Hi there, As promised, I’m speeding up with publishing the next edition of Pocket Change. Another promise – no more lengthy introductions. 👌✌️
In the News
Apple takes 1-in-10. Apple Pay already accounts for roughly 5% of global card transactions. The market share of iPhone’s maker will double by 2025 – says Bernstein, a research firm. I’m still unable to process this projection fully, but I read these numbers as a sign of the trust customers place in the company. Who should be worried? PayPal, in the long run. For the time being, the ones having a reason for concern are other payment apps, which still can’t access the NFC chips in iPhones. (more on Quartz).
Netflix-like banking. There's a new challenger in town.The subscription-only bank Aion is launching in Belgium. The premise: no ATM fees, currency exchange fees, withdrawal fees, or investment fees. Plus, you get the AI-powered MoneyMax tool to help users spend less on bills. Flat subscription rate is 19 EUR per month (or the light version, without MoneyMax, for 1.9 EUR).
Grab grabs wealth. Grab, the one super app that beat Uber in Asia, is adding more financial services. The recently acquired wealth-tech startup Bento will be rebranded as GrabInvest, giving the app’s users, drivers and partners retail wealth management solutions (more here).
Changes at the helm at UBS. Sergio Ermotti is stepping down as CEO, and will be replaced by Ralph Hamers, the current chief executive of Dutch bank ING in November 2020. This move is perceived as a good sign for UBS – ING under Hamer’s tenure earned the fame as one of the best examples of digital innovation in the banking sector. (More about ING’s CEO digital-first approach on Euromoney).
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.
# Raising money? Series C Deck tips
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.
“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.”