More problems for Revolut as it waits for UK banking licence

Crowdcube joins team of rivals launching new retail investment platform Retailbook.

FROST's new broadband switching tool makes sustainable living easy and affordable.

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ComplyAdvantage names Vatsa Narasimha as Chief Executive Officer. Founder, and former CEO, Charles Delingpole is to become Executive Chairman on the back of impressive organic growth. Vatsa Narasimha was promoted from his previous position as Chief Technology Officer. Both will assume their new positions effective immediately. Link here

Brazilian Hedge Funds now offer credit products. Vinland Capital Management Gestora de Recursos Ltda. and Occam Brasil Gestao de Recursos Ltda. are among the hedge funds planning to offer credit products after the nation’s benchmark interest rate jumped to 14% from 2% last year, luring investors back to bonds. Link here

Apple is taking a big step in banking services to its customers. The company announced yesterday it is partnering with Goldman Sachs to soon launch a new Savings account feature for its Apple Card credit cardholders. Link here

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Brex lays off 11% of staff as part of its restructuring. The startup said it initially tried to “repurpose” as many roles as it could before ultimately deciding it had to let some people go. Also, the startup's CFO is departing to join Rippling, which recently entered the spend management space. Link here

Flux to close down its network. They are unable to share details on what's next for Flux right now but will put out a fuller statement in the coming weeks. Link here

Wise suspends money transfers to Nigeria. They decided to suspend transfers into Nigeria to enable it to address issues disturbing the process of sending money to the country. “We’re doing this because sending money to Nigeria hasn’t been as fast or reliable as we’d like. We want to fix this before your next USD transfer to Nigeria,” their statement disclosed. Link here

Modulr joins DPF Steering Committee. In addition, Modulr will be joining the Digital Pound Foundation’s Payments and Use Cases Working Groups, taking a leading role in both groups in driving the foundation’s agenda and thought leadership in these two key areas of their work. Link here

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This podcast episode is sponsored by Provenir. Provenir does more than help with your current tech challenges. They eliminate them. Designed and built to power agility, their cloud-native technology puts your team in control. Loved by Startups. Trusted by Decacorns.Welcome to your daily FinTech news!

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Interview with the CEO of Frost, Pawel Oltuszyk." We’re merely scratching the surface of what can be achieved with fintech, and with so much innovation happening in the UK, it’s an ideal place to develop our own fintech and create trends for the rest of Europe and the world to follow. " Frost is an intuitive e-money account powered by cutting-edge automation, streamlining various financial tasks into one place. Read more here

PayPal launches an all-in-one POS solution. The PayPal Zettle Terminal further strengthens PayPal's in-store offering, putting an entire store kit in the palm of small business owners' hands. With its sleek design, Terminal is ready to go right out of the box, with no need for a second device to pair it with. Link here

Zand's Olivier Crespin steps down as CEO. Zand’s CTO, Jamie Chittenden, has been named as interim chief. Mr. Crespin, who is also the co-founder of Zand, left the bank with effect from October 5, the lender said on Tuesday. Link here

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This podcast episode is sponsored by Uncover, the new podcast by ComplyAdvantage. Join CEO Charles Delingpole and his team as they interview compliance leaders, FinTech innovators, and financial crime experts to uncover the latest best practices and industry trends. Subscribe on Apple Podcasts or Spotify today.

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ComplyAdvantage launches a new financial crime tool with Resistant AI. With it, customers can now detect previously unknown patterns of behavior and identify new risks faster. It also delivers alert prioritization so organizations can focus on the highest-risk areas and make the best use of their investigative resources. Link here

JPMorgan and Visa to link blockchain payments. JPMorgan Chase and Visa are to establish connectivity between their global private blockchain networks, Liink and B2B Connect. Under the collaboration, Visa B2B Connect will utilise Confirm, a new tool from Liink to validate new accounts for cross-border payments. Link here

State Bank of Pakistan stops Tag’s operations. The Central Bank has made this decision to “protect the interest of the public at large.” It claims it identified violations of its regulatory requirements. Link here

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This podcast episode is sponsored by Privacy Lock. Privacy Lock sets the standard for financial service providers in data privacy compliance.

Protect your business and your customers today. Visit www.pentaprivacylock.com

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Exclusive: Q&A with Pav Gill, Wirecard’s whistleblower. Today I have a really special Q&A to share with you. This week I interviewed Pavandeep (Pav) Gill, better known as the Wirecard Whistleblower. Link here.

The seamless use of payment apps across five ASEAN countries is set to be transformational. Indonesia has already connected its payment system with Thailand and will do so with Malaysia and Singapore soon. The fourth country in the network is the Philippines. This would allow customers in these five countries to purchase goods in any other country in the network by merely scanning QR codes. Link here.

Crypto exchange Binance was hacked, and around $100M of Binance Coin was stolen. A Binance spokesperson said that at least $7M of stolen funds have already been frozen. Link here

PayPal will fine up to $2,500 for misinformation. Users are also barred from “the promotion of hate, violence, racial or other forms of intolerance that are discriminatory.” Link here

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Uber partners with Marqeta, Mastercard, and Branch to power the Uber Pro Card, an enhanced loyalty and payments experience that will help drivers and couriers save on gas, fees, etc. The Uber Pro Card offers customized perks, including up to 10% cashback on gas and 12% on EV charging. Link here.

Chase faces “significant disruption” as the UK app is hit with technical issues. Major outages started on Monday evening and continue to affect the service. Chase UK CEO Sanjiv Somani wrote to customers yesterday to explain the situation and reassure that “we have teams working around the clock to fix this, and we’ll provide updates." Link here.

