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March 8, 2022

On the wires

Dollar General Adds Enhanced Financial Services

“Dollar General (NYSE: DG) today announced a series of new financial services aimed at increasing access to banking options and providing additional customer payment alternatives. New services include the introduction of Dollar General’s exclusive spendwell™ banking platform, a buy-now, pay-later test program with Sezzle ® and new FIS Worldpay ® card reward points payment options, all of which extend the Company’s value and convenience propositions.”

February 18, 2022

On the web

H&R Block Turns to MX, Galileo to Power Its Spruce Banking App

American Banker

“H&R Block’s challenger bank, Spruce , has chosen the financial data platform MX and Galileo Financial Technologies, a firm that helps challenger banks with payments and digital banking, to provide some components of the technology behind its mobile banking app. The companies announced the partnerships this week. The choices of Galileo and MX provide a look under the hood of this new challenger bank, which is not limited to users of H&R Block but carries the reach and cachet of the brand.”

February 9, 2022

On the wires

American Express Expands Membership With New American Express® Rewards Checking Account

“American Express (NYSE: AXP) today launched American Express® Rewards Checking (Amex Rewards Checking), the company’s first all-digital consumer checking account, currently available for eligible U.S. Consumer Card Members. Amex Rewards Checking offers a range of benefits, including Membership Rewards points for eligible Debit Card purchases, an annual percentage yield (APY) rate that is 10 times higher than the national rate and Purchase Protection for eligible purchases, all with no monthly maintenance fees or minimums and world-class customer service.”

January 24, 2022

On the wires

H&R Block Introduces Spruce Mobile Banking Platform to Help More Americans Be Good With Money

“Living paycheck to paycheck is one of the biggest sources of economic stress for Americans today—and these anxieties impact mental and physical health. Two-thirds of the U.S. population struggle with one or more aspects of their finances, including spending, saving, and planning. To address these needs, H&R Block (NYSE: HRB) announces the launch of the Spruce℠ mobile banking platform to help everyone be good with money. The Spruce solution includes a spending account with a debit card, along with a connected savings account that allows for budgeting for specific goals.”

November 4, 2021

On the web

Square’s Cash App Opens up to Teens Ages 13 to 17 With Parental Oversight


“Amid a growing number of banking apps aimed at teens, Square Inc.’s Cash App today is broadening its reach by making its payments app available to younger teens between the ages of 13 and 17. Previously, the app required users to be at least 18 years old, like rival Venmo. The company says younger teens will need to get a parent or guardian to authorize their account, but can then begin to send peer-to-peer payments and take delivery of a customized Cash Card, powered by Visa.”

October 19, 2021

On the wires

Intuit Introduces Money by QuickBooks, Mobile Banking Designed for Small Businesses

“Intuit (Nasdaq: INTU) today announced Money by QuickBooks , the latest addition to a comprehensive and ever-expanding suite of QuickBooks offerings that power small businesses with the ability to get paid and manage their cash flow. The Money by QuickBooks mobile app available for free on iOS and Android is designed to give entrepreneurs, freelancers and sole proprietors just starting their business journey complete control over their money with the ability to accept payments and manage expenses with features including debit card and bill payment capabilities.”

October 11, 2021

On the wires

Mbanq Signs With Temenos to Launch World’s First Credit Union-as-a-Service and Accelerate Banking-as-a-Service in US Market

“Silicon Valley-based Mbanq, a Banking-as-a-Service (BaaS) provider and one of the world’s fastest growing FinTechs, today announced it has signed a strategic agreement with Temenos (SIX: TEMN), the open cloud banking company, to launch an innovative Credit-Union-as-a Service (CUaaS) offering, and to accelerate BaaS adoption across the US. CUaaS is offered by Mbanq’s Credit Union Service Organization (CUSO) and will be powered by The Temenos Banking Cloud.”

September 17, 2021

On the web

JPMorgan to Launch Digital Bank Chase in Britain Next Week


“JPMorgan (JPM.N) is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase. The venture – JPMorgan’s first overseas retail bank – is set to launch its smartphone app initially offering current accounts on Tuesday, a JPMorgan spokesperson confirmed.”

September 3, 2021

On the wires

Scarlet™, a New Bank Account and Debit Mastercard®, Launches Exclusively at Walgreens, Promotes a Path to Financial Health, Earns Rewards on Purchases at Walgreens and Beyond

“Walgreens and InComm Payments ™, a leading global payments technology company, today announced the launch of Scarlet 1, a bank account and debit card powered by Mastercard and issued by MetaBank®, available exclusively at Walgreens. Scarlet helps make the path to financial wellness simpler than ever with Walgreens Cash rewards, as well as personal finance planning tools and payment solutions. Scarlet will be available at more than 9,000 Walgreens stores nationwide, online and via the Walgreens mobile app.”

