British financial platform Revolut says it now has more than 30 million retail customers. That’s according to an announcement from the company Thursday (June 1), noting that it had added more than 5 million users worldwide since November of 2022. “Revolut is growing at almost...
British neobank Monzo says it has reached profitability while reducing its annual losses. According to the bank’s annual report, Monzo reported net operating income of $266 million for the year ending February 2023, nearly doubling its income from last year. Monzo’s losses, meanwhile, came to...
Digital-first and digital-only banks are gaining ground, but many consumers are hesitant to make the switch from a more traditional bank to a neobank. Unfamiliarity with neobanks plays a role, as does satisfaction with current — and typically traditional — banking models. That’s according to...
With profits increasing six-fold and revenues rising, Starling Bank’s CEO is stepping down. Ann Boden, who is both founder and chief executive of the British neo-bank, announced Thursday (May 25) that she would hand the reins of the company to John Mountain, Starling’s chief operating...
NCR is reportedly weighing selling its digital banking unit ahead of its planned split. That’s according to a report Tuesday (May 23) from Reuters, citing unnamed sources who say the sale of the business could be worth more than $2 billion. These sources said NCR...
FinTechs are facing an existential crisis now that the age of easy access to capital is over. Investors — running the gamut from private venture capital firms to Wall Street activist investors and retail masses — are demanding to see profits. Sustainable black ink on...
Plaid is expanding its application programming interface (API)-based data sharing network. The firm is now migrating 100% of its traffic to APIs for financial institutions, including Capital One, J.P. Morgan Chase, USAA and Wells Fargo, Plaid Head of U.S. Financial Institution Partnerships Christy Sunquist wrote...
Federal regulators have cited Crypto and FinTech-focused lender Cross River Bank. The Federal Deposit Insurance Corp. (FDIC) issued a cease-and-desist order against the New Jersey-based bank due to its lending practices, the agency announced Friday (April 28). According to an order from the FDIC, issued March 8, Cross River...
Greengage has launched an eMoney account service facilitating payments in British pounds sterling and euros. This new offering from the United Kingdom digital merchant banking firm is designed for small and medium-sized businesses (SMBs), high net worth individuals (HNWs) and digital asset firms, Greengage said...
