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February 13, 2021

Revolut breaks from standard neobank strategy by making a premium feature free.

Revolut has extended its virtual card feature—which was previously only available to paid Metal and Premium accountholders—to all of its customers in Ireland.

Making a paid feature free is a departure from the strategy of other neobanks that have added more premium products to boost revenues amid the pandemic.

The virtual card feature could be an effective tool for Revolut to maintain customer engagement and growth in the burgeoning Irish neobank market. And offering a virtual card can enable immediate spending—which is more important to neobanks than ever.

Insider Intelligence's Rachel Green has the full story.

BRIEFING HIGHLIGHTS

Venmo closes in on neobank territory with rash of new features

Venmo's forthcoming savings and budgeting tools, combined with its debit and credit card features, are making Venmo more and more of a neobank.

Facebook expands social commerce efforts with Shopify

Facebook is integrating Shopify's Shop Pay buy button into Instagram and Facebook Shops, which may help it decrease checkout friction.

Oscar Health files for IPO amid strong user growth

Despite widening losses, successful IPOs among other loss-making insurtech unicorns suggest Oscar Health will also entice investors.

Klarna's digital banking push should put neobanks on high alert

Klarna is piloting a bank account in Germany, with plans to roll out the offering more broadly in the coming months.

Wealthfront sets money management to self-driving mode

Wealthfront has automated the movement of user funds between additional in-app accounts—yet it should further expand its services by adding insurance.

CFPB eyes Venmo amid its plans to launch slew of app features

The Consumer Financial Protection Bureau launched an investigation into Venmo over its fee charging processes.

New Senate antitrust bill could complicate megamergers efforts

A new Senate antitrust bill is an early sign that the US government may tighten antitrust restrictions, impacting payments and Big Tech firms.

Equifax goes all in on alternative data with open banking acquisition

Equifax has acquired open banking partner AccountScore to access customers' alternative data and enhance its credit scoring.

Ikea is taking a big step into the consumer banking arena

Ikea's owner acquired a stake in Ikano Bank, whose products may enable Ikea to follow other retailers exploring buy now, pay later offerings.

Twitter could take on Patreon with subscription payments push

Twitter is looking at adding subscription capabilities and other digital payment options, like tipping.

RESEARCH IN FOCUS

Digital-Only Bank Account Holders Forecast

Insider Intelligence explores the key international factors we expect to affect digital-only bank account holder growth across all three countries between now and 2024, both those we expect to drive up growth and those that we think may pose growth risks.

Get the full report →

The Buy Now, Pay Later Report

Insider Intelligence will examine what factors have made BNPL providers increasingly popular with consumers and merchants, both before and during the pandemic. We’ll then detail the threat BNPL solutions pose to payments incumbents, including card networks and issuers, and what such firms can do to avoid disintermediation.

Get the full report →

AI in Banking

Insider Intelligence identifies the AI use cases that are transforming the way FIs operate, the business impact of those use cases, and real-world examples of each. We then discuss the most important risks that banks looking to implement AI solutions should bear in mind.

Get the full report →

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