Daily Fintech Newsletter | Mar. 2nd
Buy-Now-Pay-Later could account for 10% of all UK eCommerce by 2024
Hi!
In case you missed it, please see below today's most relevant fintech news.
Buy-Now-Pay-Later could account for 10% of all UK eCommerce by 2024. Accounting for some £26.4bn in annual transactions in just two years time. Using a ‘buy-now-pay-later’ (BNPL) service is the fastest-growing payment method in the UK for a second year running. “We predict that the BNPL sector will not slow down – with the UK market seeing double-digit expansion over the next few years,” he added, pointing to BNPL usage currently growing at 29 percent year-on-year. “As this happens, it’s important that the frameworks that govern and protect consumers and merchants also adapt to ensure that there continues to be trust and reliability in payments technology.” These “frameworks” are clearly front of mind in the BNPL industry at the moment, as the Government recently announced the services would be brought under the supervision of the Financial Conduct Authority given the potential for consumer harm. Link here.
Klarna is close to finalizing a $1 billion funding round that would give the Swedish fintech company a valuation of $31 billion. The Stockholm-based firm is one of the world's largest providers of "buy now, pay later" (BNPL) services, which allow shoppers to spread out the cost of their purchases over a period of interest-free installments. Link here.
Fifteen UK CEOs, including several notable FinTechs, have joined forces to create a ‘Tech Zero taskforce’ with shared commitments for environmental goals like reaching net-zero carbon emissions. “Tech Zero will go beyond targets - we want to boost access to finance and make the UK the number one destination for green investment in the world.” Link here.
Trulioo, the leading global identity verification company, announced the appointment of Hal Lonas as its chief technology officer. Lonas joins Trulioo’s senior leadership team to help accelerate the company’s next stage of growth and innovation. He is a recognized innovator in cloud security and machine learning and a long-standing champion of automation technology. Link here.
Global investment in fintech fell significantly in 2020 as the Covid-19 pandemic hit but picked up significantly in the second half of the year, according to KPMG, which expects a strong 2021 for the sector. Link here.
This ends my Daily Fintech Newsletter. Let me know if there are any questions or news/insights worth mentioning in the next newsletter. Until the next!
Regards,
Marcel van Oost
marcelvanoost.com
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