Having made several initiatives recently to better position itself in the market, UK challenger bank Revolut is now launching a new subscriptions feature to give customers more control over their recurring expenditure.
The idea behind the new feature is that having a quick-glance overview of all their subscriptions will give customers the ability to more easily spot where there is an unwanted money drain. It will track things like subscriptions, direct debits and other recurring transactions.
Customers will also receive notifications before scheduled payments are due to go out, giving them more control over where their money goes and greater oversight over their balance.
They will also get notified if there not enough money in their account to cover a scheduled payment, giving them time to top up their account or block the payment.
The news follows a smattering of stories on how the neobank is positioning itself. For instance, earlier in October we reported that Revolut may soon apply for a banking licence in California, cementing its grip of the American market.
As we reported at the time getting a hold of the US banking scene is far from easy as the endeavour is fraught with a massive amount of red tape to cut through. There are almost as many ways to do it as there are neobanks.
For intance, Current and Monzo have done it by partnering with existing banks. This was also the preferred method of Chime, which became the biggest challenger bank in the US in September after achieving a $14.5bn valuation on the back of a $485m Series F funding round.
Square, on the other hand, will launch its banking solutions by setting up an industrial loan company based in Utah, which would be supervised by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp.
Another recent move by Revolut is that the challenger bank has inked a deal with InsurTech venture SNACK to strengthen its hold of the Singaporean sector.
?Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income,said James Shanahan, CEO of Revolut Singapore.
It has also launched new metal cards for business customers.
These initiatives come after Revolut revealed in August that its losses had trebled from ?32.8m in 2018 to ?107.4m in 2019.
Around the same time, its UK rivals Starling Bank and Monzo reported that their losses had doubled within the last year.
For industry stakeholders, the reports raised concerns of how much trouble the UK neobanks are really in.
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