Revolut News – Bellow In Gark http://bellowingark.org/ Sat, 18 Sep 2021 10:22:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://bellowingark.org/wp-content/uploads/2021/05/default1.png Revolut News – Bellow In Gark http://bellowingark.org/ 32 32 Fundraiser launched for Dublin nurse who lost all her savings to cruel scam https://bellowingark.org/fundraiser-launched-for-dublin-nurse-who-lost-all-her-savings-to-cruel-scam/ https://bellowingark.org/fundraiser-launched-for-dublin-nurse-who-lost-all-her-savings-to-cruel-scam/#respond Sat, 18 Sep 2021 08:46:39 +0000 https://bellowingark.org/fundraiser-launched-for-dublin-nurse-who-lost-all-her-savings-to-cruel-scam/ A fundraiser was launched for a Dublin woman who had all her savings ripped off in a cruel scam. Zuzanna was swindled over € 6,000 of her savings after receiving a call telling her she was under investigation for money laundering. Dun Laoghaire’s wife said she had been receiving fraudulent calls for weeks and ignored […]]]>

A fundraiser was launched for a Dublin woman who had all her savings ripped off in a cruel scam.

Zuzanna was swindled over € 6,000 of her savings after receiving a call telling her she was under investigation for money laundering.

Dun Laoghaire’s wife said she had been receiving fraudulent calls for weeks and ignored them, but he caught her at a vulnerable point.

Zuzanna, 40, was awakened by a call after a grueling night shift in the oncology unit at the hospital where she worked.

She said, “I answered the call, exhausted from working all night and disoriented at being awakened from sleep.

“It was an automatic message telling an operator that I was a suspect in a criminal investigation. I was so tired I didn’t even know it was a false allegation.”

A man introduced himself as Daniel Parker, an officer of the Financial Criminal Authority.

She added: “He asked me to write these details down for my records. He told me that my PPS number had been compromised and was associated with money laundering abroad.

“He said there was a debt of € 180,000 in my name. He threatened me that there was an arrest warrant against me and that I should not attempt to leave the country.”

Speaking on the GoFundMe page, Zuzanna said she was terrified because she was supposed to travel to Poland the following week to see her family.

She said: “I started to cry hysterically, I was petrified. I was so tired, I couldn’t think properly. He was so bossy and professional, he told me to have a drink of ‘water and calm me down. He said he believed I was a victim and that my identity had been compromised and that his colleague might be able to help me. “

She was transferred to another man named David Walker.

David told him it was “just a case of identity theft and once all of my accounts are terminated and my money transferred securely to a secure virtual wallet, the ‘real criminals’ won’t. could no longer get my money back ”.

Zuzanna was told to transfer all of her money from her Bank of Ireland account to her Revolut account.

“[…]he made me download an app called “secure virtual wallet”. I was so scared and did everything he said. He kept reassuring me if I followed his instructions, everything would be fine. I was crying uncontrollably.

“I was on the phone for over an hour with them. I was literally shaking with fear and exhaustion at the end of the conversation.”

It wasn’t until she went out for a run to clear her head that she realized she was going to be ripped off.

She said: “All my savings were gone. I went to the guards who advised me to contact Bank Of Ireland and Revolut.

“However, everyone tells me, as I authorized the transfers myself, there is no chance of my money getting back. I have lost all my savings of € 6,600.”

She added: “I am a 40 year old single nurse living in rented accommodation with a car loan and not enough money to pay me the salary at the end of the month.

“Working as a frontline nurse during the pandemic was tough enough, but being left with nothing is just as terrifying.

“I know I was stupid, but I was so exhausted from the night shift and they were so professional, I just hope my story helps others not to be scammed the same as me.”

A Garda spokesperson said: “The Gardaí are investigating an incident of fraud which occurred in the Dun Laoghaire area on the 8the September 2021. No arrests have been made, investigations are ongoing.

Zuzanna has a GoFundMe page to help her recover her lost savings and you can donate here.

