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Four digital banking trends to watch in 2020

Payments Dive

The growing phenomenon of direct, digital banking and Silicon Valley's entry into the payments business are posing a series of challenges to traditional banking institutions. NCR's Doug Brown explores the landscape for 2020 to determine how these trends will impact the global banking business moving forward.

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Mexican digital bank Stori aims to assist the underbanked

Bank Innovation

Digital bank Stori, which is based in Mexico City, aims to reach customers with minimal access to financial services. Recent research highlights the problems the bank is attempting to solve. The company this month raised $10 million in Series A2 funding, […].

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Digital Banking Startup Loot Raises $2.9M Series A

Bank Innovation

Another digital banking startup has raised funding this week, this time to expand a current account offering aimed at students and millennials. Loot, a startup begun in 2014 by founder Ollie Purdue — who was finishing up school at the time of the company’s founding — has raised £2.2 million, or about $2.9 million, in […].

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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. billion after recently closing a financing round.

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Varo files FDIC application, announces $100m Series C funding

Bank Innovation

Varo Money, the 4-year-old digital banking startup with 750,000 users and $600 million in deposits, has applied for a banking license with the Federal Deposit Insurance Corporation (FDIC) this week. The company confirmed this development as part of a $100 million Series C fundraising round announced on Tuesday.

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Digital Banking Startup Alkami Secures Series D Funding

PYMNTS

Alkami Technology , a startup providing banks and credit unions with digital banking technologies, has announced new funding. 9) that General Atlantic made a strategic investment in the company, though Alkami did not say how much it raised in the Series D funding. The firm said Tuesday (Jan.

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Latest Digital Banking App Ranking Holds Some Surprises

PYMNTS

They are the brands tracked in PYMNTS’ Provider Ranking of Digital Banking Apps for October 2020, and the surprise can’t be spoiled because, with two very notable exceptions, there aren’t any. 1 spot on the latest ranking of digital banking apps, with its valuation hitting $14.5 8, is Germany-based direct bank N26.