Latest news with #neobank
Zawya
18-07-2025
- Business
- Zawya
PalmPay Named One of the World's Top 300 Fintech Companies of 2025 by Consumer News and Business Channel (CNBC) & Statista
PalmPay ( a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista's 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world's most innovative and impactful financial technology firms. The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact. This year's list includes a mix of global leaders - including Revolut, Nubank and Ant Group - alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay. PalmPay's inclusion reflects its continued momentum as one of Africa's leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities. In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance - all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients. 'To be recognised as one of the world's top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,' said Sofia Zab, Founding Chief Marketing Officer at PalmPay. 'Through cutting-edge technology, deep local distribution, and a customer-first mindset, we've built Nigeria's leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.' As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services. 'PalmPay is building a neobanking platform tailored to the realities of emerging markets,' said Jiapei Yan, Group Chief Commercial Officer at PalmPay. 'We are creating the infrastructure for a connected digital economy - where people and businesses can thrive through reliable, inclusive financial tools. This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.' PalmPay's inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times - Africa's Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay's rapid scale and market traction across Africa. PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth. Distributed by APO Group on behalf of PalmPay. About PalmPay: PalmPay is a leading neobank and fintech platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money. PalmPay offers a comprehensive range of products, including mobile payments, credit, savings and micro-insurance via its app and mobile money agent network. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh. For more information, visit
Daily Mail
09-07-2025
- Business
- Daily Mail
Should you share finances with your partner? Nearly half won't even TALK about money until they live together
Money can be a touchy subject in a relationship, especially if one of you is a spender and the other likes to be more frugal. So it is not surprising that many Britons will kick the can down the road and not broach the subject with their partner until they absolutely have to. Some 45 per cent say they would wait until moving in together to have a frank discussion about finances, according to figures from neobank Bunq - while four per cent say they would not talk about money until reaching a milestone such as getting engaged or having a baby. A third would broach the topic after a few months of dating, while four per cent said they would raise the topic on their first date. A third of couples also admitted hiding purchases from their partner. Some couples have good reasons for wanting to keep their finances separate. But for 34-year-old Anthony Villa, becoming more open with his finances in his marriage has allowed him and his wife to be on the same page with when they spend and when they save. Villa, who is the founder and chief executive of marketing agency Launch Experiments, This is Money: 'I think the bigger shift wasn't just about talking more, it was about both of us becoming better adults which naturally improved the relationship. 'If we'd brought the level of openness and structure we have now into those earlier years, I think we'd have avoided a lot of unnecessary stress and probably been further along financially.' Villa and his wife initially had differing views on spending, with him focusing on budgeting and careful planning but his wife having a different attitude. He said: 'It probably took a solid two years of honest, sometimes uncomfortable conversations before we really felt aligned. 'But those discussions helped us understand each other's perspectives and find common ground, instead of just defaulting to habits we'd picked up.' Now, the couple share an account for the majority of their purchases. Villa added: 'I think the bigger issue is that most people, single or in relationships, are just thrown into adulthood without much financial literacy. 'You don't know what you don't know - who to trust, what to read, how does interest work, what's actually bad financial behaviour versus what just works for you. 'Having someone to figure it out with, even if you don't have all the answers, makes the process feel less overwhelming.' What should couples talk about? Alan Barral, financial planner at Quilter Cheviot, says couples should be upfront about their financial habits and how they manage their money. They should also let their partner know about any debt or student loans they have outstanding, he adds. 'Talking openly about money might not feel romantic, but it's one of the most important conversations a couple can have,' he says. 'The earlier you start, the easier it is to build trust and avoid misunderstandings.' Barral suggests setting a regular time to talk about finances, even if it is informal. That could mean reviewing your spending habits once a month, or setting shared goals for saving towards holidays or a new home. Are joint accounts a good idea? Opening a shared bank account is one of the biggest steps you can take towards being completely open about your finances with a partner. Barral says: 'Joint accounts aren't right for everyone, especially early on, but having a shared pot for things like groceries or rent can help keep things fair without giving up financial independence.' Many people won't want to do so unless they have a full understanding of their other half's spending habits, however. This is the case for 26-year-old Ani Prinja, who says she is wary due to her experiences in a previous relationship. She says: 'I think openness with financial situations is very important, mostly learning the other person's behaviour which may affect you. 'For example, if they have lots of credit card debt or impulsive spending habits, that will likely come to affect both people in the relationship down the line.' Prinja spent five years in a relationship where she spent thousands on her partner, including when her then-boyfriend was unemployed for a two-year period. She said: 'I think it started slowly so you don't notice it as much, but the more it happens, the more normal it feels. It is also hard when they guilt trip you into feeling like it's not a big deal.' She says they didn't properly discuss finances until they decided to move in together. Younger people might be especially unwilling to share their finances, according to Matthew Sheeran, external relations manager at debt advisor Money Wellness. He says: 'Younger people are more likely to keep finances separate because financial independence can feel safer, especially in today's climate of rising costs and economic uncertainty. 'Keeping money separate works for many couples, but open conversations are key. Talking about finances early helps avoid surprises and build trust, whether you choose to share or stay separate.'