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JPMorgan to launch digital bank in UK next week https://bellowingark.org/jpmorgan-to-launch-digital-bank-in-uk-next-week/ https://bellowingark.org/jpmorgan-to-launch-digital-bank-in-uk-next-week/#respond Fri, 17 Sep 2021 13:33:40 +0000 https://bellowingark.org/jpmorgan-to-launch-digital-bank-in-uk-next-week/ Signage outside a branch of Chase Bank in San Francisco, California on Monday, July 12, 2021. David Paul Morris | Bloomberg | Getty Images LONDON – JPMorgan Chase is preparing to launch its highly anticipated digital bank in the UK next week. The move will see the US banking giant take on major UK lenders, […]]]>

Signage outside a branch of Chase Bank in San Francisco, California on Monday, July 12, 2021.

David Paul Morris | Bloomberg | Getty Images

LONDON – JPMorgan Chase is preparing to launch its highly anticipated digital bank in the UK next week.

The move will see the US banking giant take on major UK lenders, including HSBC, Barclays, Lloyds and NatWest, as well as start-ups like Monzo and Starling.

JPMorgan will also intensify its rivalry with Goldman Sachs, which launched its digital banking product Marcus in the UK in 2018.

New York-based JPMorgan first revealed plans to launch its Chase brand in the UK earlier this year. Rather than establishing physical branches, JPMorgan will only offer its services through a mobile app.

This is the first international expansion of JPMorgan’s consumer banking brand in a 222-year history.

The news was originally reported by the Financial Time and later confirmed by CNBC.

Sanoke Viswanathan, CEO of JPMorgan’s international consumer division, said the bank’s expansion into the UK was a “very big strategic commitment”.

“We’re going to spend hundreds of millions before we break even and get to a place where this is a sustainable business, and we’re in no rush,” he told the FT. .

Chase will initially offer checking accounts as well as a rewards program. He also plans personal loans, investments and longer term mortgages.

The UK is home to an increasingly crowded retail banking market. Fintech-friendly regulations have allowed challengers like Monzo, Revolut, and Starling – which offer checking accounts and other services via smartphones – to thrive and grow into billion-dollar businesses.

These digital banks have won millions of customers among themselves, while some have even tried their luck by entering the US market. Revolut, which now has more than 15 million customers, was last valued at $ 33 billion, making it the UK’s most valuable tech start-up.

JPMorgan’s arrival in the UK will put additional pressure on the country’s traditional lenders. State-backed NatWest has notoriously tried and failed to take on fintech challengers with a competing digital bank called Bó.

Under the leadership of CEO Jamie Dimon, JPMorgan has sought to combat the threat from fintech stars like PayPal and Square through a number of acquisitions.

As part of its efforts to expand into the UK, the bank agreed to acquire online wealth manager Nutmeg in June. Later that month, he announced a deal to buy OpenInvest, a San Francisco-based ethical investing platform.

Earlier this month, JPMorgan announced plans to acquire a controlling stake in Volkswagen’s online payment unit.


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Monzo offers a new ‘buy now, pay later’ feature for all purchases https://bellowingark.org/monzo-offers-a-new-buy-now-pay-later-feature-for-all-purchases/ https://bellowingark.org/monzo-offers-a-new-buy-now-pay-later-feature-for-all-purchases/#respond Fri, 17 Sep 2021 08:01:12 +0000 https://bellowingark.org/monzo-offers-a-new-buy-now-pay-later-feature-for-all-purchases/ The UK fintech is rolling out its BNPL service, Monzo Flex, which allows users to spread payments over a period of time. UK digital bank Monzo is entering the ‘buy now, pay later’ (BNPL) market with its latest feature, Monzo Flex. Monzo Flex allows users to spread the cost of their purchases over three months […]]]>

The UK fintech is rolling out its BNPL service, Monzo Flex, which allows users to spread payments over a period of time.

UK digital bank Monzo is entering the ‘buy now, pay later’ (BNPL) market with its latest feature, Monzo Flex.

Monzo Flex allows users to spread the cost of their purchases over three months without interest. It also offers a six month and 12 month option at an interest rate of 19pc.

Users can buy anything using the feature as long as the transaction is over £ 30 and less than £ 3000. Excluded transactions include cash withdrawals, gambling, and cryptography.

The announcement comes at a time when Monzo and Revolut, the other major UK-based digital bank, was expected jump on the BNPL train following the PayPal, Square and Klarna early risers.

