US challenger bank Denizen shuts down

Monday 21 October 2019 14:32 CET | News

US-based challenger bank Denizen has announced that it will be closing down after failing to “achieve the scale needed to sustain operations”, according to Alex Hamilton from  FinTech Futures, a digital and print publishing company based in the UK. 

Denizen launched in March 2018, promising the “first true global, borderless account” for expatriate banking. Its account offered a no FX fee, a no bank-owned ATM fee debit card and a mobile app. 

The challenger’s initial funding round was provided by BBVA Compass’ New Digital Businesses unit, which is incubating start-ups in its Silicon Valley-based fintech lab. BBVA Compass also underpins the banking services of Denizen.

The mobile account was planned to be the first in a series of products developed by Denizen, which was founded by Joaquin Ayuso, the former co-founder and CTO of Spanish social media platform.

 Denizen’s last day of account operations is set to be 17 December 2019.

For more information about the initiative, you can read the full announcement here.

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Keywords: banking, mobile, payments, startup Denizen, fintech, Spain, US
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech