Financial Services

The UK’s under-35s are 21% more likely to want to share bank data to prove their creditworthiness than in May 2020, presenting partnership opportunities for fintechs with lenders.

U.S. Bank tests hybrid branches to complement digital channels: With digital banking becoming dominant, the bank’s new branches eschew routine banking services and instead dedicate employees to assisting with complex products.

Andreessen Horowitz to raise $1 billion for third and biggest crypto fund: The VC firm follows its peers in doubling down on the crypto sector, suggesting global blockchain funding will reach a new record this year.

Hundreds of US retail banks to take plunge into Bitcoin trading: Banking tech provider FIS and crypto custodian NYDIG are teaming up with smaller incumbents to offer Bitcoin trading—enabling established banks to compete with challengers like Revolut and Venmo.

Wealthsimple has secured $559M in funding at a $3.7B valuation thanks to the success of its retail trading and new crypto and P2P money transfer products. The Canadian fintech should now roll out customized portfolio options to double down on growth.

Virgin Money boosts UK SMB lending experience with partnership: The UK bank’s latest fintech team-up demonstrates a focus on pivoting to post-pandemic customer retention.

The pandemic not only altered consumers’ shopping behaviors, but it also changed how they pay for goods and services.

Auto insurance customers shopped around more than ever amid the pandemic, causing a 3% increase in their migration to the five biggest US insurers—here are two ways insurtechs can fight back.

Wealthsimple hits 2M Canadian users amid neobanking push: The Canadian fintech reached a user threshold as it hit a CAD$5 billion valuation from its latest funding round—positive signs that it could become a significant player despite the challenges in its home market.

A key UK pandemic SMB loan program turns 1: The Bounce Bank Loan Scheme provided £46.53 billion ($59.67 billion) to strapped businesses and offered neobanks a chance to grow their books—but lenders now have to deal with repayments and keeping the borrowers.

Employers are drowning in healthcare costs—digitized benefits packages can help

Latino-focused Fortú rolls out with support from SoFi, LendingClub: Fortú will serve un- and underbanked US Latinos—and it has the opportunity to gain traction by initially targeting underserved consumers within a market of around 60 million Latinos.

Google’s update to Google Pay includes enhancements to its Google Plex bank account—as big tech companies dive into banking, it jeopardizes the value proposition of digital-only banks like Chime and Varo.

Wealthfront debuts customizable portfolios and crypto products to distinguish its offering in the crowded US robo-advisory market and tap into the growing popularity of self-directed and crypto investing.

Lloyds and Starling top Q4 2020 UK account switching list: The pair took first and second place, respectively, in net account switches—and their different customer acquisition approaches show how to succeed as account switching rebounds from the pandemic.

The robo-advisor surpassed £3 billion ($3.85 billion) in AUM, and it could use open banking to automate how users fund their investment accounts to further grow its AUM and break even.