The country of origin of FinTech companies such as Revolution or the account-to-account payment platform Kevin recently declared a state of emergency in response to Russia’s assault on Ukraine.

Lithuania has become a success story: a country that has created an ecosystem to really attract FinTechs. With less than 3 million inhabitants, Lithuania has grown from 55 FinTechs in 2014 to 230 in 2020. By comparison, Germany had around 1,000 FinTech startups in 2021, according to data from Statista, in a country of 83 million inhabitants. people.

After the UK left the European Union, many UK FinTechs decided to move their operations to Lithuania because the country facilitated the provision of Electronic Money Institution (EMI) licenses. This allowed companies to provide services throughout Europe. This is why Revolut, which initially started in the UK, applied for a banking license in Lithuania which could then be used to provide banking services in other EU countries.

Read more: As Brexit looms, FinTech companies scramble for Lithuanian licenses

Not only is obtaining the license relatively quick, around one year, in Lithuania, but the government and central bank of Lithuania are known to be FinTech-friendly. Bank of Lithuania board member Marius Jurgilas is probably the fintech-friendly regulatory environment’s best advocate, giving regular speeches in London and across Europe.

Companies are also satisfied with the support received from an administrative point of view and in terms of expertise.

“Lithuania found itself in the right place at the right time. It will be difficult for others to follow. Lithuania is now ahead in building a self-reinforcing ecosystem to attract more FinTech – which attracts more talent, which attracts more FinTech investors. It will be difficult, just by copying the model, to obtain the same results,” said Dimitri Gugunava of SumUp.

But this spectacular growth may now be put to the test if Russia’s ambitions do not stop at Ukraine. The Wall Street Journal reported on Friday that Ukraine’s growing tech outsourcing sector could be under threat, given internet outages. Kerry Hallard, chief executive of UK-based trade group the Global Sourcing Association, said that at a member firm in Kharkiv, 80% of computers had no internet access.

Companies are helping their staff to move to other neighboring cities and countries, but the future is uncertain. Wix said it evacuated employees to Poland and Turkey last week, and Revolut said it offered financial support to employees who want to relocate.

However, the situation in Lithuania may be different from that in Ukraine. While its position between Kaliningrad (Russia), Belarus and Russia positions the country in a risky enclave, the small Baltic country belongs to NATO and the European Union, and it would receive military support from all its members. in the event of a military invasion.

Also, unlike Ukraine, the FinTech sector has exploded from a business perspective, with many companies either headquartered in the country or holding an EMI, but with most staff located in different countries across Europe. and the UK.

The three Baltic countries of Lithuania, Estonia and Latvia are the only former Soviet republics to have joined NATO, which was seen by Russia as a provocation.

Register here for daily updates on the legal, policy and regulatory issues shaping the future of the connected economy.

Tinkoff announces that it has selected BPC’s SaaS Cloud Payment Services for its planned expansion into the Philippines. The project is an extension of an existing partnership between the two companies and demonstrates BPC’s proven technical expertise in digital banking and payments.

In addition to BPC’s award-winning technology, Tinkoff chose the company over its competitors for a number of reasons, citing in particular BPC’s extensive local knowledge and experience in the Philippines and throughout Asia.

Under the terms of the new agreement, BPC’s next-generation payment processing company, Radar Payments, will manage the end-to-end payment experience for potential Tinkoff customers in the Philippines. This includes the production of virtual and physical cards, as well as the issuance and management of debit cards, credit cards, SmartVista ACS for 3DS secure services and fraud prevention.

BPC will support Tinkoff in the adoption of SaaS cloud payment in the Philippines, a trend that has emerged globally for many reasons, including greater flexibility in accessing banking services, as well as cost savings and security. Banks are tapping into the expertise of payment processors to focus on customer relationships, while neobanks and fintechs are bringing new offers to new markets faster than ever, using ready-to-connect payment rails in various geographical areas.

The Philippines is one of Southeast Asia’s fastest growing markets and ripe for transformation. The Central Bank recently granted new banking licenses to foster healthy competition and improve financial accessibility and inclusion.

