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Fintech Fridays: TFT’s Weekly Fix of Product News & Deals 10/03

Welcome to Fintech Fridays! The Fintech Times weekly roundup serves up something for the weekend – a shopping list of the latest deals, product launches and service updates.

Designer fashion labels join Cheddar 

cheddar appCashback and payments app Cheddar has bagged two new retail partnerships with fashion and lifestyle brands, Calvin Klein and Tommy Hilfiger.

Calvin Klein and Tommy Hilfiger will offer Cheddar users cashback on any online purchase, joining other fashion brands on the app, including House of Fraser and Jack Wills.

The latest collaborations will see also Cheddar users earn up to 10 per cent cashback on purchases made online. The cashback is available in the app’s balance within 30 days. App users can also redeem their cashback at any time, depositing it directly into their linked bank account instantly.

Cheddar users can also earn up to 20 per cent retail cashback on the app, online and in-store at other retailers.

Bank of Scotland offers personalised gambling limits

gambling bank of scotlandBank of Scotland customers can set personalised monthly limits on how much they spend each month on gambling using their debit card, as part of a trial.

The feature lets customers use the Bank of Scotland mobile app to set a monthly debit card gambling limit of any amount to the nearest whole pound, when spending online, in person as well as over the phone.

Philip Robinson, everyday banking director, personal current accounts at Bank of Scotland, said: “Our customers have been able to ‘turn off’ gambling spend for several years and our newest feature means we now provide even more support for people who want to keep a close eye on gambling payments.”

The setting can be adjusted or removed at any time and will automatically roll on each month, until the limit is removed.

Adyen gives social enterprises chance to win €30,000

Fintech platform Adyen announces the return of its annual Accelerator program is back.

EMEA based businesses committed to furthering the UN’s Sustainable Development Goals can enter to join the programme to win €30,000 of prize money. In addition, two weeks of dedicated Adyen mentorship is up for grabs.

Adyen will also cover the cost of accommodation and travel to the company’s Amsterdam headquarters for two representatives from each of the 10 successful enterprises.

Wio Bank offers one per cent interest rates on savings to SMEs 

Digital banking platform Wio Bank launches a ‘Grow’ business plan for Wio Business customers, introducing a suite of benefits to support business growth.

Grow offers benefits including guaranteed interest on savings, free processing of salary transfers via Wage Protection System (WPS). It also offers a guaranteed USD exchange rate of AED3.673 on US dollar accounts. The enhanced

SMEs can earn one per cent interest per annum on their savings with Wio Business ‘Grow’ plan. SMEs who open a Wio Business account and create a ‘Saving Space’ before 30 April 2023 can also earn a special sign-up offer of three per cent interest per annum. The offer is valid for the first 90 days.

Wio has signed up over 10,000 SME customers, averaging 2,000 new accounts every month.

Revolut introduces staking course

crypto stakingRevolut, the financial super app, has unveiled its fourth ‘Learn & Earn’ course.

In this second course with Polkadot, users can learn the ins and outs of staking. They’ll also have the ability to collect additional DOT, Polkadot’s native token, by staking directly in-app.

The new course is available to Revolut customers in the UK as well as EEA. They can get up to £8 in DOT tokens by taking the courses and passing the final quiz.

The reward will be added to the user’s Revolut crypto balance after correctly completing the quiz.

Emil Urmanshin, crypto general manager at Revolut, said: “We believe that the only way customers can make informed decisions about their finances is by making sure that they have all the right tools to understand how crypto works.

“This is why we are very excited for our second course with Polkadot which provides customers with the opportunity to learn more about staking.”

Octane launches B2B Loyalty Programme 

Fintech Octane has launched a business-to-business (B2B) loyalty programme with exclusive benefits. The multi-tiered programme is available to over 4,000 enrolled powersports dealers.

Octane members get early access to new products and customisable marketing tools. Dealers also earn status by funding deals through Octane’s in-house lender, Roadrunner Financial.

Dealers can access the full list of benefits on their personalised dashboard. They can also track their performance and progress towards the next tier. Currently, Octane Preferred has two tiers, with more tiers and benefits rolling out in the coming months.

Vanguard announces short-term tax-exempt bond ETF

Vanguard has unveiled Vanguard Short-Term Tax-Exempt Bond ETF. The new municipal bond index ETF is designed for tax-sensitive investors with a short-term time horizon plus a low interest rate risk tolerance.

“Vanguard Short-Term Tax-Exempt Bond ETF is built to optimise tax efficiency for investors seeking to allocate to the shorter end of the municipal bond market,” said Sara Devereux, global head of Vanguard Fixed Income Group. “The new ETF complements our broad fixed income lineup. It also provides clients with another avenue to tap our municipal bond team’s talent and capabilities.”

Vanguard Short-Term Tax-Exempt Bond ETF tracks the S&P 0-7 Year National AMT-Free Municipal Bond Index. The ETF has an expense ratio of 0.07 per cent compared to 0.56 per cent for the average short-term bond fund.

JCB enables contactless payment acceptance at Red Lines

SRT Red Lines in BangkokUntil the end of May, JCB cardholders in Thailand can enjoy cashback for rides with commuter rail company SRT Red Lines.

Japan’s international payment brand has launched a contactless fare payment service starting at the SRT Red Lines in Bangkok.

Ryo Morita, MD of JCB International, said: “The goal is to expand the service to other trains and other modes of travel. In addition, JCB Card is providing special offers for spending in travel and shopping categories, both domestically and internationally.”

Tandem increases its top up rate

Green digital bank Tandem Bank has increased the total rate available for its instant access savings account to 3.20 per cent.

The rate marks an increase in Tandem’s Top Up rate, which launched this year. It is an increase to 0.35 per cent, on top of its 2.85 per cent underlying rate.

Ben Mitchell, director of savings at Tandem Bank, said: “This latest Top Up rate increase on our instant access savings account is another example of how we are continuing to deliver a leading proposition for our savers, while investing in green lending projects and initiatives right across the country.”

Introducing the AstroPay Wolves debit card

WolvesAstroPay launches new Visa debit card co-branded with football club Wolverhampton Wanderers.

The co-branded product builds on the business’ existing partnership with Wolves. AstroPay is the principal partner of Wolves and principal partner of Wolves Women for this season.

The debit card comes with benefits including 20 per cent cashback on purchases in the Wolves Official Store. Whenever users use the card, they can collect AstroCoins that they can later redeem for prizes.

These opportunities include:

  • Draws for Wolves general admission and hospitality tickets
  • Draws for signed merchandise
  • Training ground tours
  • The chance to play at Molineux.

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