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Search resuls for: "neobanks"


17 mentions found


☆ 9 startup founders who banked with Silicon Valley Bank share where they're moving their money: 'We will not get caught like this again'
  + stars: | 2023-03-13 | by ( Samantha Stokes | Stephanie Palazzolo | Melia Russell | ) www.businessinsider.com   time to read: +10 min
Silicon Valley Bank's failure has left startup founders scrambling for a new home for their money. Last Friday morning, the startup founder Mang-Git Ng zipped up the interstate before sunrise to a Silicon Valley Bank branch in St. Helena, in California's wine country. Ng's plight is similar to countless other founders following the failure of Silicon Valley Bank, who waited with bated breath over the weekend on whether they'd ever get their money back. DiversificationSilicon Valley Bank's collapse could forever change how startups stash their cash, at least two investors told Insider. Silicon Valley Bank had exclusivity clauses with some of its clients, according to a CNBC report, forcing them to use the firm for most or all of their banking services.
☆ London fintech Griffin lands UK banking license with restrictions after years-long process as it eyes fresh funding in 2023
  + stars: | 2023-03-07 | by ( Callum Burroughs | ) www.businessinsider.com   time to read: +3 min
British fintech startup Griffin has secured a banking license after a years-long process. The Prudential Regulation Authority (PRA) has approved the startup, subject to restrictions. Banking-as-a-service startup Griffin has become the latest fintech to land a UK banking license with restrictions after a years-long process. Securing a UK banking license is no mean feat. Neobanks like Revolut, founded in 2015, haven't yet managed to get a UK banking license with stringent processes in place, with Jarvis suggesting that the application process isn't something "you can just throw money at."
☆ Singapore's digital banks dangle incentives to win new customers — is it sustainable?
  + stars: | 2023-02-21 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +7 min
Singapore's new digital retail banks are offering lower fees, more incentives and waiving minimum account balances to win over customers from traditional banks. Bloomberg | Bloomberg | Getty ImagesSINGAPORE — Digital retail banks in Singapore are pulling out all stops to win new customers. Unlike traditional banks — like DBS , OCBC and UOB — which operate physical branches and automated teller machines, digital banks operate entirely online. Singapore's new digital banksThe city-state gave out four digital bank licenses in December 2020. The other two digital wholesale bank licenses were bagged by Ant Group's ANEXT Bank and Green Link Digital Bank, catering to small-and-medium enterprises and other non-retail segments.
☆ The Fed Keeps Hiking Interest Rates. Here’s Why You Should ‘Absolutely’ Act Now for Better Savings and CD Rates
  + stars: | 2023-02-01 | by ( ) www.wsj.com   time to read: +6 min
By Martha C. WhiteThe Fed is set to send savings and CD rates higher yet again. On Wednesday, the Fed announced a quarter-percentage-point interest rate increase to its benchmark federal-funds rate, following its Jan. 31-Feb.1 meeting. Policy makers’ economic projections released in December show that Fed officials don’t expect inflation to hit 2.1% until 2025. “It’s going to be slow, but I think the trend is going to be higher” rates. If that’s your bank, he adds, you “absolutely should be taking advantage of a higher rate savings account.”
☆ The fintech reckoning is upon us. Here’s what to expect next year
  + stars: | 2022-12-28 | by ( Hugh Son | ) www.cnbc.com   time to read: +9 min
Many fintech companies — particularly those dealing directly with retail borrowers — will be forced to shut down or sell themselves next year as startups run out of funding, according to investors, founders and investment bankers. Other private companies with a reasonable path to profitability will typically get funding from existing investors. The frenzy peaked in 2021, when fintech companies raised more than $130 billion and minted more than 100 new unicorns, or companies with at least $1 billion in valuation. "20% of all VC dollars went into fintech in 2021," said Stuart Sopp, founder and CEO of digital bank Current. "The competitive landscape shifts the most during periods of fear, uncertainty and doubt," said Kelly Rodriques, CEO of Forge, a trading venue for private company stock.
