As the trusted and proven Paytech Pioneer™ uniquely focused on supporting the growth journeys of our customers, nothing gets us more excited than when we see our customers dominating the fintech news agenda. That is why each month we update our ‘making headlines’ blog series.
In November’s edition, we cover news from our customers and partners across the globe, from Revolut taking Open Banking to Europe, to Razer Fintech joining forces with Visa in South East Asia to tackle financial exclusion.
1. Starling Bank scored the largest net switching gain in the second quarter of 2020, with 12,786 people choosing to bank with the fintech. “After current account switching nosedived in the midst of the pandemic in Q2, switching numbers have rallied once more, with 38,383 more switches happening last quarter, 136,575 in Q3 in total.” Not only this, but Starling became the first challenger bank ever to make a profit!
2. The Fintech Times featured Razer Fintech, discussing why it joined forces with Visa to bring financial inclusion to Southeast Asia’s unbanked and underserved population. Lee Li Meng, CEO of Razer Fintech, said: “This collaboration will bring Razer Fintech one step closer to making digital payments more accessible to our key target segment — youth and millennials.”
3. Australian neobank, Xinja, announced it is working cooperatively with Dubai’s World Investment Group to close a $433 million investment deal. Eric Wilson, CEO and Founder at Xinja Bank, noted: “The end to end digital lending service went into our production environment last week, and will be ready to begin a wider launch to friends and family within the next week or so pending regulatory approval.”
4. Embedded banking startup, Weavr, has successfully raised $4 million in seed funding from Anthemis, QED Investors and Seedcamp. Weavr offers a set of APIs that make it simple for service sector companies to integrate with banking products and generate accounts, issue cards, or transfer funds.
5. Glint Pay, a London-based fintech startup that enables users to store, spend and save their wealth in gold, announced it has secured £2.5 million in funding. “Glint plans to use the money to build up its customer base from around 100,000 downloads to nearly 140,000.”
6. The pioneer of wearable payment technology, and the inventor of the Smart Ring, McLEAR, announced the launch of RingPay, to bring new services, features and technology to their Ringholders.
6. Revolut announced the introduction of Open Banking for its users in Germany. “With the new feature, German customers can now connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with the Revolut App and view all their finances in one place - directly from their smartphones.”
7. Ziglu celebrated its Mastercard debit card launch by committing to donating the price of one meal to Fareshare every time a customer uses their card for their supermarket shop online and in store, until the end of the year. “At this pivotal time, and as consumers are seeking greater financial inclusion, Ziglu’s vision is to offer greater accessibility across all currencies and financial control with secure, digital money management.”
8. Zilch became the first ‘buy now pay later’ fintech to secure its Financial Conduct Authority license. Talking about the growth of the start-up so far, Philip Belamant, CEO and Founder of Zilch, commented: “By taking accountability for customers, Zilch removes the anxiety associated with credit.”
9. And last but certainly not least, GPS made headlines alongside Currensea - the world’s first card-based payment instrument issuer (CBPII) offering - after scooping two awards together at the Emerging Payments Association Awards at the end of November. Together, we won Best Banking or Open Banking Initiative and Leading Financial Services or Payments Start-Up. What an incredible way to see out November!