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Millennial-Focused Digital Bank Empower Finance Raises $20M

PYMNTS

San Francisco-based Empower Finance, a mobile banking app aimed at helping millennials save wealth, has raised $20 million in a Series A funding round led by Defy Ventures and Icon Ventures, according to a report. The digital banking field is fraught with competition. It offers a savings account with a 1.6

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Digital Bank Startup Branch Offers Mobile Payments

PYMNTS

Branch , the digital bank startup, is branching out. The Minneapolis-based company has partnered with Mastercard to offer consumers access to their funds through their Branch Mastercard debit cards by adding it to mobile wallets, including Apple Pay, from the Branch mobile app. .

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Banking startup Level enters the high-yield savings race

Bank Innovation

Level, a digital banking startup based in San Francisco Calif., Level is also offering 1% debit card rewards and paycheck deposits two days early to sweeten the deal for customers. is trying to hook customers with a 2.1% savings account annual percentage yield.

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FinTech Revolut’s Losses Triple As Customer Base Grows

PYMNTS

With its losses mounting, the London-based digital bank may need to tap into its corporate reserves to keep up with its expansion plans. The latest infusion of cash came from TSG Consumer Partners , a San Francisco-based private equity company. The FinTech has since expanded to offer business banking.

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Lumin, Interra Credit Union Team On CU's Digital Banking Solution

PYMNTS

Lumin Digital offers customized integrations to help banks and credit unions enhance their relationships with customers and members. . Jeff Chambers, founder and president of Lumin Digital, said the company is happy to have Interra’s confidence as a digital banking partner. .

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Wells Fargo Seeks Partnerships to Give Mobile Users Better Experience

Bank Innovation

Wells Fargo has been going through a rough patch lately, but the bank itself is focused on moving forward. This is especially true when it comes to digital banking. The San Francisco-based bank is looking at partnerships as a way of improving banking experience for its current digital users (including mobile). “We

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UK Digital Bank Monzo Crosses Pond To US

PYMNTS

Digital bank Monzo, based in the United Kingdom, is crossing the pond. shores, debuting with what is being termed a “limited rollout” of an app linked to a checking account and debit card. The company traces its genesis to 2015 and is among a pantheon of “neobanks” that focus on digital offerings. “We In the U.K.,