A compilation of the main events in the Fintech industry brought to you every fortnight by Penser.
1. Monzo clashes with Halifax over ‘embarrassing’ app design likeness
Monzo CEO Tom Blomfield pointed out on Twitter that Halifax’s new app design bore striking similarities to the Monzo app. Independent brand-experience agency Rufus Leonard, to whom the app design was outsourced claimed that it was an ‘early stage mock-up.’
2. Softbank to invest EUR900m in Wirecard
German payments processor Wirecard receives €900 million investment from Tokyo’s SoftBank. The tech conglomerate will support Wirecard’s expansion efforts into Japan and South Korea. The two will also explore the digital lending market.
3. JCPenney has removed Apple Pay support from its stores and app without giving a reason; customers are furious
American departmental store JCPenney has removed the option for customers to pay for their products using Apple Pay and has not yet provided a rationale for this decision. Customers took to Twitter to express their extreme displeasure over this decision.
4. Facebook shuts down Messenger P2P payments in the UK and France
Facebook to shut down its Messenger peer-to-peer payments service from June 15 in the UK and France. However, the ability to complete other transactions, such as making donations to charitable organisations, will remain in place.
5. T-Mobile takes on US banks with checking account
Telecom giant T-Mobile launches app-based, no-fee, interest-earning T-Mobile Money checking account across the US. The account includes a Mastercard debit card & ability to pay with Apple Pay, Google Pay and Samsung Pay.
6. Money management app Bankin scores EUR20m Series B
Paris headquartered Bankin raises €20 million in Series B round. The money management app claims 2.9 million customers in France, Germany, UK and Spain, and offers customised solutions from human coaches and intelligent algorithms for savings goals.
7. DBS posts record profit on lending gains, raises bar for Singapore banks
South-East Asia’s biggest bank, records 8.5 percent rise in first-quarter net profit from a year earlier. DBS reported net profit of S$1.65 billion ($1.21 billion) for the three months to end-March, up from S$1.52 billion a year earlier.
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