Zopa CEO hints at a move into SME lending after nearly 18 years of offering consumer loans. The company completed its shift to being a fully licensed bank and has since expanded its personal lending and savings products. Link here

#FinTechSolutions

Afterpay introduced a new payment solution that gives consumers more choice, flexibility, and time to pay, with transparent terms to support responsible spending. Link here

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Report advising banking institutions in Australia of their duty to keep offering banking services to Fintechs, virtual currency trading platforms as well as remittance service providers. The report has been commissioned after concerns that banks may be “debanking” or simply not agreeing to offer such services to Fintechs, crypto startups, and other industry participants. Link here.

#BreakingNews

Zopa is in talks to raise $100m ahead of IPO. This round would add to the huge $300m the bank raised last October in a “pre-IPO” funding round led by Japanese telecoms giant Softbank. Link here

Xendit lays off 5% of its staff in Indonesia “due to the uncertain macroeconomic situation.” Founded in 2015, Xendit offers a payment gateway service that allows startups and SMEs to process digital payments. Link here.

#Insights

Global payments revenues still rising. The industry has displayed remarkable resilience throughout the pandemic and current macroeconomic challenges," said Dr. Markus Ampenberger. Link here

The most promising FinTechs of 2022. This year’s winners are shaping the future of B2B and B2C financial services, from payments and banking to investing and insurance. Link here

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This podcast episode is sponsored by Jumio. Jumio will be present at the Money 20/20 event in Las Vegas this October 23rd to the 26th. Visit them at booth #2103 to learn more on how to Accelerate Digital Trust through AI-fueled Identity Proofing and AML Solutions.

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Klarna partnered with CellPay. As part of the tie-up, CellPay will offer Klarna’s interest-free ‘Pay in 4’ option to consumers in the US who are buying its prepaid cell phone minutes. The payment option will be available during checkout and will allow CellPay consumers to divide their payments into four instalments. Link here.

Prosus pulls out of a $4.7 billion BillDesk deal. While PayU in September received approval by the Competition Commission of India (CCI) to proceed with the deal, the firm now says that certain conditions "were not fulfilled by the 30 September 2022 long stop date, and the agreement has terminated automatically". Link here.

HSBC is considering selling its business in Canada. The business, unlike some others HSBC has tried to dispose of in recent years, is profitable, making C$490 million before tax in the first half of this year. That means the lender would hope to charge any buyer a substantial premium to its current valuation. Link here

UK Banks to shutter joint telephone payment system Paym. Which is a simple method of sending and receiving cash via a mobile phone number. It will close permanently for all users on March 2023. Payment volumes made through Paym have diminished over the past three years. Link here

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Key News:

Bank North is to initiate a solvent wind-down of its operation as regulatory capital requirements were unlikely to be met. In a letter to shareholders chairman Ron Emerson said the bank had not been able to close critical capital in time to meet the Bank of England requirements. Bank North is currently in talks with a third party to sell its £17m loan book as well as transfer its lending team, who make up a third of its 60-strong staff. Link here. 

The SEC charged Kim Kardashian 1.26 million for crypto touting. Kim Kardashian has been charged with a $1.26 million fine by the Securities and Exchange Commission for touting a crypto asset security without disclosing the $250,000 fee she was paid for the promotion. The post on her Instagram account was about Emax tokens, the crypto asset security being offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase the tokens. Link here. 

Visa and Mastercard face a class action lawsuit that claims that Visa and Mastercard have forced banks to agree to a level of Multilateral Interchange Fees (MIFs), which are “anti-competitive and unlawful.” Link here

Celsius founder took out $10 million before pausing withdrawals and filing for bankruptcy. The crypto lender has been called a Ponzi scheme. Celsius advertised high yields to clients that invested their crypto funds with the company. Link here

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Curve is to launch a crypto rewards program that offers users access to "double dip" cashback in various cryptocurrencies. In the US, every purchase will be eligible for the perk. Customers can keep track of their tokens and their value in the Curve app. Link here

#Crypto

Robinhood crypto wallet goes live on Polygon. It gives customers total control of their crypto, allowing them to trade and swap crypto with no network fees, as well as access the decentralised web. Link here

#DoneDeal

Uniswap to raise $100 million in a new round. Uniswap will see fundings from several entities including a Singaporean social wealth fund and California-based investment giant Polychain. Link here

MoneyLion to add ChatGPT-powered search to its marketplace

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This podcast episode is sponsored by PayRetailers, leading European paytech firm in Latin America, dedicated to creating a fast and simple payment process for merchants and shoppers. With a flexible and highly scalable proprietary technology architecture, we innovate rapidly in response to market demand for online businesses of all sizes. Visit www.payretailers.com

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Habito and Atom Bank withdrew UK mortgages in the wake of Chancellor Kwasi Kwarteng’s mini-budget on Friday that triggered turmoil in the financial markets. They are not alone, with 40% of available UK mortgages withdrawn by lenders. Thousands of borrowers are searching for options to avoid property sales. Link here

#BreakingNews

Eight US states file individual cease-and-desist orders against Nexo. Nexo Group is a crypto-lending platform. The filings state that the company offered investors interest-earning accounts without first registering them as securities. The orders prevent Nexo from offering this product to residents until it meets the necessary registration requirements. Link here

#Insights

The concept of BNPL in business-to-business. Traditional solutions like invoice factoring and discounting have been used to manage the issue by lending against receivables. Link here

FinTech 2022 Trend Report. Vauban from Carta breaks down the most active investors for potential co-investors and strategy ideas, and segments with the most attention. Link here