BPC has been active in the Philippines for over 15 years serving banks, neobanks, rural banks and transport operators contributing to better financial inclusion using next-generation technology. The company has built a solid reputation for understanding and mastering the local banking and payment context and behaviors, key criteria that appealed to Tinkoff during its selection. Tinkoff also chose BPC for its ability to support their ambitious growth both in terms of customers and expected transaction volume. While launching a new bank in an old economy could

have taken years between licensing and deployment, new economy players are looking for partners to match their ambition to deploy efficiently and quickly, while ensuring a sustainable business model.

Launched in 2006 as an agencyless credit card issuer, Tinkoff has grown to become one of the largest and most profitable digital banks in the world, serving more than 20 million customers. Tinkoff provides financial and lifestyle services through its digital ecosystem. This includes Tinkoff Bank, which offers a full range of banking and payment services, as well as cinema, theatre, travel bookings and more through the Tinkoff Super App, the first Super App launched in Europe. The Tinkoff ecosystem also includes brokerage Tinkoff Investments, Tinkoff Acquiring, Tinkoff Business, a fintech ecosystem for SMEs and large enterprises, and other business sectors.

With a focus on lifestyle banking, the Tinkoff ecosystem enables customers to make purchases, invest their savings, earn loyalty program rewards, book travel, buy movie tickets, make restaurant reservations and access other services.

George Chesakov, Head of International Expansion at Tinkoff, commented, “Tinkoff is excited to enter the Philippine market. We are confident that our technology and experience will help us create the right products, thereby boosting financial inclusion in the country. With BPC’s payment processing business, we have a partner with whom we have a long-standing relationship that aligns with our SaaS Cloud vision. Additionally, we appreciate BPC’s strong local knowledge of the Philippine banking industry, which should help us start operating in this market sooner.

Evgenia Loginova, CEO of Radar Payments by BPC, said, “We couldn’t be prouder to continue our journey of serving Tinkoff and its future customers in Asia. Success depends on how quickly new services are rolled out in the digital banking industry, especially in the Philippine market, which will welcome a number of new market players in 2022.”

SUBSCRIBE TO THE DAILY NEWSLETTER

CLICK HERE TO JOIN

Revolution recently opened a waiting list for customers in Ireland seeking personal loans, marking its first step in launching Revolut Bank services in the country. The company now plans to launch loans and other banking services such as credit cards later this year.

Daragh Cassidy, head of communications at Bonkers.ie, said “It will be interesting to see how Ireland’s leading retail banks AIB, Bank of Ireland and Permanent TSB respond” and went on to say he expects Revolut Bank’s rates are “extremely competitive”. ”.

Revolut is an app and the main advantage is that it allows you to transfer money to another Revolut user without having to enter their IBAN or use a card reader. It’s very handy if you’re collecting money for a gift or going out to dinner and want to split the bill. When traveling abroad, this allows you to pay for goods in the local currency without costly transaction fees and exchange rates in line with the interbank rate.

The company also announced that it has launched payroll processing functionality for customers using its UK business service.

Employers with a Revolut Business account will now be able to integrate its new payroll product with other business finance-related services. Revolut said it hopes this will help resource-constrained SMEs make it faster and easier to pay their employees.

Only available in the UK at the moment, Revolut Payroll will cost businesses £3 for each active employee per month.

The app also gives its users access to US stocks and a growing selection of cryptocurrencies providing users with little or no knowledge of crypto trading easy access.

For personal users, it is free to set up and easy to use. You can visit the Revolut registration page here.

HENDERSON, Nevada–(BUSINESS WIRE)–February 15, 2022–

Treasury bountyleader in Banking as a Service (BaaS), has selected the only provider of just-in-time payment cards, Arroweye Solutions, as a card production partner. Arroweye provides personalized, on-demand debit cards to Treasury Prime fintech and banking customers, helping them take advantage of the growing popularity of cashless payments.

Treasury Prime is a leading banking-as-a-service (BaaS) company that connects banks and fintechs through an API so developers can start building in minutes and launch in days. Treasury Prime’s full integration into core banking systems gives developers access to a wide range of banking services, from opening accounts to payments and issuing cards. Currently, the company works with 10 banking partners and over 100 fintech companies, processing over $1 billion in transactions each month.