Last week PayPal acquired the Japanese service BNPL Paidy, heating up competition in the Asia-Pacific market. Rival PayPal Square also acquired Australia’s BNPL Afterpay service for $ 29 billion last month, while Swedish BNPL giant Klarna became Europe’s most valuable startup earlier this year.

On Wednesday, the US investment bank giant Goldman Sachs also expressed its interest in the increasingly competitive market by seizing the BNPL GreenSky service for 2.24 billion euros.

The BNPL market had a good year 2020, with official data estimating transactions at £ 2.7 billion with 5 million people using its services since the start of the pandemic.

“If you qualify, we’ll give you a pre-approved credit limit that you only request once. So no checks up front, ”wrote Leanne Kelsall in a company blog post. “And you can adjust as many payments as you want, as long as the total spend is within your limit, giving you the confidence that you’ll never overspend. “

She said that users can choose to prepay the amount owed at no additional cost, and that there are no additional charges for late payments.

“Apply once, ahead of time. If we approve you, you can use Flex as often as you like, as long as you have enough credit available. So you know you’re good to go before you get to the cash register.

Monzo Flex is offering early access to new and existing users starting today (September 17) via an invitation during registration. Yesterday fintech announced another feature, Salary Sorter, which gives users the ability to automatically distribute incoming payments to different pockets – with the remaining balance to be spent.

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Live shopping platform raises $ 150 million https://bellowingark.org/live-shopping-platform-raises-150-million/ https://bellowingark.org/live-shopping-platform-raises-150-million/#respond Thu, 16 Sep 2021 18:51:31 +0000 https://bellowingark.org/live-shopping-platform-raises-150-million/ Live-buying platform Whatnot has raised $ 150 million in a Series C funding round, its third round this year and one that propels it to unicorn status with a valuation of $ 1.5 billion. As TechCrunch noted on Thursday (September 16), Whatnot is tapping into the increasingly popular trend of direct shopping, allowing collectors to […]]]>

Live-buying platform Whatnot has raised $ 150 million in a Series C funding round, its third round this year and one that propels it to unicorn status with a valuation of $ 1.5 billion.

As TechCrunch noted on Thursday (September 16), Whatnot is tapping into the increasingly popular trend of direct shopping, allowing collectors to buy and sell things like Funko Pops and Pokemon Cards.

The platform started out as a place for standard resale, where people could go to authenticate their Funko Pops and without too much emphasis on live purchases. But when COVID changed everyone’s lives and people started staying at home, Whatnot switched to more live broadcasts and started to grow rapidly.

Read More: Live Auction Startup Whatnot Gets $ 4 Million Seed

Most of the buyers and sellers on the site are not small businesses, but simply enthusiasts who buy and sell collectibles as a hobby or as a side source of income.

What sets Whatnot apart from other digital collector markets is its built-in live streaming capabilities that enable real-time interaction and connection, the company said.

Verified sellers are allowed to upload at any time when they want to hold video auctions. In some cases buyers will know precisely what is up for grabs, while other auctions are more of a bet. For example, there is the “card break” system, where users purchase unassigned portions of an unopened box of collectible cards and watch its contents unveiled live.

According to TechCrunch, the company has started to expand its reach to include items like lapel pins, vintage clothing, sneakers and sports cards, which co-founder Grant LaFontaine says are the biggest driving force behind the game. platform, followed by Pokémon and Funko Pops.

The company’s latest funding round was fueled by returning investors A16Z and Y Combinator’s Continuity fund, as well as a new company, CapitalG (formerly Google Capital). Whatnot also added top angel investors including Andre Iguodala of the Golden State Warriors, Zion Williamson of the New Orleans Pelicans and Logan Paul of the YouTubes, according to the report.

——————————

NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.


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Revolut Singapore offers customers up to 20% cash back on public transport expenses until end of 2021 https://bellowingark.org/revolut-singapore-offers-customers-up-to-20-cash-back-on-public-transport-expenses-until-end-of-2021/ https://bellowingark.org/revolut-singapore-offers-customers-up-to-20-cash-back-on-public-transport-expenses-until-end-of-2021/#respond Wed, 15 Sep 2021 02:29:35 +0000 https://bellowingark.org/revolut-singapore-offers-customers-up-to-20-cash-back-on-public-transport-expenses-until-end-of-2021/ Copyright 2021 PR Newswire. All rights reserved2021-09-15 SINGAPORE, seven. 15, 2021 / PRNewswire / – With the gradual easing of COVID measures, Revolut Singapore is offering customers the opportunity to make money by commuting to work or playing. From now until December 31, 2021, Revolut customers can receive great cash back rewards every time they […]]]>
Copyright 2021 PR Newswire. All rights reserved
2021-09-15

SINGAPORE, seven. 15, 2021 / PRNewswire / – With the gradual easing of COVID measures, Revolut Singapore is offering customers the opportunity to make money by commuting to work or playing.

