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This week it doesn't seem like we are getting any breaks, from Nubank's Q2 2022 financial results and Zopa Bank reaching its £2 billion in customer deposits to uncertainty within Orange Bank, the french Neo-bank and much more, keep on reading!

MakerDAO signs $100 million DAI loan with Huntingdon Valley Bank

MakerDAO, the world’s first unbiased currency and leading decentralised stablecoin (DAI), has recently connected its native DAI stablecoin to mainstream finance thanks to a partnership with Huntingdon Valley Bank, a community bank of Philadelphia.

Last March, Huntingdon Valley Bank announced the creation of a collateral product with MakerDAO, one of the largest DeFi projects in the cryptocurrency world, founded in 2015 by Rune Christensen and controlled by the token holding company called Maker.

This new agreement comes not only after the failure of the Terra ecosystem but also after the problems had by the cryptocurrency mixer Tornado cash, which led to the recent arrest of its developer. This has sparked major protests throughout the crypto community. Read more here.

Source: MakerDAO

The future is uncertain for Orange Bank, the French Neo-bank 

Since its launch in 2017, the telecom company has registered considerable losses with its Neo-bank Orange Bank. Despite the €320 million injected in the last 2 years, the establishment is running out of ideas to improve the Neo-bank’s financial situation. Orange Bank has lost 80 million euros in the last 6 months, and the continued increase in number of customers –  600,000 additional clients since the beginning of the year – has not made a difference. 

Christel Heydemann, the new CEO, could decide to close Orange Bank, similarly to when ING closed ING France. In March 2021, a rumour of a potential takeover from French banking group BNP Paribas was raised but the discussions have not continued.


UBS invests in tech unicorn BigPanda

UBS has recently invested in tech unicorn BigPanda, which uses Artificial Intelligence to detect and respond to incidents in complex IT systems. The investment was made by UBS Next, the Swiss bank's $200 million fintech venture fund and incubation unit.

The Bank is using BigPanda's artificial intelligence IT operations (AIOps) platform to automate incident management processes to ensure systems stay up and running.

Reflecting changing consumer banking habits, in May UBS launched a purely digital product line, UBS key4, for clients who want to carry out all of their banking transactions from their smartphones. Read more here.


Source: BigPanda


Zopa Bank reaches £2 billion in customer deposits

UK challenger bank Zopa has passed the £2 billion deposit mark, just two years after the former P2P lender launched its Challenger Bank. It also boasts more than £1.5 billion worth of loans on the balance sheet, has issued 350,000 credit cards, and tripled (3x) its revenue per customer since its launch in 2020.

Zopa has hit the £2 billion milestone just 8 months after passing the £1 billion mark, boosted by its table-topping Smart Saver easy access account and fixed term savings product. In April, Zopa also hit profitability for the first time just 21 months after acquiring its UK banking licence.

Source: C-Innovation

Nubank releases its Q2 2022 financial results

Nubank, one of the world's largest digital banking platforms, recently released its Second Quarter 2022 financial results.

Nubank reported another stellar quarter: the company added 5.7 million new customers, now counts a total of  65 million customers, and grew its revenue by 244% compared to Q2 2021. Deposits grew 77% YoY, the interest-earning portfolio grew 209% YoY, and gross profit grew 118% YoY. 

However, the company pulled back considerably on loan originations over concerns about the economic situation in Brazil and the rising interest rates. Many other Neo-banks are also targeting the country, increasing Nubank’s competition. Learn more about the report’s highlights here.


Source: Nubank


The C-Innovation Team

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Take a look at our latest report on Starling Bank 
Starling Bank: Money-making In Digital Banking

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Javier Guevara Torres

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