“Many of our customers are launching new card products that help them reach new markets and extend their banking offerings to existing users,” said Mark Vermeersch, platform director at Treasury Prime. “Our fintech and integrated banking customers have fast time-to-market requirements and rely on us to meet those timelines. We chose Arroweye as our card partner because they can scale orders quickly and offer our customers the ability to customize cards and secure network approvals easily.

Arroweye’s flexible on-demand card fulfillment and production capabilities allow Treasury Prime’s integrated fintech and banking customers to avoid waste through a zero-inventory model, helping them maximize resources and reduce costs. overhead costs. Through simple interface integration, financial service providers working with Treasury Prime can place card orders that drive positive brand experiences for end users.

“Treasury Prime is known for providing quality, tailored solutions to fintechs and banks growing their businesses, and that reputation is key to fueling revenue growth,” said Mica Moseley, chief revenue officer at Arroweye. . “We are seeing an increase in the popularity of debit cards as a result of the pandemic and appreciate the opportunity to provide customized solutions that help Treasury Prime deliver scalable, fast and secure card solutions to its customers while meeting unprecedented demand.”

About Treasure Prime

Treasury Prime is the leading banking-as-a-service (BaaS) company that connects banks and fintechs through an API so developers can start building in minutes and launch in days. Treasury Prime’s full integration into core banking systems gives developers access to a wide range of banking services, from opening accounts to payments and issuing cards. Treasury Prime is backed by Deciens Capital, Nyca Partners, Pacific Western Bank, QED Investors, SaaStr Fund, Susa Ventures and Y Combinator. Developers can start building today at https://developers.sandbox.treasuryprime.com. For more information, visit www.treasuryprime.com.

About Arroweye Solutions

Arroweye Solutions is the only provider of on-demand, just-in-time payment cards for banks, credit unions, neobanks and other fintech businesses. Arroweye meets new industry demands with patented and innovative technologies and manufacturing processes that deliver unparalleled flexibility and scalability, cost-effective production, and high-quality products delivered at unparalleled speed. Founded in 2000, Arroweye cards, including EMV and dual interface, are approved by Visa, Mastercard, American Express, Discover and UnionPay. For more information, visit arroweye.com.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220215005389/en/

CONTACT: Ashley Jackson

719.332.3495

ashley@fletchergroupllc.com

KEYWORD: NEVADA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING FINANCE MANUFACTURING OTHER MANUFACTURING PROFESSIONAL SERVICES

SOURCE: Arroweye Solutions

Copyright BusinessWire 2022.

PUBLISHED: 02/15/2022 11:05 AM/DISC: 02/15/2022 11:06 AM

http://www.businesswire.com/news/home/20220215005389/en

Copyright BusinessWire 2022.

MIAMI, Florida – On February 8, LendIt Fintech hosted an awards show and dinner at the Lowes Beach Hotel at SouthBeach Miami for the 5th Annual Industry Awards to celebrate top fintech influencers and innovators.

The awards event capped off two days of networking, overlooking the beach. In no particular order, these winners are the best of the best, a sampling of hundreds of nominations submitted from September 21 to December 10, 2021.

Fintech Innovator of the Year: Nubank

The Innovator of the Year is awarded to the company that has demonstrated a strong culture of transformation over the past year, producing game-changing change in the industry. This year’s Contenders feature a variety, newly opened neo-banks, BNPL, lenders and commerce ecosystem leaders.

Haymaker Capital’s Phin Upham presented the award. The judges praised Nubank for finding a solution to the demand for inclusive banking services in Latin America.

“Nubank set out to solve a huge problem and has so far succeeded beyond expectation,” the judges said. “Their high level of success speaks to the enormous need for their products and the company’s ability to deliver.”

Finalists:

• Plaid
• To assert
• Marqueta
• Brighterion
• Intuitive

Leader of the Year: Scott Sanborn, Loan Club

The Senior Manager of the Year is awarded to the senior manager who has demonstrated exceptional leadership, integrity, performance and team spirit within his or her company.

The finalists are a non-exhaustive list of many inspiring leaders who do so while contributing to the advancement of the industry.

“Among a list of incredibly impressive fintech executives, Scott stands out for revitalizing the company he leads,” the judges said. “He’s vying to win, as evidenced by his company’s bold move, becoming the first US fintech to buy a bank.”