From now until December 31, 2021, Revolut customers can receive great cash back rewards every time they use their Revolut cards to pay for their bus or MRT tickets in Singapore.

To take advantage of the maximum 20% discount on transportation expenses, participating customers will need to add a minimum of 100 USD to their account by local bank transfer and spend in public transport in the same month.

For top-up amounts less than 100 USD or for recharges made using debit or credit cards, these customers will instead receive 2% cash back on their public transport expenses.

For more information, please read the Terms and conditions here or visit Revolution blog.

Global fintech Revolut has grown beyond its origins as a multi-currency wallet and FX app. Customers can now use Revolut to donate to charities such as Action for AIDS and Singapore Cancer Society, take advantage of shopping offers using Rewards or the Revolut Shopper Chrome extension, and pay for their online purchases at the store. using a disposable virtual card for added security against hacking or phishing attempts. .

Creating a Revolut Standard account is free and registration only takes a few minutes. Create your free Revolut account on revolut.com.

ABOUT RÉVOLUT
Revolut is building the world’s first truly global financial superapplication to help people get the most from their money. In 2015, Revolut was launched in the UK and offers money transfer and exchange services. Today, 16 million customers worldwide use dozens of innovative Revolut products to complete more than 150 million transactions per month.

On our personal and business accounts, we help clients improve their financial health, give them more control, and seamlessly connect people across the world.

www.revolut.com

SOURCE Revolution


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The seed phase: the event puts startups ahead of the best investors https://bellowingark.org/the-seed-phase-the-event-puts-startups-ahead-of-the-best-investors/ https://bellowingark.org/the-seed-phase-the-event-puts-startups-ahead-of-the-best-investors/#respond Sat, 11 Sep 2021 07:37:50 +0000 https://bellowingark.org/the-seed-phase-the-event-puts-startups-ahead-of-the-best-investors/ Have you ever thought about pitching your business to a group of experienced investors, like Dragons Den? Or maybe you are a budding angel investor who wants to invest some money in the next Revolut or Monzo. The Seed Stage is an opportunity for small start-ups to present themselves to some of the best venture […]]]>

Have you ever thought about pitching your business to a group of experienced investors, like Dragons Den? Or maybe you are a budding angel investor who wants to invest some money in the next Revolut or Monzo.

The Seed Stage is an opportunity for small start-ups to present themselves to some of the best venture capital funds in Europe in just five minutes.

Taos Grisdale and Hector Mason kicked off an investment event just before the first foreclosure in March 2020.

Their plan was to change the way startups get funding by bringing both parties together in one place, and they billed it as “Dragons Den on a larger scale”.

“Dragons Den on a larger scale”: The Seed Stage investment forum gives startups the opportunity to apply to the best European venture capital funds, as well as to daily investors

Seventy leading venture capital firms support The Seed Stage and attend pitch events.

“The industry is highly fragmented and characterized by information and communication silos, which means startups and investors spend a tremendous amount of time trying to find each other, let alone promoting and securing investments. Explains Grisdale.

“This archaic approach prevents founders from growing their business, which is a losing streak for founders and investors.”

The world of VC has long been criticized for being too closed a circle with limited diversity.

In Europe, around 91% of venture capital went to startups with all-male founding teams last year, according to a 2020 report from Atomico.

This has led to the creation of a number of networking events, and some venture capital funds like Ada Ventures have explicitly committed to investing in overlooked founders.

However, problems remain at the pre-seed and start-up stage, especially for founders who do not have an exceptional contact book.

Grisdale and Mason know these issues well, having worked in the venture capital world for several years.

Grisdale works at DMG Ventures, the venture capital arm of the Daily Mail which has invested in companies like Cazoo and Zoopla. Prior to that, he worked at investor True Capital, and he also had a brief stint at a startup.

