As promised, I’m speeding up with publishing the next edition of Pocket Change. Another promise – no more lengthy introductions. 👌✌️
God may save the Queen, but N26 is leaving the UK. The German neobank announced that all UK customer accounts are to be closed by 15 April, and Brexit is to blame.
"While we fully respect the decision [Brexit] that has been taken, it means that N26 will (...) have to leave the market," says Thomas Grosse, chief banking officer at N26.
Sounds legit, yet there are enough signals to suspect Brexit serves as a perfect excuse for N26. Firstly, the German neobank, which attracted over 5 million customers, didn’t reveal any user numbers in the UK, as opposed to announcing reaching 250,000 customers in the US.
Secondly, it’s hard to believe that N26 would have put a brake on the UK market, if the traction had been right. Apparently, the numbers didn’t add up to justify applying for a separate UK banking licence.
How to approach investors, and when is it time to raise money again? Mathilde Collin, co-founder & CEO at Front (frontapp.com) shared some tips and a framework, plus the deck she used to raise Front’s Series C funding.
Here’s one tip on valuation, for a starter.
Read more – Mathilde’s Medium post.
“I didn’t provide any guidance on valuation. Instead, I simply asked that investors give me a fair price. That, combined with a very short process, helped make the round competitive and eventually played in our favor.”
Moving money, withdrawing money, investing money, exchanging money, borrowing money, and even saving money shouldn’t cost you money.
Wojciech Sobieraj, CEO at Aion (Netflix-like neobank, see above in the news section)
Meet Ramp, a new player in the corporate credit industry, who aims to target the market dominated by American Express and Brex. Ramp, as explained by Charley Ma, the company’s Head of Growth, is “the first corporate card that helps companies reduce their burn”.
Ramp promises that their algorithms will analyze card usage to identify overspending, and simplify acting on opportunities to reallocate funds for better use.
Is it working? Early adopters think so:
"Ramp did an audit for us at no cost and found over $250,000 in savings right out of the gate,"
By the way, if you want to get to know more about Ramp, Charley Ma, Head of Growth at Ramp (and ex-NYC Growth Manager at Plaid) will be speaking at our Disruption Forum NY 2020.
The full lineup at our free fintech event:
✅ Shyamala Sekar, Director, Digital Labs @ UBS
✅ Bob Petrie, SVP @ Citi Ventures
✅ Ilana Fass, Vice President, FinTech Platform Lead @ Barclays
✅ Justin Ternullo, Chief Design Officer @ Policygenius
✅ Richard Arundel, Co-founder & North America GM @ Currencycloud
✅ Christine Hurtubise, Head of Data Science @ Stash
✅ Charley Ma, Head of Growth @ Ramp
✅ Melissa Cullens, Chief Experience Officer @ Ellevest
✅ Jack Arenas, Co-founder & CTO @ Petal
✅ Erick Soto, VP of Product @ Socure
✅ Phillip Rosen, CEO, co-founder @ Even Financial
More info and sign ups: 👉 DF NY 2020