Revolut News – Bellow In Gark http://bellowingark.org/ Fri, 27 May 2022 15:17:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bellowingark.org/wp-content/uploads/2021/05/default1.png Revolut News – Bellow In Gark http://bellowingark.org/ 32 32 Introducing the Green Finance Podcast, A Day in the Life of Milo Credit’s Founder and CEO, and More – Tearsheet https://bellowingark.org/introducing-the-green-finance-podcast-a-day-in-the-life-of-milo-credits-founder-and-ceo-and-more-tearsheet/ Fri, 27 May 2022 13:11:01 +0000 https://bellowingark.org/introducing-the-green-finance-podcast-a-day-in-the-life-of-milo-credits-founder-and-ceo-and-more-tearsheet/ Tearsheet provides daily summaries of top news and events, like this article, in a nifty, neat, and well-packaged daily email. Stay informed. Subscribe here. Tearsheet’s Daily won’t be published on Monday due to Memorial Day – we’ll pick it up on Tuesday. The Green Finance Podcast Ep. 1: How Banks Can Foster Sustainability with Aspiration […]]]>

Tearsheet provides daily summaries of top news and events, like this article, in a nifty, neat, and well-packaged daily email. Stay informed. Subscribe here.

Tearsheet’s Daily won’t be published on Monday due to Memorial Day – we’ll pick it up on Tuesday.

The Green Finance Podcast Ep. 1: How Banks Can Foster Sustainability with Aspiration CEO Andrei Cherny

Welcome to Tearsheet’s Green Finance Podcast, hosted by Senior Journalist Iulia Ciutina.

This podcast will focus on what the finance industry is doing to combat climate change, having conversations with key people in the industry to unravel the company’s journey to sustainability.

In this first episode, Iulia chats with Andrei Cherny, CEO of Aspiration, a digital bank focused on climate change and sustainability.

Aspiration wants to help customers use their deposits for sustainable investments and gives them the opportunity to offset their carbon footprint – a fundamentally different strategy from traditional banks.

Listen to find out how banks can start bringing climate awareness closer to the consumer.

Listen/read more

“In a rapidly growing company, you feel like you’re in a different organization every four to six weeks”: A day in the life of Milo Credit Founder and CEO Josip Rupena

Josip Rupena is the founder and CEO of Milo Credit, a Miami-based fintech company that provides home financing solutions to consumers around the world.

Earlier this year, Milo added crypto mortgages to its product lineup, being the first of its kind for customers in the United States.

We take a look at what motivated Josip to start his own business and what a day in his personal and professional life looks like.

Read more

The last briefing

Green Finance Briefing: SEC cracks down on ESG and HSBC mishap

US regulators are starting to focus on greenwashing, proposing a new set of ESG fund disclosure requirements. And truth be told, there’s a lot of cleaning to be done.

ESG funds would be required to disclose additional information regarding the greenhouse gas emissions associated with their investments, such as the carbon footprint and weighted average carbon intensity of their portfolio, according to the SEC.

Separately, HSBC Asset Management’s Global Head of Responsible Investment, Stuart Kirk, managed to send shockwaves throughout the green finance industry after delivering his presentation titled “Why Investors Don’t Need worry about climate risk” at the Financial Times’ Moral Money Europe Summit.

HSBC was quick to react by suspending Kirk, according to FT.

Learn more (exclusive to Outlier members)

Just look at the charts

1. Activities for which customers are looking for fintechs

Source: FYNXT

2. Why big tech wants to participate in fintech

Source: Timo Dreger

today’s stories

JPMorgan taps PayPal exec to lead fintech partnerships
Former Wells Fargo and PayPal executive Peggy Mangot has joined JPMorgan Chase as head of fintech partnerships for the firm’s commercial banking (banking dive)

They also have libraries there
JPMorgan has made its annual summer reading list available for viewing in a metaverse library — a summertime tradition for more than two decades, 2022 marks the list’s first foray into the metaverse in Decentraland’s Onyx Lounge (Finextra)

The layoffs and hires game continues
After Klarna announced plans to lay off 10% of its workforce, rival fintechs Revolut and Wise said they had no intention of cutting jobs and are hiring for hundreds of vacancies (CNBC)

JPMorgan collects data to tackle the wealth gap
JPMorgan has started collecting data on the race and ethnicity of some borrowers, a deviation from the norm in US banking, as part of an effort to deliver on promises to do more for the black community after the murder of George Floyd (FT)

Stay ahead with Outlier – Exclusive content program for Tearsheet members only and join the leading financial services and fintech innovators who read us every day.