August 27, 2021

On the web

California Fintech MovoCash Expands Fund Transfer Options With Assistance From Fiserv

Crowdfund Insider

“MovoCash, a California-headquartered Fintech firm, is improving their clients’ on-demand banking experience with new money movement options supported by Fiserv, Inc. ( NASDAQ: FISV ), an international provider of payments and financial services tech. MOVO is enhancing payments by enabling clients to deposit, pay, receive, save, send and spend their funds within seconds. Additionally, customers can mint and convert virtual currency to USD, all from their smartphones.”

July 30, 2021

On the web

How Walgreens and Walmart’s New Banking Ventures Will Shake up Finance

Fast Company

“Retail banking has changed dramatically over the past several years, with the rise of digital banking and tech-forward neobanks like Dave and Chime, which pushed incumbent financial institutions to develop their own mobile-first offerings. Now this competitive market is being disrupted again by two of the country’s biggest retailers, Walmart and Walgreens. Both companies recently announced new banking initiatives designed to capture the mid-market consumer and monetize their most valuable asset: the loyal relationships they have with customers.”

June 23, 2021

On the web

Looking to Grow Debit Card Usage, Oxygen Debuts a Tiered Rewards Program

Digital Transactions

“Looking to make debit cards more attractive to consumers by offering incentives that rival those found in credit card rewards and loyalty programs, Oxygen Inc., a San Francisco-based financial-services technology provider, on Wednesday introduced Elements, a tiered rewards and loyalty program for debit card holders. Rewards available through Elements include cash back on everyday purchases, escalating annual percentage yields, subscription savings from Netflix and Peloton, and travel-related benefits , such as standard travel insurance on delayed and lost luggage and hotel theft, and auto-rental collision-damage waiver insurance.”

On the wires

Passbook by Remitly Launches Suite of New Features

Remitly , the mobile-first provider of international remittances and financial services for immigrants, today announced the launch of several new digital banking features in the Passbook by Remitly app. Remitly is rethinking how immigrants access banking services, and with the addition of new features, making the product work harder for customers. Sunrise Banks N.A. issues the bank account and provides the banking services that customers can access through the Passbook app. Enhancements include a streamlined identity verification process, more than 40% faster bank transfers on average, early payday, person to person payments, and immediate activation of the Passbook Visa® debit card.”

June 21, 2021

On the web

Novus Partners Visa for ‘Impact-driven’ Digital Banking App

Finextra Research

“Novus, an “impact-driven” startup has teamed up with Visa and Railsbank on a mobile application that rewards users for sustainable purchasing choices. Set to launch this summer with a 15,000 waitlist, Novus rewards its community with real-time impact points that can be spent, saved and tracked via the app.Members can choose to use the impact points they generate in the app through everyday payments towards issues like gender inequality, world hunger and ocean pollution.”

June 16, 2021

On the web

10x, a UK Fintech, Raises $187M to Build New Services for Old Banks


“As so-called neobanks continue to gain more traction in the market with their more modern takes on banking and other financial services, a startup that’s building technology to help incumbent players better compete is announcing a big round of funding. 10x Future Technologies , a London-based fintech that helps larger, established banks build both next-generation services as well as tools to help their older services work more efficiently, has raised $187 million. We understand from sources close to the company that 10x’s valuation with this round is in the range of $700 million.”

June 1, 2021

On the web

Standard Chartered Bank Doconomy Carbon Consumption App

London News Time

“Standard Charetered has signed a contract with Doconomy of Sweden to provide customers with digital tools to track carbon dioxide emissions and freshwater consumption of goods purchased using bank credit and debit cards. The Doconomy application uses the Åland Index, introduced in 2016, to provide financial institutions with a carbon footprint calculation for all transactions. Recently, a freshwater calculation was added to the display of its effects. For any card transaction, the index can calculate the carbon dioxide and water emissions of a purchase in kilograms of carbon dioxide equivalent and water usage per liter, respectively.”

May 28, 2021

On the wires

Atomic and Welcome Tech Launch Digital Banking Partnership for the Hispanic Community

Atomic , the market leader in payroll APIs for direct deposit acquisition, and Welcome Tech , the largest financial services platform for the multigenerational immigrant community, today announced a partnership that extends financial services available to millions in the Hispanic community, a community that is often overlooked, yet vital to U.S. prosperity. The tactical partnership between Atomic and Welcome Tech will enable direct deposits for the nearly 3 million account holders and 9 million community members of Welcome Tech, many of whom will gain access to bank accounts for the first time.”

May 26, 2021

On the wires

Visa Unlocks Digital-First Banking and Payment Experiences for Clients

“Visa (NYSE:V), the world’s leader in digital payments, today announced the expansion of Visa Fintech Partner Connect —a program designed to help financial institutions quickly connect with a vetted and curated set of technology providers. By streamlining the discovery process, Fintech Partner Connect can help Visa’s issuing partners create digital-first experiences without the cost and complexity of building the back-end technology in-house. Initially launched in Europe, Visa Fintech Partner Connect is now available to clients in the U.S and in markets across Asia Pacific, Central Europe, the Middle East, Africa, Latin America, and the Caribbean.”

