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Step, a teenager-focused US mobile banking startup, has raised $100 million in a Series C funding round led by General Catalyst and joined by Stripe and a host of celebrities including Will Smith and Jared Leto. 
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Lloyds Bank, NatWest and Barclays have clubbed together to pilot 'business banking hubs' where cash-reliant firms can pay in large volumes of notes and coins.
Vineet Anand's insight:
Lloyds, NatWest and Barclays have established a strategy for 'business banking hubs' to service cash reliant customers in targeted areas!
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UK challenger Starling Bank is reportedly in the early stages of raising £80 million in new funding as it rounds out its business bankin
Vineet Anand's insight:
Starling raises new funding and builds out its own payment plumbing exiting TransferWise partnerhship to focus on SME/business customers.
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SoFi is on the verge of closing a $500 million funding round led by private equity firm Silver Lake Partners that would value the online lender a
Vineet Anand's insight:
Post recent acquisition for ZenBanx, SoFi raises $500 MM with Softbank as one of the investors including purchase of debt.
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Tide, a mobile-first banking app for small businesses, has launched in the UK with fintech czar and Passion Capital partner Eileen Burbidge as chairman.
Vineet Anand's insight:
Tide becoming UK's 1st mobile banking app for small businesses for swift account opening, payments, managing invoices and accountancy with Xero with no hidden costs!
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Online lender SoFi is stepping up its efforts to take on America's banks by buying fellow fintech player Zenbanx, enabling it to offer checkin
Vineet Anand's insight:
SoFi acquires Zenbanx for ~$100 MM to expand its product offering to include saving, checking, credit card, and international transfers.
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The bank has made three large write-downs on the price it paid for the Portland online bank.
Vineet Anand's insight:
BBVA wrote down goodwill impairment of $60 million on simple, which it acquired 3 years ago with 100k customers. CEO is upbeat stating 30k customers added each month at a lower cost of acquisition!
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UK digital challenger bank Tandem has begun inviting its community of 10,000 Co-Founders to be the bank’s first customers.
Vineet Anand's insight:
NEO bank Tandem invites its 10,000 co-founders to be its 1st customers. The IT backbone is supported by Fiserv Agiliti
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German firms FinTech Group and Rocket Internet are teaming up to build a pan-European digital bank.
Vineet Anand's insight:
Partnership between Rocket Internet and Fintech Group to create a digital bank. Rocket to bring its expertise in UX, design, and marketing to the partnership.
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Pocopay, a mobile banking service aiming to take on Europe's high street giants, has launched in the Netherlands, Spain and its home market of Estonia.
Vineet Anand's insight:
Mobile banking service launches in Estonia, Spain and Netherlands. At EUR 2.90 per month access to account, bill pay, money management and P2P functionality!
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WeLab, an online lending platform based in Beijing and Hong Kong, will launch more financial products in China after landing an impressive $160 million Series..
Vineet Anand's insight:
Since launch in 2013, WeLab has lent money to 2.5 million customers mostly in mainland China. The company operates two online lending platforms - one of China and other for Hong Kong, ING has participated in this Series B round post its investments in Kabbage.
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Finextra: Digital-only challenger bank Fidor has launched its first physical product in the UK market, a contactless debit card developed with input from its online user community.
Vineet Anand's insight:
Post launch of UK retail banking in September 2015, Fidor now introduces the MasterCard contactless debit card for the market. A great features is the PIN code for debit card can be retrieved from the users online Fidor account.
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Finextra: UK digital challenger bank Atom is to use face and voice biometrics as core credentials for customers logging in to banking apps.
Vineet Anand's insight:
NEO bank Atom to bring voice and face biometrics for customer authentication losing to app. Planned launch in 2016 with Daon's platform in use with USAA.
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Finextra: Craig Wright, the 44-year old Australian polymath outed as the creator of bitcoin, attempted to introduce the world's first cryptocurrency bank in 2014 but fell foul of Australian tax rules.
Vineet Anand's insight:
Is Wright the bitcoin founder Satoshi? Wright was seeking to launch a bitcoin based bank called Denariuz!
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Finextra: German smartphone bank Number26 is to expand across Europe, opening its mobile-only account to consumers in France, Greece, Ireland, Italy, Slovakia, and Spain.
Vineet Anand's insight:
Number26 expands pan-European coverage to 6 more countries! The company has 80,000 bank accounts and setting up an account takes 8 minutes.
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Finextra: Danish neobank Lunar Way is vowing to spread across Northern Europe, bringing its mobile-centric services to a host of countries by teaming up with local regulated banks.
Vineet Anand's insight:
A pan-European partner model linking to local banks for digital banking services targeted at millennials.
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Finextra: The march of China's tech giants into banking continues unabated, with news that Internet search company Baidu is to establish an Internet bank in partnership with China Citic.
Vineet Anand's insight:
Following Alibaba and Tencent launches for online banking, Baidu ventures into space with China Citic post its Baidu wallet release.
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Finextra: Digital-only neobank Moven has raised $12 million in a Series B financing round led by Route 66 Ventures.
Vineet Anand's insight:
Moven closes Series B funding of $12 million; total financing of $25 million.
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Finextra: Kakao, the operator of South Korea's largest mobile messaging app, has joined with Chinese e-commerce outfit Tencent and online flea market eBay to bid for a new Internet banking license.
Vineet Anand's insight:
Kakao makes bid for internet banking license in partnership with Tencent and eBay! Surprising to see Ant missing from a similar bid.
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Finextra: Innovative German bank Fidor has opened its doors for business in the UK, beating home-grown challengers from the likes of Atom, Mondo, and Starling to the punch
Vineet Anand's insight:
Fidor Bank market expansion begins with UK. Initial services include savings bond and euro transfer service at competitive rates. More services to be offered. This launch beats home grown neo banks like Atom, and Mondo!
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Finextra: Consumers still trust traditional high street banks more than alternatives such as supermarket banks, challenger banks or technology companies, according to research from MoneySuperMarket.
Vineet Anand's insight:
Consumer trust continues to be low for tech companies to become their financial services partner with Facebook scoring the lowest 7%. Interestingly 18 to 35 year olds only a quarter will open a current account with tech companies like FB, Amazon, Google, or Apple!
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Finextra: The financing arm of French car manufacturer Renault is to enter the UK banking market with the launch of an easy-access savings account.
Vineet Anand's insight:
Renault extends its savings bank to UK and has 6.5 billion customer deposits across France, Germany, and Austria!
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Finextra: Monese, a London-based digital banking service targeting immigrants that have trouble opening accounts with traditional high street players, has raised $1.8 million from Seedcamp, early Spotify investor Shakil Khan and a group of angel investors.
Vineet Anand's insight:
Monese will offer instant account opening via a mobile app, a fully-featured current account interface, cheap global payments and a contactless debit card.
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Finextra: UK challenger bank Metro Bank is to lend funds to consumers via the online marketplace operated by P2P pioneer Zopa.
Vineet Anand's insight:
Metro Bank partnership with Zopa for P2P lending!
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
Other Topics
Leadership & Communication
Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
Social Media Marketing
World Economy News
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Growth to 1.5MM users in 6 months with good celebrity backs boosts Series C funding.