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Revolut issues reminder to all Irish customers as major change in a few weeks https://bellowingark.org/revolut-issues-reminder-to-all-irish-customers-as-major-change-in-a-few-weeks/ Wed, 25 May 2022 18:36:24 +0000 https://bellowingark.org/revolut-issues-reminder-to-all-irish-customers-as-major-change-in-a-few-weeks/ Revolut has issued a reminder to all customers as the company makes major changes to its service in Ireland. Following its official launch as a bank earlier this year, Revolut has announced a date customers need to know if they want to continue using their Revolut card in stores. Customers will need to update their […]]]>

Revolut has issued a reminder to all customers as the company makes major changes to its service in Ireland.

Following its official launch as a bank earlier this year, Revolut has announced a date customers need to know if they want to continue using their Revolut card in stores.

Customers will need to update their current card to continue using its services in the coming months, as all cards will stop working after June 21.

READ MORE:Of Revolut’s 1.7 million Irish customers, how many will be affected by the changes in the coming months? A guide for all

In an email to customers, the company said: “We reached out not long ago to let you know that we’ve made some changes to improve your card payment experience.

“We want you to take advantage of these changes, so don’t forget to order your free replacement debit card…”

He added that existing maps will continue to work until August 11 and will issue a warning before they stop working.

“Your Revolut account and any other Revolut cards you own will still function as normal,” he said.

“Order your free replacement cards and we’ll deliver them to an address convenient for you in one of the 150+ countries we deliver to. Track your delivery in the app and don’t forget to add your card to Apple Pay or Google Pay to start using it right away.”

In other news, Revolut also said they were “updating and simplifying the fee schedule” to continue offering low international transfer fees to customers while covering costs.

Over the past year, Revolut has launched 12 new currencies, mostly in Asia and Latin America, with at least ten more on the way.

A Revolut spokesperson said: “The Premium and Metal free monthly allowances for international transfers will be replaced with a discount of 20% and 40%, respectively, regardless of the number of international transfers a customer sends per month. .

“We have a price calculator on our site and in the app, which allows customers to see exactly how much they would pay for a given transfer and how much the recipient would receive.

“We’re building a new tool that will allow customers to compare Revolut’s charges with those of other providers and will share an update with you when it’s live.”

Get the latest news delivered to your inbox by subscribe to our newsletter .

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Venture capital billions take over London Finance https://bellowingark.org/venture-capital-billions-take-over-london-finance/ Tue, 24 May 2022 05:46:43 +0000 https://bellowingark.org/venture-capital-billions-take-over-london-finance/ (Bloomberg) – During the heyday of the City of London in the 1980s, most well-bred investment bankers paid little attention to King’s Cross, then a seedy, drug-ridden den of vice a few miles from their halls of worship. market and their wine bars. Today, the district attracts tech giants, startups and global investors, even as […]]]>

(Bloomberg) – During the heyday of the City of London in the 1980s, most well-bred investment bankers paid little attention to King’s Cross, then a seedy, drug-ridden den of vice a few miles from their halls of worship. market and their wine bars. Today, the district attracts tech giants, startups and global investors, even as the centuries-old heart of London’s financial world still stands still.

Bloomberg’s Most Read

At the heart of the revival is Alphabet Inc., which built Google’s £1 billion ($1.24 billion) UK headquarters and hosted the DeepMind artificial intelligence powerhouse in the region. The UK base of Meta Platforms Inc. is nearby. Early investors LocalGlobe and Balderton Capital are locally based; they have funded fintech companies ranging from Wise Plc to Revolut Ltd.

Startups are springing up in a neighborhood that appeals to a young, diverse crowd with sleek, modern shops and restaurants. In the city, pubs may still be busy – when workers are in their offices – but public listings have dried up, weakening the appeal of traditional finance. Staff have taken notice, with 57% of new hires in venture capital jobs in 2021 leaving investment banking, according to recruiting firm Dartmouth Partners. Venture capital firms hired more juniors in 2021 than in any other year tracked, Dartmouth said.

The changing fortunes of the two areas highlight the changing face of London’s financial sector, an industry that has powered the British capital for centuries. A growing disparity between private and public markets affects everything from where people work to the future of retirement investments for Britain’s young workforce.

It is a revolution with an international face. Companies like Sequoia Capital, Silicon Valley’s biggest venture capital outfit, and its US rival General Catalyst opened offices in London last year, creating teams to seek European deals and invest more and more. early in UK and continental businesses.

