FinTech Europe | 2023 #30
Discover more from Marcel’s FinTech Europe Newsletter
FinTech Europe | 2023 #30
Weekly news up to Tuesday, 25th of July 2023
REPORT
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.
📊 INFOGRAPHIC
📰 ARTICLE
📚FinTech Titans Reveal their Must-Read Books for Summer 2023 - Chapter 1👇
During this summer I will share book recommendations from FinTech industry leaders in a series of articles every Sunday.
💡INSIGHTS
A Multi-Trillion dollar opportunity for brands and insurers:
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Paddle launches AI startup programme.
⭐️ Nordea bolsters Nordic presence with Danske Bank’s Norwegian personal customer business acquisition.
⭐️ Tymit is delighted to announce a strategic partnership with Visa.
⭐️ Wise makes inroads as fintech says Ireland is ‘underbanked’ after Ulster/KBC departure.
⭐️bunq is embroiled in a conflict with British shareholder, Pollen Street Capital (PSC). The disagreement centres around millions in needed new investments.
PAYMENTS
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.
Nexpay has announced its enhanced service offering by adding SWIFT payments in 23 currencies.
GoCardless has announced a partnership with UNIPaaS, who will be the latest payment service provider (PSP) to tap into the fintech's global bank payment network via a white-label integration.
Klarpay issues USD-denominated Visa debit cards. This offering aims to improve the way Klarpay clients transact with popular services.
BNPL
Klarna has partnered with the Money Advisor Network to provide cash-strapped customers with free advice on how to manage their debts.
CRYPTO
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.
DONE DEAL
73 Strings scoops $10 million in Series A funding. 73 Strings will use the capital to continue to invest in building the product, engineering, and go-to-market teams.
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.
Kuflink has raised a £35m of institutional debt facility from European Risk Capital and Paragon Bank.
INVESTMENT
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.
GREEN FINANCE
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
Brite Payments announces two new appointments to its C-suite. The Swedish fintech has brought on board Alexander Kassai as COO and Fredrik Strömqvist as CFO.
FINTECH MAPS
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.
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