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        Lydia, a French digital bank catering to individuals, has launched a new banking app called &quot;Sumeria&quot; for the European market.
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        Lydia aims to develop Sumeria into a banking super app, providing its users with a simple and fast online account offering 4% interest. It will also enable them to receive, spend, and manage finances anywhere in Europe.&nbsp;
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        In addition, the company announced plans to invest over EUR 100 million and hire 400 people in the next three years to establish itself as a major banking player in France, with further expansion into other parts of Europe. Lydia also intends to apply for a credit institution license with the French banking regulator.
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    <a href="https://www.pymnts.com/digital-first-banking/2024/lydia-launches-european-banking-super-app-called-sumeria/">
      PYMNTS
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Neobanks

PROMINENT_CATEGORY

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 <p>Lydia, a French digital bank, has launched a European banking app "Sumeria". The bank is developing Sumeria into a super app that offers a simple online account with 4% interest, and allows for money management across Europe.</p>
 <p>The company has announced an investment of over EUR 100 million and plans to hire 400 people within the next three years to become a significant banking player in France and eventually in other European regions. Lydia is also planning to apply for a credit institution license with the French banking regulator.</p>
 
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Lydia launches new banking app in Europe

ANALYST_QUICK_TAKE

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<p>Swiss digital bank Alpian has secured CHF 76 million (approximately USD 84 million) in a Series C financing round. The round was spearheaded by Fideuram - Intesa Sanpaolo Private Banking, and also included contributions from existing investors. This injection of funds brings Alpian's total capital raised to CHF 124.1 million (about USD 135 million).</p>
<p>The newly acquired funds are earmarked for further development of Alpian's financial offerings and overall expansion of the company.</p>
<p>In the initial four-month period of 2024, Alpian has experienced substantial growth, demonstrating a doubling of its client base to reach several thousand customers. The company's total assets have also risen, now standing at CHF 100 million (equivalent to around USD 110 million).</p>
</div> <p><b>Analyst QuickTake:<br>
</b> Alpian’s previous funding round was in April 2022, during which it raised CHF 19 million (USD 20.4 million). It used the funds to develop and launch its platform.</p>

Alpian raises USD 84 million in Series C funding for product innovation and expansion

<div>
 
 <p>Monzo, a UK-based neobank, has raised an additional USD 190 million in venture funding, bringing its total to USD 1.7 billion. The funding round was led by Hedosophia, and included participants such as CapitalG (Alphabet's growth fund) and GIC (Singapore's sovereign wealth fund). The company plans to utilize these funds to widen its reach across the US and Europe, as well as for product development. In terms of future products, Monzo aims to launch a pension product in the UK within the next six to nine months and a mortgage product in the long term.</p>
 
 <p>The bank became profitable last year and now serves over 9 million retail customers in the UK, adding 2 million of these in the past year. It also provides services to more than 400,000 business customers.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> The company’s previous funding round was in <a href="https:<br>
//sp-edge.com/updates/27295"> March 2024 </a> , during which it raised USD 430 million at a USD 5 billion valuation. The funds were earmarked to develop new products and expand into the US market.</p>

Monzo raises USD 190 million in venture funding for global expansion

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 <p>Lendbuzz, an AI-powered auto-financing platform, has secured a USD 100 million warehouse facility from Mizuho Americas. The company's total funds raised now stand at USD 1.2 billion.</p>
 <p>It aims to use the funds to expand and fund its loan operations.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The company’s previous funding round was in <a href="https:<br>
//sp-edge.com/updates/22448"> October 2023 </a> , when it raised USD 345 million in equity and debt. It utilized the funds for product innovation, research and development, and technology advancements to better serve consumers and dealership partners.</p>

Lendbuzz secures USD 100 million credit facility from Mizuho Americas

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 <p>Lunar, a Danish neobank, has raised approximately USD 25.7 million in a funding round, bringing its total funds raised to USD 510 million. The funding was contributed by its existing investors and will be used to strengthen the company's capital position and expand its services across the Nordic countries. Lunar also plans to become a full-service bank in Sweden.</p>
 <p>This funding is particularly significant as Lunar previously failed to acquire the local lender Instabank due to insufficient capital. The failed acquisition, worth around USD 140.7 million, led to legal proceedings. As a result, Lunar is bolstering its capital reserves while it anticipates the next steps in the proceedings.</p>
 