“The UK is a great place to start a business now, from a talent and funding perspective,” said Alex Lim, managing partner at Blossom Capital, an investor in $40 billion payments company Checkout. .com, the UK’s most valuable startup. The country is still behind on several US sites, said Lim, who recently moved to London from California. “But it’s catching up fast.”

UK-based startups raised $9 billion in the first quarter of 2022, according to KPMG’s latest Venture Pulse report, continuing a steady ride that has seen venture capital funding eclipse public markets over the year. elapsed.

A government-backed report found that in 2015 the City of London produced £46.7 billion worth of goods and services, just over £3 billion more than Camden and Islington, the London boroughs that are home to King’s Cross. It shows the balance is tipping, says Saul Klein, co-founder of King’s Cross-based venture capital firm LocalGlobe. The City of London is being eclipsed “for the first time in 2,000 years”, Klein said. “That’s when this area becomes central London.”

The boom is at least partly guaranteed by Britain’s own government, which launched a rescue fund for startups, the Future Fund, at the start of the pandemic in early 2020 and pumped £1.14 billion into 1,190 businesses through convertible loans. It now has a stake in 335 of them, the British Business Bank, which administers the fund, said in a statement.

They include Century-Tech, an AI education specialist; Ripple Energy, which allows customers to own shares of a wind farm; and Vaccitech Plc, a University of Oxford spin-off that designed AstraZeneca Plc’s Covid-19 vaccine. Vaccitech listed in New York a year ago.

Why are companies not listed in London?

In the City, things are very different. London may lead all other European cities with $25.5 billion in fresh investment for unlisted tech companies, but it’s proving harder to convince highly-rated deals to go public in London.

“The UK is still by far the largest venture capital market in Europe and continues to strengthen,” said Ed Lascelles, partner at venture capital firm Albion. “But when companies get to a certain size, sophistication, the amount of money available to them is just much greater in the United States than anywhere else.”

Higher valuations in the US are prompting UK startups to list across the Atlantic, including electric vehicle maker Arrival SA, e-health company Babylon Holdings Ltd. and used car dealership Cazoo Group Ltd. This means that most of the returns generated by these UK companies are restricted to US equity investors.

“Institutional investors in the United States are the ones who really accumulate value,” said Dom Hallas, executive director of startup advocacy group Coadec. More from the London markets:

  • UK companies want to register anywhere but London now

  • London is looking for a way to bring its stock market out of the past

  • The creation of a new government-funded Moonshot model

To be sure, global listing activity is down in a year dominated by worries about rising inflation, interest rates and Russia’s invasion of Ukraine. UK initial public offerings total around $793 million this year, after posting their worst first quarter since 2009, according to data compiled by Bloomberg. Only three London bids, all by special-purpose acquisition firms, have raised more than $100 million.

This in turn is starting to drive down the lofty valuations of fast-growing startups, and there are signs that 2022 will be a subdued year in private tech markets around the world, including the UK. A massive tech sell-off makes venture capitalists more cautious about funding startups. But steep market swings are also discouraging unicorns considering an IPO, pushing them back to private fundraising.

Where are the finance jobs in London?

This abundance of the private side is attracting venture capital talent from traditional banking jobs, despite the attractive salaries and bonuses of long-established companies.

When the pandemic hit, Lily Shaw worked in the currency trading desk of JPMorgan Chase & Co. Two years later, when the offices reopened, she had taken on a new role as a seed investor at the North American company Omers Ventures.

“Sitting on the floor watching quants code my work, I often found myself wondering why I was in a seat where my personal opinions probably wouldn’t even matter five years from now,” Shaw said.

Shaw admits she is now behind former colleagues in terms of compensation, but says she is highly motivated by the work she does. “Now I spend my time meeting a group of interesting people who are designing solutions to build a better future.”

Lizzie Louis, executive director of Dartmouth Partners, talks about a “candidate-driven market” in which Gen Z candidates have a different view of employment than Millennial predecessors, and capital growth- investment means there is a wider range of jobs available to them. .

“Investment banking is no longer the only option for this talent pool – they have several alternative and attractive opportunities available,” Louis said.

In the City itself, the leaders see no reason to panic. Venture capital-backed start-ups directly benefit investment banks, said Julian Morse, CEO of Cenkos Securities. “Venture capital tends to come first and if they are successful they are ready for the public markets. These are different stages of the risk profile.

Alasdair Haynes, CEO of Aquis Exchange Plc, was unimpressed with the rise of King’s Cross and venture capital. “Anything that adds to London’s status and growth is ultimately good for the ‘City’,” he said.

“The City is a concept as much as a geographical place.