Finalists:

• Jennifer Tescher, Financial Health Network
• Steve Smith, Finicity
• Jason Wilk, Dave
• Dave Girouard, Upstart
• Prashant Fuloria, Fundbox

Fintech Woman of the Year: Luvleen Sidhu

Like the Senior Executive of the Year category, but fintech-focused woman: the award given to the senior executive who has demonstrated exceptional leadership, integrity, performance and commitment to promote gender diversity within its company and in the industry in general.

“Luvleen demonstrates exceptional leadership, fosters gender diversity, and harnesses wisdom beyond her years. As CEO of a public company, she is a leader and role model to many,” the judges said.

Finalists:

• Jo Ann Barefoot, AIR
• Luvleen Sidhu, BMTX
• Wendy Cai-Lee, Piermont Bank
• Rania Succar, Intuit
• Stephany Kirkpatrick, Orum
• Rochelle Gorey, SpringFour

Innovation in digital banking: Plaid

As open banking, accessibility and inclusiveness become synonymous with the future of banking, this award recognizes the company that has demonstrated a strong culture of innovation, producing significant advances in banking technology digital over the past year.

“This industry giant continues to create breakthrough technology that enables fintech growth,” the judges said.

Finalists:

• Nubank
• Running
• MX
• Merit
• Nami

Best consumer lending platform: LendingClub

Consumer loans are hotter than ever, thanks to the BNPL, small-dollar loans, and innovations like Early Access Payroll. This award is given to the best consumer lending platform based on a combination of lending performance, volume, growth, product diversity and innovation.

“LendingClub continues to deliver value through innovation,” the judges said. “Their work on AI explainability is driving the industry forward.”

Finalists:

• LendingPoint
• Before
• Serious
• Caribou

Best Small Business Lending Platform: SmartBiz Loans

Especially during the pandemic, SME lenders have helped support small businesses while quarantines kept customers away. These major competitors, among many others, have kept the economy going through loan performance, volume, growth, product diversity and innovation.

“SmartBIz helps rebuild small businesses, crushing them with SBA loans and fast loan approvals,” the judges said.

Finalists:

• Credible
• Biz2Credit
• Payability
• Checkout
• Dependent

Best real estate platform: LendInvest

At LendIt LatAm, real estate has proven to be an important fintech industry trend. This award is given to the best real estate platform based on a combination of lending performance, volume, growth, product diversity and innovation.

“We like the vision,” the judges said. “LendInvest understands all the techniques and is quickly becoming a traditional lender.”

Finalists:

• Peer Street
• Sharestates
• Point
• Ground floor
• Kiavi (ReadyHome)

Emerging Lending Platform: Wisetack

Online lending has been a cornerstone of fintech since the beginning. These companies are learning from the past and working towards the future, with the award given to a young company that demonstrates the most significant potential impact on the future of online lending.

“Wisetack is a cutting-edge company that provides advanced investment functionality,” the judges said, “with a rich API suite that allows banks to democratize access to wealth-building tools.”

Finalists:

• ForwardAI
• Kafen
• Instantaneous
• Atomic Investment
• Taba Pay
• Percent

CryptoFin: Cross River

A segment of fintech that has ignited like wildfire this year, these finalists showed the best application of crypto technology in traditional finance. The winner of this award is expected to demonstrate a vital bridge between traditional finance and crypto to encourage greater adoption.

“These fintech pioneers have been nimble and forward-thinking from the start,” the judges said. “Their Coinbase partnership underscores their ability to drive the ball forward with every new innovation trend.”

Finalists:

• Chain link
• Visa
• Sila Bitso
• Figure

Most Promising Partnership: Ocrole & Plaid

In a year of endless consolidation and buying, these partnerships symbolize that not every company needs to buy out their competitor. This award is given to the company that has concluded and publicly announced an innovative collaboration in the fintech community.

“We are optimistic about this combination: two companies with excellent reputations, driving efficiency and delivering value to the end customer,” the judges said.

Finalists:

• New Energy Nexus & Rise, created by Barclays
• Barclays & Anthemis Group
• OakNorth and Former National Bank
• TransUnion and Spring Labs
• Finicity & Tomo Credit

Best service provider: Manate

What would fintech be without the help of experts? This award is given to the service provider, law firms, accountants, trusts, etc., who have demonstrated deep expertise, unique value, strong return on investment, commitment to clients and the promotion of deeper understanding of fintech.

