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Neobanks In Europe
The development of neobanks in Europe is a trend in the European financial landscape beginning in the 2010s. Neobanks are a type of digital-only bank that offer financial services primarily through mobile and web applications, with little or no reliance on physical branches. The trend was driven by advancements in technology, changing consumer preferences, and supportive regulatory frameworks. Neobanks provide a range of services, including personal accounts, loans, and payment services, with a focus on user-friendly interfaces, low fees, and innovative features. In 2024, as a part of Instant Payments Regulation, European authorities made a significant step to level the regulatory field for neobanks. Before that, many neobanks who didn't have a bank status (like EMIs or other non-bank financial institutions) couldn't access central bank-operated payment systems like TARGET. TARGET Services are essential to many money-transferring operations. With this new regulation, non-bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neobank
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branches. They challenge traditional banks. In contrast to direct banks, in many cases, neobanks do not have their own banking licenses, and instead rely on partner banks. They typically have lower operational costs, which can sometimes result in lower fees and more competitive interest rates. Europe The term "neobank" gained popularity in 2019, but term’s origins are older. The term is used to describe fintech-based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally: companies that applied for their own banking license and companies in a relationship with a traditional bank to provide those financial services. The former were called challenger banks and the latter were called neobanks. The term " challenger bank" is used in the UK to refer to fintech banking startups that emerged aft ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monobank (Ukraine)
monobank (Ukrainian: '':uk:Monobank, монобанк'') is a Ukrainian neobank founded in 2017. It provides financial services through a mobile application without physical branches. As of 2025, it serves approximately 10 million customers. monobank is one of the most popular financial applications in Ukraine, maintaining high ratings: 4.9 stars on Google Play and 4.9 stars on the App store, App Store. It is a joint project between the mono IT team and Universal bank, Universal Bank. As of January 1, 2025, according to the National Bank of Ukraine, the number of active monobank cards reached 9.77 million. The bank has held second place among Ukrainian banks by this metric for the second consecutive year, having first reached this position in September 2023. monobank also ranked third among Ukrainian banks by the volume of attracted deposits, with total deposits amounting to nearly 108 billion hryvnias. History of Foundation Work on the ''monobank'' product began in January ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Europe
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small And Medium-sized Enterprises
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO). In any given national economy, SMEs outnumber large companies by a wide margin and also employ many more people. On a global scale, SMEs make up 90% of all companies and more than 50% of all employment. For example, in the EU, 99% of all businesses are SMEs. Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wise (company)
Wise, previously known as TransferWise, is a British financial technology company focused on global money transfers. Headquartered in London, it was founded by Kristo Käärmann and Taavet Hinrikus in January 2011. As of 2023, it offers three main products: Wise Account, Wise Business, and Wise Platform. History Wise was cofounded in London by Taavet Hinrikus, one of the first employees of Skype, and Kristo Käärmann, a Deloitte management consultant. Hinrikus moved from Estonia to London around 2006, when he began experiencing the challenges of international money transfers. He became aware that when sending money between Estonia and the UK, banks would typically deduct at least a 5% fee, and also remarked that most of the charge is hidden in the exchange rate. According to him, banks try hard to make it extremely difficult to understand what the consumer is paying for, and there is no transparency in the market. In its first year of operation, transactions through Wise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bunq
Bunq B.V. (, ; stylized in all lowercase), is a fintech and neobank licensed in the Netherlands and operating within 30 European countries. It is headquartered in Amsterdam. The company was founded in 2012 by entrepreneur Ali Niknam, the founder of the web hosting provider TransIP and Team.Blue. Bunq's subscription services offer multiple currencies, allow multiple International Bank Account Numbers, provide both personal and business bank accounts, and have a public API. In 2021, the company secured the largest Series A round for a European fintech company to date, giving it Unicorn (finance), unicorn status. In 2022, it purchased Belgium-based fintech organisation Tricount, making it the second largest neobank in the European Union. Bunq has been subject to repeated controversy and scrutiny from customers, the press, its own employees, and others. The bank is reportedly being used extensively by criminals due to its lax security procedures and its failures to offer timely suppo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HSBC
HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational corporation, multinational footprint. It is the List of banks in Europe, largest Europe-based bank by total assets, ahead of BNP Paribas, with US$3.098 trillion as of September 2024. This also puts it as the List of largest banks, 7th largest bank in the world by total assets behind Bank of America, and the 3rd largest State ownership, non-state owned bank in the world. In 2021, HSBC had $10.8 trillion in assets under custodian bank, custody (AUC) and $4.9 trillion in assets under administration (AUA). HSBC traces its origin to a Hong (business), ''hong'' trading house in British Hong Kong. The bank was established in 1865 in Hong Kong and opened branches in Shanghai in the same year. It was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monese
Monese is a British company that offers current accounts and money transfer services as an alternative to traditional banks. The mobile-only service provides accounts in Pounds sterling, Euros and Romanian leu, and is available in 31 countries across the European Economic Area. As of January 2020, it has over 2 million customers. History Monese was founded by Norris Koppel, an entrepreneur from Estonia. Koppel moved to the United Kingdom and had his application for a current account at a major high-street bank declined because he could not provide local proof of address and did not yet have credit history in the UK. This experience led Koppel to vow that one day he would launch a banking service that did not exclude customers based on their residency or lack of credit history. The company completed its seed round in May 2015, raising $1.8 million from Seedcamp, early Spotify investor Shakil Khan and several other angel investors. Monese launched its first product, an instant-to-o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
T-Bank
T-Bank (), formerly known as Tinkoff Bank is a Russian commercial bank based in Moscow and founded by Oleg Tinkov in 2006. Up until 2024, the bank did not have branches and was considered a neobank. It is the second largest provider of credit cards in Russia, and is one of the world's largest digital banks, as measured by number of customers. , Tinkoff Bank has had its credit rating withdrawn in compliance with sanctions imposed as a result of Russia's invasion of Ukraine; shortly afterwards the bank was taken over by Interros and renamed to remove the reference to its founder. On 1 January 2025, the large universal bank Rosbank was merged into T-Bank. History Entrepreneur Oleg Tinkov founded Tinkoff Credit Systems in 2006, after working with consultants from Boston Consulting Group to see if a bank without branches could work in Russia. Tinkov invested around $70 million in the bank, and based the bank on the American Capital One bank; Tinkov took over the Khimmashbank corp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Banking
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2010s, this has become the most common way that customers access their bank accounts. The online banking system will typically connect to or be part of the core banking system operated by a bank to provide customers access to banking services in addition to or in place of historic branch banking. Online banking significantly reduces the banks' operating cost by reducing reliance on a physical branch network and offers convenience to some customers by lessening the need to visit a bank branch as well as being able to perform banking transactions even when branches are closed, for example outside the conventional banking hours or at weekends and on holidays. Internet banking provides personal an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revolut
Revolut Group Holdings Ltd, doing business as Revolut, is a British multinational neobank and fintech company that offers banking services for individuals and businesses. It was founded in July 2015 by British-Russian-French businessman Nikolay Storonsky and British-Ukrainian-French software engineer Vlad Yatsenko. As of 2024, the company operated in over 48 countries and caters to 52.5 million retail customers worldwide. The bank offers free and subscription-based digital banking services, primarily through a mobile app. Features include domestic and international bank transfers, debit cards, credit cards, a stock and cryptocurrency exchange, as well as other features such as savings accounts and loans. As of August 2024, Revolut is valued at $45 billion, making it the most valuable private tech company in Europe. As per the company's latest annual report, the revenue in 2024 stood at $4 billion, while the profit before tax grew to $1.4 billion. History Early histo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Services Directive
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations of payment providers and users. The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments more secure and protecting consumers. Overview The SEPA (Single Euro Payments Area) is a self-regulatory initiative by the European banking sector represented in the European Payments Council, which defines the harmonization of payment products, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