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Square launched tap to pay on iPhone for US users. Square is providing a solution that makes it easier for both new sellers and established businesses to conduct in-person commerce. Link here

#Insights

C-Innovation’s update on Q3 M&A. C-Innovation found that Traditional Banks were more likely to acquire an older FinTech, possibly as they seek companies which are better-known and well-capitalised, representing less risk for shareholders.. Link here

#FinTechInnovation

Ex-Revolut employees launch Solvo. Earlier this year, Solvo raised a $3.5 million seed round from Index Ventures with CoinFund and FJ Labs also participating. Link here

Nine25 launches a payroll tech platform. Nine25 aims to help solve retention and attraction problems, offering employers a new way to compete in a competitive market with its unique solution. Link here

#Crypto

Robinhood adds USDC to Crypto listings. Robinhood currently supports 18 other crypto assets, but USDC is its first supported stablecoin. Robinhood and Circle executives will discuss the news further during San Francisco's Converge22 event. Link here

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This podcast episode is sponsored by Uncover, the new podcast by ComplyAdvantage. Join CEO Charles Delingpole and his team as they interview compliance leaders, FinTech innovators, and financial crime experts to uncover the latest best practices and industry trends. Subscribe on Apple Podcasts or Spotify today

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Public.com is in talks to acquire Dutch trading startup Bux. Bux has never stated its valuation but was valued between $320 million and $480 million at its 2021 funding round, according to Dealroom estimates. Should a sale go ahead, the price is expected to be substantially lower. A move for Bux by Public would continue a trend of US fintechs gobbling up their European peers. Link here

#BreakingNews

Barclays is set to take over Tech Nation’s UK government grant. Investors say they’re concerned after reports emerged that the government had put a key contract with accelerator Tech Nation up for grabs. Barclays is set to take over the £12 million contract. Link here

#Insights

The most valuable and impactful FinTechs. Heading this year’s IDC Fintech Top 100 rankings are three US financial services software companies: FIS, Fiserv, and SS&C Technologies. Link here

Revenues at Stripe's Dublin unit are rising. New accounts filed by Stripe show that the online payments biz enjoyed an $896.9m increase in revenues, rising from $1.358B to $2.255B. Link here

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Mollie expands into lending with Mollie Capital launch. Businesses in the Netherlands and Belgium will be able to apply for a merchant cash advance of up to €250,000 via Mollie. Shane Happach, CEO of Mollie said the launch of Mollie Capital: “marks our first step towards becoming a financial services provider, whilst aligning with our goal to help small- and medium-sized merchants compete.” Link here

#Insights

Podcast with the talented Mary Ann Azevedo. Miguel Armaza sits down with Mary Ann Azevedo, Senior Reporter at TechCrunch, responsible for covering all-things Fintech. Link here

Tech Nation faces an uncertain future. The loss of the key government contract comes amid concern about Tech Nation breaching state fin help rules as it had failed to become self-sufficient. Link here

Top 8 well-funded fintechs in Africa. Between 2020 and 2021, the number of tech startups in the continent tripled to around 5,200 companies, with just under half of these being FinTechs. Link here

#FinTechInnovation

Telefónica launched a new investment vehicle called Íope Ventures. Íope Ventures aims to wrap up investments in 15 startups by 2025 as Telefónica looks to strengthen its position. Link here

#Partnerships

Buy2Sell partnered with Mastercard. Buy2Sell will enable multiple payment types to a delivery channels via a single connection through Mastercard Cross-Border Services. Link here

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This podcast episode is sponsored by Privacy Lock. Privacy Lock sets the standard for financial service providers in data privacy compliance.

Protect your business and your customers today. Visit www.pentaprivacylock.com

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Brazilian Federal Police raids 6 crypto exchanges in an investigation into tax evasion and money laundering involving the use of cryptocurrencies. The names of the companies involved were not disclosed. The Federal Police is carrying out 101 warrants issued by a criminal court in São Paulo, according to an official police report. They include two arrest warrants and 37 search and seizure warrants. Link here.

#NFTS

hi launches world’s 1st NFT Customizable Card with Mastercard. Cardholders will be able to personalize the face of their card with an NFT avatar they verifiably own, and spend at more than 90m locations. Link here

#Crypto

1 million Aussies will enter crypto over the next 12 months. The survey questioned 2,609 Australians over 18 years of age in early July, with 548 of the survey sample identified as current holders of cryptocurrency. Link here

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FTX raised up to $1 billion, which would keep the company’s valuation at roughly $32 billion, in line with it’s prior round. The privately held company has been on a buying frenzy during the “crypto winter.” Negotiations are ongoing and the terms could change, said the sources, who asked not to be named because the talks are confidential. Link here

#BNPL

• Volume woos shoppers with PNSL promise. This is the first solution to incentivise shoppers to pay with their banking app by offering an discount at checkout on everything they buy. Link here
• BNPL regulation could ruin fintechs. CFPB said BNPL in the US is frequently used in-place of credit cards and that it is looking to regulate the sector under credit card laws. Link here

#FinTechInnovation

• Bitso rolls out QR code payments in Argentina. This new service allows customers in Argentina to make everyday payments from the Bitso app at any store that accepts QR code payments. Link here
• Cake DeFi launched a new product. EARN - allowing users to generate returns via a single-sided liquidity mining service while protecting users against market volatility. Link here

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This podcast episode is sponsored by Mercuryo. With the help of their cryptopowered toolbox, Mercuryo enables companies to take advantage of both fiat and crypto worlds and provide innovative payment solutions for end-customers.