“Service providers in the fintech industry are exceptional in all areas,” the judges said. “Manatt has differentiated itself through its deep experience, fintech expertise and impeccable reputation.”

Finalists:

• Deloitte
• Klaros Group
• Millennium Trust
• Dechert LLP
• Lens Solutions

Best Technology Service Provider: Quantity

Without background infrastructure, fintech is nothing. This award is given to the technology company with the most significant impact on the fintech market.

“The future of financial services depends on how well we perform the function of ‘integrated finance’,” the judges said. “He’s a real leader in this category.”

Finalists:

• LoanPro
• Equifax
• Galileo Financial Technologies
• Ocrole
• To prove

Excellence in Financial Inclusion: Tricolor

As the LendIt LatAm speakers presented, Financial inclusion can mean success: succeed together or fail separately. This award is given to the company that has made the biggest difference in expanding access to financial services in new and innovative ways.

“Tricolor punches above its weight while addressing mobility issues among the 60 million Hispanic population in the United States,” the judges said.

Finalists:

• Experian
• OpFi
• Timely
• GoHenry
• Lili

Emerging fintech: Atomic Investing

New for 2022, this award is given to the most promising young fintech company across all verticals. The contenders are young, scrappy, hungry companies with a real chance of becoming a leader in their category in the years to come.

“This cutting-edge company offers advanced investment features,” the judges said. “With a rich API suite that allows banks to democratize access to wealth building tools.”

The finalists:

• Percent
• Taba Pay
• Instantaneous
• Kafen
• ForwardAI

By Mike Orlic is Vice President, TTEC EMEA.

The banking sector has experienced one wave of disruption after another for at least thirty years. When First Direct launched in 1989, it was suddenly possible to engage with your bank anytime – and any day. Nationwide and Royal Bank of Scotland launched their internet banking services in 1997. The co-op launched its Smile brand in 1999, which was the first digital-only bank in the UK.

Since these innovations, there has also been a sea change in the way customers interact with their bank. Applications are now quite normal for most customers and branch networks are reduced. Who would have imagined, back when branches were first challenged by internet banking, that customers would now be chatting with Barclays Bank on Instagram?

Throughout this period of rapid change and evolution, there has been an adjustment in the relationship between the customer and the bank. Ask anyone who remembers banking in the 70s and 80s about their loan application experience and the stories sound like a student being called in front of the principal. Ease of access to banking services has also changed the nature of the customer relationship.

But most banking services have remained essentially the same. A current account offering an online statement, rather than a monthly ream of paper sent by post, is still a current account. Most retail banking services have remained similar to services offered before the advent of the Internet.

The most recent evolution of the banking sector has been largely driven by financial technology (fintech). Some innovative companies, such as Zopa, explored new banking models as early as 2005, but Apple and Google only introduced the App Store concept in 2008, which was the catalyst for faster innovation.

Applications are cheap and easy to develop. Once an app is released in the Apple and Google stores, it has the potential to be available worldwide. This is a hugely important development for many industries beyond just financial services. Anyone with a great idea for a service can launch an app and gain access to a potentially large number of customers. Instagram had just 13 employees when it was acquired by Facebook for $1 billion a decade ago. The “Wordle” pun wasn’t released until October 2021, but it’s already been picked up by The New York Times for “a seven-figure sum.”

Apps have allowed financial services firms to specialize. Instead of going to your current account provider to arrange foreign exchange transactions, you can use Transferwise (now Wise) and get better, faster service at lower rates. Services such as foreign exchange or personal loans could be detached from the usual suite of banking services and offered by new companies. They didn’t have the history or reputation of the big banks, but as long as they were regulated, they were trusted – and they thrived.

These waves of digital transformation continue. Open banking now creates many new services and opportunities that go far beyond the focus on loans or accounts that persisted when retail banks originally went online. Open banking in the UK is now just over four years old and a rapidly growing industry. Many customers now understand that banking can actually be a platform on which many other services can exist – banking as a service.

Here are some examples of how some open banking apps are reinventing the way people can interact with their money:

• Wagestream: allow employers to “distribute” smaller and more frequent amounts of money to employees. Rather than a monthly salary, employees can choose to be paid as they earn – weekly or even daily.

