<div>
  <ul>
    <li>
      <p>
        Relio, a Swiss digital bank serving the B2B segment, raised EUR 3 million (~USD 3.2 million) in a funding round led by TX Ventures, HTGF, and SIX Fintech Ventures. Its total funding following this round stands at USD 4.2 million.
      </p>
    </li>
    <li>
      <p>
        The company aims to use the funds to launch digital payment accounts for small businesses.
      </p>
    </li>
    <li>
      <p>
        Formed in 2020, Relio provides Swiss IBAN accounts inclusive of debit cards for businesses. It also incorporates an automated compliance system that it claims to remove the long wait times required to carry out transactions. The bank is currently open for sign-ups to join its waitlist.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.altfi.com/article/10266_penta-co-founder-raises-eur3m-for-swiss-payments-fintech">
      AltFi
    </a>
  </p>
  <p>
    <a href="https://www.finextra.com/newsarticle/41577/penta-co-founder-raises-3-million-for-swiss-banking-startup">
      Finextra
    </a>
  </p>
</div>


Neobanks

Relio raises EUR 3 million in funding to launch digital payment accounts

PROMINENT_CATEGORY

<div>
 <p>Starling Bank, a neobank in the UK, has introduced Easy Saver, a savings account that is linked to a Starling personal current account. The account provides a variable interest rate of 4% AER on balances up to GBP 1 million. The bank credits interest on a monthly basis and allows customers to make unlimited deposits and withdrawals without any fees. </p>
 <p>This savings account is available to all Starling customers who can apply for it through the app. It is expected to be fully rolled out by the end of November.</p>
</div>

Starling Bank launches Easy Saver account

ANALYST_QUICK_TAKE

<div>
 
 <p>Grasshopper, a neobank for small and medium-sized businesses, has partnered with EnFi, a risk management platform. The partnership aims to streamline credit analysis and risk management.</p>
 <p>It plans to merge Grasshopper's credit assessment and risk monitoring processes with EnFi's AI capabilities. EnFi's consistent risk analysis technology will help Grasshopper's underwriters to transition from traditional periodic reviews to proactive lending decisions.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> We believe this partnership will empower Grasshopper to process loan applications more efficiently, enhancing the customer experience while driving business growth. This development follows the recent launch of new lending products by Grasshopper, including <a href="https:<br>
//sp-edge.com/updates/24027"> digital applications for SBA loans </a> and <a href="https:<br>
//sp-edge.com/updates/28635"> revenue-based financing tailored for SaaS startups </a> .</p>

Grasshopper partners with EnFi to streamline credit analysis and risk management

<div>
 <p>Neo Financial, a digital banking solutions provider based in Canada, has secured CAD 360 million (USD 258 million) in a Series D funding round. This includes CAD 110 million in equity and CAD 250 million in debt. Key contributors to this round were Tobi Lutke, Stewart Butterfield, and David Baszucki while Mike Wessinger, Valar Ventures, Golden Ventures, Afore Capital, and Thomvest Ventures also participated. This new influx brings Neo Financial's total funding amount to a grand USD 494 million.</p>
 <p>Neo Financial plans to utilize these fresh funds to hasten product development and to establish AI-native resources, automation, and customer features.&nbsp;</p>
</div>

Neo Financial raises CAD 360 million in Series D funding to accelerate product development

<div>
 <p>Tomorrow, the sustainable digital banking service provider based in Germany, has managed to raise almost EUR 5 million or USD 5.3 million in funding. Multiple existing investors such as Abacon Capital, ETF Partners, Kopa Ventures, and IFB Innovationsstarter have participated in this round, taking the company's total funding to EUR 30 million, roughly equivalent to USD 32 million.</p>
 <p>The newly obtained funds will be utilized for the improvement of its offerings. This includes the initiation of a new interest-rate product, acquiring customers, and further strategic expansion into the European market.</p>
 <p>Simultaneously with the funding, Tomorrow has also unveiled a flexible fee structure for its “Now” account. This new structure allows customers to select their monthly payments.</p>
</div>