Hector Mason started two companies before joining Episode One Ventures venture capital fund

Hector Mason started two companies before joining Episode One Ventures venture capital fund

Mason knew very early on the difficulties encountered by startups, having launched two companies before joining the venture capital fund Episode 1 Ventures.

There is clearly a demand for the platform provided by Seed Stage, as there have been 1,000 applications from startups to each of its three events.

Interested companies have until September 20 to apply for a chance to pitch at the next event on October 21.

Founders are encouraged to provide information about their business, including the industry in which they operate, the income they have made, and the amount they are looking to raise.

Venture capital funds help reduce the number of applications from around 1,000 to 15, and those startups are then invited to apply on demo day in October.

“It’s a tough application process, with a lot of amazing startups not having the chance to pitch,” says Grisdale.

However, even those who don’t pitch that day will still make themselves known to the top 70 VCs that back The Seed Stage.

“There have already been several cases where companies not shortlisted for the pitch day have nevertheless received investments from one or more of the 70 funds.”

For Michael Dunnett Stone, who started his Feasty business this year, that changed everything.

He showcased his business, which helps social media leaders grow and monetize their businesses, at an event earlier this year and has since received funding.

“It changed everything. It was just me in my room with a laptop and now I’ve hired a crew, ”he says. “We are recruiting a team of three or four developers, I have an office. It’s a good deal now.

Everyday Investors Can Invest in the Next Big Thing

The October event will take place virtually and follow a similar pattern to the previous events of The Seed Stage.

This time, however, ordinary investors will be able to invest small amounts in businesses they see on the right track via a special vehicle.

An SPV is generally structured like an LLC and can be used as a financing structure, where all the investors are brought together into a single entity.

Taos Grisdale started The Seed Stage while working for a startup

Taos Grisdale started The Seed Stage while working for a startup

Investing at an early stage in promising companies is still relatively rare, outside of crowdfunding platforms.

“Crowdcube and Seedrs have done a good job opening up access to private market investments, but the problem is that there is still some stigma attached to these types of platforms in the eyes of VCs,” Mason says.

“They tend to attract second- or third-tier private companies because it’s easier for the top companies to go talk to a few VCs and they can raise funds relatively easily.

“Our mission is not to kill crowdfunding… The deals that reach Crowcube and Seedrs are never reviewed by VCs or angel investors. They are subject to rudimentary regulatory controls.

By investing through the seed stage, sophisticated investors or high net worth individuals will gain access to leading companies that have obtained the seal approval of major venture capital funds.

Participants interested in investing will need to register with the Odin investment platform which manages the necessary regulatory processes. The minimum investment is £ 1,000.

  • Startups can apply for the pitch here
  • Individuals can register to participate here

Essential for small businesses

Some links in this article may be affiliate links. If you click on it, we can earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.


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Revolut’s planned BNPL launch could retain users https://bellowingark.org/revoluts-planned-bnpl-launch-could-retain-users/ https://bellowingark.org/revoluts-planned-bnpl-launch-could-retain-users/#respond Wed, 08 Sep 2021 05:40:47 +0000 https://bellowingark.org/revoluts-planned-bnpl-launch-could-retain-users/ The news: Revolution will take a dip in the buy now, pay later (BNPL) space, according to the Evening Standard, citing an interview with its CEO, Nikolai Storonsky. The British neobank intends to test the offer next year in parts of Europe, with plans to roll it out for its 17 million users. The BNPL […]]]>

The news: Revolution will take a dip in the buy now, pay later (BNPL) space, according to the Evening Standard, citing an interview with its CEO, Nikolai Storonsky.

  • The British neobank intends to test the offer next year in parts of Europe, with plans to roll it out for its 17 million users.
  • The BNPL function of the neobank will apply to both online and in-person purchases. Storonsky described an example in which installment payments could be made in third over several weeks.

Trend research: Revolut is the latest company to play in both digital banking and BNPL or is considering doing so. Recent examples include:

  • Square: The US-based fintech, which acts as a neobank for small and medium-sized enterprises (SMEs), announced in August 2020 that it would to acquire After payment, an Australian BNPL company, in a transaction worth approximately $ 29 billion. Afterpay, which operates in several countries, is also Planning by entering the neobank on the consumer side on its domestic market.
  • Goldman Sachs: The banking giant, which offers its Marcus direct bank to US and UK customers, is partnership with Apple to feed a next BNPL product appointed internally Apple Pay Later. Businesses already collaborate on Apple Card.
  • Klarna: The Swedish supplier of BNPL offers savings accounts in its home market and in Germany.

