Retail Banking

Masthaven launches fees-free remortgage range

Masthaven Bank has today launched a new fees-free remortgage range on its first charge residential two-year and five-year fixed remortgage products. The specialist bank has released the limited-edition products in response to continued demand for remortgages, particularly for fees-free ranges, during the coronavirus outbreak. Masthaven says the new products are designed to empower brokers to offer their customers greater flexibility around their... more Read more »

TSB unveils support for SME suppliers and customers during Coronavirus outbreak and beyond

TSB announced it will ensure that all of its smallest suppliers will be paid within just 10 days of invoicing the bank. The move will apply to all companies that supply goods and services to the bank, even if the contract allows it to pay over a longer period. Read more »

Metro Bank and ezbob partner to deliver next-generation small business loans platform

Metro Bank has today announced a new partnership with award-winning Lending-as-a-Service (LaaS) provider ezbob to offer Metro Bank’s business customers fast, secure and competitive access to finance. Read more »

Starling Bank Creates 400 Jobs in Cardiff with Opening of Third UK Office

Starling Bank has opened its third UK office, creating 400 data science, fraud and customer service jobs in Cardiff. The app-only bank has made a strong start to 2020 as it confirmed last month that it has raised a further £60 million from its existing investors, Merian Global Investors and JTC. The Welsh hub will enable Strling to continue on its growth path as it strives to reach break-even by year-end. Read more »

Finastra powers retail banking innovation with four new fintech apps on FusionStore

Finastra today announced the launch of four new retail banking apps on FusionStore, the firm’s app marketplace. Read more »

ClickSWITCH to Deliver Account Switching Technology to Finastra Clients

ClickSWITCH today announced that it would deliver ClickSWITCH’s technology to clients of Finastra’s core banking solutions, Fusion Phoenix and Fusion UltraData. The two companies already share some overlap of clients, including both banks and credit unions. Read more »

In-memory Computing Platform Hazelcast Raises $28.5m

Hazelcast, the leading in-memory computing platform that delivers radically fast application performance at scale, today announced the expansion of its Series D round due to over-subscribed interest from global investment entities. Read more »

Monzo and Starling Among Account Switching Winners

Just five UK banks, two of them challengers, managed a net gain of customers in the third quarter of 2019, according to figures from the Current Account Switch Service. Nationwide Building Society continues to have the largest net switching gain among the Current Account Switch Service’s 49 participant, putting on 25,355 customers in the quarter. Digital challenger Monzo gained 21,576, HSBC 17,204, Starling 7,075 and tiny ethical player Triodos... more Read more »

New Digital Bank Vive Receives Banking Licence

New UK digital bank Vive has received a banking licence with restriction from the Bank of England. The new bank will be offering personal loans and a fixed-rate savings account and launching with with an Open Banking-based money management app. Vive is aiming to capture the underserved market of customers who struggle to access affordable credit. Read more »

Rabobank Invests in Digital Mortgage Broker Trussle

Rabo Frontier Ventures (RFV), the strategic investment fund of Rabobank, has contributed to a £7.5 million funding round in online UK mortgage broker Trussle The Dutch bank was joined by existing investors Goldman Sachs Growth, Finch Capital and BBVA-backed Propel Venture in backing the firm, which last raised £13.6 million in Series B financing in May 2018. Trussle is one of a new breed of fintech startups that uses proprietary automation and a... more Read more »

Revolut Raise Set to Value Business at $5 Billion

UK-based Revolut is on course to achieve a $5 billion valuation during an upcoming funding round, according to documents from lead investor Technology Crossover ventures (TCV) Financial News, which has viewed the prospectus, says the round is expected to close later this month. Silicon Valley TCV, an early investor in the likes of Spotify, Airbnb and Netflix, closed a $3 billion fund in January 2019 to back fast-growing new economy companies. Read more »

Australian Lender Wisr Raises $35 Million

ASX-listed marketplace lender Wisr has raised $35 million via a placement of approximately 181 million ordinary shares. Wisr offers small to medium loans to help consumers pay down debt at rates based on borrowers’ individual risk profile. The five-year old company also operates a credit score comparison service. The firm says it will use the proceeds of the placement to grow its credit product offerings and strengthen the balance sheet. Read more »

Metro Bank Launches Cash Delivery Services for SMEs

Metro Bank has begun accepting registrations for its on-demand cash collection and delivery service for SMEs across the UK. ‘MCash’ will operate through the bank’s mobile app, where business customers can log on and select a pick-up/drop-off time from 24 hours to a week in advance. Read more »

Starling Adds Legal Services to Its Digital Offering

Starling Bank has announced a partnership with legal services provider Sparqa, the latest addition to their Marketplace. Providing Starling’s 88,000 small business customers with customisable and affordable legal services, the lawtech partnership will allow the Starling customer base to access a wealth of legal information tailored to their specific commercial needs. Read more »

UniCredit to Axe 8000 Jobs

Italy's UniCredit says it will cut 8000 jobs and close 500 branches over the next three years as part of a programme to boost shareholder value. The bank's 'Team 23' programme aims to increase net profit to EUR5 billion by 2023 and enable it to return EUR8 billion to shareholders through buybacks. To help achieve this, there will be major job cuts and branch closures in Italy, as well as some in Germany and Austria. Meanwhile UniCredit has set a... more Read more »

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