Discover more from Marcel’s FinTech Europe Newsletter
FinTech Europe | 2023 #17
Weekly news up to Tuesday, 25th of April 2023
WEEKLY FUNDRAISING ACTIVITY
The report provides:
🔸 a comprehensive analysis of the landscape
🔸 market dynamics and infrastructure overview
🔸 industry players
🔸 regulatory analysis
🔸 fintech startup case studies
🔸 9 market trends including growth of digital payments and e-commerce, ecosystems and super apps, Govtech, CBDC, BNPL, neobanking, digitization of SMEs, democratization of capital markets, and more.
The bankruptcy of Railsr, a former FinTech unicorn🦄, is indicative of the forthcoming wave of FinTechs coming to market in 2023 in response to financial challenges.
Flagship Advisory Partners summarized key highlights from Railsr's bankruptcy filing and examine lessons learned
India-UK Financial Partnership released a report on how the UK and India can boost collaboration to accelerate FinTech growth. The report provided recommendations to the regulators of both countries and governments to grow the FinTech sector in both countries.
Türkiye Fintech Guide, prepared by the Presidency of the Republic of Türkiye Finance Office to lift the FinTech sector to the next phase, presents a roadmap about the ecosystem to all interested parties, especially entrepreneurs and investors.
This guide, focusing particularly on the regulated Fintech verticals, provides the essentials of establishing a FinTech company and regulations.
👀 NEWS HIGHLIGHT
It is designed to be used both by legacy and neobanks, as well as digital wallet providers, to customise user experience.
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The Joint Regulation Oversight Committee, a collaboration between the FCA, PSR, HMT, and CMA, published an Open Banking roadmap for the UK. The report outlines the future plans and priorities for a new phase of Open Banking, aiming to create a resilient, sustainable, efficient, and scalable ecosystem.
French FinTech investment reached $299m in Q1 2023, an 83% drop when compared to the same period last year.
FinTech deal activity in France in Q1 reached 30 deals, a 57% drop from Q1 2022.
Every FinTech is in the risk business, whether they want to be or not. That’s because FinTech unit economics have a unique factor: downside risk.
The typical SaaS startup focuses on retention and fights churn to retain the net dollar value of a given cohort. Their absolute downside is zero, i.e., everyone in a cohort stops paying.
A fintech’s absolute downside is not zero, but negative.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Credit Agricole and Worldline began exclusive talks to set up a joint venture to provide payment services to businesses and their customers.
⭐️ Square announced the launch of Tap to Pay on Android for sellers across the US, Australia, Ireland, France, Spain, and the UK.
⭐️ GoSimpleTax is set to acquire bookkeeping and accountant platform, Coconut, to create an end-to-end bookkeeping and filing solution for individuals and small businesses
Google proposed letting developers offering apps through its U.K. Play mobile app store to have the option to use alternative payment processors for in-app transactions, rather than being locked to its own billing system.
Adyen tech leaders launch Solvimon, a next-generation billing platform that enables companies to implement modern pricing strategies. The platform does this by offering an extensive set of pricing and billing options.
The European Payments Initiative agreed to buy Currence Ideal and Luxembourg-based Payconiq International and will focus on launching a digital wallet and instant payments system in Germany and France by the end of the year.
Paynt and Softpay announced a strategic partnership to meet the growing demand for contactless payment acceptance solutions.
Deko upgrades the BNPL platform, and thanks to it UK retailers will now be able to offer an enhanced finance experience to consumers.
Klarna came out with a ChatGPT plugin, and in its twice-yearly product update is continuing to expand its personalised shopping tools and AI-powered features to further establish itself as not-just-another-BNPL.
Everon gained an asset management licence from the Swiss Financial Market Supervisory Authority and plans to extend its offering with new services both at home and abroad.
Triver raised $8 million in funding. The company raised funding pre-product and wants to automate SME invoicing.
Barclays’ Eagle Labs has been chosen by the UK government to enable growth within the UK tech sector through a £12m digital growth grant.
Fintech Farm closed its Series B funding round on $22m. Growth investor Nordstar Fund led the round, which included equity and a convertible loan, according to a report from AIN.Capital.
Januar secures Danish payments institution license from the Danish Financial Supervisory Authority. The issuing of the license paves the way for onboarding clients across the full European Economic Area.
Lightyear announces the launch of its web application. The feature will enable customers to manage their portfolios, buy/sell shares and research 3,000+ instruments available on Lightyear.
MOVERS & SHAKERS
Qover announce the appointment of its first Chief Customer Officer Ed Ackerman.
Chrisitan Owens, the CEO of London-based fintech unicorn Paddle, is stepping down after ten years in the role.