Tag: Challenger Bank


California regulator orders Chime to stop calling itself a bank

May 6, 2021

Via: Banking Dive

Chime, which launched in 2013, is not a bank, but partners with The Bancorp Bank and Stride Bank to offer its customers financial products such as debit cards and Federal Deposit Insurance Corp. (FDIC)-insured deposits. The California agency claims Chime […]

Retail Banking

US challenger Bella plans launch around conversational banking

October 30, 2020

Via: FinTech Futures

The entrant wants to offer coordinated checking and savings accounts. Like many up and coming new banks in the US, it offers no maintenance fees, and no minimum balance requirements. Its unique offering is a “karma account” through which users […]

Activity, Corporate Banking

Monzo’s losses widen due to COVID-19

August 3, 2020

Via: Banking Technology

It says coronavirus disruption casts “significant doubt” on its ability to continue as a going concern. However, net losses widened as it ramped up spending on marketing, technology and staff. The amount spent by Monzo customers also rose to £10.9 […]

Activity, Corporate Banking

Monzo’s co-founder Tom Blomfield leaves its board

July 6, 2020

Via: Banking Technology

The filing states that the termination occurred on 17 June 2020, nearly a full month after news of Blomfield’s new role broke. He made headlines back in May when it was revealed that he would step down from his role […]