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JPMorgan Chase is to buy digital wealth manager Nutmeg to bolster the forthcoming launch of its digital bank in the UK later this year. 
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KeyBank is launching a digital bank catering to the needs of physicians and dentists via it Laurel Road brand.
Vineet Anand's insight:
KeyBank bring Laurel Road acquisition to a range of products for medical professionals mortgages, debt refi, and pers loans
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Fintech outfit Circle is bidding to cash in on the NFT craze by launching a platform that helps marketplaces accept credit card and crypto payments for their non-fungible tokens.
Vineet Anand's insight:
Circles efforts to cash-in on the NFT craze with some high profiles NFT sales including sale of the first ever tweet, by Jack Dorsey, for $2.9 million and the $69 million sale of a piece from digital artist Beepl.
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US pharmacy chain Walgreens is launching its own mobile and online bank account in partnership with InComm Payments and Meta Bank.
Vineet Anand's insight:
This move follows after recent alliance between MasterCard and Synchrony to offer debit and prepaid offering with loyalty + benefits.
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Marcus, Goldman Sachs' digital retail banking service, is launching a Cash ISA in the UK.
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The Australian Prudential Regulatory Authority is to impose stricter conditions on applicants for deposit-taking licences following the recent collapse of digital challenger Xinja and the sale of 86 4000 to National Australia Bank.
Vineet Anand's insight:
ADI's to have greater scrutiny establishing a higher bar for achieving banking license.
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Mastercard, Visa and host of America's biggest banks have joined a $40 million Series A funding round for Greenwood, the digital banking startup targeting Black and Latino people and business owners.
Vineet Anand's insight:
Greenwood to take advantage of the opportunity to take advance of the underserved Back and Latino communities servicing gap.
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French telco Orange is looking to find new investors for its loss-making banking startup.
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Israeli fintech Rewire, which has developed a cross-border international banking service for migrant workers, has closed a $20 million Series B funding round led by OurCrowd.
Vineet Anand's insight:
Rewire raises funds post EU electronic money institution license gearing up as a Neobank for migrant workers
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Brex, the fast-growing firm behind a corporate credit card for startups, has filed for an Industrial Bank Charter in the US.
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Varo Bank has raised $63 million in a funding round led by NBA basketball star Russell Westbrook, who will also help the digital lender create a social impact programme.
Vineet Anand's insight:
Varo with its national banking charter raises $63MM led by Westbrook. Funding to create more products around savings, credits and trx banking.
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UK insurance and pensions house Aviva is moving in to the cash savings market through a tie up with deposit platform Raisin.
Vineet Anand's insight:
Aviva Save to offer its 15MM client base savings across a portfolio of providers and ability to navigate from one bank to another. Disintermediation of the savings banking customer - further eroding the desire on part of customer to stick with one bank brand name!
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Marcus by Goldman Sachs has re-opened its savings account to new UK investors, paying a market-leading 0.5% on deposits.
Vineet Anand's insight:
Post last year's success and limits imposed by regulator, Marcus is opening up new account in UK.
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Mobile banking platform MoneyLion is joining the Spac frenzy, inking a deal with blank-cheque firm Fusion Acquisition Corp to go public in a $2.9 billion deal.
Vineet Anand's insight:
SPAC paving pathway for MoneyLion with 6 MM customers
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US investment group Fidelity is in advance negotiations to lead a £200 million fundriaising round in UK challenger bank Starling, according to Sky News.
Vineet Anand's insight:
Starling with 3 million customers and 300k SB customers attracts US investor in Fidelity.
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National Australia Bank is to acquire 86 400, one of a crop of new digital banks which have struggled to break the dominance of Australia's Top Four banks.
Vineet Anand's insight:
NAB acquisition might reflect a limitations with a challenger bank in Oz to the crowded space of Top4 and limited market size.
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UK challenger banking app Dozens has enlisted Open Banking outfit Bud to let prospective customers access some of its services without having to fully sign up.
Vineet Anand's insight:
Interesting play by Dozens leveraging Bud's open banking to access other FI accounts & ClearBank for FasterPayments access.
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Australian neobank Xinja has launched a fund raise aimed at sophisticated investors, with a minimum of $20,400 to invest.
Vineet Anand's insight:
Xinja Oz neobank opens Series D; $70MM raised in previous Series
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Digital banking startups in the UK now cater to almost 20 million customers, but face a strenuous challenge to reach profitability in the face of slowing growth rates and a decline in deposit balances.
Vineet Anand's insight:
UK Neobanks are now home to 20 million customers - report indicates challenges in growth and deposit balances. Profitability at average of PS9 per customer is stark contrast to PS270 for traditional incumbents! ECB today stated there are too many banks in the region with potential for M&A in light of digital players and IT risks.
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ING and Bank of Beijing are collaborating on plans to set up a joint venture digital bank in China.
Vineet Anand's insight:
ING and BoB to create a $450 million JV for digital banking. ING already has 13% shareholding in BoB and this JV will have ING hold 51% stake subject to approvals!
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UK challenger bank Tandem has launched an interest-paying savings account that uses machine learning to calculate how much customers can put aside.
Vineet Anand's insight:
Tandem launches savings with three features - roundups, autosaving, and top-up!
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Micro-investing app Stash is to introduce traditional banking services and 'Stock-Back' rewards on customers spending for its three million users on the back of a $65 million capital raise.
Vineet Anand's insight:
Stash steps into banking services with $65 million funding. Introduces debit card with rewards using Green Dot platform. The rewards will allow for fraction of stock corresponding to merchant spending!
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Australian neo bank Xinja is tapping into a deep well of public disquiet about the power of Australia's Big Four banks, raising almost $2.6 million in its latest crowdfunding campaign.
Vineet Anand's insight:
Xinja raises $2.6 million in crowdfunding as it continues to build its user base and products!
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US mobile banking startup Chime has raised $200 million at a $1.5 billion valuation in a Series D funding round led by DST Global.
Vineet Anand's insight:
Chime's recent funding Series D round values company at $1.5 billion!
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Starling Bank has raised £75 million to fund its international expansion plans.
Vineet Anand's insight:
Series C funding by Starling Neo-bank raises PS75 million with nearly 500k accounts including 30k SMB accounts; expansion to Europe ahead of Brexit. 2019 plan to hit one million accounts!
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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Last year JPMC considered making a bid for Starling Bank; Previously tried to launch a digital bank Finn in U.S closed it in mid-2019 after slow pickup.