Revolut breaks from standard neobank strategy

What to read today: 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..

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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. Read More → 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. Read More → 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. Read More → 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. Read More → 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. Read More → 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. Read More → 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. Read More → 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. Read More → 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. Read More → Twitter could take on Patreon with subscription payments push Twitter is looking at adding subscription capabilities and other digital payment options, like tipping. Read More → 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 → BECOME A SUBSCRIBER Did you know the Daily is just a preview of everything Business Insider Intelligence has to offer? Our Briefing subscriptions deliver analysis on the biggest trends and decisions shaping the future of a specific industry. Stay on top and subscribe today to receive: A cornerstone industry report Daily Morning newsletters Opportunities to join the conversation Get Started Today → FOLLOW US Email sent to: newsletter@newslettercollector.com Manage your email preferences | Unsubscribe | Terms of Service | Privacy Policy © 2021 Insider Inc. 1 Liberty Plaza, New York, NY 10006