Press "Enter" to skip to content

Posts published in “Banking”

Auto Added by WPeMatico

N26 is launching its bank in the UK

Nearly a year after German fintech startup N26 announced that it would launch its service in the U.K., the company is launching in the U.K. N26 is already quite popular in the Eurozone, with more than 1.5 million customers. In this new market, it will face tough competition from existing players, such as Revolut, Monzo, Starling and many others. N26 is going to roll out its product in multiple phases. Some lucky few will be able to open an account right away. The startup will then go through its waiting list — 50,000 people already left their email addresses to express interest. After that, anybody will be able to download the app and sign up. This might sound like a convoluted process, but N26 expects a full public launch in just a few weeks. So it should be quite quick if everything goes as planned. So what can you expect exactly? British customers will get all the basic N26 stuff with one killer feature — U.K. account numbers and sort codes. This way, customers will be able to receive payments and share banking information with their utility providers just like they would with a regular Barclays or Lloyds account. When you open an N26 account, you get a true bank account and a MasterCard. Basic accounts are free, and N26 has a proper banking license — your deposits up to €100,000 are guaranteed by the European deposit guarantee scheme. You can then send and receive money and pay with your card. Sending money to other N26 users is instantaneous (they call it MoneyBeam). N26 recently launched Spaces, a new feature that lets you create sub accounts and put some money aside. It’s still limited, but the company plans to add more features. Your MasterCard works like any other challenger bank. Every time you use it, you receive a push notification. You can set payment and withdrawal limits, lock your card if you lose it and reset your PIN code. N26 will also bring Black and Metal plans to the U.K. How does it compare to Revolut? Let’s be honest, the…

Qonto raises $23 million to improve business banking

French startup Qonto has raised a $23 million funding round for its fintech product. The company is trying to make business banking cheaper, faster and more efficient. Existing investors Valar Ventures and Alven are once again leading the round. The European Investment Bank Group is also participating. If you are running a small company or work as a freelancer, Qonto wants to replace your professional bank account. When you sign up, you get a French IBAN, one or multiple debit cards and the ability to send and receive money. And then, it works pretty much like any challenger bank. You can create virtual cards, order more cards for your team, get real time notifications and freeze cards. This is a breath of fresh air compared to traditional business banks and their time-consuming processes. You can then sync your transactions with accounting and invoicing services, and grant access to your accountant. Premium plans let you select multiple administrators and create a validation workflow to approve expensive transfers for instance. With today’s funding round, the company plans to double the size of the team and create its own payment infrastructure. Qonto currently relies heavily on Treezor for the back end. The startup also plans to expand to Germany, Italy and Spain in 2019. Qonto now has 90 employees and 25,000 clients. The company has managed $2 billion in total transaction volume so far. The fact that the same VC funds keep investing more money into Qonto is a great vote of confidence.

It’s the end of crypto as we know it and I feel fine

Watching the current price madness is scary. Bitcoin is falling and rising in $500 increments with regularity and Ethereum and its attendant ICOs are in a seeming freefall with a few “dead cat bounces” to keep things lively. What this signals is not that crypto is dead, however. It signals that the early, elated period of trading whose milestones including the launch of Coinbase and the growth of a vibrant (if often shady) professional ecosystem is over. Crypto still runs on hype. Gemini announcing a stablecoin, the World Economic Forum saying something hopeful, someone else saying something less hopeful – all of these things and more are helping define the current market. However, something else is happening behind the scenes that is far more important. As I’ve written before, the socialization and general acceptance of entrepreneurs and entrepreneurial pursuits is a very recent thing. In the old days – circa 2000 – building your own business was considered somehow sordid. Chancers who gave it a go were considered get-rich-quick schemers and worth of little more than derision. As the dot-com market exploded, however, building your own business wasn’t so wacky. But to do it required the imprimaturs and resources of major corporations – Microsoft, Sun, HP, Sybase, etc. – or a connection to academia – Google, Netscape, Yahoo, etc. You didn’t just quit school, buy a laptop, and start Snapchat. It took a full decade of steady change to make the revolutionary thought that school wasn’t so great and that money was available for all good ideas to take hold. And take hold it did. We owe the success of TechCrunch and Disrupt to that idea and I’ve always said that TC was career pornography for the cubicle dweller, a guilty pleasure for folks who knew there was something better out there and, with the right prodding, they knew they could achieve it. So in looking at the crypto markets currently we must look at the dot-com markets circa 1999. Massive infrastructure changes, some brought about by Y2K, had computerized nearly every industry. GenXers born in the late 70s and…

AirTM raises $7 million to fight hyperinflation

If you want to convert Netflix gift cards into dollars on a PayPal account, you usually have to find someone willing to do the same transaction in the other direction. It can quickly go wrong if you never receive your money. Meet AirTM, a service that makes it easier to convert any form of money into any other form of money. You can deposit money using banks, gift cards, cash through Western Union and other equivalent services, cryptocurrencies and more. You can withdraw money through any of those protocols as well. AirTM is raising a $7 million Series A with BlueYard leading the round. While many of you probably don’t see why you’d use a service like this, AirTM’s users in Venezuela are willing to pay high fees to convert their bolívars into anything else. Multiple years of hyperinflation have turned everyone’s savings into piles of bills that are worth close to nothing. AirTM accounts aren’t bank accounts. When you create an account, you get an e-wallet in AirUSD. You can deposit and withdraw money as well as send and receive money. Depending on your payment method, you’ll get different fees. For instance, there’s a huge supply of money from PayPal, which means that you’ll pay quite a lot to deposit money using PayPal and convert it into AirUSD. While AirTM sounds great for money laundering, the company is a registered money service business and follow anti-money laundering and know-your-customer requirements. The company is just getting started as it manages $9 million in monthly transaction volume with 4,000 daily active users. But it’s clear that it has the potential of creating an alternative to traditional banking in countries with volatile currencies.

