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JPMorgan Chase is set to launch a digital bank in the UK during 2021

US-based bank JP Morgan is finalising plans to open its UK challenger bank in the first quarter of 2021, according to Sky News.

Atom Bank about to raise £150m from shareholders

Atom Bank, the challenger bank from the UK, is plotting its biggest equity fundraising to date.

TransferWise expands its global partnership with Mastercard

Mastercard and TransferWise have expanded their collaboration agreement so that the issuance of cards will be allowed in any market in the...

Nordic challenger Lunar launches business account, a new premium option

The Danish banking app Lunar is now focusing on business banking and has provided 2,000 users with an early access to its business accounts.

Monzo Plus has attracted about 50.000 users since its launch last month

The British challenger Monzo bank has relaunched its premium ‘Monzo Plus’ account with a £5/month fee. And their customers embraced it.

„Although we have about 4 million users, we spent almost nothing on marketing, “ says Ahmed F. Karslı from Papara

Ahmed F. Karslı is the founder and CEO of Papara. He got his Bachelor of Law and is currently pursuing his LLM at Istanbul University. Ahmed is a serial entrepreneur, that build his first company at the age of 17.

Which challenger bank model is going to survive?

With the annual reports from Revolut, Monzo and Starling it became apparent that challenger banks were losing money despite the rapid growth in 2019. Which models are viable to profit and which not?

Founders of N26 filed a restraining order against the Works Council and are facing a serious staff unrest

Max Tayenthal and Valentin Stalf, the founders of the German challenger N26, have obtained a temporary injunction to prevent the election of the works council.

Tinkoff launches charity cashback scheme

Russian neobank Tinkoff announced the launch of its new charitable scheme called 'Cashback to Give Back'.

Revolut losses tripled to £107m in 2019

Revolut reported a pre-tax loss of £107m for the year 2019 to December. This means the company's losses more than tripled to a £33m pound loss in the 2018.

Monzo capital requirement was raised by the Bank of England

Monzo bank is now obliged to have a capital worth of 13.6 percent of its risk-weighted assets to be protected against potential losses.

Starling bank ‘on track to break even’ despite the losses doubled to £52m in 2019

Starling bank recently announced that it generated £6.7 million for the month of July 2020, meaning that it could make annual revenue of £80m.
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N26 names Dropbox’s Adrienne Gormley as its new COO

The German challenger N26 has introduced changes in the leadership team with two new C-Level hires.

Penta, the Berlin-based digital business bank

Penta provides banking for small and medium-sized enterprises (SMEs) and is headquartered in Berlin, with offices in Milan and Belgrade.

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 last week in a TOP 5 list!

Robinhood managed to raise another $460m

The stock trading app Robinhood has added $460m to its Series G funding round closing a total of $660 million at an $11.7 billion valuation.