“Beam — the mobile savings app that imploded last year after a CNBC investigation revealed dozens of customers were unable to get their money out — has been shut down for good under a tentative settlement with the Federal Trade Commission. As part of the settlement, Beam is banned from operating a mobile banking app or any other product or service that can be used to deposit, store, or withdraw funds. It also is prohibited from misrepresenting the interest rates, restrictions, and other aspects of any financial product or service.”

“London-based financial technology startup Revolut said on Monday it had completed the first step to apply for a U.S. banking licence, and is launching its services for businesses across 50 states. One of Europe’s best-known fintech startups, Revolut first opened its virtual American doors at the start of the coronavirus pandemic in partnership with a local bank, following U.S. launches by European competitors Monzo and N26. The company said a licence would allow it to offer more services to U.S. customers, such as overdraft protection, loans and deposit accounts.”

“Paybby, a new challenger bank whose founder was inspired by the Black Lives Matter protests last summer, is teaming with banks and others to make loans to minority-owned businesses and develop consumer and commercial financial products that meet the distinct needs of underserved communities. To get Paybby (which stands for “pay Black brown and you” and pronounced “pay baby”) off the ground quickly, CEO Hassan Miah bought an existing challenger bank called Wicket in January.”

“Chime, a fast-growing online bank most recently valued at $14.5 billion , derives about 21% of its revenue from fees its customers pay for using out-of-network ATMs, according to financial data obtained by Axios. Why it matters: Banking alternatives like Chime aggressively market themselves to consumers who have been burned too often by bank fees. Chime claims it has “no hidden bank fees,” while Varo advertises itself as “online banking with no fees.” By the numbers: Chime’s annual gross revenue per user was $208 as of June 2020, according to data Axios obtained. While most of that came from debit card interchange fees, 21% came from charging customers for using out-of-network ATMs.”

“Some consolidation is underway in the world of challenger banking apps. BBVA today told users of Simple — the pioneering mobile and online banking app that it acquired for $117 million in 2014 — that it is planning to shut down the service, moving accounts to BBVA’s USA business in the process. The move is part of an ongoing effort at BBVA — which had been an active investor and acquirer of startups — to streamline its business as it works on closing a merger with PNC. The latter bank announced in November last year that it would acquire the U.S. business of BBVA for $11.6 billion.”

“There are now almost 300 so-called “neobanks” live worldwide, with nearly half concentrated in Europe. Meanwhile, new players are continuing to join the ranks, particularly in Latin America, Africa and the Middle East . This boom is being fuelled by ongoing investor enthusiasm for the sector, with neobanks raising over $2bn in venture capital globally this year alone. Customers are also riding the neobank wave. PitchBook estimates that by 2024, 145m of us will be using these apps across North America and Europe alone.”

“Today, Neo Financial (Neo), a technology company created by two of the co-founders of SkipTheDishes, announced it has completed a $25 million Series A fundraising round alongside $25 million in debt facility financing, bringing this funding round total to $50 million CAD. Amidst an unprecedented year, this raise marks one of the largest Series A funding rounds in Western Canada.”

“Neobanks have emerged as not only a tech-forward solution to many of the industrialized woes of traditional banks, but also as a way to serve the needs of marginalized communities.   Last month, rapper Killer Mike announced his mission-driven bank Greenwood that aims to redistribute wealth within Black and Latinx communities. Earlier this year, Majority surfaced to support banking for immigrants . Now a new neobank, Daylight , is catering to underserved LGBTQ+ customers.”

“Digital banking provider Monese has today revealed a strategic partnership with global payments giant Mastercard to enhance local banking across Europe.  The two companies are hoping to better serve the underbanked through the collaboration by providing greater access to banking services and electronic payments.  As part of the partnership, Monese will become a principal Mastercard issuer, joining the likes of Tide and Curve, giving its customers access to Mastercard’s extensive payment network.”

“Revolut , the biggest European digital bank with 13 million users, is close to applying for a banking license in the U.S., CNBC has learned exclusively. The London-based fintech firm plans on applying for a charter with the Federal Reserve Bank of San Francisco and California’s Division of Financial Institutions within weeks, said people with knowledge of the matter.”

“Television executive Ryan Glover, rap star Killer Mike and civil rights leader Andrew Young have launched a digital bank for Black and Hispanic consumers called Greenwood Financial. “It’s no secret that traditional banks have failed the Black and Latinx community,” said Glover, who is chairman of Atlanta-based Greenwood.”

“Azlo, a provider of digital banking and business services for small businesses, is seeing a surge in new account openings in 2020 in the midst of the “Covid Economy” that is spurring new entrepreneurs into action . The digital business banking service—built from day one to serve the needs of small business owners—today announced it has doubled its customer count, year-to-date, and is launching a new subscription service, Azlo Pro , designed to further meet the needs of entrepreneurs around the U.S. by saving them time and money.”

“Rapyd , a global Fintech as a Service company, today announced a deal with Bnext , Spain’s first mobile neo-bank for cash collection with plans to expand services across Latin America. The partnership will allow Bnext customers to make cash deposits to their accounts in 30,000 locations in the country and will expand to interbank deposits later via Rapyd’s global payments network.”

“The fintech world has a new heavyweight. Chime , the start-up that delivers banking services through mobile phones, has closed a fundraising that values the company at $14.5 billion, CNBC has learned exclusively.   That lofty figure makes Chime the most valuable American fintech start-up serving retail consumers.”