Today In Digital-First Banking: Plaid Rolls Out Income Verification Tool; Revolut Grows To Additional European Nations

In today’s top news in digital-first banking, Plaid is introducing Plaid Income in an effort to streamline the income verification process, while Revolut Bank has rolled out services to 10 more European nations. Plus, Hippo Enterprises Inc. plans to go public by merging with a blank-check company.

Plaid Launches New Tool To Streamline Income Verification

Plaid, the financial technology upstart, is debuting Plaid Income, which is meant to simplify the income verification process. For instance, the product would make it easier for consumers to receive loans or rent apartments. The firm noted that income and employment verification is essential to processing loan applications, although it is generally a burdensome process that takes a lot of time. However, the new Plaid Income offering provides one simplified method for income verification that seeks to alleviate friction for lenders and those seeking loans.

Revolut Expands Its Digital-Only Banking To 10 More European Countries

Revolut Bank said it has launched services to 10 additional European nations. The company, which is based in the United Kingdom, said clients in those nations can now benefit from its “European specialised banking license” that comes with “a deposit-guarantee scheme,” according to a press release. Slovenia, Slovakia, Romania, Malta, Latvia, Greece, Estonia, Cyprus, Croatia and Bulgaria are the financial technology firm’s 10 new European markets. The news comes as Revolut rolled out in Lithuania and Poland in 2020.

Home Insurance Firm Hippo Plans To Merge With SPAC To Go Public

Hippo Enterprises Inc., the home insurance group, intends to go public by combining with Reinvent Technology Partners Z, a special purpose acquisition company (SPAC). “Through this strategic partnership with Reinvent and an incredible team of world-class entrepreneurs, investors, and employees, we can’t wait to transform the homeowner experience and accelerate our growth,” Hippo CEO and Co-Founder Assaf Wand said in an announcement. The board of directors of Reinvent and Hippo have unanimously given the go-ahead for the deal.

Read More On Digital-First Banking:

• Virtual Banks Forge Ahead in Defining Banking’s Digital Future
• Santander to Launch Openbank Digital Bank in US, Mexico
• Digital Shift Helps Banks Tailor Credit Offers to Consumers
• Banks Need to Copy eCommerce’s ‘Friction-Free’ Experiences