CowryWise micro-savings service opens high-yield government bonds to everyday Nigerians

In emerging market countries where economic volatility is a way of life, there aren’t a lot of relatively safe options for members of the burgeoning middle class to park their money. For instance, countries like Nigeria have experienced a tremendous growth in the number of citizens entering the middle class, which now accounts for about 23 percent of the population (it’s around 50 percent in the U.S.), according to a recent article citing the African Development Bank. While Nigeria now faces some significant headwinds from a weak domestic currency (the naira), high interest rates and a manufacturing recession, there are ways that local investment can both protect the wealth that’s been created and encourage investment domestically to potentially spur development. At least, that’s the conclusion that college friends Razaq Ahmed and Edward Popoola came to while they were thinking about opportunities for new financial services options in their home country of Nigeria. The two men, Ahmed with a background in finance and Popoola in computer science, are launching a company called CowryWise that gives Nigerian investors a way to save their money by investing in high-yield government bonds. The rates on those products are high enough to absorb the wild swings in value of the naira and still provide a healthy return for investors, according to Ahmed. Set to present at this year’s demo day from Y Combinator, CowryWise is one of a number of startups that Y Combinator has backed coming from the African continent, and an example of the wellspring of entrepreneurial talent that is flourishing in sub-Saharan Africa. Using CowryWise, a customer would just have to sign up with their email address and phone number and link their bank account up to the CowryWise platform. There are already roughly 57 million savings accounts in Nigeria and 32 million unique bank users. By investing in the bonds, these savers gain access to interest rates that range between 10 percent and 17 percent, according to Ahmed. “The bonds… are similar to the treasuries issued by the U.S. government, which is A-rated,” says Ahmed. Even if there were foreign currency…

Even raises $40M to transform the working class to the savings class

The working class of the United States doesn’t get many breaks these days. It’s not just a function of low pay and long hours, but also the incredible uncertainty of income and expenses that makes surviving week-to-week so challenging. One in five Americans have a negative net wealth, even in an economy where the unemployment rate is the lowest in almost two decades. Banks, meanwhile, are actively dissuading the working class from banking with them, creating a permanent class of unbanked and underbanked citizens. For Jon Schlossberg, CEO and co-founder of Even.com, improving the plight of ordinary Americans and their finances is a deeply personal and professional mission. And now that mission has a huge new bucket of capital behind it, with Keith Rabois of Khosla Ventures leading a $40 million Series B round into the Oakland-based startup. Rabois is a return investor, having previously backed the company in its late 2014 seed round. With this latest round of capital, Even.com has now raised $50.5 million. When Even.com first launched its eponymous app, the goal was to offer income smoothing for workers, helping them avoid usurious payday loans to make ends meet. Since that first launch several years ago, Schlossberg and his team learned that the only way to improve the finances for the working class is to help them budget better — ending the need for loans in the first place. “To do anything with your life, unless you are just born to the right family, you need to spend your money wisely, but we never teach you how to do that,” Schlossberg explained to me. Last year, Even.com announced that it had stopped evening through its Pay Protection product. Instead, Schlossberg said that Even.com has evolved and wanted to “build a new kind of financial institution with products that fit your life.” It still has a feature it brands as Instapay, which allows users to request their earned pay in advance of their payday. But Even.com is increasingly focused on improving the quality of its intelligent budgeting feature. Using artificial intelligence models honed over the past few years,…

Have Uneven Cash Flow? 5 Ways to Smooth It Out

Small businesses, freelancers and “solopreneurs” alike know all too well that steady, predictable cash flow is a peace of mind that is not always guaranteed. Luckily, there are some things you can be doing to mitigate those dips and help make your financials get into a more reliable state, month after month. Update Billing Cycles […] The post Have Uneven Cash Flow? 5 Ways to Smooth It Out appeared first on SmallBizClub.

How to Choose an Everyday Transactions Account That Works For You

Are you about to open an account for carrying out your regular banking transactions? Well, there are a few factors you need to consider before opening an everyday transactions account.… Read more » The post How to Choose an Everyday Transactions Account That Works For You appeared first on Noobpreneur.com.

Bankers: Love ‘em or Hate ‘em, They May Affect Your Future

Let’s get right down to it. Your banking relationship can be like a great marriage or a bad trip to the DMV. In most cases it is strictly your choice. But the results of that choice will reverberate for what could be years. For a start… How did you open your first bank account? Did […] The post Bankers: Love ‘em or Hate ‘em, They May Affect Your Future appeared first on SmallBizClub.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. More Info | Close