Discover more from Marcel’s FinTech Europe Newsletter
FinTech Europe | 2023 #21
Weekly news up to Tuesday, 23rd of May 2023
WEEKLY FUNDRAISING ACTIVITY
👀 NEWS HIGHLIGHT
Frost announced the expansion of its automated provider switching tool 'Save Assist' to include broadband switching services.
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‣ PayPal lost ~$155 B in market cap with ~70% decline in share price since Jan ’22.
‣ Share price hit a 6-year low on 12 May this year.
‣ Pace of M&A clearly slowing with potential for divestitures.
⚫ There was over $1.8bn in investment raised across the FinTech sector this week
A particularly weak Q1 for FinTechs was seen in Switzerland, with FinTech Global research finding that FinTech deal activity in the country fell 77% year-on-year.
To simply dub Klarna as a BNPL product would be huge undersell. While the company has its roots in this lending model — Klarna has evolved into a full-fledged retail platform.
UK consumers spent a total of £8 billion online in April 2023, down 2.2% YoY, according to the Adobe Digital Economy Index. The analysis also revealed a 2% increase in average order values using BNPL compared with March.
The Fintech Talents Festival will return for its 5th edition on November 13-14, at The Brewery in London. Over two days, more than 2,000 attendees will connect with top-tier leaders in digital transformation from the FinTech and financial services industry.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Swan open-sourced its no-code banking interfaces and reduced the time to market of new pilots by 75%.
⭐️ Firmbase raises $12 million to modernize financial planning for startups.
⭐️ Deblock quietly raised a $12m seed round.
⭐️ Wefox raised $110 million from backers including JPMorgan and Barclays.
Zimpler launched its instant cross-border payouts feature, enabling its clients to send Euros instantaneously to all 20 Eurozone countries via SEPA.
Zepz is laying off 420 employees, as the FinTech sector grapples with a tough macroeconomic environment.
Tilta announced the successful launch of its greenfield lending solution on Mambu’s cloud banking platform.
Cashplus Bank announced the expansion of its Liverpool office, with plans to double its presence in the Northwest over the next five years.
N26 is set to reduce its headcount by 71 people, or around 4 percent. The layoffs add to a number of departures for the fintech at the start of the year.
100-odd companies could be registered in France as the just-agreed MiCA EU crypto legislation beds in, Financial Markets Authority officials said.
BLOCKCHAIN / DEFI
StocksFC announced its launch and a pre-seed investment from Antler.
Amlyze concluded a $1 million pre-seed investment round led by Practica Capital, with participation from Lithuania's Firstpick Accelerator and Venture Capital Fund.
MOVERS & SHAKERS
Several executives left Revolut in the previous weeks, including CFO Mikko Salovaara, Matthew M. (Director of People), Yuval Rechter (US General Manager), James Radford (CEO of Revolut NewCo UK), Michal Laube (the Group COO).