Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Kinesis Money, Mode, Napier, Revolut and Starling Bank.
Virtual silver and gold could help the unbanked
Kinesis Money has launched a virtual card that enables customers to store their assets in digital gold. Kinesis explains that digital gold is physically backed. Via the card, these assets can be spent anywhere that accepts Mastercard.
This initiative is specifically aimed at the unbanked to help them rely less on cash alone. The technology allows people to open an account via their mobile alone without requiring a home address. Consumers will be able to hold, earn and spend digital gold and silver.
Thomas Coughlin, CEO of Kinesis Money, explained the benefits of the virtual card. He said: “For centuries, gold has been the foundation on which financial systems were built. With its proven utility and universal value, Kinesis has brought forward a means for gold to be fully integrated into the wider economy as money, removing any and all barriers to its global adoption.
“By digitising physical gold and allowing people to spend it anywhere via their card, we have provided individuals with a real solution. This comes at a time when the last couple of years have shown just how flawed paper money is, especially when a country is unstable and saturated in national debt. In our view, the fiat experiment has failed.”
Mode adds new crypto assets to its platform
Mode Global Holdings PLC, a digital banking application provider, is to add up to 10 crypto assets to its platform. Ethereum is already available and other offerings are to join gradually over time.
This addition enables Mode users to trade new tokens along with Bitcoin. Other Mode features such as cashback paid in crypto, paying with crypto and getting salary paid in crypto are all parts of its future roadmap.
Rita Liu, CEO of Mode commented: “We established Mode with a new and disruptive business model, using Bitcoin as the foundation. Now that our product set is established and we’ve grown, we feel it’s the right time to add a more diverse lineup of tokens.
“For example, in traditional fiat investing, diversifying a portfolio is important to help spread risk. Crypto is no different, so we’re delighted to be able to offer more crypto assets to Mode users.”
Napier launches financial risk management platform
Napier, an anti-money laundering and compliance specialist, has launched its new platform ‘Napier Continuum’. The SaaS platform aims to help financial institutions gain a dynamic view of financial crime risk.
AI and automation have been embedded throughout the platform. It enables organisations to respond to evolving threats and regulations with faster decision-making and improved accuracy in investigations.
Greg Watson, CEO at Napier commented on the launch. He said: “Criminals continually adapt their methods in response to technological innovations, but financial crime risk management solutions have been slow to catch up.
“That’s why we are incredibly proud to launch Napier Continuum. With features like ‘Perpetual Client Risk Assessment’ and high levels of automation, it is a superior solution that organisations can tailor to their business and regulatory requirements while intercepting evolving financial crime threats.”
Starling Bank sponsors Southampton FC Women
Challenger bank Starling Bank has become Southampton FC Women‘s official principal partner. From 30 October’s game against Sunderland AFC Ladies, Starling’s logo will feature on all Southampton kits.
Rachel Kerrone, brand and marketing director at Starling Bank, explained the reason behind the sponsorship. She said: “Sponsoring Southampton Women’s Football Club reinforces Starling’s commitment to supporting up-and-coming female football players as we try to level the playing field through equal training opportunities and dedicated resources.”
Meanwhile, in other recent Starling Bank news, it has increased its headcount by 20 per cent this year. It now has more than 2,000 employees. The bank explained its plans to grow by another 10 per cent before the end of the year.
Revolut offering a financial incentive to students to sign up
Revolut has forged a partnership with UNiDAYS. The financial app is to offer £15 to all new customers that sign up via the student discount app.
Alex Gallagher, chief strategy officer at UNiDAYS, highlighted the importance of empowering young adults. He said: “Our mission is to champion and support students to ensure they can step confidently into life after their studies.
“As they learn to manage budgets, partnering with Revolut provides our student members with the tools to save, monitor and maintain their finances through a platform that is designed to understand their needs.”