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

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Trump Trade Secretary Ross plotting £700m merger with UK Atom Bank | Economic news https://bellowingark.org/trump-trade-secretary-ross-plotting-700m-merger-with-uk-atom-bank-economic-news/ Sat, 21 May 2022 08:08:25 +0000 https://bellowingark.org/trump-trade-secretary-ross-plotting-700m-merger-with-uk-atom-bank-economic-news/ A senior figure in Donald Trump’s cabinet is preparing a £700m deal that would see one of Britain’s biggest digital-only banks listed on the US stock exchange. Sky News has learned that a Special Purpose Acquisition Company (SPAC) set up by Wilbur Ross, who was President Trump’s Commerce Secretary between 2017 and 2021, is in […]]]>

A senior figure in Donald Trump’s cabinet is preparing a £700m deal that would see one of Britain’s biggest digital-only banks listed on the US stock exchange.

Sky News has learned that a Special Purpose Acquisition Company (SPAC) set up by Wilbur Ross, who was President Trump’s Commerce Secretary between 2017 and 2021, is in detailed talks on a merger with Durham-based Atom Bank.

Banking industry sources said over the weekend talks were at an advanced stage, although there was no guarantee a deal would be struck, especially amid soaring equity markets. inflation and growing fears of recession.

If struck, however, a deal would make Atom Bank one of the biggest UK companies to go public via a SPAC, joining Cazoo, the digital car-buying platform, and Vertical, the aerospace company founded by Stephen. Fitzpatrick, the entrepreneur behind Ovo Energy.

Under the terms of the proposed merger, Atom Bank would agree to merge with Ross Acquisition Corp II, a SPAC listed on the New York Stock Exchange in the spring of last year, according to a banking insider.

SPAC – a front company launched with the aim of finding an operational business to combine with – is also reportedly raising around £150m through a so-called PIPE (private equity investment).

Mr. Ross and his other founding shareholders of SPAC could choose to participate in this PIPE fundraiser.

A deal would take place in one of the most volatile stock market environments in years, and after a series of SPACs either abandoned previously announced deals or were forced to return money to their original investors after failed to identify a deal.

If he announces a deal with Atom Bank, it would probably take about six months to complete.

Picture:
Atom Bank Offices

In 2010 WL Ross, Mr Ross’s private equity firm, took a 21% stake in Virgin Money, shortly before it became a major player in the industry by buying out much of the nationalized bank Northern Rock.

WL Ross sold the last of its Virgin Money shares in 2016.

Mr Ross has been a top financier on Wall Street for decades, earning the moniker ‘King of Bankruptcy’ for his track record of buying up troubled companies in the steel and coal industries and selling them. sale for significant profits.

As a senior Trump administration official, Mr. Ross helped shape the U.S. government’s approach to relations with China – the world’s most important bilateral trading relationship.

He was also a large shareholder in Bank of Ireland and several American lenders.

Atom Bank has made no secret of its intention to pursue a public listing in the coming years, although one would have expected it to float in London given that its business is entirely UK-focused. .

Since its inception in 2014, it has made less dramatic progress than rivals such as Monzo, Starling Bank and, in particular, Revolut, which was valued at over $30 billion in a funding round last year. .

Atom Bank has total customer deposits of over £2.5bn and has announced mortgage completions of over £3bn, but has set ambitious targets to increase these figures in the years to come.

In total, it has raised around £500m from investors including Spanish bank BBVA, Toscafund and now-dissolved Woodford Investment Management.

Last year it made headlines by becoming one of the first major employers to switch to a four-day week.

He said the move, which included a reduction in working hours from 37 to 34 hours with no impact on wages, was designed to support the mental and physical well-being of employees, as well as increase productivity.

Announcing a £75m funding round which valued it at £435m in February, Atom Bank Chief Executive Mark Mullen said: “We have achieved a number of financial milestones importance and maintained our excellent reputation with our customers.”

“Our investors are now supporting our continued growth. This capital will allow Atom to build on the progress we have made and continue to provide financial solutions for people who want to become homeowners, grow their own businesses and save for the future.

“This is also a fundamental next step in our journey to IPO.”

Responding to an email request from Sky News, Mr Ross said his ‘practice has always been not to comment on rumors of dealings involving my investments’.

Atom Bank declined to comment.

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The Latest from the Crypto World https://bellowingark.org/the-latest-from-the-crypto-world/ Fri, 20 May 2022 12:58:02 +0000 https://bellowingark.org/the-latest-from-the-crypto-world/ * Social media giant Meta filed trademark applications this week for a digital asset exchange and payment platform called “Meta Pay.” After its failure with the Diem project, an abandoned stablecoin project, the American company seems to want to persist in becoming a major player in the sector, especially with the development of the future […]]]>

* Social media giant Meta filed trademark applications this week for a digital asset exchange and payment platform called “Meta Pay.” After its failure with the Diem project, an abandoned stablecoin project, the American company seems to want to persist in becoming a major player in the sector, especially with the development of the future metaverse.

