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The Everly Summary (weekly TOP5 news)

Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the week in a TOP 5 list!

Last week was obviously filled with all kinds of Covid-19 related news, considering challenger banks either winners or losers of the crisis.

While N26 predicts that bank branches will not reopen and digital banking will take over, Revolut is both releasing its services in the USA and disclaiming rumors about its bad financial shape at the same time. Monzo is having the same issues with tackling rumors, yet Monzo provides its customers with at least some guarantee to get their money back form their accounts.

Sounds interesting right? Check the following list and the full article links to have the best insight about what is going on in fintech business and see the major events that happened last week!

1st place: “Imagine no branches” Nearly 70% of bank branches to disappear in the next 10 years

The Covid-19 outbreak is having irreversible impacts on the banking industry already. Above all, it forces banks to shut their branches.

And digital challengers such as N26 are quick to jump on the opportunity to change customer behaviour for good.

2nd place: Revolut and Monzo combat rumors of their collapse

The upcoming economical crisis caused by the Covid-19 pandemic makes people focus on the financial health of the so far non-profiting fintech companies as Revolut and Monzo are.

The funding sources evaporate and exit options change significantly. Revolut and Monzo have both quickly responded to rumors circulating last week.

3rd place: Revolut finally launches in the United States

The London-based company Revolut is one of Europe’s most valuable fintech startups and has just launched in the U.S. 

In Europe, it has more than 10 million customers and Revolut claims that “tens of thousands” of US customers already signed up to its platform.

4th place: SoftBank is selling $41bn in assets to cover debt and buyback stock

SoftBank Group announced this Monday it is going to sell up to $41 billion in assets to finance a stock buyback, reduce debts and increase its cash reserves.

It is important to state, that the company’s share values have halved over the past month and that it already carries a heavy $55 billion in debt.

5th place: As stores in the UK close, cash usage drops to half

ATM network Link said their customer’s usage of the cash machines and cash has fallen by 50% during last week.

This unprecedented decline in the use of cash is clearly connected to shops across the UK shutting down and people moving to contactless payments to avoid Covid-19 contamination from banknotes.

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Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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