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Jupiter plans to sell its £100m Starling Bank stake to fellow investors, including Goldman Sachs, at a sharply reduced valuation of £1.5bn. Shares in Jupiter, one of Britain's best-known asset managers, have fallen in the past year. On Thursday, it told staff it was looking to cut its workforce by almost 15%, and Andrew Formica, its chief executive, is soon to be replaced by Matthew Beesley. Link here.

Block brings BNPL to Square in Canada. Block Inc. is now offering buy now, pay later options for vendors and shoppers in Canada on Square. Inflation at levels not seen in decades has only propelled BNPL adoption. In July and August, growth in the consumer price index in Canada slowed to 7.6 and seven percent, respectively, but still well above the Bank of Canada’s target of two percent. Link here.

#LATAM

• Payretailers partnered with xbo.com. The partnership opens the door for LatAm users to trade and invest cryptocurrencies on the XBO platform and exchange fiat for crypto. Link here

#WomenInFinTech

• Belvo has 30% of women in leadership positions. Three women at Belvo share the stories of how they’ve grown in the company since they joined. Belvo is committed to building a culture of diversity, inclusion, and equity. Link here

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This podcast episode is sponsored by Burgopak. Burgopak delivers award-winning innovative packaging solutions for some of the world's leading companies in Fintech. Discover how tangible physical touchpoints are crucial in digital banking with the Burgopak 'Welcome to the club' book; Request your free copy, contact info@burgopak.com

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Kavak raised $810 million in financing. Kavak signed structured financing agreements worth USD $810M with HSBC, Goldman Sachs, and Banco Santander. Kavak operates as a buying and selling platform for used cars. The startup also reconditions the vehicles for sale in its own centers. Link here.

#BreakingNews

• Klarna to make the second round of job cuts. The Swedish BNPL firm confirmed the new round of job cuts to Sifted and said fewer than 100 employees would be affected globally. Link here
• Shares of Robinhood were little changed giving up early gains, after a report that U.S. regulators would not ban payment for order flow, a key part of the company's business model. Link here

#FinTechIndustry

• M&A activity accelerates in DACH. Over the last ten and a half years, DACH’s fintech industry has seen US$23.1 billion worth of transactions taking place. Link here
• Lidio joins FinTech industry. The new Turkish player seeks to provide a multi-channel and independent payment experience to millions of consumers. Link here

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This podcast episode is sponsored by MoneyLion. MoneyLion provides an all-in-one mobile banking experience. You choose the tools you need when you need them — and they complement the financial accounts you already have. They’ll help you decide what’s right for you, but the choice is always yours.

RappiPay raises $112M to improve financial inclusion in Colombia. The financial credit granted to the fintech was provided by Bancolombia, Banco de Bogotá, Davivienda, and Itau. RappiPay has already delivered over 200,000 cards in Colombia, and 40% of users report that this was their first credit card. Link here.

#FinTechInnovation

• eToro received in-principle approval to operate as a securities, and crypto broker in Abu Dhabi. The subsequent approval for a Financial Services Permission from the ADGM. Link here
• MyPOS obtains an e-money licence from the CB of Ireland. The firm provides point-of-sale payment acquiring and payment solutions to more than 150,000 SMEs. Link here
• Bambu offers new predictive solutions. The service will enable RMs, Financial Advisors, Agents, and firms in the financial sector to identify and prioritize their clients' needs. Link here

#Crypto

• "USA can not afford to let crypto go offshore." Coinbase CEO Brian Armstrong believes that one of the most robust policy arguments for cryptocurrency is that it’s a national security issue. Link here

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This podcast episode is sponsored by YieldX. YieldX is transforming income investing to bring its benefits to all investors. With YieldX, the outcome is income.

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The 1st US framework on crypto regulation. The measures proposed to eliminate illegal crypto activity in the industry appear to be serious. The framework also points to the potential for “significant benefits” from a U.S. central bank digital currency, or CBDC. Link here.

#FinancialLiteracy

• Kendrick Lamar teams up w/ Cash App & Ray Dalio to give a quick financial literacy lesson. The ad comes from pgLang, the multilingual creative collective founded by Kendrick Lamar and Dave Free. Link here.

#Insights

• BNPL market trends and consumer impacts. The industry mix of BNPL usage is diversifying. Apparel and beauty merchants, who had combined to account for 80.1 percent of originations in 2019, only accounted for 58.6 percent in 2021. Link here
• Argentine inflation jumped to 80% YoY. This puts the country second only to Venezuela in Latam in terms of high inflation, with prices rising almost 8% during August. Link here

Revolut CFO quits for ‘personal reasons’

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This podcast episode is sponsored by Provenir. Provenir does more than help with your current tech challenges. They eliminate them. Designed and built to power agility, their cloud-native technology puts your team in control. Loved by Startups. Trusted by Decacorns.

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Stripe founders’ fortunes plunge by more than $6bn amid global tech stock meltdown. Stripe slashed its internal share price by 28% to $29 per share from $40 in early July in a move that brought down the company's valuation to $74 billion. Compared to $95 billion, when the company raised $600 million in a funding round last March. Link here.

#Insights

• 409 investors drove LatAm’s FinTech sector in H1 2022, Y Combinator, an American-based technology startup accelerator, accounted for the most deals, with seven in total. Link here
• Indian Fintechs struggle to turn a profit. A survey of over 125 founders at Indian fintech found that more than 70% of executives believe most companies may not be able to turn a profit. Link here
• Brazil will be a global leader in Open Banking. Brazil’s Open Banking and Finance ecosystem will soon be the largest in the world, according to speakers at an industry event. Link here
• Center of the start-up world. Listen to TechCrunch's latest podcast episode of their Equity series to learn more about the Figma-Adobe deal, the best deals of the week, the wave of new venture funds in Europe, etc. Link here

#FinTechInnovation

• ECB picked companies to develop prototypes for user interfaces to assess the potential for a digital Euro. Each company will focus on one specific use case of a digital euro. Link here

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This podcast episode is sponsored by Contis, the European leader in Banking-as-a-Service. Contis is proud to deliver process-pay, a brand-new standalone processing solution ready to cater for any organisations card processing needs. To find out more visiting www.contis.com today!