Tomorrow raises nearly EUR 5 million to enhance offerings

<div>
 <p>The Federal Trade Commission (FTC) is taking action against mobile-based neobank, Dave, for alleged deceptive marketing and unauthorized fee charges. The FTC claims that Dave misled customers about cash advance amounts and imposed undisclosed fees and unauthorized tips on users, violations of both Section 5(a) of the FTC Act and the Restore Online Shoppers’ Confidence Act (ROSCA).</p>
 <p>Dave is accused of targeting financially vulnerable consumers, specifically those with little savings and recurrent overdrafts, by offering services that claimed to instantly provide advances of "up to USD 500." The FTC alleges Dave failed to meet these promises.</p>
 
</div>

FTC takes action against Dave for misleading marketing and hidden fees

<div>
 
 <p>Stori, a digital credit card provider based in Mexico, has formed a partnership with Chinese fast fashion retailer, Shein. The goal is to introduce a Shein branded credit card to the Mexican market. The card, that features a non-existent annual fee, comes with a rewards system which allows customers to earn points on their purchases. These points can be later redeemed for Shein product purchases. The new initiative is targeted at new Stori customers with the dual aim of extending the reach of credit facilities within Mexico and driving more traffic to Shein's online shopping platform.</p>
 
</div>

Shein partners with Stori to launch co-branded credit card in Mexico

<div>
 <p>Digital banking solutions provider, One Zero, intends to secure USD 100 million in funding. The company has previously amassed approximately USD 242 million in funding and is estimated to be valued between USD 400 million and USD 450 million.</p>
 <p>The company proposes to channel these funds into the development of Ella, an advanced AI-powered banking chatbot.</p>
 <p>A player in the AI-driven FinTech sector with a strong focus on retail banking services, One Zero's flagship offering is Ella. This chatbot delivers banking assistance, equipped with the capability to perform complex financial calculations and provide bespoke advice. The advice factor includes recommendations on car purchases tailored to individual financial profiles.</p>
 
</div>

One Zero raises USD 100 million in funding to develop its AI chatbot

INCUMBENTS_PRESENT

<div>
 <p>CaixaBank, a mobile-based BNPL solutions provider from Spain, has partnered with Apple to offer split payments for ecommerce transactions using Apple Pay.</p>
 <p>The new deal will allow CaixaBank customers using iOS 18 and iPadOS18 to split their online and in-app purchase payments using Apple Pay. This feature is expected to be available in the coming months.</p>
</div>

CaixaBank partners with Apple to offer split payments for Apple Pay users

<div>
 <p>CapWay, a digital banking solutions company serving underserved communities, has ended its operations. The closure was a result of increased banking partner requirements, fundraising difficulties, and the damaged reputation of the FinTech industry following recent events.</p>
</div>

CapWay shuts down operations

<div>
 
 <p>UK-based neobank, Zopa Bank is partnering with John Lewis Money to offer personal loans to the latter's clients. This partnership will allow John Lewis customers to get Zopa Bank personal loans from GBP 1,000 to GBP 35,000, via the John Lewis Money website. Loan terms range from one to seven years.</p>
 <p>This collaboration offers customers an advantage to receive a personalized quote within three minutes without it affecting their credit scores. Additionally, most approved loans are funded within just two hours.</p>
 
</div>

All Updates

Relio raises EUR 3 million in funding to launch digital payment accounts

Starling Bank launches Easy Saver account

Grasshopper partners with EnFi to streamline credit analysis and risk management

Neo Financial raises CAD 360 million in Series D funding to accelerate product development

Tomorrow raises nearly EUR 5 million to enhance offerings

FTC takes action against Dave for misleading marketing and hidden fees

Shein partners with Stori to launch co-branded credit card in Mexico

One Zero raises USD 100 million in funding to develop its AI chatbot

CaixaBank partners with Apple to offer split payments for Apple Pay users

CapWay shuts down operations

Zopa Bank partners with John Lewis Money to offer personal loans to customers

Neobanks

Relio raises EUR 3 million in funding to launch digital payment accounts

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