This time, we have news regarding startups that made appearances in the previous editions of FinTech Wire: Pennyworth and Fronted. What are they up to? And what other updates we have for you? Read to find out!
Weekly FinTech news digest: 4—10 May 2021
Lloyds executive Andy Willmot named CTO at OneBanks
The shared branch banking venture aims for bringing the face-to-face banking experience back
OneBanks, the initiative that wants to reshape the face-to-face experience in banking by setting up pop-up kiosks providing financial services from multiple banks, has hired its first CTO. Despite of focusing on the offline channel and targeting communities where local bank branches have disappeared, the venture relies heavily on technology. In order to offer operations such as withdrawals, payments, deposits and support covering a wide array of banking providers, OneBanks leverages open banking technology delivered by its tech partners: Endava, Trust Stamp, Nuapay, NCR and Accenture Business, among others. Andy Willmot, the newest addition to the C-level executives at OneBanks, brings his professional experience of more than two decades in financial services, including Lloyds Banking Group.
Read more about open banking development solutions
Pennyworth beta version of the iOS app is live
The neobank targets young professionals and middle managers
In one of the first issues of FinTech Wire, we reported that a new challenger, the digital bank Pennyworth, was preparing its launch in the UK. Several months passed, and there is a breakthrough: the startup announced the start of the beta testing of its iOS app. In its own words, Pennyworth offers investment and lending products for “busy people”: young and affluent professionals earning at least £40,000 per year. The app is powered by augmented intelligence technology and the features include advanced financial goal setting, tailored financial plans, and smart recommendations. Customers using iOS devices who are willing to test the application can now join the waiting list and will be invited to participate in the testing programme. And the other good information is that the Android version of the app is coming soon as well!
Read more about modern banking software development
White label mobile banking platform Soar integrates with Inbest
The integration will help loan applicants access their benefits and help them track their entitlements
Soar is a provider of white-labelled, cloud-based mobile and web banking platform with an extensive set of features for lending, credit checks, transactions, identity verification, and automated reconciliation. The company, which leverages connections with the vast FinTech ecosystem, announced a yet another integration, this time with Inbest, a benefits calculator. This new feature will be available on Soar’s automated lending solution, informing clients applying for a loan about the benefits that they are entitled to. Users will receive a guidance on how to claim the benefit, and as a result, will have the opportunity to increase their earnings, therefore having more ability to repay loans.
Read more about alternative financing solutions
EBAday 2021 will take place online on 28-30 June and is now accepting applications
The event will revolve around digital ID and CBDC and how they will shape the future of European payments
The event season will be in full swing soon. The sixteenth edition of EBAday is one of the conferences taking place online this year. The event hosted by the Euro Banking Association and Finextra, with the participation of board directors, CEOs, representatives of leading European banks and FinTechs, will focus on digital identity and CBDC. According to the agenda, themes to be covered include correspondent banking, stable coins, open banking, and trends in payments technology. The registration for the event is now open, so hurry up to book your spot and access to on-demand sessions!
Read more about the top FinTech events to attend in 2021
Fronted, launched in February, raised over £2m to date
A group of ex-Monzo angel investors participated in the latest funding round
Fronted, another regular in FinTech Wire, has just doubled the funds raised from investors by adding another £1m in the recent round. As we informed in FinTech Wire #18, the startup’s platform offering rental deposit loans launched in February with a mission to help renters afford apartment deposits that are often as high as several month’s rent. It seems like the idea caught the attention of angel investors, many of them being former Monzo executives: Paul Rippon, ex-CEO, Gary Dolman, ex-CFO, and Baroness Kingsmill, previously chair of the neobank. Other investors in this round include Ling Lin from Grip and Ville Vesterinen, co-founder of Slush.
Read more about the trends in FinTech investments
Catch up with FinTech news!
With FinTech Wire, it’s easier more than ever to catch up with news from financial markets. How does it work? It’s simple: we have our finger on the pulse all the time, hand-pick the most interesting information, and publish it every Tuesday on our social media. All you have to do is to follow us and… read!