That was quick. After receiving preliminary approval from the OCC on December 30, LendingClub announced today that they have now...
The company announced the news in an earnings call; they will begin testing products this year and have invested $53.3 million developing the new bank; Virgin Money is said to have signed an agreement with 10x Future Technologies to develop the platform. Source
Yesterday LendingClub announced as part of their Q4 2019 earnings call that they are acquiring a bank, something no other...
There have been many recent launches of digital banks which was a result of regulatory changes in the UK; Metro Bank was the first having launched in 2010, but there are many new names since then; article highlights founders and investors in the space including Eileen Burbidge (Monzo), Sanjeev Gupta (Wyelands Bank), Jonathan Rowland (Redwood Bank), Nick Ogden (ClearBank) and the Pears family (Masthaven Bank). Source
UK based Digital Bank Monzo is planning a crowdfunding round to give customers a greater share of ownership; the round will look to raise between $13mn and $40mn; while they will use the round for hiring it is meant to provide customers “a genuine sense of ownership”; the crowdfunding round follows the recent $94mn private equity backed fundraising. Source.
Barclaycard is rebranding as Barclays in the US and launching a digital only bank in 2018; they have been testing the market since last year and plan to fully launch their offering next year; Barclays is more of a household name in the UK but has been offering credit card services under the Barclaycard name in the US. Source.
The way the basic checking account is constructed has not changed in decades. Your money is kept on a bank’s...
Digital bank Aion has launched in Belgium and it is taking a different approach to most; it does away with...
I was reading the Financial Times over the weekend and I came across this article citing a banking analyst’s perspective...
Leading UK digital bank Monzo released its annual report yesterday and the numbers were not pretty; the company reported that...