☆ The Best Banks for Small Business
  + stars: | 2022-12-27 | by ( ) www.wsj.com   time to read: +15 min
To find the best business banks, we evaluated two dozen of the biggest institutions, looking for accounts that are easy to use, with low or no fees, and that don’t require large balances. Amex is one of relatively few banks that offers a competitive interest rate on its business checking account, with a current APY of 1.3% on balances up to $500,000. If you’re on the lookout for a new business credit card, the American Express Business Gold Card is Buy Side’s pick for Best Business Credit Card. How we pickedTo pick Buy Side from WSJ’s Best Banks for Small Business, we evaluated small-business checking accounts offered by two dozen traditional and digital banking institutions. We looked for business checking accounts that offered the best combination of convenience, low fees and features that make running a business easier, like integration with other business technology platforms and the availability of (or ability to connect with) payment processing systems.
☆ Neobanks battle to lure UK savers with juicy yields as interest rates rocket to a 14-year high
  + stars: | 2022-12-16 | by ( Ryan Browne | ) www.cnbc.com   time to read: +2 min
"We've re-entered the era where banks use better savings rates to acquire customers," Simon Taylor, head of strategy at fintech startup Sardine.ai, told CNBC. The Bank of England on Thursday hiked its main interest rate by 50 basis points, to 3.5%, its highest level in 14 years. They mean savers can get higher rates of returns on their deposits. However, those with mortgages, credit cards and personal loans to pay are charged higher interest. It is not the first time an internet-based bank in the U.K. has bumped up rates on savings to higher levels.
☆ Risk officers are the next hot hire for fintechs reaching consumers in new industries, VCs said. Startups are poaching from big companies to find them.
  + stars: | 2022-12-06 | by ( Emilia David | ) www.businessinsider.com   time to read: +5 min
Risk officers don't just safeguard data: They take charge of many regulatory and technological issues in financial-services businesses. But only some fintech companies may benefit from thinking about hiring risk officers early. Large banks still dominate hiring for risk officers, but startups are gaining groundFintech startups want to hire risk officers, but they face a hurdle: There aren't enough risk professionals. But fintech startups have been attracting risk officers from banking giants for a while. Still, according to White, there are benefits to hiring risk officers for both types of companies.
☆ CIOs Can Play Key Role in Guiding Companies Through Slowdown
  + stars: | 2022-11-27 | by ( Steven Rosenbush | ) www.wsj.com   time to read: +7 min
The market for cloud computing, business software, artificial intelligence and other so-called enterprise technologies has been a relative bright spot. “During times of economic uncertainty, companies look for ways where technology can drive growth and create more economic value faster,” said Juan Perez, chief information officer at Salesforce Inc. When budgets are under scrutiny, companies tend to focus on short-term solutions that can drive efficiency and productivity, Salesforce’s Mr. Perez said. Companies should take this opportunity to reconsider the pace of hiring and employ freelance workers where it makes sense. Additionally, CIOs say they are looking at the opportunity to hire valuable workers who lost their jobs at other companies or renew technology contracts on more favorable terms.
☆ Early Figma and Revolut-backer Index Ventures just launched a $300 million fund to back pre-seed and seed stage startups
  + stars: | 2022-11-17 | by ( Riddhi Kanetkar | ) www.businessinsider.com   time to read: +3 min
San Francisco and London-based VC firm Index Ventures has launched a $300 million seed fund. San Francisco and London-based VC firm Index Ventures has launched a new $300 million fund that will invest in pre-seed and seed-stage startups globally. Amid the global downturn that's shaken the tech industry, it's been "business as usual" for Index Ventures, Hammer said. The hope is that the seed fund will systematize the firm's efforts toward early-stage startups and entrepreneurs. "It was so tempting two years ago to back these growth rounds — but we launched Origin I, because we operated intuitively."
☆ Some People Are Getting 14 Times the Average Savings Account Rate. Here Are the Best Offers
  + stars: | 2022-11-10 | by ( ) www.wsj.com   time to read: +6 min
By Martha C. WhiteAfter years of earning essentially zilch on your cash, it’s finally possible to see a real return in your savings account. (Capital One 360 Performance Savings remains our pick for Best Overall Savings Account.) Strategies to find the best savings ratesThere are a few places you can search for a savings account that offers high interest—and a couple of caveats to keep in mind. Try an aggregatorSites that aggregate banking offers can be a good place to start your search for a high-yield savings account. With lower overhead than their bricks-and-mortar counterparts, these businesses have more leeway to offer higher rates on deposits.
