<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>The UK's Atom Bank has rebranded its Digital Mortgages (DM) division for intermediaries, moving all its features and content to the Intermediaries section of the Atom Bank website and eliminating the DM brand and website. The move comes as a strategy to create a unified brand, eliminate confusion and provide a seamless journey for both brokers and customers.</p>
 
 <p>The new Intermediaries section on the Atom Bank website will retain all features from the old DM section, and the website's structure has been improved for better navigation and information accessibility, following broker feedback and research.</p>

 <p>Atom Bank's digital mortgage operation is a significant element of its app-based banking model. It offers mortgage products to first-time buyers, home movers, and remortgage customers with the help of independent brokers. Notably, in FY2024, Atom reported a 55% hike in residential mortgage balances.</p>
 
</div>

Atom Bank rebrands Digital Mortgages for intermediaries

<div>

 <p>Finnish neobank, Saldo Bank, has teamed up with card issuing and processing infrastructure provider, Enfuce, to introduce its first ever credit card in the Nordic and Baltic regions. This partnership entails Enfuce supplying over 60,000 custom-created open-loop Visa credit and debit cards, both of the physical and virtual variety, to the Finnish clientele of Saldo Bank. These brand-new cards provide the users with real-time credit decisions and an automated card issuance process, therefore enabling customers to immediately utilise the credit for card payments and manage all their finances in a singular location.</p>
 <p>The purpose of this cooperation is to augment the growth of Saldo Bank within the banking industry whilst simultaneously presenting Enfuce's dedication towards assisting all banks, legacy and digital, across Europe by offering scalable, modular payment solutions.</p>

</div>

Saldo Bank partners with Enfuce to launch its first credit card

<div>

 <p>Allica Bank, a UK-based digital bank focused on SMEs and entrepreneurs, has bought Tuscan Capital, a lender specialising in bridge financing. The purchase price was not disclosed. </p>
 <p>Allica Bank's strategy with this acquisition is to grow its commercial finance products, now including bridging and refurbishment finance. The emphasis will be on semi-commercial and full commercial bridging, complemented by Tuscan’s residential bridging services. </p>
 <p>The digital bank also seeks to use Tuscan's expertise in bridging and its broker network to become a prominent competitor in this sector.</p>
 <p>Tuscan Capital was established in 2018 and operates in the UK property sector offering short-term bridging loans. The firm integrates traditional lending methods with modern commercial techniques and caters to brokers, advisers, and real estate professionals operating in England and Wales.</p>

</div>

Allica Bank acquires Tuscan Capital for undisclosed sum to enter bridging market

<div>
 
 <p>Comun, a neobank targeting the Latino community, has secured USD 21.5 million in a Series A funding round. Redpoint Ventures led the initiative, supported by participation from entities such as ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons. The fundraising round has raised Comun's total capital to USD 26 million, and the company asserts that its valuation has experienced over a 50% increase since the previous funding round.</p>
 <p>The newly raised capital will be directed towards expansion of locations and the development of new products, with a credit product being a key focus. The company has recently on-boarded former employees from Nubank and Capital One to support this growth.</p>
 <p>In terms of performance, Comun has reported substantial growth. In the initial six months of 2024, its monthly revenue surged 50x. The company is now projected to process over USD 1 billion on an annualized basis in payment volume. It also has seen significant growth in its user base and has managed to elevate revenue per user by about 4x since the onset of the year.</p>
 
</div>

Comun raises USD 21.5 million in Series A funding to expand locations

INCUMBENTS_PRESENT

<div>
 
 <p>Revolut, a UK-based neobank serving B2C and B2B segments, has entered into a partnership with Visa to facilitate instant card transfers for its business customers.</p>
 <p>Through Visa Direct, Revolut Business customers are now able to send money to 78 countries and in over 50 currencies using just a card number. The payments are expected to arrive within a 30-minute window. This initiative is designed to simplify cross-border transactions by eliminating the need for detailed information such as IBAN and BIC, and at the same time, reduce transfer fees and processing times.</p>
 <p>This worldwide agreement is an extension of prior collaborations between Revolut and Visa, inclusive of the 2023 introduction of Visa Direct-powered peer-to-peer payments to roughly 90 countries and the 2024 roll-out of Visa virtual cards for B2B travel.</p>
 