NEWS HIGHLIGHT

Ryan Breslow, the founder of Bolt, is back as CEO of Love. Love is still in its early stages, but in August it raised $7.5 million at a $180 million valuation from MaC Venture Capital and Human Capital. Breslow is running a new funding round, raising another $10 million, this time at a $300 million plus valuation. Link here.

#Payments

• PayQuicker launched Payouts OS. PayQuicker’s API connects to more than ten payout partners, enabling payouts in more than 200 countries and territories in more than 40 currencies. Link here

#FinTechInnovation

• Front launched an API platform. The firm allows emerging FinTech companies access to a unique network of 250+ global integrations with brokerages and exchanges. Link here

DIGITAL BANKING NEWS

#BankingIndustry

• Kuda incurred a loss of over ₦6 billion in 2021. Kuda MFB, a neobank operating under the Nigerian microfinance bank licence, has recorded losses for the past two years. Link here.

#Partnerships

• Goldman partnered with Modern Treasury. The partners say they will help joint customers seamlessly embed and scale domestic and international payments into their products. Link here

#BankingInnovation

• Zengin-Net, will make its system available to operators of mobile payment services. The expansion of eligibility to participate in the Zengin-Net system comes amid the spreading use of payment apps such as PayPay. Link here
• Paysend launched an instant payment service. Paysend’s Open Payment Network orchestrates the end-to-end pymnt flow including payment initiation, processing, FX and settlement. Link here

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This podcast episode is sponsored by PayRetailers, leading European paytech firm in Latin America, dedicated to creating a fast and simple payment process for merchants and shoppers. With a flexible and highly scalable proprietary technology architecture, we innovate rapidly in response to market demand for online businesses of all sizes. Visit www.payretailers.com.

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Nubank is to delist from Brazil’s B3 Stock Exchange. Shareholders may opt to migrate to receive either Level I BDRs or Class A shares on the New York Stock Exchange. By delisting, the bank plans to minimize the impacts of having a company listed in more than one jurisdiction. Link here.

#BreakingNews

• Adyen to launch Cash App Pay outside the Square ecosystem. Businesses working with Adyen will have access to Cash App Pay as an integrated payment method for their U.S. customers. This will provide their customers with access to a seamless, secure checkout experience that can feature high authorization rates and an improved shopping experience. Link here.
• TrueLayer announced job cuts of up to 10%. Around 40 roles are likely to be impacted after CEO Francesco Simoneschi revealed that “challenging market conditions” had prompted the decision. Link here

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This podcast episode is sponsored by Burgopak. Burgopak delivers award-winning innovative packaging solutions for some of the world's leading companies in Fintech. Discover how tangible physical touchpoints are crucial in digital banking with the Burgopak 'Welcome to the club' book; Request your free copy, contact info@burgopak.com

Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Goldman Sachs is embarking on its biggest round of job cuts since the start of the pandemic. The Wall Street titan plans to eliminate several hundred roles starting this month. While the total number is less than some previous rounds, the reductions are a resumption of Goldman’s annual culling cycle that it had largely paused during the pandemic. Link here.

#Crypto

• MetaMask allows crypto purchases with Brazilian Reals. MetaMask is the latest global crypto player to integrate with Brazil's Pix payment system, which has 126 million users. In July, MetaMask revealed that Brazil was its second-largest user market after the US. Link here.

#FundingRounds

• StashAway raised an undisclosed amount that includes a strategic investment from Hamilton Lane. VentureCap Insights pegged the amount raised at US$12.6 million. Link here.
• Bitmama raised $2 million in a pre-seed round. Africa-focused venture capital firms Unicorn Growth Capital and Launch Africa led the investment in Bitmama. Link here

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This podcast episode is sponsored by Mercuryo. With the help of their cryptopowered toolbox, Mercuryo enables companies to take advantage of both fiat and crypto worlds and provide innovative payment solutions for end-customers.

Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Times’ interview with Revolut’s CEO: “We can still be banking’s super app”. Storonsky is facing worrying questions and needs to find answers. Key staff is leaving. Auditors are asking questions about its accounts. And the company still does not have its UK banking licence. Link here.

Revolut is almost there with its UK banking licence. Revolut’s application for a UK banking licence is “going very well” and it is “almost there”, according to CEO Nik Storonksy. Link here

• Paytech iBanFirst names a new CTO and a COO. Alain Lagabrielle has been appointed as CTO and Diane Reille COO as part of a broader leadership team shake-up. iBanFirst founder and CEO Pierre-Antoine Dusoulier says: “This series of appointments come at a time of strong growth for iBanFirst, which has seen its turnover increase by more than 100% each year for several years.” Link here.

#Crypto

• Fireblocks hits $100M in annual revenue despite crypto downturn just four years after the company’s inception and three years since its first product went to market. Link here

#M&As

• US paytech Aurora snaps up One Payment. With more than $1B worth of payments volume processed annually, Florida-based One Payment adds “immediate scale” to Aurora’s platform. Link here

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Apple Pay Later is an iOS 16 feature that lets iPhone users Buy Now, Pay Later. The imminent release of iOS 16 for iPhone will add a new "buy now, pay later" feature to Apple Pay, the iPhone's mobile-payment app. Apple Pay is bundled with Apple Wallet, the iPhone's digital wallet app that also features Apple Card and Apple Cash. The first payment is due when you make your purchase, and the remaining payments are due every two weeks after that. Link here.

#Insights

• Canadian fintech investment plummets. Canadian fintechs saw US$810M in total investment across 85 deals in the first half of 2022, down from US$1.9B in the second half of 2021. Link here
• Embedded lending enchants investors. KarmSolar, provides smart, connected utility platforms, has hired Synergy Consulting as an advisor as it seeks to sell a minority stake. Link here
• KPMG's report Pulse of Fintech H1 2022: Fintech investment dropped in both the Americas and EMEA, while the Asia-Pacific region attracted a new record high. Link here

#DoneDeal

• Stack raises $2.7m to educate about crypto. The app was designed with Gen Z in mind, a generation that will grow up with the blockchain and most likely own some kind of digital assets. Link here
• Marcelo Claure invests in Credix’s Series A. Claure said, he intends to invest in real estate, gaming, blockchain, electric vehicles, artificial intelligence and both public and private companies. Link here

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Revolut is launching a one-click payment feature called Revolut Pay, in a bid to rival PayPal and other tech giants at online checkouts. Revolut Pay has signed up retailers, including Shopify Inc., Prestashop, WH Smith Plc, and Funky Pigeon, and will be available within the airline industry in the coming months. Link here.

#BreakingNews

• PayRetailers Group acquired Asamblo. As part of the agreement, Asamblo’s talent will join PayRetailers’ team. With the new staff, PayRetailers expands its IT project management capabilities and expertise. Argentina-based Asamblo leads the sector of digital solution development for financial institutions. Link here.

#FinTechInnovation

• Padu-backed tekkis launched t-Pay. The solution protects against stolen IDs, glare obstruction, and watermarks, while also detecting and preventing user registrations with expired IDs. Link here

#Partnerships

• Easy EP partnered with Carta Worldwide. Under the new partnership, Carta Worldwide will provide the issuer processing services that connect Easy EP to Visa’s payment network. Link here

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Vermont regulator says Crypto lender Celsius misled investors by making "false and misleading claims" about its "financial health and compliance with securities laws," according to a court filing. The filing cites blogs and tweets from Celsius CEO Alex Mashinsky, including one insisting that "all funds are safe" when in fact, says the filing, "the company was insolvent, and depositor funds were not safe." Link here.

#Insights

• €75.3 million were raised across nine deals. This week Germany was the clear winner in a fundraising activity, contributing 5 of the eight deals, followed by the United Kingdom. Link here

#APAC

• Report: SE Asia’s FinTech Landscape. Southeast Asia’s digital economy is projected to hit $363 billion by 2025. M&C Saatchi Performance report explores the four key trends in this sector. Link here
• Asia-Pacific reached a record $41.8 billion with 607 deals in the first half of the year. The region saw a diversity of jurisdictions attract very good-sized deals. Link here

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Starling defends its bounce-back loan record. Starling had up to 2.5 times higher fraud rates in its Bounce Back Loan provision than the sector average. Lenders have recorded at least £1.1bn worth of fraudulent loans from the UK government’s Bounce Back Loan scheme. Link here

#breakingnews

• Bolt rolls out a new omnichannel platform with Revolve. Bolt’s new technology, “Checkout Links,” allows shoppers a one-click checkout experience online or offline. The platform is being initially rolled out at Revolve. Link here.

#Insights

• India’s Fintech sector to reach US$1T. By 2030, revenues from digital lending, insurtech and wealthtech will grow more than tenfold, respectively, the report says. Link here

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Frustration over major banks in Australia delaying the activation of the new direct debit system known as PayTo is intensifying. A group of fintechs who have raised tens of millions of dollars in venture capital funding to help merchants reduce payment costs plea for banks to switch on the system. Link here.

#BreakingNews

• Lending Works rebrands as Fluro to focus on embedded lending. Under the new Fluro brand, Founder Nick Harding said the business would double down on its role as an institutionally-funded embedded lender. Forging close partnerships and offering up its lending tech for companies to quickly develop and roll out their own consumer loans. Link here.

#Crypto

• The UK elects a crypto-friendly prime minister. Liz Truss, representing the UK’s Conservative Party, is expected to take over following current PM Boris Johnson’s planned resignation. Link here

#FinTechInnovation

• Coinmetro launched a swap feature. The new tool will enable investors to buy into their whole portfolio in a straightforward trade, without buying each coin or token individually. Link here

FTX Founder Sam Bankman-Fried seeks dismissal of criminal charges

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

Regulators find flaws in an audit of Revolut. UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement.” The watchdog also highlighted deficiencies in how Revolut’s payment processes were tested by BDO. Link here.

#CreditScoring

• Credit Karma has been fined £3 million by the US consumer watchdog for misleading claims that people have been or are likely to be approved for credit or loans. According to the Federal Trade Commission, the credit services company had deployed ‘dark patterns’ to misrepresent consumers ‘pre-approved’ for credit card offers. Link here

#Insights

• Digital banking and Insurtech growing fast in LatAm. Looking at the industry's growth over the past years, IDB notes that the number of FinTechs in the region more than doubled. Link here
• German FinTech funding to reach $4.2B in 2022, a 34% drop from 2021. Deal activity in the country is also on track to fall, although by a less significant 7% to 272 deals for 2022. Link here

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

U.S. sought records on Binance's CEO. The Justice Department’s money laundering section asked Binance to voluntarily hand over messages from Zhao and 12 other executives and partners on matters including the exchange’s detection of illegal transactions and recruitment of U.S. customers. It also sought company records with instructions that “documents be destroyed, altered, or removed from Binance’s files” or “transferred from the United States.” Link here

#FinTechInnovation

• Cash App now lets users make payments on sites outside the Square network, something previously restricted. Users can use Cash App credit or debit cards to pay for purchased items. Link here

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Welcome to your daily FinTech news!

