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FinTech Europe | 2023 #18
Weekly news up to Tuesday, 2nd of May 2023
For the past week’s funding news overview, we recommend reading our weekly #DoneDeal newsletter 👇
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👀 NEWS HIGHLIGHT
Raiffeisenlandesbank NÖ-Wien became the first major traditional bank in the EU to move into digital assets through a planned collaboration with Bitpanda Technology Solutions.
⚫Fintech giants Klarna and Block slam ‘outdated’ UK buy now, pay later regulation proposals
The U.K.’s plan to regulate the buy now, pay later industry is “outdated” and will lead to worse consumer outcomes, executives at two of the industry’s giants said, vowing to fight tooth and nail to relax the proposed rules.
Bosses at Klarna and Block laid into the proposals at an event hosted by U.K. fintech industry body Innovate Finance last week, saying that the rules, while well-meaning, were likely to drive people toward more expensive credit options, such as credit cards and car financing plans.
Read the full article here
⚫Instagram and Facebook will force their checkout experience on Shops soon
Meta announced today that it will be phasing out onboarding of new Shops without checkout on Facebook and Instagram enabled. Beginning April 24 of next year, Shops without checkout on Facebook and Instagram enabled will no longer be accessible.
This means that shops that direct people to an e-commerce site to complete a purchase, rather than allowing people to make a purchase directly through Facebook or Instagram, will no longer be accessible.
The Nordic P27 initiative is the latest pan-European payments collaboration to fail.
As illustrated below in figure 1, failures in pan-European payment collaborations are not new as there have been several such initiatives in the past.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Vacuumlabs announced the launch of several new propositions to complement Thought Machine’s cloud-native core banking technology, Vault Core.
⭐️ Zodia Custody closed a $36m Series A funding round.
⭐️ Bits Technology raised €4 million in a seed funding round that will see the company further develop its API.
PingPong Payments received an Electronic Money Institution license from the United Kingdom’s Financial Conduct Authority.
TransferMate has been granted authorisation as an Electronic Money Institution by the Central Bank of Ireland, which allows TransferMate to offer an extended service.
Paysend announced the opening of a Dublin office in order to access the EU’s Single Market. The company recently received an Electronic Money Institution license from the Central Bank of Ireland.
Tink joined forces with instant credit provider Younited to create more accurate affordability assessments. Younited will be able to tap into Tink’s Open Banking capabilities to deploy its instant credit to more European consumers.
Tide announced the launch of the MSME Exchange Programme – an initiative designed to glocalise entrepreneurship and foster bonds between small business owners from India and the UK.
MOVERS & SHAKERS
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.