☆ Tech Layoffs Reflect Worsening Outlook
  + stars: | 2022-11-04 | by ( Steven Rosenbush | ) www.wsj.com   time to read: +2 min
Layoffs at ride-sharing firm Lyft Inc. and payments company Stripe Inc., as well as a pause in hiring at Amazon.com Inc., reflect a darker outlook for tech. PREVIEW“The changes that we will see going forward will be based purely on the economic drivers from the overall economy slowing down,” Mr. Kanchi said. The metaverse, NFTs, and some aspects of cryptocurrency, or those technologies which don’t have immediate monetary value, will continue to fall out of favor, Mr. Kanchi said. “The downturn has kind of started but it hasn’t hit bottom and will get bad, very quickly, likely sometime mid next year,” Mr. Chan said. He predicts that “the new Google or Uber of 2023 and 2024 will come out of this downturn.”Write to Steven Rosenbush at steven.rosenbush@wsj.com
☆ Analysis: Tech Layoffs Reflect Worsening Outlook
  + stars: | 2022-11-04 | by ( Steven Rosenbush | ) www.wsj.com   time to read: +2 min
Layoffs at ride-sharing firm Lyft Inc. and payments company Stripe Inc., as well as a pause in hiring at Amazon.com Inc., reflect a darker outlook for tech. PREVIEW“The changes that we will see going forward will be based purely on the economic drivers from the overall economy slowing down,” Mr. Kanchi said. The metaverse, NFTs, and some aspects of cryptocurrency, or those technologies which don’t have immediate monetary value, will continue to fall out of favor, Mr. Kanchi said. “The downturn has kind of started but it hasn’t hit bottom and will get bad, very quickly, likely sometime mid next year,” Mr. Chan said. He predicts that “the new Google or Uber of 2023 and 2024 will come out of this downturn.”Write to Steven Rosenbush at steven.rosenbush@wsj.com
☆ Walmart-backed One has made a splash with high-profile hires and big potential, but customers of the old regime feel left behind
  + stars: | 2022-11-02 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
The ones left behindHaving your bank acquired by the nation's largest retailer might seem like an exciting opportunity. Read our full deep-dive into how One customers feel frustrated by changes made to their bank in the wake of its acquisition. In other news:Diddy, Heidi Klum, and Mindy Kaling are just a few of the many celebrities that celebrate Halloween with statement looks. Diddy/Instagram; Noam Galai/Getty Images for Heidi Klum; Mindy Kaling/Instagram2. Credit to Heidi Klum for going all in.
☆ A Walmart-backed fintech has been making changes to an online bank it acquired. Long-standing customers are getting fed up.
  + stars: | 2022-11-02 | by ( Carter Johnson | Ben Tobin | ) www.businessinsider.com   time to read: +15 min
But once the Walmart-backed fintech venture Hazel acquired One and adopted its moniker in January, some of the features that drew Gastley to the bank disappeared. The page has become, in some cases, the first place customers turn to for information about product changes. (Like most neobanks, One has partnered with a sponsor bank, the Washington-based Coastal Community Bank, to provide financial services.) But then One customers received an email from the bank on May 12: It would be closing current credit lines, effective immediately. That's not the only change to Pockets for which Joseph, who has dozens of the virtual bank accounts, didn't receive a notification about, he said.
☆ How to Choose the Best High-Yield Savings Account for You
  + stars: | 2022-06-09 | by ( ) www.wsj.com   time to read: +9 min
By Beth PinskerIf you search for the best available high-yield savings offers, it can be hard to tell whether what you see advertised is being offered by an actual bank. High-yield savings accounts offer a much higher return for customers on savings than the national average, although there’s no fixed scale. What should you look for in a high-yield savings offer? What is FDIC insurance and why is it important for high-yield savings accounts? Which banks can I trust for a high-yield savings account?
☆ How to Choose the Best High-Yield Savings Account
  + stars: | 2022-06-09 | by ( ) www.wsj.com   time to read: +9 min
By Beth PinskerIf you search for the best available high-yield savings offers, it can be hard to tell whether what you see advertised is being offered by an actual bank. High-yield savings accounts offer a much higher return for customers on savings than the national average, although there’s no fixed scale. What should you look for in a high-yield savings offer? What is FDIC insurance and why is it important for high-yield savings accounts? Which banks can I trust for a high-yield savings account?
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