Banking platform solarisBank raises $67.5 million at $360 million valuation – TechCrunch

Despite the Wirecard fallout, German fintech startup solarisBank has raised a Series C funding round of $67.5 million (€60 million). Following today’s funding round, solarisBank is now valued at $360 million (€320 million). solarisBank doesn’t have any consumer product directly. Instead, it offers financial services to other fintech companies through a set of APIs.

With solarisBank, you can build a fintech startup and leverage solarisBank’s line of products to do the heavy lifting. It’s an infrastructure company in the banking space. Read More

The Next Web

Our fragile 40-years-old Banking infrastructure can only be saved with AI

IT failures are more common than we think. Admitting that you have a problem means there is a risk in doing business with you, and that leads to customer churn. Most companies try to conceal their failures and pretend there is nothing wrong. Ultimately, the clients suffer.

For banks and financial institutions, such problems are particularly unsettling. IT disruptions lock costumers out of their accounts, disabling them from paying for food, rent or petrol. Not only is there a financial loss because of customer churn and damage control, but the institutions are sometimes fined for their IT shortcomings. Read More

Tech Radar

Stop re-using banking passwords – use this instead

A worrying amount of online banking users have admitted to re-using the passwords for their accounts across multiple sites, putting them at risk of security issues.

Research from software firm FICO found that only two in five (40 percent) of Brits have separate passwords for each of their financial accounts.

The company’s survey also discovered that one in 20 Brits admitted to using just a single password for all their accounts, meaning that if any individual account was compromised, the rest could be too. Read More