In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.

The Metaverse gets its first Swiss bank branch. Sygnum Bank, with roots in Switzerland and Singapore, will open a branch on New York's virtual Times Square, welcoming visitors with a «crypto punk. According to experts, this metaverse hub is likely to be precedent-setting. Link here.

#crypto

• Cryptocurrency Lender Celsius Network is facing legal issues as clients are taking action to recover their funds after the platform froze withdrawals in June. 64 custodial account holders filed a complaint. Link here

#payments

• Why do fintechs globally use Visa & Mastercard? The seemingly limitless funds, industry connections, and desire to innovate Visa and Mastercard possess make their replacement highly unlikely, at least for the time being. Link here
• Viva Wallet joined the CB ecosystem. Payments with CB cards will be accepted across local physical points of sale featuring the innovative Tap-on-Phone Viva Wallet POS app. Link here
• Moneycorp expands to France and will provide integrated payment solutions to corporate clients, including financial institutions and banks. Link here

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Welcome to your daily FinTech news!

Jupiter Fund Management looks to sell its stake in Starling Bank. The UK-based asset manager owns a stake of approximately 10% in the challenger. According to the report, that share is worth over £200M. Link here.

#proptech

• Landa can make you a landlord with just $5. The way it works is similar to other fractional real estate ownership startups. Landa makes money by taking a 6% acquisition fee at the time of purchase. It also keeps 8% of the gross rent monthly. Landa has also secured $60 million in debt financing for its market expansions. Link here

#bnpl

• BNPL firm financing gun purchases. Democrat lawmakers have written to BNPL firm Credova Financial expressing "strong concerns" about its facilitation of online gun purchases. Link here
• BNPL giant Klarna losses quadruple. The firm says the losses were caused by rising defaults on borrowing and the cost of integrating recently acquired price comparison site PriceRunner. Link here

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Welcome to your daily FinTech news!

Swift aims to lower payment friction by introducing a new capability that flags when payments may stall upfront. The new service analyses previous flows on the Swift network to identify accounts that have been credited successfully and uses this information to detect potential errors in payee information - the most common cause of cross-border delays. Link here.

#nfts

• OpenSea’s trading vol is down 99% in USD from its May peak. On May 1, OpenSea processed a record $2.7 billion in NFT transactions, but on Sunday, the marketplace recorded just $9.34 million. BTC has declined nearly 57% since the start of the year to $20,276, and ETH has fallen about 59%, to $1,528, over the same period. Link here.

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Welcome to your daily FinTech news!

Belvo joins Endeavor’s network of global entrepreneurs. Endeavor’s global community of entrepreneurs is essential to support Belvo’s growth and success. Endeavor Entrepreneurs have created more than 3.9 M jobs and generated combined revenue of over $42B. Link here

#fintechinnovation

• Haru Invest obtained an MSB license to enable the digital asset management platform to carry out operations as a money transmitter service and expand its scope of service in the US. Link here
• Brankas to launch PHinance Challenge, with Kaya. 8-week programme will help to generate innovative, high-value open finance products for early-stage startups in the Philippines. Link here
• Safepay HQ to go live with Cybersource, in order to bring Pakistani merchants new ways to allow their clients to pay them online. Link here
• Shift launched Equipment Line. With Shift’s Equipment Line either the broker or the customer can initiate transactions ranging in value from $2,000 to $500,000. Link here

#crypto

• GoTo is getting into the crypto business. Indonesian tech firm ishoping is to diversify its services, with its purchase of local crypto exchange PT Kripto Maksima Koin. Link here

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Welcome to your daily FinTech news!

Coinbase could list ETH forks after the Merge. The announcement follows a 93 percent drop in the trading volume of Warped Ethereum. The company emphasized that it aims to list any asset so long they are legal and safe. Thus, it can create a level playing field for all crypto assets. Link here

#apac

• Binance to help the South Korean city of Busan grow crypto adoption within the city and beyond. The global crypto exchange will also support the development of the city’s blockchain ecosystem. Link here
• Mastercard Research finds that APAC consumers are ahead in Digital Payments Uptake, with 88% using digital wallets, QR codes, BNPL, and others. Link here
• Singapore seeks detailed information ahead of a possible broadening of the applicable rules. The authority is trying to get a clearer idea of their financial state, knowledgeable sources say. Link here

#fintechinnovation

• ADDX launched a cash management tool that allows investors with excess funds in their wallets to earn interest. They decide on which private market product to take part in. Link here
• Ecobank launched the 5th Ecobank Challenge. Fintechs aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner. Link here

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Welcome to your daily FinTech news!

Better.com is planning its fourth layoff. It is unclear how many people will be laid off in this latest round, but one impacted worker said it would be at least 250 or more. Link here

#crypto

• Bitcoin Depot strikes $885M SPAC deal. The merger comes during market downturns for cryptocurrencies and SPACs. It is expected to test investor appetite for bitcoin ATMs. Link here
• Cryptos offer new payment methods and opportunities that businesses can leverage to deliver a better customer experience, generate new revenue streams, and lower costs. Link here
• Bitso launched a crypto Debit Card. Despite the recent fall in the value of cryptocurrencies, the Mexican crypto exchange unicorn says there is demand among its users for cards. Link here

#mergersandacquisitions

• Affirm scans the landscape for acquisitions. With plenty of cash, Affirm CEO Max Levchin considers acquisitions as one of many routes for the buy now pay later company to continue its growth. He noted that no purchase was imminent. Link here

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Welcome to your daily FinTech news!