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Lunar raises EUR 24.1 million in funding to sustain growth

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 <p>UK-based online SME lender, Capify, has been granted a GBP 100 million credit facility from Pollen Street Capital. This funding will enable Capify's strategies for growth and cater to the company's working capital lending for SMEs in the UK and Australia.</p>
 <p>The lender, established in 2002, is also improving its tech platform to enhance processes and quicken decision-making. Capify is a provider of unsecured business loans to SMEs in the UK, US, and Australia, with a unique approach ensuring all loan decisions are human-made.</p>
 
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Capify secures GBP 100 million credit facility funding for growth

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 <p>OakNorth, a neobank from the UK that serves SMEs, is collaborating with financial services platform, Marqeta, to provide a commercial card service to its business clientele.</p>
 <p>This collaboration allows OakNorth’s SME clients to enjoy services often only accessible to commercial banking clients, like deposit accounts and automated bill payment tools.</p>
 <p>Leveraging Marqeta's platform, these SMEs will have better expenditure tracking and cash flow management capabilities, which is a significant challenge for many UK SMEs.</p>
 
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OakNorth partners with Marqeta to offer commercial card for SMEs

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 <p>Brazil's neobank, Nubank, has introduced a new feature for the withdrawal of Bitcoin, Ethereum, and Solana cryptocurrencies using the Nubank wallet. The feature will be gradually rolled out for a smooth user experience and plans to include more tokens in the future. Withdrawals may incur varying fees depending on the chosen network.</p>
  
</div> <p><b>Analyst QuickTake:<br>
</b> Nubank was one of the first neobanks offering access to cryptocurrencies. In 2022, it launched a <a href="https:<br>
//sp-edge.com/updates/11347"> crypto-trading platform </a> and its own token, <a href="https:<br>
//sp-edge.com/updates/13912"> Nucoin </a> , as part of its rewards program.</p>

Nubank allows Bitcoin, Ethereum, and Solana Withdrawal services

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<p>Grasshopper, a neobank for small to medium businesses, has launched an online application for Small Business Administration (SBA) loans, enabling eligible business owners to get pre-qualified in under 10 minutes.</p>
<p>The digital application is a feature of Grasshopper's business checking account that also offers corporate cards, accounting tools, and productivity software via its partner marketplace.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> An SBA loan is a type of business loan that is guaranteed by the US SBA. These loans are designed to help small businesses access the kind of funding that larger businesses can obtain more easily, with low interest rates and long repayment terms.</p>

Grasshopper introduces digital applications for SBA loans

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 <p>Neobank Mercury has introduced a new product called Mercury Personal, indicating its entry into consumer banking. This product comes with a yearly subscription fee of USD 240 and includes an array of features. The features include a FDIC-insured high-yield savings account, complimentary domestic wire and ACH transfers, as well as customizable debit cards.</p>
 <p>Mercury Personal also provides functionalities for customers to set up automatic transfer rules between accounts, allows additional user access, and offers options to issue multiple debit cards with custom spend limits. Though not immediately available, prospective customers can reserve their spot on a waitlist. General availability for customers based in the US is anticipated later in the year.</p>
 
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All Updates

Lydia launches new banking app in Europe

Alpian raises USD 84 million in Series C funding for product innovation and expansion

Monzo raises USD 190 million in venture funding for global expansion

Lendbuzz secures USD 100 million credit facility from Mizuho Americas

Lunar raises EUR 24.1 million in funding to sustain growth

Capify secures GBP 100 million credit facility funding for growth

OakNorth partners with Marqeta to offer commercial card for SMEs

Nubank allows Bitcoin, Ethereum, and Solana Withdrawal services

Grasshopper introduces digital applications for SBA loans

Mercury launches Mercury Personal to venture into consumer banking

Neobanks

Lydia launches new banking app in Europe

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