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The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
Canadian Tire Services Ltd. (CTSL), doing business as Canadian Tire Bank, is the financial services subsidiary of the Canadian Tire retail chain. The bank is based in Oakville, Ontario, and has additional business operations in St. Catharines and Welland, Ontario. Between 1968 and 2016, Canadian Tire Services Ltd. was known as Canadian Tire Financial Services Ltd..
A direct bank is a bank that offers its services only via the Internet, mobile app, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no branch network. It may offer access to an independent banking agent network and may also provide access via ATMs, and bank by mail. Direct banks eliminate the costs of maintaining a branch network while offering convenience to customers who prefer digital technology. Direct banks provide some but not all of the services offered by physical banks.
Simple was an American neobank based in Portland, Oregon. It was recognized as the first neobank and operated between 2009 and 2021.
Movencorp also referred to as Moven, is a fintech company working with banks, credit unions and fintechs.
Starling Bank is a British bank, occasionally referred to as a digital challenger bank or neobank, providing current and business bank accounts in the United Kingdom. Starling Bank is a licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014. Since its founding, it has received over £500m of funding.
Revolut is a global neobank and financial technology company that offers banking services. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers accounts featuring currency exchange, debit cards, virtual cards, Apple Pay, interest-bearing "vaults", stock trading, crypto, commodities, and other services.
Monzo Bank Limited is a British online bank based in London, England. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.
Equitable Bank is a Canadian bank which primarily provides residential and commercial real estate lending services, as well as personal banking through its direct banking brand EQ Bank. The bank was founded in 1970 as The Equitable Trust Company and became a Schedule I Bank offering savings products in 2013. As of 2022, it is Canada's seventh largest bank, with nearly $103 billion in assets under management. As of February 2023, the bank had over $31 billion in deposits. Equitable Bank is a member of the Canada Deposit Insurance Corporation.
Simplii Financial is a Canadian direct bank and the digital banking division of the Canadian Imperial Bank of Commerce (CIBC). It offers no-fee chequing and savings accounts, a VISA credit card, Guaranteed Investment Certificates (GICs), mortgages and mutual funds. These savings and investment products are also eligible for registration under a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP).
Zeta is a next-gen banking tech company by founders Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, BNPL, core banking and "mobile experiences". Zeta provides its products to banks and fintechs globally.
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional banks.
Xinja is an Australian fintech company and former bank. Xinja was granted a full banking license by the Australian Prudential Regulation Authority in 2019. Xinja Bank was the second Australian neobank to be made an authorised deposit-taking institution. The company exited banking in December 2020 and returned to business in fintech.
Chime Financial, Inc. is a San Francisco–based financial technology company that partners with regional banks to provide certain fee-free mobile banking services. The company offers early access to paychecks, negative account balances without overdraft fees, high-yield savings accounts, peer-to-peer payments, and an interest-free secured credit card. Chime earns the majority of its revenue from the collection of interchange fees on debit card transactions.
Current is a New York City-based financial services and software development company (FinTech). It provides mobile banking services through its partner bank, Choice Financial Group, Member FDIC.
SBM Bank India is a subsidiary of the State Bank of Mauritius. It was the first bank to receive a banking license from the India's banking regulator Reserve Bank of India (RBI) to establish a universal banking business in the country as a wholly owned subsidiary. It was incorporated on 1 December 2018 as a private sector bank headquartered in Mumbai. It also operates from New Delhi, Bengaluru, Chennai, Hyderabad, Ahmedabad, and in the rural centers of Ramachandrapuram and Palghar.
Tonik Digital Bank, Inc., commonly known as Tonik, is an all-digital bank which was launched in the Philippines in 2021, notable for being the first all-digital bank, or "neobank" in Southeast Asia. Its consumer products range from deposits, payments, debit cards, and loans. It operates with its own bank license issued by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC). Its holding company is Singapore-based Tonik Financial Pte Ltd.
bunq B.V. is a Dutch fintech and neobank licensed in the Netherlands within the European Union and operating in 30 European countries. It was founded in Amsterdam where its headquarters are currently located.
Monobank is a Ukrainian online bank. Operating since 2017, serving more than 7 million customers in Ukraine. It is the first online bank without traditional branches in Ukraine. It was the second most downloaded app on the App Store and third most downloaded app on Google Play among the most popular fintech apps in Ukraine. Like all of the existing neobanks in Ukraine, it operates using a banking license of a parent bank, namely, Universal Bank, which is a part of the TAS Group and belongs to Ukrainian businessman Serhiy Tihipko. In 2018, it was recognized as the best Ukrainian FinTech startup according to PaySpace Magazine Awards and was awarded the "Neobank of the Year" title by FinAwards."
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 2022, European neobank market have generated over 570B transactions.
References
- ↑ "Koho continues to attack traditional banking features with new joint accounts | BetaKit". February 6, 2019.
- ↑ Mckenzie, Kevin Hinton & Ryan. "Matrix: Vancouver's money makeover".
- ↑ "Koho Set to Disrupt Canada's Big Five Banks". Techvibes.
- ↑ "Koho wants to create a Canadian bank built for millennials | BetaKit". December 3, 2014.
- ↑ "New mobile bank Koho set to join Canada's fintech crowd" – via The Globe and Mail.
- ↑ "KOHO is a Free Alternative to a Chequing Account for Canadians". www.koho.ca. Retrieved 2023-11-22.
- ↑ "Koho, a mobile-only suite of financial services for millennials, launches in Canada".
- ↑ "Is KOHO CDIC Insured?". Koho Help Centre. Retrieved 24 November 2020.
- ↑ "Cardholder Agreement". Koho Legal. Retrieved 24 November 2020.
Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).
- ↑ "Vancouver-based Koho hiring Toronto team, including VP of Finance and COO".
- ↑ "Koho raises $8 million from Portag3 as Paul Desmarais III and Mike Katchen join board".
- ↑ "Canadian Neobank Koho's Series B Funding Round Secures Additional $25 Million". Crowdfund Insider. December 3, 2019.
- ↑ "How to get early access to your CERB benefits?". help.koho.ca.
- ↑ "Manzil partners with Koho to launch halal prepaid Mastercard card | BetaKit". 2020-08-19. Retrieved 2020-12-01.
- ↑ "Manzil Partners With KOHO to Launch Halal Prepaid Visa Cards This launch is the first of its kind in Canada and will give faith based users a unique opportunity to spend and save money". financialpost. Retrieved 2020-12-01.
- ↑ "Vancouver's Koho wins Nasdaq FinTech Innovation Award at NY TechDay".