Revolution, the British neobank, plans to launch a noncustodial crypto wallet that will be based on the Ethereum blockchain. Revolut’s native cryptocurrency, dubbed “Revcoin”, will aim to reward customers for their loyalty. A system similar to airline Air Miles programs where users earn rewards based on how often they use the service.

FTX, the cryptocurrency platform owned by young billionaire Sam Bankman-Fired, is getting into stock trading with stablecoins. The US-based company has announced the launch of “FTX Stocks”, a stock trading service that will allow retail investors to fund their accounts with stablecoins backed by traditional currencies such as USD Coin (USDC ).

Robin Hood, in which the CEO of FTX revealed a 7.6% stake last week, plans to roll out a new crypto wallet focused on decentralized finance (DeFi) for its users. CEO Vlad Tenev said “it will be possible to lend, bet and even buy non-fungible tokens (NFTs).”

Chinese bitcoin mining activity rebounded strongly despite Beijing’s ban related to crypto mining. As China’s share of global bitcoin mining capacity fell to zero in July after authorities launched a crackdown, several underground mining operations have since sprung up, careful to circumvent bans. . China is once again one of the world’s biggest players in bitcoin mining second only to the United States.

Portugal will no longer be a tax haven for crypto-investors. While to date residents of Lusitania are exempt from tax on profits related to cryptocurrencies (only companies are taxed between 28% and 35% on their capital gains), Prime Minister Fernando Medina wants to change that. Although nothing has been enacted yet, cryptoguys may see Portugal’s common tax regime apply for them. For your information, the standard capital gains tax in Portugal for residents is 28% and personal income tax ranges from 14.5% to 48%.

Let’s stay on the fiscal side for the next news. Germany’s Federal Ministry of Finance has released a document stating that citizens will be exempt from tax on capital gains generated by cryptocurrencies if they have held them for at least one year. While until now a German citizen had to wait ten years to see a tax exemption on his cryptographic gains, his holding period to benefit from the tax carrot could be divided by 10. Still, the ministry specifies that the document remains susceptible to ‘to evolve.

Let’s end this Crypto Recap with the French tennis tournament Roland-Garros, which will have a taste of Web3 this year. It is launching a collection of NFT “RG Game, Seat & Match” and will inaugurate this weekend the essential Philippe-Chatrier court in its virtual form. 5,000 NFTs at a price of €200, each representing a virtual seat, will be put up for sale. The opportunity for cryptophiles to join a unique community, benefit from exclusive advantages and speculate.

The evolution of the Top 20 cryptocurrencies in terms of capitalization over a week.

Source: Quantify

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Full list of fees for every Irish bank as thousands begin to switch from Ulster Bank to KBC https://bellowingark.org/full-list-of-fees-for-every-irish-bank-as-thousands-begin-to-switch-from-ulster-bank-to-kbc/ Wed, 18 May 2022 10:43:48 +0000 https://bellowingark.org/full-list-of-fees-for-every-irish-bank-as-thousands-begin-to-switch-from-ulster-bank-to-kbc/ Thousands of Irish bank account holders are looking to switch branches as Ulster Bank and KBC prepare to leave Ireland in the coming months. Consumers have been warned of potential delays as a number of businesses face staff shortages and an influx of applicants. The only benefit of having to switch banks is being able […]]]>

Thousands of Irish bank account holders are looking to switch branches as Ulster Bank and KBC prepare to leave Ireland in the coming months.

Consumers have been warned of potential delays as a number of businesses face staff shortages and an influx of applicants.

The only benefit of having to switch banks is being able to pick the right bank for you, with the least amount of sneaky fees.

READ MORE:Bank of Ireland issues warning as fraudsters take advantage of Ulster Bank and KBC customer account switching

Every Irish bank account is subject to a number of automatic charges, and some are less well known than others.

Each provider has a different set of rates, so if you’re looking to pick the cheapest option in the middle of your bank switch, here’s every charge as of May 18, 2022.

Permanent TSB, Explorer account

According to Ireland money guidethe PTSB Explore account is a great choice but has a quarterly maintenance fee of €18.

On the bright side, they have no overnight transaction fees.

According to experts, “The account also offers cash rewards such as 10c for every time you use your debit card.

