speaking of which Fidor have collab’d with Seedr in this new venture
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To save everyone clicking through to find out what Henry’s referring to, Fidor have partnered with Seedrs to give users access to:
a whole suite of investment opportunities through the [Fidor’s] FinanceBay digital marketplace, including access to alternative investment opportunities via a number of the most respected fintech companies in the UK.
The article also mentions that -
Nutmeg, the online wealth manager, joins Seedrs as a partner on FinanceBay.
Monzo will potentially set up an integration with Nutmeg too.
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So much for this
“Our goal is to get beyond banking. You don’t really need to be a bank and being a bank actually limits you. If you look at all of the digital banking startups, they’re all local right — only UK, only France, only Germany.”
From here.
Revolut are now ‘exploring’ a bank license application, according to the FT -
Here’s a copy of that article for non-FT subscribers.
The company, which uses the strapline “beyond banking”, is considering a licence in order to expand into full-service current accounts, allowing people to set up direct debits and standing orders.
That doesn’t quite make sense to me though, as companies with an e-money license can provide Direct Debits (& presumably Standing Orders) so there must be more to this than that.
Nikolay Storonsky, founder and chief executive of Revolut, told the Financial Times: “At this stage, we have not applied for a banking licence.
“However, as part of our mission to be a leader in the payment services industry, we are always open to exploring opportunities that would enable us to provide additional value add services to our loyal customers who share our vision to shape the future of this industry.”
It’s worth remembering that it took Monzo & Starling almost 2 years to obtain full banking licenses..
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I imagine Revolut already have a lot of the infrastructure already which will hopefully shorten the time.
id say it’s a good idea, probably and obvious step with their ‘success’.
Here’s the final result of the registration period for Revolut’s crowdfunding -
Revolut was looking for $5.3 million on Seedrs (£4 million), but 40,000 customers said that they were interested in the investment opportunity. If Revolut took all the money, it would represent $22.3 million (£17 million). But the company will limit its equity crowdfunding campaign to its initial goal.
As usual, they have a creative interpretation of how successful it’s been -
Revolut even says that there has never been an equity crowdfunding campaign with so many pre-registered investors.
but in reality Monzo’s crowdfunding round had 41,267 people pledge to invest.
I also spotted the background behind the ‘Andy Murray is investing’ headlines here -
World number one Murray has committed to invest in the firm as part of his long-term partnership with Seedrs, the London-based equity crowdfunding platform. The tennis ace joined the Seedrs Advisory Board in 2015 and has since regularly used it to make investments.
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do you think Seedr would buy out crowdcube in the future?
Crowdcube is more popular in the UK so perhaps the other way round!?
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Yeah, and majority of them were Monzo users. Basically, that’s a fail that only 40,000 users out of 700,000 wanted to invest, while Monzo had 41,000 people pledge from 200,000(ish?) at the time. 
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N26 users who are self-employed, freelancers, students and more can also request a loan via an integration with Auxmoney.
If you’re not familiar with Auxmoney, the startup matches individual lenders with individual borrowers. It’s a credit marketplace like LendingClub, Younited Credit and more.
Sooooooooo
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Tracking something like £6k per 15 mins
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This will be interesting in terms of how many people don’t get to invest in revolut. Currently 29% funded and they’ve only opened the doors to the first 5000 people. First 5000 are capped at £2000 each. The round is 4 mil. So just on the first 5000 it’s more than double that in possible investment. A total of 38000 people registered to invest. The remaining 33000 are limited to a max of 1000 each totalling 33 mil. Leading to a total of £43,000,000 worth of investment interest registered. Of a total £4,000,005… sought
The remaining 33000 people will start being invited to invest on the 2nd of august.
It’s the valuation that blows my mind…
Lots of things happening atm in fintech…
bitcoin fork tonight?
Tandem money are officially staff trailing their credit card :!
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Starling users with the Android app can now use the CASS to do a full (but not yet partial) current account switch -
https://www.starlingbank.com/move-banks-not-mountains/
They can use the code (Starling Pass?) SWITCH20) to ‘get started’.
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Out of interest - what is the “Monzo-like” online savings account to get? What I mean is, is there an equivalent Savings-only account with a good mobile app?
With an App…Atom…with a similar app…erm…none…
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Revolut’s projection for hitting 1mil by end of the year doesn’t add up at all.
They announced on 10th Feb they’ve hit 500k users. 6 months later they have 700k so if it takes 3 months per 100k they should hit 1mil in 9 months ie. about April 2018 at that rate. They had a huge growth spurt to 500k when their ‘freeness’ went viral around Europe, and now it’s not free the growth is muted and much more horizontal than vertical. I wonder if the investors have factored that in when valuing it at 10x their valuation of last year and about 3.5x the most recent monzo valuation? They are worth much less than monzo imho.
Monzo will hit 1mil users a couple of months before them if they continue to grow at their same trajectory of about 0.7% per day.
And remember that Revolut is currently available to a market of over 500million adults whereas monzo only ~50million, so monzo is reaching a much higher % of their market in this early stage.
It will certainly be interesting to see if Revolut do somehow manage to prove us wrong and reawaken their growth machine (maybe putting all that money raised into advertising?)
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I think Tandem’s mail merge failed…
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It’s for that user they call in-house by the F word
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Well, this outage has produced some news, Revolut moving their processing in house too -
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