Lunar: Digital-only bank. The app also provides money management and investment services for users with accounts at different banks.

Regarding return on equity, four banks presented greater results, and in the case of return on assets, all six digital-only banks received greater results.
However, concurrently, it ought to be noted that the improvement in profitability was not very relevant as, except for Kakao Bank, all digital-only banks had a poor profitability.
As mentioned earlier, all of the digital-only banks selected for the analysis have banking licenses, making them full-fledged banks.
However, it is worth mentioning that some countries, such as South Korea, are determined to lessen the capital requirements for digital-only banks so that they can obtain such a license .

The new product, known as merchant acquiring, pits Revolut against fast-growing incumbent digital payment providers Stripe and Adyen.
The digital payments sector is booming partly due to coronavirus lockdowns that have pushed more commerce online.
The asset dynamics of the analyzed fintech banks are very high and volatile, which is because of the young age of these institutions.
Successive funding rounds caused assets to improve by nearly 760% between 2020 and 2019 for Lunar and nearly 750% for Revolut.

Communication: Online Vs Offline

European digital banks are usually protected by the European Deposit Guarantee Scheme, which protects customer deposits up to €100,000 – although this can be something you need to check before deciding on the best bank for you.
The great thing about digital-only banks is that you can make an application for most online accounts in 5-10 minutes and even less.
Also you can download the banking app from Google Play or Apple’s App store yourself.
Traditional banks are often following lead of challenger banks with regards to innovation, so this should provide digital bank customers with some reassurance about their security.
European digital banks place a significant focus on helping their users stay on top of their finances.
They do this through monthly reports, forecasts, notifications, budgeting goals, saving tools, etc.

• At the same time, automated advice helps customers find out what is safe to spend and what they are able to afford to save lots of.
• Routefusion cofounders Colton Seal and Richard

Wise use their technology to link their bank accounts around the globe.
In practice, that means that you’re not sending money right to the recipient but to a Wise account that then transfers money in local currency to its destination.
Founded in Denmark in 2015, Lunar is building a Nordic mobile bank from scratch after finding a banking license in August 2019.
Lunar has more than 170,000 users in the Nordics save, spend and invest with Lunar.

New To Online Banking?

Make purchases with your debit card, and bank from almost anywhere by phone, tablet or computer and more than 16,000 ATMs and more than 4,700 branches.
Mentum is out to improve that in Latin America, and is working on customizable investment APIs and widgets so businesses in Latin America can build and provide fully digital investment products, like local mutual funds, ETFs and stocks, with their customers.
All of them came to the U.S. from Latin America to review and work, and throughout using some of the investment apps offered in the U.S., they struggled to get similar products in Latin America that provided a way to fully invest.
Sanchez argues that Savana comes with an advantage in its experience building digital systems for banks and finance institutions.
One fintech that competes almost directly with Savana is London-based 10x Future Technologies, which helps larger, established banks build both next-generation services and