French telecom Orange plans to exit the retail banking business in France and Spain. The firm, which launched Orange Bank in 2017, is in exclusive talks with BNP Paribas to have that organization support the bank’s customers while Orange withdraws from the business in the two countries, Orange said in a Wednesday...
The positive feedback loop between digitization and end-user expectations is transforming banking, finance and payments. And as the world evolves, those firms that fall behind the cutting-edge of digital personalization could eventually see their growth prospects dulled. That’s because in this new environment, “user experience...
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...
