Luvleen Sidhu took over as CEO of BankMobile in January after serving as president and chief strategy officer; their strategy...
Google will offer a full suite of mobile banking services through new partnerships announced today with eight US-based banks; this...
The student focused digital bank, BankMobile, has created an online magazine entitled Paradigm Money; the effort is an attempt by the bank to build brand awareness and help current customers manage their money; the site has news, opinion, interviews and advice for customers; Ash Exantus, BankMobile’s director of financial education, tells TearSheet “We wanted to create a site that was independent from the bank that’s not promoting our products or services, but as a place other people can go for financial news and financial literacy.” Source.
Spanish bank BBVA has reported $90 million in goodwill impairment charges related to its acquisition of digital bank Simple; the acquisition has caused many analysts to question the valuation metrics for digital banks; BBVA acquired Simple in 2014 for $117 million which was $1,100 per customer; a similar digital bank sale of BankMobile is currently being priced at approximately $50 per customer; despite the impairment charges for BBVA, the bank has reported success from its acquisition with continued investment in Simple helping to increase its workforce to 350 employees. Source
[Editor’s note: This is a guest post from Mark Lusky of Mark Lusky Communications, a writing and marketing communications firm, operating since 1982....
T-Mobile recently announced a partnership with BankMobile to offer mobile money accounts to serve the underbanked population in the U.S.;...
Banking as a service is a concept that is still in its infancy. There are a few companies today offering...
Since launching BankMobile as a digital only bank in 2015 Customers Bancorp has seen the venture have some success but not yet reach profitability; after a deal with Flagship Community Bank for BankMobile fell through they are now looking to spin the business off; American Banker interviewed Luvleen Sidhu, BankMobiles’ President, about the spinoff deal and the future of the firm; topics discussed include why they chose a spinoff strategy, the future of the leadership, profitability and potential future ventures. Source.
Digital bank BankMobile has partnered with LendKey to launch a new student loan refinancing program; LendKey is a lending-as-a-service platform...
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