Welcome to the inaugural issue of The Challengers!
There's a lot going on in this space all over the world and we intend to track it here. We'll certainly cover the startups in the space and I think we'll include the moves of some of the incumbent banks running their own separate digital brands (like JPM's Finn, for example).
Also, some challenger banks are dead set on global expansion -- our coverage is typically colored with Warby Parker-ish US glasses but we'll also look at what's happening throughout the world, especially as the stories will be about some of the same characters.
Your feedback is always welcome -- hit me up at zack@tearsheet.co.
|
|
Europe's leading challenger banks will make US landfall in 2019
|
|
You may or may not know, but teams from Monzo, N26, and Revolut are on the ground in the US, applying for banking licenses, and preparing a launch stateside sometime this year.
We've invited N26, Revolut and top domestic player, Chime on for a webinar next week to learn about their plans. If you're interested in challenger banks (and you are -- you signed up for this newsletter), you're going to want to sign up for our webinar next week. It should be fun and informative.
Register here
|
|
Challengers eat incumbents' lunch (at least in the UK)
|
|
With or without Brexit, challenger banks are staying in the UK. It seems to be a good home for them, as they take marketshare. In a country with 66 million people, startup digital banks already count millions as customers.
The UK market seems ready for the move to digital: recent data show that UK users are open to using a single financial app to consolidate their finances.
|
|
Down under, neobanks get licenses, raise money, go after customers
|
|
Atom Bank: Will BBVA buy it or not?
|
|
|
Well, UK's Atom Bank is hiring bankers. This comes about a year after the company raised a nice funding round, lead by BBVA (which now owns like 40 percent of Atom). Will this set off an acquisition spree?
|
|
Along the way, there will be (major) snafus
|
|
As new banks emerge and capture marketshare, there will be mistakes made along the way. Financial history is paved in them. Metro Bank revealed a mistake this week in its loan book and a profit warning that wiped more than £800 million off its market value. Shares fell 39 percent.
Also this week, Revolut went completely dark for some users.
|
|
|
Tandem hits 500k users before launching auto-save feature launch
Will Snoop Dogg act as rent-an-influencer for fintech?
Goldman Sach's Marcus now has $35 billion in deposits
An Amazon checking account could displace $100 billion in bank deposits (but it won't)
Mexican digital bank Albo raises $7.4 million
Millennials' favorite bank Monzo reveals spending habit: 3.6m trips to Pret and 720,000 orders on Deliveroo last year - with 'eating out' category trumping all
|
|
|
|