The opportunity: Neobanking can quickly increase adoption of a BNPL product by aggressively promoting it to a large existing customer base. Revolut users who adopt BNPL can become more involved with the neobank by spending more time in its ecosystem and generating BNPL balances that they need to monitor and repay.

The product has greater potential for loyalty than growth of new users in an increasingly crowded BNPL market. For example, in Europe, it faces companies ranging from Pay Pal To Barclays, noted the Evening Standard. Fostering more engagement could bring Revolut closer to his goal to become a super financial app.

To better understand how banks compete with stand-alone BNPL companies, read this article from our Payments and Commerce Briefing.


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As European fintechs compete for US clients, Revolut rolls out new money transfer service https://bellowingark.org/as-european-fintechs-compete-for-us-clients-revolut-rolls-out-new-money-transfer-service/ https://bellowingark.org/as-european-fintechs-compete-for-us-clients-revolut-rolls-out-new-money-transfer-service/#respond Fri, 03 Sep 2021 12:00:00 +0000 https://bellowingark.org/as-european-fintechs-compete-for-us-clients-revolut-rolls-out-new-money-transfer-service/ Nikolay Storonsky, CEO of Revolut Ltd., speaks on Bloomberg TV show … [+] interview in London, UK, Thursday August 1, 2019. Revolut is expanding into equity trading, enabling clients to buy and sell US stocks. Photographer: Luke MacGregor / Bloomberg © 2019 Bloomberg Finance LP Revolut, the UK’s most valuable digital banking startup with a […]]]>

Revolut, the UK’s most valuable digital banking startup with a staggering $ 33 billion valuation, has expanded its offering in the US with a new service for managing US-Mexico remittances. This remittance market has grown rapidly, by 31% in May alone, according to BBVA Research, subsidiary of the Spanish banking group. But Revolut clearly hopes the service, which launched in July, will help it penetrate the wider U.S. market.

This is just the latest example of a European fintech trying to compete with the United States. Monzo, also based in London, applied for a US banking license last year, while Berlin-based N26 managed to acquire 250,000 US users, despite a awkward launch. Curve, another UK consumer payment app, is also planning to launch in the US by the end of this year.

The movement of these fintechs in the US market has not always gone smoothly. The US banking system is difficult to navigate (banking licenses taking years to be approved) and the market is already teeming with local banking challengers like Chime and Varo, making it difficult for a newcomer to stand out.

Ronald Oliveira, CEO of Revolut’s US business, said it has gained 300,000 customers since launching its app in the US in March 2020. The company has attracted some US customers, primarily those who travel frequently. Vicent Jones, a luxury travel consultant, says he started using the app because Bank of America’s international transaction fees were costing him 3%, while Revolut only charges him 0.3% (though in the same currency).

Although Revolut is not yet available in Mexico, its US users can now send money via a standard international transfer (SWIFT transfer) with only the recipient’s bank account information in Mexico. “We mainly focus on the United States and Mexico, because that’s where we see the greatest benefit, and we can do that at one of the best exchange rates in the world,” says Oliveira.

Revolut has a lot of competition in the remittance arena, not only from incumbents such as Western Union, Moneygram, and RIA, but also other fintechs established in the United States, such as PayPal, Wise (formerly TransferWise ) and Remitly. However, Revolut now offers some of the lowest transfer fees – for example, to transfer $ 1,000 to Mexico it charges $ 3 while Wise charges around $ 16.72. The rate varies depending on the size of the transaction – the minimum being 30 cents and the higher being $ 6, which covers both currency exchange and transfer fees.

So if the US market is so crowded, why are these European startups determined to enter it? Jason Mikula, fintech analyst and managing director of Dutch financial services marketing firm 312 Global Strategies, said these startups “are following Uber’s playbook of growing as fast as possible.” Currently Revolut’s revenue comes mainly from interchange fees (when customers use credit cards) and a subscription-based model. The United States not only has a large potential customer base, but interchange fees can be as high as 1.8%, while in Europe they are capped at 0.2%.

