In today’s top digital-first banking news, challenger bank Dave has secured a $100 million credit facility from Victory Park Capital, while Plaid has revealed its Plaid Deposit Switch beta offering. Plus, German neobank N26 is seeking to make an acquistion in FinTech.
Challenger Bank Dave Wins $100 Million Credit Facility From Victory Park Capital
Dave has obtained a $100 million credit facility from the alternative investment company Victory Park Capital (VPC). “Dave has amassed millions of loyal members … and we are confident that the company will continue to be a significant challenger to traditional financial institutions,” VPC Partner Jason Brown said in a press release.
Plaid Unveils Deposit Switch To Digitize Account Funding
Plaid unveiled its Plaid Deposit Switch beta offering, which enables users to establish or change the destination of their paychecks. The firm says Deposit Switch has immediate and backup procedures for consumers who are putting recurring account funding into place. Staffers at big and small companies in addition to freelance workers can access instant account funding.
German Neobank N26 Mulling Takeover In FinTech Space
N26 is aiming to make an acquisition in financial technology as speculation mounts that it is preparing an initial public offering (IPO). “We have started to look — and we are still looking — opportunistically at some interesting targets,” CEO and Co-Founder Maximilian Tayenthal said in a published report. Tayenthal said in the report that the company doesn’t have immediate plans for an IPO.
Temenos Unveils Revamped B2B Lending Platform For Banks
Temenos has unveiled a “next-generation” corporate lending infrastructure, which was made to help financial institutions (FIs) digitally transform their corporate banking business. Max Chuard, the CEO of Temenos, said in an announcement that corporate banking represents a large market to service, which is set for transformation as FIs quicken their digital evolution to meet the expectations of corporate clients.
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