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
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Read more: Woops! Hilarious 'error' sees Flat Earth believers trolled by Google Translate
Write comment (91 Comments)You don&t sign up to a bank account every day. And yet, German startup N26 has managed to attract 1 million clients across Europe. They generate €1 billion in transaction volume every month ($1.17 billion).
It took N26 only nine months to grow from 500,000 to 1 million. And the company now plans to have 5 million users by 2020.
Itan aggressive goal, but N26 plans to expand beyond the Eurozone. The company confirms that customers based in the U.K. and the U.S. will be able to create an N26 account in the coming months.
While N26 announced a new metal card at TechCrunch Disrupt in December 2017, the card has only been available to some customers. Everybody will be able to sign up for a metal card within the next few weeks.
Revolut is still slightly ahead of N26, but both companies are growing quite rapidly. N26 currently gets 2,500 new users every day. Back in February, Revolut said it was attracting between 6,000 and 8,000 new users per day. The company now has nearly 2 million users.
Of course, you can&t really compare Revolut with N26 as Revolut isn&t technically a bank account. Itmuch easier to sign up to Revolut as you don&t need to initiate a video call to verify your identity.
But itclear that both companies are doing incredibly well right now when it comes to growth.
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Read more: N26 now has 1 million customers
Write comment (91 Comments)FinCompare, the German fintech startup that offers a comparison platform for SME financing, has closed €10 million in Series A funding. The round is led by ING Ventures, the venture capital arm of dutch bank ING. The companyprevious backers Speedinvest, and UNIQA Ventures also followed on.
The comparison site currently only operates in Germany and since entering the market in February 2017 says it has attracted more than 2,500 customers and has processed more than one billion Euros. The new capital will be used by FinCompare to invest in its IT platform, including expanding the team, and for further European expansion.
The FinCompare platform itself follows a pretty traditional price comparison model, letting small to medium-sized businesses find, compare and even close a variety of financing options such as credit, leasing, factoring and finetrading. The products on offer are from more than 200 banks, alternative financial service providers, and development banks online.
The comparison platform claims to be independent, even if — like most comparison sites — FinCompare receives a kick back for any brokered loan or other financing solution in the form of commission from its financing partners. The fintech is also keen to talk up its independence in light of backing from ING Ventures, noting that remaining neutral in terms of the products it pushes is essential for any comparison platform.
INGinvestment in FinCompare is being positioned as part of the bankwider digitalization strategy: &ING Ventures was founded with the aim to invest in fintechs who establish a unique customer experience. Further, the investment in FinCompare enables us to expand our presence in the SME-segment in Germany,& says Benoit Legrand, CEO of ING Ventures.
Legrand also says the German SME industry is among the most attractive in Europe. &Here we can set incentives together with FinCompare and make life easier for businesses. This investment helps ING in the implementation of the bankstrategy to become the market-leading platform for financing needs,& he adds.
Meanwhile, I understand FinCompareplanned European expansion will see it eye up the german speaking markets of Austria and Switzerland during the next few months. Netherlands and Poland are also on the list, along with the U.K. &We are planning to launch in the U.K. in 2019, perhaps even through an acquisition,& FinCompare founder and CEO Stephan Heller tells me. Competitors in the U.K. include Fundingoptions, and Capitalise.
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Read more: ING backs FinCompare, the German comparison platform for SME financing
Write comment (99 Comments)Several years ago Google X engineer Max Braun published a medium post on a smart mirror he made and now heback with a new version thatsmaller and smarter. This is a smart mirror I can get behind though I still find smart mirrors completely frivolous.
He published his project on Medium where he explains the process and the parts a person would need to build their own. This isn&t a project for everyone, but Max gives enough instructions that most enterprising builders should be able to hack something similar together.
I recently reviewed a smart mirror and found it a bit silly but still useful. Ideally, like in Maxsmart mirrors, the software is passive and always available. Users shouldn&t have to think about interacting with the devices; the right information should be displayed automatically. Ita balancing act.
At this point, smart mirrors are little more than Android tablets placed behind a two-way mirror. Retail models are expensive to be buy and hardly worth it since a personphone or voice assistant can probably provide the same information. After all, how many devices does a person really need to tell them the weather forecast
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Read more: This DIY smart mirror is small, stunning and full of features
Write comment (98 Comments)Three short days — thatall that stands between you and attendingTC Tel Aviv 2018 — our inaugural day-long mobility intensive taking place on June 7. Well, three days and a ticket. You will need one of those. We&ve created a stellar, info-packed agenda that you won&t want to miss, so go and buy your general admission ticket right now.