Revolut is applying for a state banking license in California, which would allow it to expand its services and revenue stream, but this will likely be very expensive. Varo, for example, had to set up $ 100 million in capital to obtain a national banking charter in the United States and the process took three years.

Presumably, with its astronomical valuation and $ 1.83 billion raised from investors such as Softbank and Tiger Global Management, Revolut can afford the steep entry price. It remains to be seen whether the startup can become the primary bank account for the U.S. clients it hopes to attract now with its new transfer offering.


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Revolut aims for higher credit offerings and higher income in the United States https://bellowingark.org/revolut-aims-for-higher-credit-offerings-and-higher-income-in-the-united-states/ https://bellowingark.org/revolut-aims-for-higher-credit-offerings-and-higher-income-in-the-united-states/#respond Wed, 01 Sep 2021 04:02:37 +0000 https://bellowingark.org/revolut-aims-for-higher-credit-offerings-and-higher-income-in-the-united-states/ The news: The British neobank plans to deploy in the United States a unsecured line of credit this fall and credit card offers at the end of 2021 or in the first quarter of 2022, Ron Oliveira, CEO of Revolut in the United States Financial News said. More on this: A US credit card offer […]]]>

The news: The British neobank plans to deploy in the United States a unsecured line of credit this fall and credit card offers at the end of 2021 or in the first quarter of 2022, Ron Oliveira, CEO of Revolut in the United States Financial News said.

More on this: A US credit card offer would mark the first launch of a Revolut credit card outside certain European markets where it can carry its Lithuanian banking license. The neobank seeks to achieve 1 million US users by the end of the year, and conducted a marketing blitz to achieve this goal.

The credit offers, when they materialize, will join a host of other features Revolut has brought to the US market in recent months, including:

  • Corporate accounts, which Revolut spear across the United States in late March.
  • U.S.-Mexico cross-border transfers, who debuted end of July.

Another sign that Revolut is all-in on the United States is its application for a American Banking Charter in March, which would give it the flexibility to strengthen its deposit solutions and expand into credit products without its US partner bank, Metropolitan commercial bank.

The big takeaway: Preparing credit products for a U.S. release marks another milestone in Revolut’s efforts to monetize its huge customer base as it – and its rivals – move towards profitability.

In August, the neobank also Trek its securities trading charges for the second time in less than a year. This and its plan to offer income-generating credit products in a new market suggests that profit is increasingly the goal of Revolut, instead of focusing exclusively on rampant user growth.

The moment when Revolut is pivoting towards profit generation could be due in part to pressure from its main competitors:

  • Its British neobank rival, Starling, has begun reach a monthly profit in October 2020 and expects to make its first annual profit in its current fiscal year, according to CNBC.
  • British neobank focused on savings and mortgages Bank of atoms reported its very first monthly operating profit in the quarter ended in June, by AltFi.
  • Revolut’s biggest American neobank competitor, Carillon, revealed in September that it made a profit as measured by EBITDA, according to TechCrunch.

Revolution has reached the breakeven point in November 2020, but expanding its product line to include more revenue-generating offerings can help it maintain those profits and prove that it is capable of monetizing its huge customer base.


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Bitpanda, the crypto broker backed by Peter Thiel, triples its rating https://bellowingark.org/bitpanda-the-crypto-broker-backed-by-peter-thiel-triples-its-rating/ https://bellowingark.org/bitpanda-the-crypto-broker-backed-by-peter-thiel-triples-its-rating/#respond Sat, 28 Aug 2021 10:54:25 +0000 https://bellowingark.org/bitpanda-the-crypto-broker-backed-by-peter-thiel-triples-its-rating/ A visual representation of Bitcoin. STR | Nur Photo via Getty Images London – European crypto trading platform Bitpanda has raised $ 263 million in a new round of funding that values ​​the company at $ 4.1 billion. That’s more than three times the value of Bitpanda’s $ 1.2 billion in the last private funding […]]]>

A visual representation of Bitcoin.

STR | Nur Photo via Getty Images

London – European crypto trading platform Bitpanda has raised $ 263 million in a new round of funding that values ​​the company at $ 4.1 billion.