• Piggy bank: rounds up all your debit purchases to the nearest pound and adds the change to a savings account so you’re constantly saving without realizing it. For example, if you buy a coffee for £2.40, 60p will be transferred instantly to your savings account.

• canopy: helps tenants ensure that their rent payment is recorded on their credit score, whether or not their landlord reports the transactions. This can help tenants build a better credit history.

• Kalgera: Share your financial activity with family members (amounts rather than exact details) so you can monitor transactions for possible fraud. This can be useful for adult children to monitor elderly parents – there is no need to identify exact details as the system highlights suspicious activity.

• Mojo: helps clients secure a mortgage from over 90 lenders and uses your real financial data to prepare an application – even advising you if you’re ready to apply with each lender.

Clearly, open banking allows for a much richer level of customer engagement than just basic banking services. Services like Kalgera offer financial protection, especially to people who are still independent but could be entering a period when degenerative diseases become a problem. Mojo helps guide individuals toward the goal of getting a mortgage by showing who will be ready to lend and on what lending criteria.

The level of innovation and customer focus displayed by all of these services goes far beyond what was traditionally provided by retail banks. The combination of traditional accounts, loans and these connected services, using open banking, is really starting to offer a new financial environment that can be summed up as banking as a service.

I think the next steps will be around cryptocurrencies and the metaverse. Many of us will soon be working and socializing in virtual environments that are an extension of what we can already see in games like Fortnite. Transactions are already promoted in many of these environments – for virtual homes, offices and even clothing.

For now, the metaverse is still focused only on early adopters. It may take most of this decade for the public to really buy into greater virtual experiences, but the banking industry needs to look ahead. Open bank transfer in the metaverse and what kind of banking services will be needed in a virtual environment? Can I buy a virtual house with an actual mortgage and who regulates these transactions?

Banking as a service has a long way to go, but today the focus is already on the customer, not the bank, and this is already a very positive change from the past.

This is a sponsored feature

But Robinhood isn’t the only financial app available. A host of others are available to help young savers and investors get started, giving them an inexpensive way to diversify their portfolios. Here is an overview of some of them.

Tassels

What you can do: The Acorns app combines personal checking, investment, and retirement accounts in one app. The automated investment account offers a choice of different portfolios with diversified holdings designed for long-term investment. Users can invest small change from daily purchases and make daily, weekly or monthly recurring investments. Additionally, users can automatically invest a percentage of their salary. The company also offers advice on family financial literacy, investment accounts for children and a donation function for extended family members. Users can earn bonus investments from purchases made at any of Acorns’ 15,000 partner stores.

What you cannot do: Acorns does not offer day trading or access to options or margin trading. At this time, clients cannot invest in individual stocks. But in the coming months, the company plans to expand its investment offerings to also allow clients to trade stocks and certain other investments. Acorns plans to recommend that clients invest 90% of their money in the diversified portfolios it offers and 10% in stocks. Cryptocurrency is not currently available, but the plan is to include it when wallets are customizable.

Costs: Acorns is a subscription business with no hidden fees or transaction fees. Currently, customers are offered two subscription levels. Acorns Personal, for $3 a month, bundles investing, retirement, and checking, plus ways to earn more money and build financial literacy. Acorns Family, which costs $5 a month, offers all the features included in Acorns Personal, plus investment accounts for kids, family financial literacy, and gifts.

M1Finance

What you can do: M1 Finance app users can buy whole shares or fractions of over 6,000 stocks and exchange-traded funds to create a personalized investment plan. They can also choose from more than 80 wallets created by M1. Portfolios can be automatically rebalanced as investors deposit and withdraw money. M1 also offers a checking account and a debit card, and users can borrow from their investment account for up to 35% of the account value. Account holders must be over 18, but custodial accounts are available.

what you can’t do: Options trading is not offered. Users also cannot buy mutual funds or crypto, although there are plans to offer these features at some point. For Basic account holders, trades are processed once a day beginning when the New York Stock Exchange opens at 9:30 a.m. ET and ending when all orders have been filled.

Costs: The basic trading and savings account is free. M1 does not charge management fees or commissions. There are various fees for certain services, such as wire transfers or paper statements. The platform also offers a premium subscription for $125 per year which includes perks such as an afternoon trading window, custodial accounts, cash back on debits and checks, better payment rates. borrowing and credit card access from the platform.