</div>

Revolut partners with Visa for instant cross-border business transactions

<div>
 
 <p>UK-based neobank OakNorth has gained authorization from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a New York Representative Office for actively marketing its products and services in the US.</p>
 <p>The company intends to fill a gap in the US lower mid-market business sector by leveraging its data-driven approach. Since July 2023, it has already provided around USD 600 million in loans to businesses within this category.</p>
 <p>OakNorth is also considering obtaining a US banking charter to increase its operational presence in the United States.</p>
 <p>Typically, OakNorth assists businesses with turnovers between USD 1 million and 100 million. It has supplied more than USD 15 billion in loans to UK and US firms so far.</p>
 
</div>

OakNorth secures regulatory approval for US representative office

<div>
 <p>Canadian neobank, KOHO, has added new features for its members who rent. These additions include tenant insurance, which is available in several provinces, as well as a rent reporting feature accessible to every KOHO user.</p>
  <p>The 'Rent Reporting' feature enables KOHO users to report their rent payments straight to credit bureaus. This could contribute to the building of their credit history. It is integrated within the KOHO app and comes with automatic payment processing and historical rent payment reporting features.</p>
 <p>Through collaboration with Walnut Insurance, 'Tenant Insurance' is offered, starting from USD 22 monthly. There are choices for item coverage and liability protection amounts, such as USD 5,000, USD 10,000, and USD 15,000.</p>
 <p>According to KOHO, these new features aim to assist renters in establishing a credit history, earning cash back on their rent payments, and offering affordable coverage against unforeseen damages. KOHO's objective is to make financial advancement more reachable for Canadians, which can benefit newcomers, younger Canadians, and all renters in general.</p>
</div>

KOHO launches tenant insurance and rent reporting

<div>
 
 <p>Lendbuzz, an AI-powered auto-financing platform, has secured a USD 400 million forward flow program from Viola Credit, a global alternative asset manager.</p>
 <p>This agreement extends their longstanding partnership, which has resulted in over USD 1 billion in financing and asset purchase transactions since 2018. The new program will allow Lendbuzz to expand its AI-based auto finance platform.</p>
 
</div>

Lendbuzz secures USD 400 million forward flow agreement with Viola Credit

<div>
 
 <p>Revolut, a UK-based neobank focused on both B2C and B2B sectors, has formed a partnership with Ledger, a producer of hardware wallets for various cryptocurrencies. This collaboration will allow users of the Ledger hardware wallet to buy cryptocurrencies straight from Revolut.</p>
 <p>Ledger customers located in 27 EEA countries can now purchase and sell cryptocurrencies through Revolut's on-ramp service. For existing customers of Revolut, there is no need for additional verification procedures, making the crypto purchase experience within the Ledger environment more seamless.</p>
 <p>The aim of this partnership is to fuse together the dependable payment platform of Revolut with Ledger's robust hardware security. This will provide users improved accessibility, speed, and security in handling their digital assets. The merger also brings Revolut Pay to Ledger as a method of payment, allowing for instantaneous online transactions, further enhancing security and accessibility for users in the crypto ecosystem.</p>

</div>

Revolut partners with Ledger to offer crypto buying services for hardware wallet users

<div>
 
<p>Varo Bank, a neobank catering to consumers, has entered into an exclusive five-year processor agreement with Marqeta, a card-issuing platform. The main aim of this collaboration is to enhance Varo's card-issuing technology and transaction management, and to provide digitized wallet tokenization with Apple and Google Wallets.</p>

</div>

All Updates

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

Atom Bank rebrands Digital Mortgages for intermediaries

Saldo Bank partners with Enfuce to launch its first credit card

Allica Bank acquires Tuscan Capital for undisclosed sum to enter bridging market

Comun raises USD 21.5 million in Series A funding to expand locations

Revolut partners with Visa for instant cross-border business transactions

OakNorth secures regulatory approval for US representative office

KOHO launches tenant insurance and rent reporting

Lendbuzz secures USD 400 million forward flow agreement with Viola Credit

Revolut partners with Ledger to offer crypto buying services for hardware wallet users

Varo Bank signs five-year exclusive issuer processor deal with Marqeta

Neobanks

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

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