Block is facing a Class Action lawsuit over a Cash App Investing data breach last year that impacted 8.2 million customers. Block in April informed the SEC that a former employee had downloaded reports, without permission, containing customer information on US Cash App users. Link here

#insight

• Southeast Asia’s digital economy is booming. This explosive growth is also attracting criminals and putting merchants, banks, and consumers at risk of financial losses and missed revenue. Link here
• The landscape of U.S. merchant payments assets. After intense M&A activity in the last two decades, is there still M&A liquidity in U.S. merchant payments? See Flagship Advisory Partners' infographic here.
• Philippines kicks off ASEAN FinTech month. These initiatives are set amidst the rapid development of the Philippine FinTech industry, which attracted $342 million in the first half of last year alone. Link here
• The winners of the FinTech awards 2022. Top awards on the night included Erika Villanueva and Dom Pym, picking up FinTech Leader of the Year awards. Link here
• Colombian neobanks reach 30.6 M users. Colombia's Daviplata and Nequi are the country’s most popular digital wallets, with 15.6 million and 13.5 million users, respectively. Link here

Welcome to your daily FinTech news!

Coinbase's CEO warns investors of a long crypto winter lasting longer than 12 or 18 months. Armstrong hinted that while he hopes the bear market wraps up in that time, the largest U.S. crypto exchange is preparing for an even more extensive downturn. Link here

#breakingnews

• Zip’s loss widens as inflation chokes. BNPL operators have seen their valuations collapse as reduced customer spending and rising interest rates have squeezed margins. Link here

#greenfinance

• Solarvest unveils the first renewable energy fintech platform in Malaysia. Powervest aims to create a digitalised experience for its clients, enabling a seamless onboarding process. Link here

#fintechinnovation

• Belfrics launched its operation in Mexico, serving the country’s growing blockchain, crypto, and digital asset market. Introducing a blockchain-based wallet and remittance solution. Link here
• Ripio’s prepaid crypto card launched in Brazil. Payments can be made in any of 28 different cryptocurrencies, and the debit card also offers 5% cashback rewards in bitcoin. Link here
• Webx and Paymob will be launching Webx Pay in Pakistan. WebxPay guarantees to cut the merchant’s payment setup time by offering access to comprehensive payment services. Link here

Kemi Badenoch seeks emergency meeting with Revolut amid fears it may leave UK. 

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Welcome to your daily FinTech news!

NEWS HIGHLIGHT

PayPal added crypto features to its app. Users can buy, sell, and transfer several cryptocurrencies. The funds remain protected without any digital key. The mobile version will only support internal transfers and does not require a MetaMask account. Link here

FINTECH NEWS

• Walmart eyes payments opportunities. The retailer is investing in payment plays in other countries, too. One of them in India, called PhonePe, is making progress. Link here
• Paysend's Store for merchants in the UK. The free, no-code solution enables entrepreneurs in the UK to set up an online store and immediately start selling their products. Link here

#crypto

• BlackRock launched FinTech ETF to invest in companies disrupting global financial services. Hedge funds have turned bullish about the company and are bulking up on its stock. Link here
• Australia leads real-time crypto payments. Crypto.com and DataMesh have unveiled a world-first solution that enables payment terminals to support in-person crypto payments. Link here

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Welcome to your daily FinTech news!

Robinhood re-negotiates its deal with Ziglu leaving some crowdfunding investors at a loss. Robinhood wants to pay a lower price for the business owing to a shift in market conditions for crypto. Citing notable failures "including Celsius, BlockFi, and Voyager." As well as the general malaise in the macroeconomy and ongoing geopolitical tensions. Link here

#partnerships

• FinScore partnered with Provenir. The partnership helps financial services organizations in the Philippines to incorporate telco data and tap into the credit potential. Link here
• Vyzer partnered with Salt Edge. Investors can instantly connect and sync their European bank accounts and fully digital cash flow tracking in a single dashboard. Link here

#acquisitions

• Razorpay acquires Ezetap for $200 million. Ezetap is India’s leading offline POS company. Razorpay will be one of the few with a significant online and offline presence. Link here
• Ecuadorian Kushki acquired Billpocket to accelerate LatAm’s payment ecosystem. With it, Kushki aims to provide infrastructure to all players in the payment ecosystem. Link here

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NEWS HIGHLIGHT

Nubank appoints Youssef Lahrech, current COO, as its new President, reporting to Co-Founder and CEO David Vélez. Co-founder Cristina Junqueira was appointed Chief Growth Officer, spearheading Nubank's expansion across Brazil, Mexico, and Colombia. Link here.

FINTECH NEWS

#apac

• Stripe is growing its APAC footprint. CEO Patrick Collison noted the economic dynamism of Asia and expects the region to become a driver of innovation in the next two decades. Stripe currently has a presence in several Asia-Pacific markets. Link here
• Grapple announced a faster path to funding for Aussie SMEs customers through a partnership with Envestnet | Yodlee, a leading data aggregation and analytics platform for financial services. Link here
• Openpay closed its Share Purchase Plan. After it received over AUD 5.863 million from eligible applications submitted from shareholders. The first plan was to raise AUD 2 million. Link here
• Meta Platforms Inc. invested in Take App, a Singaporean startup founded by Youmin Kim. A new product that aims to bridge the digital gap for small-business owners in Southeast Asia. Link here