Topic
Banking delivered mainly through apps and online channels rather than branches, including digital-only banks such as Revolut and Monzo.
Truist CEO Mike Lyons is directing new investment to checking, mobile and treasury management after consumer deposits rose 1.2% in a year. Wholesale clients drove most of the 3.6% rise in total deposits, PYMNTS reported.
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Revolut, with more than 80 million customers, says its US offering will be at par with Amex and JPMorgan once it holds a full bank charter. Account features ship first, then cards and loans, with launch targeted for the first half of 2027.
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Revolut's planned US credit cards will offer rewards on par with JPMorgan and American Express, CEO Nik Storonsky told Bloomberg. Revolut has not put a price on that promise, and the cards wait on US regulators approving the full offering.
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Monzo has held early talks with CVC and Advent International on selling a minority stake of up to 15% after a full sale to Nubank broke down over price. Whatever a fund pays for that stake will test the £10bn Monzo wanted against the £4.5bn mark it set in 2024.
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Revolut will pay to replace identity documents for the 680 customers whose data it sent to a hijacked Italian government email address. The bank has not put a price on the pledge, and it disagrees with Italy's interior minister over whose check let the request through.
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Revolut CEO Nik Storonsky told Bloomberg TV on Oct. 8 that the digital bank would put its primary listing in the US if it goes public. With a float not expected before 2028, the open question for London is whether it keeps a secondary listing beside New York.
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DK Bank, Bhutan's digital bank, won preliminary approval on Oct. 8 to establish a financial services presence in Abu Dhabi. The Gulf base is DK's plan for routing foreign investors' money into Gelephu Mindfulness City, Bhutan's special administrative zone.
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Nu Holdings, the reported bidder behind an £8 billion to £10 billion Monzo valuation, said in a Sept. 30 filing that it is not pursuing a deal. Monzo's board now has to find that price among investors buying stakes of up to 15%.
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Monzo is in early talks to sell to Nubank at a reported £8bn to £10bn, against a £4.5bn valuation from an October 2024 employee share sale. A deal would likely end its plans to float, costing London one of the fintech listings officials hoped would revive a depleted market.
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The first report from the Fed's outside review of its own Silicon Valley Bank supervision backs most of what three earlier audits found, but clears the social media posts blamed in 2023 of creating the condition depositors ran from.
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Nubank launched US accounts through a sponsor partnership with Lead Bank while it works to capitalize a subsidiary the OCC has conditionally approved. It also launched a stablecoin account advertising 3.50%.
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Net income rose 49% to $1.1 billion at a record 33% return on equity while Nubank opened its Mexican bank and pursued charters in Brazil and the US. Cost of credit is up 60% year over year.
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