N26 to wind down US operations, closing 500,000 accounts

N26 to wind down US operations, closing 500,000 accounts

N26, a Berlin-based neobank which operates in 25 countries and boasts more than 7 million customers (including 500,000 U.S. customers), is considering a slowdown of its U.S. market outreach.

Read More

Fintech Jiko powers soon-to-launch transgender-focused banking app

Fintech Jiko powers soon-to-launch transgender-focused banking app

Jiko, a banking technology provider that uses customer deposits to buy short-term treasury bills, is partnering with tech platform Euphoria on the company’s launch of a transgender-focused banking app called Bliss.

Read More

Lender Oportun acquires personal-finance app Digit

Lender Oportun acquires personal-finance app Digit

Oportun, a lender focused on the low- to moderate-income segments of the population, announced that it acquired personal-finance app Digit for $212.9M ($98.5M in equity and $114.4M in cash).

Read More

Neobank Stretch aims to serve the formerly incarcerated

Neobank Stretch aims to serve the formerly incarcerated

As neobanks replace the community banks of yesteryear as financial providers for affinity groups – including, for example, immigrants, LGBT consumers, and African Americans – Stretch is looking to zero in on the financial needs of the around 600,000 individuals in the U.S. who have been released from state and federal prisons every year.

Read More

UK neobank Starling plans to go public within two years

UK neobank Starling plans to go public within two years

Starling Bank, one of the U.K.’s biggest challenger banks with millions of customers, is on a trajectory to go public in one or two years, CEO Anne Boden said.

Read More

Chime is reportedly targeting March 2022 for IPO, sources say

Chime is reportedly targeting March 2022 for IPO, sources say

Digital banking fintech Chime – which in August raised $750M on a $25B valuation – is reportedly advancing in its journey to go public, according to a report.

Read More

M1 Finance CEO Brian Barnes buys a bank

M1 Finance CEO Brian Barnes buys a bank

Brian Barnes, CEO of M1 Finance, a Chicago-based fintech that offers automated investing, borrowing and banking services, announced that he acquired First National Bank of Buhl, as an individual.

Read More

With 24% bump in profit year-over-year, JPMorgan Chase leans into acquisitions

With 24% bump in profit year-over-year, JPMorgan Chase leans into acquisitions

JPMorgan Chase exceeded profit expectations in its third-quarter earnings call this week, progress that aligns with a wider economic recovery.

Read More

Umpqua Bank to merge with Columbia Bank in $5.2B, all-stock deal

Umpqua Bank to merge with Columbia Bank in $5.2B, all-stock deal

Umpqua Bank and Columbia Bank have agreed to merge, bringing together two West Coast institutions which have a combined $43B in deposits.

Read More

Postal banking pilot launches in four cities as USPS explores financial services

Postal banking pilot launches in four cities as USPS explores financial services

The U.S. Postal Service is launching a pilot program in four cities in an effort to deliver financial services to underserved Americans.

Read More

ICYMI: Google pulls back on bank-account plans

ICYMI: Google pulls back on bank-account plans

Google, which had planned to launch bank accounts under the Plex brand, announced it was abandoning the initiative in favor of “digital enablement for banks and other financial services providers.”

Read More

PayPal launches revamped financial ‘super app’

PayPal launches revamped financial ‘super app’

PayPal unveiled a new version of its app this week, which incorporates a host of new features that position itself to compete with neobanks.

Read More

JPMorgan Chase launches digital bank in the UK

JPMorgan Chase launches digital bank in the UK

JPMorgan Chase has launched a digital banking product to U.K. customers to rival challenger banks like Monzo and Starling on the one hand, and old-guard players like Goldman Sachs, Lloyds, Barclays, NatWest, and HSBC on the other.

Read More

Nerve, a neobank for musicians, to launch in September

Nerve, a neobank for musicians, to launch in September

Nerve, a neobank for musicians, aims to serve musicians with FDIC-insured accounts that help the musician separate their personal and financial lives; streaming and follower data; free instant payments to other Nerve users; and a networking feature that allows musicians to collaborate with one another.

Read More

Green-themed challenger bank Aspiration to go public in $2.3B SPAC deal

Green-themed challenger bank Aspiration to go public in $2.3B SPAC deal

Aspiration, an 8-year-old Los Angeles-based challenger bank, is going public through a merger with special-purpose acquisition company InterPrivate III Financial Partners Inc.

Read More