Revolut's Next Competitors Aren't FinTechs Anymore
Hey Digital Banking Fanatic!
Remember when everyone compared Revolut to other neobanks?
Those days are probably over.
Revolut has just confirmed a $115 billion valuation through a secondary share sale, making it not only Europe's most valuable FinTech but one of the most valuable financial institutions in the world. And unlike most companies reaching this level, it didn't need an IPO or a new funding round to get there.
What's interesting is why investors are willing to pay that price. Over the past year, Revolut finally secured its UK banking licence, applied for a US banking charter, and kept adding millions of new customers. Today, more than 75 million people use the platform, and investors clearly believe there's still plenty of room to grow.
You'll also find an interesting read on why banks won't solve APP fraud simply by telling customers to be more careful, and why stopping mule accounts before the money moves may be a far more effective strategy.
Now, let's dive into today's biggest Digital Banking stories. 👇
Cheers,
INSIGHTS
📰 Incognia: Education campaigns won't stop APP fraud. André Ferraz, Incognia´s CEO, argues that consumer awareness campaigns are necessary but insufficient to prevent authorized push payment (APP) fraud. The company says financial institutions should complement education with real-time behavioral, device, and contextual risk signals to identify scams before fraudulent payments are authorized. Read the full article here
NEWS
🌎 Global66 migrated and unified its card operation with Pomelo in Colombia and Chile, enabling faster product launches, card tokenization for Apple Pay and Google Pay, and improved transaction approval and fraud management. The migration supports the continued expansion of Global66's Smart Card across Latin America.
🇸🇻 Bancoagrícola and Mastercard launched McLaren Formula 1 rewards campaign for Salvadoran cardholders. Running through September 15, the campaign rewards everyday card spending with entries to win a three-day trip to São Paulo, Brazil, while reinforcing Mastercard's strategy of offering exclusive experiences through its global sponsorships.
🌍 Santander will roll out its payments platform Getnet in Europe starting in October. The group, chaired by Ana Botín, will roll out its payments platform in more than 30 European countries where it already holds licenses to focus on large multinationals and e-commerce.
🇬🇧 Revolut confirms a $115 billion valuation in a secondary share sale, reflecting strong investor demand following the company's expansion and business growth. The transaction gives eligible employees another opportunity to realize liquidity from their shareholdings.
🇬🇧 Metro Bank eyes £2bn merger with rival challenger bank Aldermore. Metro Bank is at the early stages of examining whether to make a formal offer for Aldermore, which specialises in mortgages and business lending. Read on
🌍 Monterro acquires majority stake in Mors Software. The partnership will enable MORS to accelerate its international expansion, particularly in the United Kingdom and across Europe, while investing further in product development and AI capabilities.
🇺🇸 Varo Bank appoints JPMorgan Chase veteran Sean Kelley as Chief Financial Officer as the company advances its path to profitability. Kelley will drive profitable and efficient growth and serve as a key advisor to the CEO and Board of Directors.
🇺🇸 David Vélez and Robin Vince join the boards of the OpenAI Foundation and OpenAI Group PBC. The appointments bring leadership experience in financial services, technology and governance to support OpenAI's long-term growth and philanthropic initiatives.
🇪🇬 Egypt and Eswatini central banks deepen cooperation on digital payments and banking. During the meeting, the two sides discussed several topics of common interest, including the experience of the Central Bank of Egypt in the money circulation system, the potential of the money printing house as a leading model, and its role in printing money for the benefit of several countries.
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