Fintech: Leak shows Google is working on a debit card to rival Apple Card
Leaked pictures suggest that Google is preparing to launch its own physical and virtual debit cards. TechCrunch cites multiple reliable sources in a report that gives a glimpse into Google's future fintech plans.
Images of not only the physical card itself but also screenshots of the Google Pay app with references to the virtual version of the card show off the design, as well as the spending tracking features that are in the pipeline.
Economic uncertainty gives fintech apps a boost
The COVID-19 crisis has led to major economic as well as health concerns and new research from mobile app marketing company Liftoff in partnership with analytics platform App Annie shows more people are turning to mobile apps to manage their money.
The report analyzed 22 billion ad impressions across 382 million clicks, seven million app installs, and five million first-time events in 117 apps for the full calendar year 2019. It shows that the self-reliant nature of contemporary fintech apps has taken precedence over legacy banking apps, a trend that is likely to continue in the current economic climate.
Fintech firm Curve launches numberless cards for investors in Europe
Curve, the UK-based fintech company, has announced that European investors from its crowdfunding round will be among the first to received more secure numberless payment cards.
The cards do not feature primary account numbers (PAN) on their face to improve security. The cards' chips have the data stored on them so they can be used for contactless payments, chip and PIN transactions or in machines, and card details can only be accessed from within the Curve mobile app.
UK fintech Revolut officially launches its banking app in the US
Having amassed millions of customers in Europe, the British fintech Revolut is bringing its banking app and debit cards to the US.
The official launch comes after nine months of beta testing and has been facilitated by Revolut's partnership with Metropolitan Commercial Bank (MCB). While Revolut is not a bank, it offers many services including the ability to receive salary payments to your account, fee-free currency exchange, and a polished mobile app for easy money management.
Revolut launches Revolut Junior to help kids learn financial skills
Fintech darling and banking disruptor Revolut is launching a new product designed with 7- to 17-year-olds in mind, but it is not a standalone service.
A Revolut Junior account can only be set up by a parent who already has a Revolut account, and it gives younger people the ability to use a digital app and a payment card which can be used online and in the real world. Parents are in control at all times, choosing where payments can be made.
Revolut raises $500m in funding, valuing it at $5.5bn and making it the most valuable UK fintech startup
Financial disruptor Revolut has managed to raise $500 million in a Series D funding round. The new funding sees the value of the digital banking platform rocketing to $5.5 billion, making it the UK's most valuable fintech startup, and one of the most valuable fintech firms in Europe.
The funding comes from a group of investors headed up by TCV (Technology Crossover Ventures) and effectively triples the value of Revolut when compared to its funding round in 2018. The cash injection will be used to expand its multi-currency operations both in Europe and on a global scale.
Coinbase becomes a Visa principal member -- cryptocurrency debit cards and services to spread to more markets
Cryptocurrency exchange Coinbase has been made a Visa principal member, making it "the first pure-play cryptocurrency company" to receive such accreditation. The membership was awarded back in December, but the news has only just been made public.
This is not the first time Coinbase has had dealings with Visa. The two companies worked together last year to launch the Coinbase Card ("a Visa debit card, funded by your Coinbase balance") in the UK, but now it will be possible to bring the debit card and additional services to more markets around the world.
Why secure data exchange is vital for the fintech industry [Q&A]
Over the past few years, we've seen a surge in popularity for both consumer fintech apps, as well as fintech services for businesses.
This shift in the financial services ecosystem has empowered users to take greater control of their financial lives, equipping them with tools to better understand how and where they spend their money, increase their credit scores, prepare taxes, aggregate disparate financial and investment accounts, among many other applications.
Visa acquires fintech startup Plaid for $5.3 billion
Visa has announced that it has agreed to purchase Plaid as part of a deal worth $5.3 billion. The acquisition values the fintech company at around double its valuation following a 2018 Series C funding round.
Plaid is behind financial services APIs used by the likes of Coinbase, Gemini, Venmo and Transferwise. Its software allows for easier sharing of financial details, making it simpler to connect services to bank accounts. Plaid says the acquisition will help it continue to "accelerate the success of the fintech ecosystem".
Foreign currency specialist Travelex suspends some services after cyber attack
Travelex, the London-based foreign exchange company, has suspended some of its services and taken its UK website offline following a cyber attack that took place on New Year's Eve.
A malware infection caused the company to take the decision to cut the cord on its services. It said that this was merely a "precautionary measure" which was done "in order to protect data". The suspension of services has caused problems for customers around the world and has had a knock-on effect for other companies including Tesco Bank and Asda.
JPMorgan to ban third-party fintech platforms from accessing customer passwords
JPMorgan Chase is to enforce stricter security measures, banning third-party fintech apps from accessing customer passwords.
The existing method of data sharing provides -- with permission -- numerous apps with access to customers' bank accounts, but concerns have been voiced about the possible dangers. No timetable has been set out, but the American finance giant intends to use a token-based system that will provide third parties with access to "a narrow range of data in a secure form".
Tech startups set to shake the traditional insurance market
The insurance industry has been around for over 300 years, but the rise of small, agile businesses employing new technology like AI is disrupting life for more established players.
A study from IT and consulting firm NTT DATA shows 'insurtech' startups have globally raised more than $11bn in the last three years, more than double previous years.
Revolut is expanding its extraordinary multi-currency banking services to the US in partnership with Mastercard
Revolut is coming to the US. The innovative fintech firm has teamed up with Mastercard, and plans to bring its extraordinarily useful multi-currency card to America.
The digital banking service has already enjoyed huge success in Europe through its existing partnerships with Mastercard and Visa. Revolut's particular strength lies in the ease with which money can be converted between currencies with not only no or very low fees but also at incredible exchange rates -- all accessible through a mobile app.
PayPal buys Swedish fintech company iZettle
PayPal has announced that it is to buy the mobile payment company iZettle. The announcement came as something of a surprise, as less than two weeks ago iZettle had said that it planned to go public.
iZettle is a Swedish fintech company whose mobile card readers have proved popular with small businesses, as has its ecommerce platform. The $2.2 billion purchase is PayPal's biggest acquisition to date.
UK and EU to expand Bitcoin regulation to combat money laundering and tax evasion
Following concerns that Bitcoin and other cryptocurrencies are being used for not only tax evasion but also money laundering, governments in the UK and across Europe are planning to introduce new regulatory measures.
One of the key proposals will bring to an end the anonymity Bitcoin users have enjoyed thus far. In an attempt to bring the digital currency with real-world currencies, the UK Treasury wants to force all traders to reveal their identities.
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