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!
Bunq’s CEO Ali Niknam is considering a US expansion. Since 2012 bunq was able to go live across 30 countries and has processed over €433m in user deposits. This was done so without a cent of venture capital funding.
Revolut has decided to take jobcuts as a measure to deal with the COVID-19 economical dowturn. Although it has recently received worth of $500M, this is going to spend on acquisitions, as Nikolay Storonsky suggested.
The digital challenger Monzo is looking to raise around £70-80mln and drops in value by 40% to £1.25B. N26 is taking some jobcuts as well as it lets of 10% of its New York employees and Commerzbank has decided to not sell its part in mBank as the value isn’t same as it was when the decision to sell mBank was made.
1st place: Bunq is considering a US expansion and could have its first funding round ever
Bunq has become one of Europe’s leading challenger banks without raising a single cent.
Now its considering expansion, butAli Niknam, bunq’s CEO, must overcome Brexit and the coronavirus crisis.
2nd place: Revolut cuts about 60 jobs citing COVID-19 crisis measures
The digital bank unicorn Revolut has announced to lay-off 60 of its employees as it admits the COVID-19 has some negative impact already.
This was announced this Monday as the CEO Nikolay Storonsky informed staff about the cuts, according to Financial News sources.
3rd place: Monzo valuation drops by 40% as it seeks funding
Monzo bank seeks a new round of funding. That would value the business at £1.25bn. This would mean a 40% drop from its most recent valuation of £2bn last year.
The digital challenger is looking to raise around £70-80mln to strengthen its balance sheet in a round which is expected to close in the next month as FT reported.
4th place: N26 discharged 10% of New York staff
N26 had a team of 90 employees working in their New York offices. Now it lets 9 of them go.
For example, Mitch Babineaux was one of the first ten employees of N26 in New York. He has worked as the tech recruiting partner and was focusing on recruiting talented members for the N26’s New York team.
5th place: German Commerzbank ditches plan to sell Polish mBank
The German key player Commerzbank announced that it would not sell its Polish subsidiary mBank after all, citing poor market conditions.
Commerzbank has informed it is set to sell its 69.3 percent in the Polish subsidiary bank during September last year, but the COVID-19 crisis has convinced the management to take a step back with this plan.
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