That’s more than three times the value of Bitpanda’s $ 1.2 billion in the last private funding round five months ago. With the latest cash injection, the total value of the company is around $ 500 million.

The investment was led by Valar Ventures, a venture capital firm co-founded by US tech billionaire Peter Thiel. Valar is the third to support Bitpanda since the first funding round announced in September.

“I don’t like fundraising,” Bitpanda CEO and co-founder Eric Demuth told CNBC. “It takes a lot of time.”

“When you have a partner that you have a close relationship with and they have deep pockets, you don’t have to do the whole roadshow,” Demus said. “I wanted to overtake, so I wanted to be with them,” added Valor. “It was a very simple process.”

From left to right, Bitpanda co-founders Christian Trummer, Paul Klanschek and Eric Demuth.

Little panda

British billionaire hedge fund managers Alan Howard and REDO Ventures also invested in Bitpanda’s latest round, alongside existing investors LeadBlockPartners and JumpCapital.

What is a Bit Panda?

Founded in 2014, Bitpanda is a Vienna-based brokerage firm that allows people to buy and sell cryptocurrencies and precious metals. The company has also started testing a service that allows users to trade stocks around the clock this year.

“At the end of this year, I think you have a really good sale of stocks,” Demus said.

Bitpanda is one of several online brokers in Europe that is attracting increasing investor interest, in part due to the enthusiasm for trading “same stock”. Retailers have racked up unloved stocks like GameStop and AMC, inspired by the popular Reddit forums. This has increased transaction volumes on digital platforms such as Robin Hood.

Bitpanda’s competitors include Revolut, Trade Republic, and eToro.

One of the ways the company wants to differentiate itself from its competitors is by licensing technology to banks and fintech companies. He did not reveal the name of the client, but said some large companies have already implemented the system and will be able to offer cryptocurrencies and stock trades within a few months.

Bitpanda earns money from the difference between the amount someone is willing to pay for an asset and the price at which the asset is sold. According to Demus, the startup has been profitable for five years.

Profitability is rare in FinTech, and many venture capitalists in this area lose money. Finally valued at $ 33 billion, Revolut lost 167.8 million pounds ($ 232.3 million) in 2020, a 57% increase from the previous year.

Dems said many fintech companies raise funds with high valuations for “hype” and “fear of surveillance.”

“I am very skeptical about this,” he said. “A lot of companies, especially in FinTech, are purely based on a combination of hype and growth, but growth is mostly paid, so there are free products and you are just buying customers. . “

Bitpanda did not provide a breakdown of how much money it earns each year, but said revenue is expected to increase sevenfold in 2021. The platform currently has over 3 million users.

The company operates exclusively in Europe and has offices in Vienna, Berlin, London, Paris, Barcelona, ​​Milan and Krakow. We plan to use this money to develop our business in major markets such as France, Spain, Italy and Portugal.

The Cryptography Mania

Bitpanda’s reputation improvement comes at a time of great momentum for the start of the crypto industry.

Cryptocurrency investors are rampant this year, with the prices of Bitcoin and other major cryptocurrencies reaching record highs in April and May, then plunging in the weeks to come.

Recently, Bitcoin and the small digital coin ether have made a comeback, pushing the entire crypto market to over $ 2 trillion for the first time in three months.

The main headwind for cryptocurrencies these days is the threat of regulation. China has cracked down on speculative investment in digital assets, but a recently approved U.S. infrastructure bill includes a clause that crypto supporters could harm the industry.

According to Demus, Europe is behind the world’s peers in the cryptocurrency industry. But he is encouraged by the new European regulations aiming to put this sector under regulatory supervision.

“The drafts I’ve seen so far don’t seem to have any negative effects,” he said. “Of course, they can always screw things up at the last minute.”

IPO? Other than PSPC

Bitpanda has no plans to release it anytime soon, but Demuth said he “really liked” the way Wise was listed. Instead of using an investment bank to take over the offer, Wise went public directly in the London market without raising funds.

The Bitpanda CEO claimed nothing had been decided yet, but strongly denied the merger with a specialist acquisition company (SPAC). PSPC is a listed blank check company for the purpose of exposing other companies.

“A bad example of an IPO is a PSPC enthusiast,” Demuth said.

Last month, U.S. digital currency company Circle announced plans to open a $ 4.5 billion SPAC transaction.


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