Yahoo
09-07-2025
- Business
- Yahoo
Chime's sticky user base makes it a winner for investors, analyst says
It's been less than a month since Chime Financial went public, but the neobank is winning over analysts who are already writing bullish predictions about the company's prospects. KBW research analyst Sanjay Sakhrani wrote in a research note on July 7 that Chime is emerging as a winner in the segment that caters to low-income consumers. He issued an 'Outperform' rating for Chime, along with a $42 price target. Founded in 2012, Chime offers traditional financial services, like fee-free checking and savings accounts, to U.S. consumers earning up to $100,000 a year. Sakhrani argues these everyday Americans are not well served by traditional banks. 'Few digital platforms have the technology infrastructure, product-market alignment, and innovation velocity required to serve this demographic effectively and profitably, and we think Chime is one of them,' Sakhrani said. One of the biggest names in fintech, Chime was an IPO candidate for years, and finally went public on June 12. Shares rose 37% during its debut. Since then, Chime encountered some initial volatility, but the stock has managed to remain above its $27 IPO price. Shares on Tuesday afternoon were trading at more than $31. Wall Street analysts typically don't issue research reports for a company until the IPO quiet period, which lasts 25 days, is over. Chime went public 26 days ago. Chime is estimated to have penetrated less than 5% of its total addressable market, which comprises 196 million Americans who earn up to $100,000 in annual wages. The startup had 8.6 million active members as of March 31, with two-thirds relying on Chime as their primary bank, Fortune previously reported. Sakhrani thinks Chime has 'successfully harnessed this sticky user base' to drive increased product adoption and monetization. This positions the startup for sustained growth in average revenue per active member, or ARPAM, as it rolls out new offerings, Sakhrani wrote. (ARPAM is a metric that measures revenue generated by active members.) 'We view ARPAM expansion as a core revenue driver over the next 2-3 years and a potential source of upside to near-term expectations, as we believe the company has taken a conservative approach to modeling contributions from four new product launches anticipated over the next 12 months,' Sakhrani said. Chime is not a bank and doesn't have a bank charter. Instead, it partners with Bancorp Bank and Stride Bank to provide its services. The fintech has launched several new products in the past few years including Instant Loans, which offers users access to up to $500 at a fixed interest rate, and MyPay, which allows eligible members to get a portion of their pay before payday. MyPay has accounted for about 45% of Chime's year-over-year revenue growth over the past two quarters, Sakhrani said. Much of Chime's future growth is expected to come from credit and lending products like MyPay and Instant loans, he said. Chime bears the risk of loss related to these products and is liable to its bank partners for any default on unpaid balances, Sakhrani said. As Chime launches these new products, loss rates typically spike and then come down. 'Ability to manage this risk will be key for the company to grow profitably,' Sakhrani said. Chime relies on interchange, the fee merchants pay when a consumer uses a Chime-issued debit or credit card, to drive much of its revenue. The fintech reported about $1.7 billion in revenue for fiscal 2024 and $518.7 million for the three months ended March 31, according to a regulatory filing. Roughly 75% of Chime's revenue is fee-based and tied to interchange, Sakhrani said. Chime faces tough competition from traditional financial institutions, like Ally and Capital One, and a variety of different fintech platforms that target the same users like SoFi, Affirm and Cash App (owned by Block). Many of these platforms have greater financial resources or larger user bases that may give them a competitive advantage, Sakhrani argues, adding that the 'intense competition could pose a risk to long-term sustainable growth.' However, he remains optimistic about the fintech's chances against its competitors, adding that 'Chime's lead in the space and strong track record of a highly engaged customer base puts them in a good position competitively, in our view.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
08-07-2025
- Business
- Finextra
Monzo slapped with £21 million fine for AML failings
The UK's Financial Conduct Authority has fined neobank Monzo £21,091,300 over its "inadequate" anti-financial crime systems and controls that were in place between October 2018 and August 2020 0 Monzo's customer base has grown rapidly, increasing almost tenfold from around 600,000 in 2018 to over 5.8 million in 2022. However, Monzo's financial crime controls failed to keep pace with its customer and product growth says the FCA. In particular, Monzo failed to design, implement and maintain adequate customer onboarding, customer risk assessment and transaction monitoring systems to mitigate the risk of financial crime. These systemic failings resulted in the FCA requiring a comprehensive, independent review of the firm's financial crime framework in August 2020. Alongside the independent review, the FCA imposed a requirement preventing Monzo from opening new accounts for high-risk customers. However, between August 2020 and June 2022, it repeatedly failed to comply with the terms of the requirement, including signing up over 34,000 high-risk customers. Therese Chambers, FCA joint executive director of enforcement and market oversight, says: "Banks are a vital line of defence in the collective fight against financial crime. They must have the systems in place to prevent the flow of ill-gotten gains into the financial system. Monzo fell far short of what we, and society, expect. "Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information - such as customers using well known London landmarks as an address. This illustrates how lacking Monzo's financial crime controls were. This was compounded by its inability to properly comply with the requirement not to onboard high-risk customers." Monzo says it has established and completed a financial crime change programme to remediate its wider financial crime control framework in line with recommendations made in the independent review. Fellow neobank Starling in October was hit with a similar £29m fine for what the regulator defined as 'shockingly lax' AML screening
Finextra
03-07-2025
- Business
- Finextra
Business banking platform Qonto applies for banking licence
French neobank Qonto has applied for a banking licence after reaching 600,000 customers across Europe. 0 Launched in 2017 by Alexandre Prot and Steve Anavi, Qonto combines business banking with financial tools including invoicing, bookkeeping, and spend management. The firm currently operates with a payment institution license, but full bank authorisation would let it offer broader lending, savings, and investment options to its growing customer base across Europe. Qonto - backed by €600+ million in funding and employing a team of 1,600+ people - achieved profitability in 2023 and aims to reach 2 million customers by 2030. Alexandre Prot, CEO and co-founder, says: 'SMEs need comprehensive financing solutions, and while we already serve many customers through partnerships and our Pay Later service, a banking license will enable us to expand these capabilities with complete independence. This application builds on our proven financial performance, having achieved profitability ahead of schedule in 2023, and supports our mission to create financial freedom for 2 million SMEs and freelancers across Europe by 2030."
