Discover more from Marcel’s FinTech Europe Newsletter
FinTech Europe | 2023 #30
Weekly news up to Tuesday, 25th of July 2023
The Dutch FinTech sector has grown significantly, with 861 FinTechs in 2023 (up from 635 FinTechs in 2019).
FinTechs are still relatively young and concentrated in the Randstad area.
Amsterdam is most attractive, with 40% of the FinTechs based here.
4 deals in the UK🇬🇧, 2 in France🇫🇷, and one in Lithuania🇱🇹 and Portugal🇵🇹.
👀 NEWS HIGHLIGHT
The partnership will connect Fourthline's comprehensive digital onboarding, AML and KYC solutions to Hawk AI's transaction monitoring capabilities, providing clients with an all-encompassing and integrated offering that will harmonize the multiple and often complex elements of their AML program. This will result in a better customer experience, enhanced defense against financial crime, and considerable improvements in operational efficiency.
During this summer I will share book recommendations from FinTech industry leaders in a series of articles every Sunday.
A Multi-Trillion dollar opportunity for brands and insurers:
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Nordea bolsters Nordic presence with Danske Bank’s Norwegian personal customer business acquisition.
⭐️bunq is embroiled in a conflict with British shareholder, Pollen Street Capital (PSC). The disagreement centres around millions in needed new investments.
ConnexPay has expanded upon an already impressive global footprint with the launch of British Pounds (GBP) and Euros (EUR) currencies.
Cashflows bets on the human touch with new in-person payments platform. The platform is designed for merchants that want to offer merchants in all sectors a fast, reliable, and easy to use in-person payments solution.
Gnosis to release decentralized payment network and Visa card. Gnosis Pay is the first decentralized payment network allowing web3 developers to integrate with a range of traditional payment schemes including Visa.
Klarna has partnered with the Money Advisor Network to provide cash-strapped customers with free advice on how to manage their debts.
The United Kingdom government has rejected a proposal made by the House of Commons Treasury Committee to regulate crypto retail trading in the same way it oversees gambling, highlighting that it “firmly disagrees” with the committee’s stance.
Sylvera has raised a $57m Series B funding round. The new cash will be used for international expansion into the US, where it has opened a New York office and will double its US team from its current size of 12 by the end of 2023.
TP24 raises £345m in debt funding from Barclays and M&G Investments. The amount of £240m will be used for lending to SMEs in the UK and the Netherlands.
Robinhood is preparing to target British investors. The company has begun hiring for key UK roles.
Prodigy Finance is proud to announce a $350 million facility with Citi, Schroders Capital and SCIO Capital. This is the first transaction that Prodigy has closed under their new multi-issuance special purpose vehicle structure.
Mediobanca invests €12 million in London fintech incubator. Mediobanca has joined with Founders Factory to launch a new fintech venture studio and accelerator, underpinned by an overall €12 million investment from the Italian investment bank.
Ecolytiq is partnering with cloud banking platform Mambu to make scalable, effective climate action solutions easily accessible for financial institutions.
ING and the European Investment Bank (EIB), has unveiled a new sustainable finance programme designed to bolster SMEs. The key focus of this initiative is to fund investments that yield a favourable climate and environmental outcome.
MOVERS & SHAKERS
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.