Why mobility Itone of the fastest growing, most disruptive technologies on the planet. Why Tel Aviv Because Israelleading the charge on boundary-pushing mobility and everything that hot topic entails. You&ll hear from some of the people designing and building Israellatest mobility technologies — autonomous vehicles, sensors, drones, security and maybe even a flying car or two.
You&ll hear from government officials pushing the edge of alternative transportation and smart mobility, and you&ll hear venture capitalists discussing how mobility startups can scale and navigate international expansion. An entire day focused on mobility techopportunities, challenges and possibilities.
Noted speakers include Uri Levine of Waze, Raj Kapoor of Lyft and Chemi Peres,co-founder and managing general partner of Pitango. You&ll also hear from Anat Lea Bonshtien, chairman and director of Israel&sFuel Choices and Smart Mobility Initiative, Fiona Darmon, COOJVP venture funds, and Natalie Refuah, a partner with the growth capital investment firmViola Growth.
Don&t miss our exhibit hall — more commonly known asStartup Alley.Thatwhere you&ll find 100 early-stage startups showcasing their products, platforms and services across the tech spectrum, including cybersecurity, AR/VR, mobility, robotics, fintech, biotech, artificial intelligence, blockchain and more.
Therestill time to join your peers in Startup Alley. A Startup Demo Table Ticket costs 1,700 ILS, and it buys you two attendee tickets, one demo table at the event, a tablecloth, a tabletop sign and the best networking opportunity in Tel Aviv. We only have a few tables available, so click on the ticket link and take yourplace in Startup Alley.
TechCrunch Tel Avivtakes place on June 7, 2018 at the Tel Aviv Convention Center, Pavilion 10.You have only three days left toscore general admission tickets. We&ll see you in Tel Aviv!
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Read more: Three days left to buy TC Tel Aviv tickets
Write comment (93 Comments)TransferWise might be best known for its international money transfer app, but the European fintech unicorn has always had ambitions of being a broader platform play entirely agnostic of how you access the service. This includes providing banks with access to the TransferWise API to power their own international money transfer features. However, perhaps understandably — given that the company also competes with banks — these partnerships have been small in number.
With that said, today TransferWise is adding what looks like its most significant banking partner to date: BPCE Groupe, Francesecond largest bank. The partnership will see TransferWise provide international money transfer services for BPCE Groupe15 million or so customers, which, the company notes, is the first time a major bank in Europe will directly integrate TransferWiseAPI into its mobile banking apps.
TransferWiseexisting bank partnerships are with EstoniaLHV, and German challenger bank N26. It was due to add U.K. challenger bank Starling to the list, but the integration with the bankapp never materialised and TechCrunch learned last week that the partnership has now dissolved entirely.
Meanwhile, the partnership between Groupe BPCE/Natixis Payments and TransferWise isn&t set to be launched until the beginning of 2019. Once it does launch, the bankcustomers be able to send money outside of the eurozone at TransferWisestandard fees via the banks& app.
&Both TransferWise and BPCE are committed to offering the best possible service and the fairest deal to their customers and this collaboration is an important step in making that a reality for everyone,& says TransferWise. &The service will enable BPCE customers to send money to over 60 countries at TransferWiseusual low fee of 0.5 per cent on most currency routes and at the mid-market exchange rate&.
Adds Kristo Käärmann, co-founder and CEO of TransferWise: &TransferWise has a mission to make money move around the world as fast and as cheaply as email. This partnership is a momentous step on that journey & for the first time a major mainstream bank is offering its customers the chance to benefit from TransferWiselightning fast, low cost service. Itproof that we can scale our technology, which will allow other big institutions to seamlessly integrate with the service&.
On that note, it will be interesting to see how TransferWise continues to walk the tight rope of partnering whilst, in some ways and with increasing feature parity, competing with the same potential partners.
The original target for the companyconsumer and business money transfer app was incumbent banks who typically charge high fees for international money transfers and aren&t always transparent about the way they mark up the underlying exchange rate. And more recently it has launched its &Borderless& account, a multi-currency banking product that includes a debit card and lets you deposit, send and spend money. However, TransferWise co-founder and Chairman Taavet Hinrikus has always insisted that the Borderless account is designed to work as a companion product to your main current account and not a fully fledged bank replacement.
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Read more: TransferWise partners with France’s second largest bank BPCE Groupe
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