Start-up


Digital-only MemoryBank launches in US

US-based MemoryBank, a national branchless banking platform, has opened its “digital doors”. Founded this month, it is digital only and targets “generation-X customers” – born between 1965 and 1982 – described as “an often-ignored group, pushed aside by millennials”. The bank is a subsidiary of Kentucky-based Republic Bank & Trust Company. For its tech, Republic […]

Payments start-up nanopay gets $10m funding boost

Toronto-based payments start-up nanopay has completed its $10 million Series A funding round. With this financing and the MintChip platform, which nanopay recently acquired from The Royal Canadian Mint, it is developing new business partnerships to “expand the global utility and acceptance” of MintChip. Laurence Cooke, CEO and founder of nanopay, says its focus is […]

Mahindra Finance launches SME fintech challenge

Mahindra Finance has launched a global SME challenge with KPMG and fintech matchmaking service Matchi. Companies are invited to respond with a solution that fits any of the SME-focused categories listed below. Balaji Rangachari, head of SME finance at Mahindra Finance, says the challenge is a “step towards finding existing solutions which we can adapt […]

Dassault Systemes unveils seven finalists for KYC/AML start-up challenge

French software firm Dassault Systemes has named the seven finalists for its “3D FinTech Challenge” 2016 to address anti-money laundering (AML) and Know Your Customer (KYC) issues. This is its fourth annual accelerator programme in collaboration with senior finance executives, regulators and “influencers”. As Banking Technology reported in August, Dassault Systemes invited start-ups to apply. […]

R3 blockchain code goes open source

R3 has made its blockchain platform’s code publicly available as it seeks to make it an industry standard. The Corda platform has been developed by R3’s consortium, which comprises more than 60 financial institutions around the world (the latest addition is Synchrony Financial – the first credit card company to join the consortium). “We want […]

Challenger BFC Bank readies for UK launch

BFC Bank, a subsidiary of the Bahrain Financing Company money transfer group, has received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) as it finalises its launch as a UK bank. For its technology, BFC will be using an outsourced “bank in a box” version of ERI’s Olympic core banking system. […]

US Bank finds geolocation innovation for anti-fraud

US Bank is offering a Visa-developed geolocation service, a new, opt-in technology integrated into the bank’s mobile apps that enable the location of a card transaction to be matched to the location of the user’s phone. By matching the location, US Bank says it can help ensure that transactions on customers’ cards are approved and […]

IbanFirst raises €10m and launches Banking-as-a-Service for SMEs

Payments firm IbanFirst has raised €10 million for its growth plans and launched Banking-as-a-Service (BaaS) for SMEs in Europe. IbanFirst offers an online multi-currency platform “in BaaS mode” – which it calls “an alternative to banks”. It was founded in 2013 by Pierre-Antoine Dusoulier (former head of Western Europe at Saxo Bank) under the name […]

UK challenger Amicus applies for banking licence

Amicus Finance, a UK financial services group, has submitted a banking licence application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). It hopes to get the banking licence in 2017. In advance of authorisation, Amicus will convert £30 million of the debt currently used to fund its lending activities into equity […]

UK challenger Redwood submits banking licence application

Acorn Financial Partners (AFP) has submitted a banking licence application to the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). On authorisation, AFP will be called Redwood Bank, a new UK-based SME challenger bank, and it anticipates receiving its licence early in 2017 and opening to customers later the same year. AFP’s majority […]

Aditya Birla picks Infosys Finacle core system for new bank

Indian firm Aditya Birla has chosen the Infosys Finacle core banking system for its upcoming joint venture (JV), Aditya Birla Idea Payments Bank. Aditya Birla has got in-principle approval from the Reserve Bank of India and plans to set up the new payments bank by the end of its financial year (2016-17). Aditya Birla will […]

Morgan Stanley lends $100m to start-up lender Affirm

San Francisco-based start-up lender Affirm has got a $100 million credit line from Morgan Stanley as it looks to boost its business, according to The Wall Street Journal. The firm is “adding debt” as it “seeks to grow its loans for tickets, trips, and other big online purchases as an alternative to paying with credit […]

MasterCard selects super six for fintech accelerator

Silicon Valley Bank and MasterCard have selected six start-ups to participate in Class 5 of Commerce.Innovated, a virtual accelerator designed to help commerce, payments and fintech start-ups grow their businesses. The six US start-ups will go through the four-month virtual programme and are in various stages of funding and development: Domuso, a payment financing platform […]

Fintech funding round-up: 13 October 2016

Fintech funding without the tub-thumping. A realistic and brief round-up of key events. ComplyAdvantage, which uses artificial intelligence (AI) and machine learning to help firms manage compliance, has revealed an $8.2 million Series A funding round led by Balderton Capital. The funding will allow the regtech firm to do the usual stuff – growth and […]

LendingWell wins LendIt start-up contest

LendingWell, a single-platform P2P lending partner, is the winner of the first PitchIt @ LendIt Europe, a competition aiming to find a future star within the online lending and fintech space. LendingWell provides access for retail investors and independent financial advisors to the broader P2P lending market. Co-founded with Liberum Alternative Finance, it provides customers […]

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