“This reward is capped at €5 per month. (You will need to use the debit card 50 times per month to get the maximum €5 cashback.)”

PTSB also offers cash back on bill payments to a number of listed companies via direct debit.

EBS, Moneymanager account

EBS currently has no current bank account fees, however, the Moneymanager account has very basic functionality.

Checkbooks are not issued and overdrafts are not allowed, meanwhile there is no option for Apple Pay or Google Pay.

Bank of Ireland

Bank of Ireland current accounts currently have a flat fee of €6 per month, which equates to €72 per year.

There is no way to avoid these fees, they are charged to all account holders unless you are one of the following:

  • Holder of a Golden Years account or
  • Graduate, 3rd level student or
  • 2nd degree student current accounts


Full list of fees for every Irish bank as thousands begin to switch from Ulster Bank to KBC

Allied Irish Bank

AIB charges an administrative fee of €4.50 per quarter as well as transaction fees.

AIB also charges the following fees for transactions:

  • Automated transactions (direct debits/standing orders) 20c.
  • Internet or Telephone transaction 20c
  • ATM withdrawals 35c
  • 35c machinery slots
  • Processing 39c checks
  • 20c debit card transaction
  • OTC transaction 39c

Revolution



Full list of fees for every Irish bank as thousands begin to switch from Ulster Bank to KBC
Full list of fees for every Irish bank as thousands begin to switch from Ulster Bank to KBC

Revolut now operates as a fully licensed bank in Ireland, but on the Standard Revolut Account there are no monthly charges.

The first 5 ATM withdrawals per month or the first €200 per month are FREE. After that, there is a 2% charge. (Minimum €1).

When spending in currencies other than Euros, the first €1,000 per month is free, after which there is a 0.5% fee.

With Revolut, you can’t pay with cash or check, but you can set up direct debits.

Another new feature available to Irish account holders is loan approvals.

N26

N26 has no administration charges on its current accounts and the only transaction charges are for withdrawals from Irish ATMs.

If you use them more than 3 times a month, there is an additional €2 each time.

There are no fees with N26 for foreign currency card spend.

A physical debit card will cost €10 to send – but you can skip it if you’re going to use Apple Pay or Google Pay etc.

It is an “online only” bank with a full EU banking license and is also regulated by the Central Bank of Ireland for the conduct of business rules in Ireland

There are no N26 branches – so you can’t pay cash or check, but you can set up direct debits. No overdrafts.

It only charges a 1.7% fee on non-euro cash withdrawals.

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Revolut continues the trend of older users embracing fintech https://bellowingark.org/revolut-continues-the-trend-of-older-users-embracing-fintech/ Mon, 16 May 2022 10:17:11 +0000 https://bellowingark.org/revolut-continues-the-trend-of-older-users-embracing-fintech/ British neobank Revolut is the latest fintech to benefit from an increase in the number of so-called “silver swipers” users, aged 55 to 74. $33 billion challenger bank noted a quadrupling of UK users in this age bracket since 2020. Revolut also reported a 260% increase in the number of users in the 65-74 age […]]]>

British neobank Revolut is the latest fintech to benefit from an increase in the number of so-called “silver swipers” users, aged 55 to 74. $33 billion challenger bank noted a quadrupling of UK users in this age bracket since 2020.

Revolut also reported a 260% increase in the number of users in the 65-74 age bracket who used the digital lender’s services abroad. At the same time, spending by 55-64 year olds in foreign countries has increased by 500% over the past two years. The fintech startup believes more older customers will flock to its services.

“Given greater confidence in online and app-based financial services over the past two years, confidence in using less cash, and understanding of security measures and protection against fraud, we expect to see an increasing number of customers of all ages,” said George Grumbar, head of customer affairs at Revolut, in a prepared statement.

When asked, a Revolut spokesperson said Verdict that he attributed the rise of old money swipers to “smartphone adoption and the declining number of high street banks” as well as the pandemic.

“The lockdown period has encouraged older generations to become more confident using smart devices, whether that’s video calling loved ones or ordering groceries online,” the spokesperson said. “This newly found assurance has led many to explore the other capabilities of smart devices, including fintech.”

Seniors are at greater risk of falling victim to online scams, analysts at research firm say GlobalData noted. More experienced customers also struggle to adopt and understand new technologies, as the startup noted. No isolation. The risk of fraud and lack of tech savvy could arguably put the financial health of older users at risk when adopting modern fintech solutions.

In response to these concerns, the Revolut spokesperson said the fintech provides a “user-friendly app, notifications and easy access to your finances” that make it easier for customers to manage their spending. These services include a budget planner, savings options, subscription organizers, and bill management options.

