“Varo Bank , the first all-digital nationally chartered bank in the US, today introduced the Varo Believe Program*, an innovative credit building product that includes a Visa credit card and credit monitoring. The Believe Program is aimed at the 45 million Americans who are “credit invisibles” – meaning they have insufficient credit history to qualify for credit – and the millions more who are seeking to improve their credit score.”

“Green Dot Corporation (NYSE: GDOT) today announced the launch of GO2bank , a new mobile bank designed to help the two in three Americans living paycheck to paycheck stretch their money further and build a stronger financial foundation.1 GO2bank makes money access and management a safe, easy, useful part of everyday life with tools that help address common financial challenges and opportunities to improve long-term financial health, all in one easy-to-use mobile app.”

“As challenger banks threaten Green Dot Corp.’s status among the underbanked, the prepaid card issuer is diving into their market by unveiling a challenger bank of its own. Green Dot took its first step last week by opening the waitlist for the aptly named GO2bank service, which it plans to launch next year.”

“Varo Bank , the only digital national bank, is introducing Varo Advance, an innovative product that instantly advances up to $100 to qualifying customers and gives customers more flexibility and control over their finances. Designed to help customers proactively manage their finances, Varo Advance offers instant access to up to $100 cash right in the Varo Bank app.* With a fixed, transparent cost structure – no tips, no hidden fees, and no instant access fees – Varo Advance provides an advance of up to $20 for free, with a maximum charge of $5 for a $100 advance.”

“Wise is a new challenger bank built specifically for small businesses. The startup is aiming to insert itself as an essential service in the small business repertoire by bundling banking with payment services powered by Stripe. Customers can receive payments, manage their cash and pay employees all via Wise’s app. CEO Arjun Thyagarajan tells TechCrunch that his company has closed a $5.7 million seed round led by Base10 Partners . Abstract Ventures, Backend Capital, The Fund and Two Culture Capital also participated in the round.”

“Mobile banking app Revolut, which has more than 10 million customers in Europe, is launching today in the US, the company announced. Like Monzo, a UK-based banking app that made the jump to the US last June, Revolut is entirely app-based and doesn’t operate any brick-and-mortar locations. That means you can sign up for an account and a debit card in just a few minutes right from within the app. That account is insured for up to $250,000 by the FDIC.”

“Monzo , the U.K. challenger bank, is officially launching business bank accounts today, after an extensive trial period over the last 12 months that saw early access given to 2,500 business customers. Perhaps surprisingly, right out of the gate Monzo is offering two versions of its business bank account — which is aimed at sold traders and SMEs — a free account and a premium paid-for account, confirming our scoop from last week .”

“The founders of Canadian food delivery firm SkipTheDishes have launched a technology company offering a credit card with no annual fee and links to rewards from third-party brands in an effort to challenge the dominance of the country’s ‘big five’ banks.”

“UK challenger Starling Bank has concrete plans on a European expansion via an Irish banking licence, its CEO Anne Boden has revealed. Anne Boden, Starling Bank Speaking to IBS Intelligence, Boden says that the bank is “working on a process to get an Irish banking licence” and that it would be looking into the creation of a European centre in Dublin. The challenger has been eyeing up the Emerald Isle for some time. It was reported back in March 2019 by the Irish Times that Boden’s firm was planning a 2019 launch and had lodged an application with the Central Bank of Ireland for a licence.”

“German online bank N26 has told customers it’s pulling out of the U.K. because it won’t have a license to operate there after Brexit. The Berlin-based firm launched in Britain in October 2018, about six months before the country’s exit from the European Union was initially due to take place. At the time, N26 CEO Valentin Stalf told CNBC the move was a “no-brainer for us, independent of Brexit.””

“Varo Money is poised to become a full-fledged bank , making it the first of a new wave of fintech upstarts to win that approval in the US. The company’s long and expensive journey through a thick barrier of regulation is a reason why America’s banks have repelled the tech disruption sweeping through other industries.”

“The FDIC has given Varo Money its official seal of approval, according to Varo CEO Colin Walsh. Why it matters: It’s the crucial second step for Varo to become a national bank, following the Office of the Comptroller of the Currency granting its own preliminary approval back in October.”

“N26 Inc., the U.S. subsidiary of one of Europe’s fastest-growing mobile banks, N26 GmbH, today announced it has reached 250,000 U.S. customers. Having only launched in the U.S. last August in partnership with Axos Bank, N26 has grown rapidly to become a leading force in changing how American consumers bank.”

“The first of Hong Kong’s new generation of digital banks has announced its arrival with an introductory rate of 6% or higher for deposits. ZA Bank Ltd. , one of eight firms preparing to start digital-only banks in Hong Kong, has begun a trial run that pays a select group of depositors over 3 percentage points more than established banks such as HSBC Holdings Plc and Standard Chartered Plc . Though many doubt the new banks will be able to maintain such rates, the offer is a warning of upcoming competition for the the city’s $410 billion local currency time-deposit business.”

“Two co-founders of Google Pay in India are building a neo-banking platform in the country — and they have already secured backing from three top VC funds. Sujith Narayanan, a veteran payments executive who co-founded Google Pay in India (formerly known as Google Tez ), said on Monday that his startup, epiFi , has raised $13.2 million in its seed financial round led by Sequoia India and Ribbit Capital. The round valued epiFi at about $50 million.”

“Singaporean entrepreneur Min-Liang Tan’s Razer Fintech – the fintech arm of gaming hardware maker Razer – has applied for a Digital Full Bank Licence in Singapore, with a focus on the underserved youth and millennials segment, the company announced on Thursday (Jan 2). If successful, the firm will build what it calls the “world’s first global youth bank”, named Razer Youth Bank, with plans to progressively expand into a global banking network.”

“South Korea’s financial regulator said Wednesday that it formally launched “open banking” services in a bid to lower transaction fees and enhance convenience for using online banking services. Under the open banking system, bank customers will be allowed to use any mobile banking application they choose to approach their bank accounts at any local bank and to withdraw and transfer money from their bank accounts.”

“N26 Inc. , the US subsidiary of N26 GmbH, parent company of one of Europe’s fastest growing mobile banks, today announced an expansion of its Perks program, which offers customers exclusive cashback rewards and discounts when using their N26 debit card. The partners include some of the most popular global brands in travel, mobility, wellness, education, and fashion. By offering promotions and savings that are typically found in premium credit card offerings, N26 is one of the only mobile banking experiences that includes debit rewards for US users.”

“Meet Pixpay , a French startup that wants to replace cash when you’re handing out pocket money to your kids. Anybody who is older than 10 years old can create a Pixpay account, get a debit card and manage pocket money. Challenger banks are nothing new, but they’re still mostly targeted towards adults. If you want to create an N26 or Revolut account, you need to be at least 18 years old. You can create a Lydia account if you’re at least 14 years old with parental consent.”