in $2.5bn deal”

#WealthTech / InvestCloud acquires cash flow firm Advicent to bridge advisor-client gap

Advicent, part of the Vista Equity Partners portfolio, provides financial planning technology for 140,000 financial professionals across nearly 3,000 firms worldwide. Through its NaviPlan platform, Advicent creates “scalable financial planning software”… It aims to help thousands of financial professionals and their clients “understand and impact their financial future”. InvestCloud specialises in digital platforms for theContinue reading “#WealthTech / InvestCloud acquires cash flow firm Advicent to bridge advisor-client gap”

#PropTech #LendTech / UK fintech Fronted raises £1m with backing from Monzo co-founders

In essence, Fronted helps renters finance their rental deposits. Its credit product is designed to finance deposits directly. The start-up is confident it can lend more cheaply at a lesser risk compared to players already tapping the rental market with insurance-based offerings. It says that unlike its competitors, renters can pay their original deposit overContinue reading “#PropTech #LendTech / UK fintech Fronted raises £1m with backing from Monzo co-founders”

#CryptoCurrency #PayTech / Payments company Nuvei enters agreement to acquire Simplex for $250 million in cash

The acquisition will give Nuevi an electronic money institution license to offer “IBAN accounts” to users and companies. Also, it can offer future banking and card issuing capabilities… [CEO:] “We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrencyContinue reading “#CryptoCurrency #PayTech / Payments company Nuvei enters agreement to acquire Simplex for $250 million in cash”

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