Banking

  • When Payment Processing Becomes A Commodity

    When Payment Processing Becomes A Commodity

    One of the big subjects of discussion in the banking industry earlier this year was the publication of the Millennial Disruption Index, stating that millennials view banks as irrelevant and placing traditional retail banking at the highest risk of disruption compared to other B2C industries. Accenture’s Banking 2020 report confirms this and draws a parallel to the challenges the… Read More

  • Startups And The Un-Banking Of America

    Startups And The Un-Banking Of America

    Historically, when looking for opportunity in the financial industry where technology can have the greatest impact — for investors and entrepreneurs — the best place to start has been with one of our oldest institutions: banks. However, while critical to our economy, banks are generally inefficient, have high fixed costs and don’t exactly elicit happy thoughts from the… Read More

  • Online Banking Service Simple Just Made Bank Transfers Faster

    Online Banking Service Simple Just Made Bank Transfers Faster

    Simple, the online banking service acquired by BBVA earlier this year, had an overall goal of addressing the various pain points found at traditional banks, like minimum balance requirements, fees, overdraft charges, and more. Today, the company is making another improvement as it’s introducing a way to speed up bank transfers between Simple and accounts you hold at other… Read More

  • Dwolla Direct Makes It Easier To Pay Online Using Your Bank Account (And Become A Dwolla User)

    Dwolla Direct Makes It Easier To Pay Online Using Your Bank Account (And Become A Dwolla User)

    Payments network Dwolla has been trying to change how money is moved around electronically, with services meant to replace traditional bank technologies, such as the days-long process of ACH transfers. But today’s announcement of a new service called Dwolla Direct is an admission of sorts that ACH transactions aren’t going away any time soon. Read More

  • Moven Takes Its Mobile Banking App Out Of Beta

    Moven Takes Its Mobile Banking App Out Of Beta

    Moven, a mobile banking service similar in some respects to recently acquired Simple, exited from beta this week, meaning users no longer have to request an invite to sign up for an account. Now publicly available, the company is allowing users to open a bank account directly from their smartphone, which can be funded through external transfers and/or direct deposits. For background, like… Read More

  • Banking Startup Simple Acquired For $117M, Will Continue To Operate Separately

    Banking Startup Simple Acquired For $117M, Will Continue To Operate Separately

    Banking startup Simple has been acquired, the company announced today. The acquiring company, BBVA, is a 150-year old financial services corporation that operates in a number of markets, and a leading player in the Spanish market, as well as one of the top 15 banks in the U.S. and a strategic investor in banks in Turkey and China. Simple will continue to operate as it has done to date, and… Read More

  • How T-Mobile’s New Mobile Banking Service Compares With Simple And Amex Serve

    How T-Mobile’s New Mobile Banking Service Compares With Simple And Amex Serve

    T-Mobile today announced its intentions to get into the business of providing banking services to its wireless customers, and any others who want an alternative to traditional banking accounts. The new platform will compete with, and also potentially boost, other, less-known mobile banking services, like those provided by a banking startup called Simple, for example, or Amex’s Serve. Read More

  • Russian Mobile-First Banking Startup, RocketBank, Nabs $2M From Runa Capital

    Russian Mobile-First Banking Startup, RocketBank, Nabs $2M From Runa Capital

    Another startup seeking to shake up the banking market with a convenient, mobile-first approach has just bagged $2 million in seed funding from Runa Capital. Russia’s RocketBank launched its service in July 2012 and has since accrued “a few thousand” iOS users. Its app includes the ability to pay a person without having to know their bank details. Read More

  • Plaid Raises $2.8M To Make Banking Data More Developer Friendly

    Plaid Raises $2.8M To Make Banking Data More Developer Friendly

    A number of well-known venture firms are getting behind Plaid, a startup that describes itself as “the modern API for banking data.” The company is announcing that it has raised $2.8 million led by Spark Capital, with participation from Google Ventures, New Enterprise Associates, Felicis Ventures, and Homebrew Capital (the new seed fund from former Googlers Hunter Walk and… Read More

  • RoboCoin, The First $20,000 Bitcoin ATM, Now Available For Pre-Order

    RoboCoin, The First $20,000 Bitcoin ATM, Now Available For Pre-Order

    RoboCoin, a kiosk that allows you to trade Bitcoin for other currencies, is now available for pre-order and should be shipping for “Fall 2013.” Lest you decide to become the Bitcoin bank for your neighborhood, remember that the machine costs $20,000 ($18,500 for early birds) and can currently trade BTC for USD. Read More