Revolut isn’t the only fintech to see the number of older customers skyrocket during Covid-19. The UK boss of buy-it-now giant Klarna, Alex Marsh, recently said Verdict that its ‘fastest growing age group’ in the UK has been in Gen X – 40 to 54 – and they really are the group that would often have shopped in stores [before the pandemic.]”

Revolut secured tridecacorn status in July last year after the fintech secured an $800 million funding round. US investment firm Tiger Global Management and Japanese conglomerate SoftBank injected cash into the deficit neobank as part of the round.

The fintech industry has seen a surge in investment levels during the pandemic. In 2020, venture capitalists backed the industry to the tune of more than $30.7 billion, according to data from GlobalData. This figure has increased to $84.5 billion in 2021.

GlobalData is the parent company of Verdict and its sister publications.

Related companies

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Belgium authorizes new biometric immigration database https://bellowingark.org/belgium-authorizes-new-biometric-immigration-database/ Thu, 12 May 2022 20:33:07 +0000 https://bellowingark.org/belgium-authorizes-new-biometric-immigration-database/ TECH5 is an international technology company founded by biometrics industry experts, focused on developing disruptive biometric and digital identification solutions through the application of AI and machine learning technologies. TECH5’s target markets include both the public and private sectors with products powering civil ID, digital ID, as well as authentication solutions that provide identity assurance […]]]>

TECH5 is an international technology company founded by biometrics industry experts, focused on developing disruptive biometric and digital identification solutions through the application of AI and machine learning technologies.

TECH5’s target markets include both the public and private sectors with products powering civil ID, digital ID, as well as authentication solutions that provide identity assurance for various use cases.

Learn more: www.tech5.ai

cmitech-logo

CMITech is a leading provider of high performance and cost effective iris recognition systems. The company sets the industry standard for advanced user interfaces that are fast, intuitive and effortless. Serving enrollment and authentication solutions of all sizes, CMITech systems include binocular, wall mount, desktop and kiosk product configurations.

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Onfido is building the new identity standard for the Internet. Our AI-based technology assesses whether a user’s government-issued identity is genuine or fraudulent, then compares it to their facial biometrics. This is how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard their customers remotely and securely. Our mission is to create a more open world, where identity is the key. For more information, please visit www.onfido.com

ThreatMark brings trust to the digital world by providing industry-leading fraud prevention solutions. Leading banks are using ThreatMark’s AI-based technology and behavioral biometrics to create a secure banking experience to accurately verify their legitimate users, seamlessly across all digital channels. All while securing users’ most valuable assets and keeping fraudsters away. Learn more: www.threatmark.com/

With its product portfolio of secunet border machinery and its specialized consulting expertise, secunet supports police forces and security authorities in their sovereign missions. From ABC portals to self-service kiosks to biometric middleware, each component helps strengthen identity protection and speed verification, in both mobile and stationary scenarios.

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Mobile ID World is here to bring you the latest mobile authentication solutions and app providers. Our company is dedicated to providing users with the best content and cutting-edge information on mobile technology, news and solutions for your mobile identity management needs.

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Terra Luna: The Night of Losing Crypto Owners’ Life Savings as Coin Crashes https://bellowingark.org/terra-luna-the-night-of-losing-crypto-owners-life-savings-as-coin-crashes/ Thu, 12 May 2022 13:55:20 +0000 https://bellowingark.org/terra-luna-the-night-of-losing-crypto-owners-life-savings-as-coin-crashes/ Several cryptocurrencies, including Bitcoin and Ether, saw their value drop dramatically this week in an unprecedented slump. One of the hardest hit is Terra (LUNA), formerly one of the top 10 most valuable cryptocurrencies. Its value fell by more than 98% in a single day, with its market capitalization dropping by $39.5 billion (€28.3 billion). […]]]>

Several cryptocurrencies, including Bitcoin and Ether, saw their value drop dramatically this week in an unprecedented slump.

One of the hardest hit is Terra (LUNA), formerly one of the top 10 most valuable cryptocurrencies.

Its value fell by more than 98% in a single day, with its market capitalization dropping by $39.5 billion (€28.3 billion).

Panicked investors woke up this morning to see their savings wiped out, according to frantic posts on the coin’s popular subreddit.

Investor desperation

the r/TerraLuna subreddit has been inundated with messages and comments since news of the crash broke. Some claim to have lost thousands of dollars in the crisis.

A poster said they lost $15,000 in the accident, saying they had hoped to use the money to put a deposit on a house for their family.

