“Rellevate™, a digital fintech company aimed at facilitating access to consumer financial services for middle and lower income Americans, officially launched its platform today. The announcement was made by Stewart A. Stockdale, Rellevate’s Co-Founder, Chairman & CEO, who also announced that the Rellevate platform will facilitate banking services through Sutton Bank.”

“On February 10th, 2020, I posted an article announcing Varo’s FDIC approval. It was a historic moment for the banking industry at the time. Today, I announce the official opening of Varo Bank. In the few months between these posts, a series of crises have challenged the very foundation of our society — Covid-19, soaring unemployment, and widespread calls for social justice — making a new national bank, committed to improving financial health and inclusion, more culturally relevant than ever before.”

“Kabbage, Inc., a data and technology company providing small business cash-flow solutions, launched Kabbage Checking™ , a new business checking account built for the smallest of companies, but fit for the largest. True to Kabbage’s continued efforts to support the companies most critical to America’s economy, Kabbage Checking gives small businesses the same capabilities, convenience and security they expect with a traditional checking account, but without the monthly fees or friction.”

“Some challenger banks that offer banking services to freelancers and entrepreneurs say demand for their services is growing as more freelancers enter the workforce, either by choice or necessity, as a result of the coronavirus pandemic. Business neobanks tout low or no fees and a slick digital-only experience, meaning customers can onboard their accounts within minutes at home. (At last count, only eight of the top 30 U.S. banks offer digital onboarding to customers.) Some of the challenger banks also provide help with expense categorization, cash flow analysis, taxes, invoicing, payments and other tasks that entrepreneurs normally do manually.”

“Digital banks like Chime and Square’s Cash App have added millions of users by offering streamlined, mobile-first accounts without the pesky fees associated with brick-and-mortar banks. To that list of disruptors, add the New York-based start-up Current. Current, founded in 2015 by former Wall Street trader Stuart Sopp, has offered fee-free mobile checking accounts since the start of last year. It has seen customer growth surge during the coronavirus pandemic, adding more than 100,000 users a month in April and May, Sopp said in a telephone interview. The company recently exceeded 1 million active accounts and expects to double in size this year, he said.”

“British digital bank Monzo is raising a new round of cash from investors at an almost 40 per cent discount to its previous fundraising, highlighting the pressure the coronavirus crisis is putting on private tech company valuations. The bank is close to agreeing a deal that will value it at around £1.25bn, compared with the more than £2bn valuation secured at its most recent funding round last June, according to several people familiar with the negotiations. The sharp drop highlights how the pandemic is challenging unlisted tech valuations as growth slows and venture capital funds become more cautious about backing lossmaking companies.”

“Revolut has launched a bank for its customer-base in Lithuania. Customer deposits will be protected, like all bank accounts, by the state deposit insurance. The bank plans to offer additional services in the coming months, including consumer loans, credit cards and Revolut Junior accounts for children and young people aged 7-17. Revolut intends to passport its Lithuanian banking licence to other Central and Eastern European countries later in the year, with Lithuania acting as a hub for the region.”

“Bo, the challenger bank created under the Royal Bank of Scotland’s Natwest business, is shutting down after launching in November 2019.  Bo was launched as RBS looked to counter the rising level of competition from startup digital banks like Revolut, Monzo, N26 and other challengers.”

“Monzo has applied for a banking licence in the US, a key step in the journey to being able to offer its full range of banking services in the country . The digital banking start-up, which has 4 million customers in the UK, applied to the US Office of the Comptroller of the Currency for the licence on April 20. Monzo is planning to expand the number of its employees in the US and will open a new office in San Francisco. However, its US banking licence application could take between 18 months and two years to be approved.”

“The U.S. Treasury has transferred the first batch of personal stimulus payments to banks late Friday afternoon, according to data from mobile banking service Current. “We just saw a bunch of the first wave, lots of $1,200 deposits,” said Stuart Sopp, chief executive of the New York startup. About 40% of the deposits were $1,200, with the rest ranging up to $4,700, Mr. Sopp said about Current’s data. The one-time payments are part of the federal government’s economic-relief plan.”