May 25, 2021

On the wires

Zeta Raises $250M From SoftBank Vision Fund 2 for Its Omni Stack for Banks

“-Zeta, a banking tech startup, announced today that it has secured $250 million in investment from SoftBank Vision Fund 2. This Series C investment values Zeta at $1.45 billion. This is one of the largest single investments in a banking tech startup globally. Founded by London based serial entrepreneur, Bhavin Turakhia along with Ramki Gaddipati, Zeta has presence in UK, North America, LATAM, Europe and Asia.”

Mission Lane Acquires Honeydue to Expand Debit and Digital Banking Capabilities

“Mission Lane, a purpose-driven financial technology company, today announced the acquisition of Honeydue (incorporated as WalletIQ), a financial technology company providing digital applications and banking services to help consumers manage their finances and develop stronger financial literacy and habits. Mission Lane provides better products and experiences for people trying to build or rebuild their credit and improve their financial lives. Currently offering a variety of market-leading credit cards and financial tracking tools, Mission Lane will leverage Honeydue’s strong digital banking capabilities to bring additional innovative and transparent financial products, such as debit cards, to consumers.”

May 18, 2021

On the web

Goldman to Launch Marcus UK Robo-adviser Early Next Year


“Goldman Sachs (GS.N) will launch an app for UK users of its digital bank Marcus over the following weeks and plans to offer automated investment management to clients in the country by the first quarter of next year. The U.S. bank has attracted just over $30 billion in UK deposits since launching a savings account in 2018, accounting for 30% of Marcus’s deposits globally, Des McDaid, the head of Marcus UK, told Reuters.”

May 14, 2021

On the web

New Generation of Digital Banks Bets on Minority Markets


“Daylight estimates there are 30 million Americans who identify as LGBTQ. It is among a cohort of new digital banks in the United States targeting communities where many people say their needs have not been met by mainstream lenders. Such startups include First Boulevard and Greenwood, both focused on serving Black Americans, Cheese Financial aimed at the Asian community and Majority serving immigrant groups. “Historically, community banks have focused on cheaper customer acquisition by focusing on an underserved geography,” said Ian Kar, founder and CEO of research firm Fintech Today. “The internet removes geographical restrictions. Developing banking services around people’s identity, like race and sexual orientation, is a modern approach.””

April 30, 2021

On the wires

April 1, 2021

On the wires

Q2 Holdings Makes Digital Account Switching Fast and Easy With Acquisition of ClickSWITCH

Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced its acquisition of ClickSWITCH, a patented digital account switching software-as-a-service (SaaS) solution that has transformed how financial institutions and financial technology companies (fintechs) attract and retain new primary account holders. The acquisition reflects Q2’s ongoing mission to build strong and diverse communities by strengthening financial institutions.”

March 30, 2021

On the wires

Walgreens Announces Further Expansion of Its Financial Services Business Strategy With InComm Payments

“Walgreens today announced an agreement with InComm Payments , a leading global payments technology company, to provide convenient and accessible financial services options for its customers. Together, the companies will launch a new bank account offering for its customers to be established at MetaBank* with a Mastercard debit card that will serve Walgreens shoppers both in-store and online and allow them to earn myWalgreens Cash rewards on all purchases as part of the new myWalgreens customer loyalty program launched in November 2020.”

KeyBank and Laurel Road Launch Digital Bank for Doctors

Laurel Road, a brand of KeyBank, unveiled today Laurel Road for Doctors, a digital bank tailored to physicians and dentists with products and services designed to provide the financial help and peace of mind they need through each career stage. The goal of the new digital bank is to help ease the burden for doctors of paying down student debt, finding more balance between work and life, and planning for the future—many of whom have worked tirelessly through the COVID-19 pandemic.

March 19, 2021

On the web

BHIM UPI Customers Can Raise Complaints Through the Platform: NPCI


“Customers using BHIM UPI for digital transactions will now be able to check the status of their pending transactions as well as raise complaints instantly, with the addition of a new feature on the payments platform. The National Payments Corporation of India (NPCI) on Tuesday said the move is in line with RBI’s vision of a customer-friendly and transparent redressal mechanism.”

March 15, 2021

On the web

Colombia’s Davivienda, Rappi to Invest $50M in New Digital Bank

S&P Global

“Colombian lender Banco Davivienda SA’s board approved a framework agreement to invest in the bank’s joint venture with logistics giant Rappi SAS, according to a filing from the bank. The framework agreement will allow Davivienda, through Corporación Financiera Davivienda SA and Rappi, to move forward in the strategic alliance with the logistics company and apply for a banking license with the Colombian financial regulator.”

March 10, 2021

On the web

Cheese Raises $3.6M for Its Digital Bank Aimed at the Asian-American Community


“Many things have accelerated in the world of fintech over the past year, not the least of which is the trend of digital banks aimed at specific communities in the U.S. In the past few months alone, a number of neobanks targeting the Black and Latinx communities have emerged. Most recently, we covered the $5 million raise of one such bank — First Boulevard. Today, Cheese announced the launch of its digital banking platform that is aimed at primarily serving the Asian-American community. “

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