“I really believed in this project. So sad… I should have cashed in [out] when it was $100, I would have been up to $25,000. But I got greedy hoping to get more money.

Another said: “I lost all my savings. Had bought Luna for $85. I do not know what to do. Lost about $5000 it could be [a] small amount for some but that was all I had. Someone please advise what should I do next? »

Several messages refer to the threat of homelessness, bankruptcy or suicide. “I lost more than 450,000 USD, I cannot pay the bank. I will soon lose my house. I will become homeless,” it read.

The forum’s moderators posted links to national helplines, urging its 50,500 members to “reach out and not lose hope”.

What is Terra (LUNA)?

Terra (LUNA) was created in 2018 with the goal of creating a more stable cryptocurrency without some of the wild price swings of other options.

How it works is a bit complex. The currency is made up of two halves – a “stablecoin”, Terra, which is pegged to the US dollar. Meanwhile, the “cryptocoin”, Luna, is freely traded on the market.

The value of the two coins are linked in a way that should theoretically provide a counterbalance in the event of a drop in value.

However, this turned out to be catastrophically wrong. The crash is underpinned by another type of cryptocurrency, UST, which was also pegged to the dollar. As crypto markets crashed this week, investors rushed to pull their money out of UST, destabilizing Terra (LUNA) beyond repair.

At the end of the line

This is by no means the first time that cryptocurrencies have experienced dramatic collapses in value.

But many observers believe that this week’s crash could spell the beginning of the end of the crypto craze.

Of the 100 most valuable cryptocurrencies listed today, only 10 haven’t fallen in price in the past 24 hours, according to Coin Market Cap The data. Many have lost half or more of their value over the past week.

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CBDCs can help improve cross-border payments for businesses, says MAS chief https://bellowingark.org/cbdcs-can-help-improve-cross-border-payments-for-businesses-says-mas-chief/ Tue, 10 May 2022 15:16:01 +0000 https://bellowingark.org/cbdcs-can-help-improve-cross-border-payments-for-businesses-says-mas-chief/ SINGAPORE — Central banks need to consider how they can securely use central bank digital currencies (CBDCs) for businesses to send money to each other in cross-border payments, the Authority’s chief executive has said. Singapore Monetary Fund (MAS), Ravi Menon, at a conference of the International Monetary Fund and Swiss National Bank in Zurich, Tuesday, […]]]>

SINGAPORE — Central banks need to consider how they can securely use central bank digital currencies (CBDCs) for businesses to send money to each other in cross-border payments, the Authority’s chief executive has said. Singapore Monetary Fund (MAS), Ravi Menon, at a conference of the International Monetary Fund and Swiss National Bank in Zurich, Tuesday, May 10.

A CBDC is the digital form of a country’s fiat currency. The MAS divides CBDCs into retail and wholesale CBDCs. A retail CBDC is issued by the central bank directly to the public, while a wholesale CBDC does not enter the public realm and circulates within the interbank system.

Mr Menon said wholesale CBDCs help solve a “bigger problem” than retail CBDCs.

He argued that wholesale CBDCs enable atomic settlements, or the instantaneous and direct exchange of assets. This exchange is made possible by blockchain technology, which allows a crypto or digital asset to exist.

If the atomic settlement can be achieved, then cross-border payments can be made “at theoretically close to zero cost”, he said.

It also mitigates counterparty default risk and saves money on collateral and pre-funding accounts and reconciliation that banks spend a lot of time on today, Menon said.

Regarding the amount of retail CBDCs that central banks should issue, the MAS chief is of the view that they should be capped at levels linked to the monetary base so as not to disrupt the roles of financial intermediaries such as banks and payment providers while meeting the specific needs of segments of society.

Mr. Menon said a unique advantage of the crypto ecosystem is that it allows high-value assets to be split up and made more accessible to a wider range of investors, as well as the monetization of illiquid assets.

This unlocks economic value, improves financial inclusion and enables more transparent and efficient financial services, Menon said during a panel discussion on the policy challenges posed by the rise of digital currency and assets. cryptographic.

The discussion comes as central bank chiefs around the world try to figure out how to regulate and move forward with crypto assets, given the high risks and volatility.

It also comes amid a sell-off in the cryptocurrency market. Bitcoin, the world’s largest cryptocurrency, fell below $30,000 on Tuesday, more than half of its all-time high of $65,000 in November 2021 and its lowest price of the year.

In light of tighter monetary policy, recession fears and dwindling liquidity, investors are turning away from speculative assets in a global sell-off.

The Federal Reserve last week authorized a half-percentage-point hike in its benchmark interest rate, making it the biggest hike since 2000.

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