Stash

What you can do: Stash is a subscription-based platform that offers budgeting tools, direct deposit, checking account, and managed investment portfolio with crypto exposure and other products based on around 3,500 investments. Fractional shares in single stocks and ETFs can be purchased. Users of the Visa Stash debit card, issued by Green Dot Bank, can get a percentage of their in-stock purchases back. When the transaction involves a participating trader listed on the platform, the shares issued are in that trader’s company; otherwise, it is a stock or ETF of the card user’s choice.

what you can’t do: The platform does not allow real-time trading; stock trade orders and other investments are executed during four trading windows throughout the day when the market is open. Users cannot talk to a financial advisor, buy options, trade on margin, or sell stocks.

Costs: A monthly fee of $1, $3 or $9 is required to access most services. For $1 a month you get the basic wealth building services. The $3 tier also comes with a retirement account. The $9 price tag offers additional features like double stock rewards and investment accounts for kids.

Store

What you can do: The Stockpile app offers to trade over 4,000 stocks and ETFs. Fractions of shares may be purchased. Children under 18 can have custodial accounts, although all of their trades must be approved by an adult. App users can link a basic checking account or fund their account using a debit card. There is no minimum balance.

What you cannot do: Options trading and margin trading are not available. Trades are processed once per day, at the end of the trading day. Users cannot buy stocks that trade below $3 per share, cryptocurrency, bulletin board stocks, pink sheet stocks, or certain foreign stocks.

Costs: There are no membership fees or commissions. Stockpile charges transaction fees for certain services such as domestic transfers, account transfers, paper checks and returned checks. The money comes from clients’ trading activity, specifically from its clearing house where it routes client orders, in accordance with regulatory documents.

Ms. Winokur Munk is a writer in West Orange, NJ. She can be contacted at reports@wsj.com.

Digital banking provider Chime Financial Inc has asked Goldman Sachs Group Inc to help it prepare for an initial public offering in New York, according to people familiar with the matter.

The fintech startup will likely be valued at a substantial premium to its $25 billion valuation from an August funding round led by Sequoia Capital, the sources said, adding that Chime could target a valuation of nearly $40 billion.

“While Chime intends to be a publicly traded company one day, we have not made any decisions on underwriters and have no immediate plans for an IPO,” a holder said Friday. word of Chime in a press release.

However, when asked specifically if the company had given Goldman Sachs a lead role in planning its listing, the Chime spokesperson declined to comment. Goldman Sachs declined to comment.

Valued at $1.5 billion just three years ago, its hit list would highlight how Chime has managed to take market share from traditional banks with checking accounts that offer payday advances and no overdraft fees.

Chime has interviewed investment banks in recent weeks before deciding whether to give Goldman Sachs a lead role in its listing, the sources said. Other banks will be added to the list of underwriters ahead of its IPO, which could come as soon as this spring, the sources added.

The sources, who requested anonymity, warned that the timing and size of the offering are subject to market conditions.

Started by former Visa Inc executive Chris Britt and Comcast Corp alum Ryan King in 2012, Chime offers its services through partnerships with physical banks, including branded checking accounts with user-friendly features like only free overdrafts.

It makes money by collecting fees from payment processors like Visa each time a customer uses a Chime debit or credit card.

If Chime decides to go ahead with its IPO plans, the company may have to contend with volatile market conditions, which have led to some IPOs being withdrawn in recent weeks and weighing on listings. that took place last year.

Robinhood Markets Inc, another popular fintech startup, has lost more than half of its market value since its IPO in July, while shares of Brazilian digital bank Nu Holdings Ltd have fallen around 15% after its IPO in December.

Chime saw robust growth during the pandemic as consumers embraced digital banking, while the company offered popular products including no-fee overdrafts and faster access to stimulus checks.

The company doesn’t disclose user numbers, but research firm eMarketer estimated in June last year that Chime would have 13.1 million US account holders by the end of 2021, leading the US market. digital banks.

Chime competes with other digital banking services such as Revolut, Current and Varo.

(Reporting by Krystal Hu and David French in New York and Anirban Sen in Bengaluru; Editing by Matthew Lewis)