REPORT
In 2023, FinTech & InsurTech are finding a new groove. Equity funding has dipped due to macroeconomic uncertainty, possibly the lowest since 2017.
🤑In the past week, we saw 13 FinTech Funding Deals in Europe for a total amount of €140.5m raised:
Officially with seven deals in the UK, two deals in France, one deal in Switzerland, one in Germany, one in Spain, one in The Netherlands.
👀 NEWS HIGHLIGHT
With this partnership, Fintech Scalapay benefits from advanced technology for automating customer verification and fighting financial fraud. Fourthline platform enables it to adapt to local regulatory requirements throughout Europe.
📰 ARTICLE
Many EU banks currently charge their customers high fees for making or even receiving SEPA Instant payments. When these customers initiate payments via open banking, they can be faced with a significant charge.
Read the full article here
The UK is home to some of the largest payments companies and most successful neobanks in the world, Wise, Starling, and Monzo among them. That success has been bolstered by the fact that the UK is among the world’s most innovative financial services regulatory environments.
Read the full article here
💡INSIGHTS
The Israeli fintech industry, known for its vibrant and innovative ecosystem, has seen more than a 73% drop in funding in 2023, further exacerbating concerns surrounding the effects of the global economic crisis and the local turmoil brought on by the government’s controversial judicial reform plans.
With the majority of 2022 FinTech Annual Reports now published, Davide Sangiovanni released an interesting report about the Status of UK Fintech – Growth Rate (benchmark with 40 UK fintech players).
🎤 PODCAST
In this episode of The Fintech Show we host Henry Cleary, Bank of Ireland, SmartStream’s Peter Dehaan and Allica Bank’s Beata Lubinska to show us how the banks are weighing up the risks, rewards and responsibilities of cash management in an ever-changing economy.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ ABN AMRO has reached agreement on the sale of its minority stake in EMS to Fiserv.
⭐️ Swoop integrates with Sage.
⭐️ Native Teams expands in 55+ countries around the globe.
⭐️ TikTok is testing a new in-app wallet.
⭐️ Weavr is shutting down the Comma App.
⭐️ Gemba chooses ThetaRay for its AML programme.
PAYMENTS
UnionPay and K&H Payment Services sign card acceptance deal. The collaboration shows further expansion for UnionPay across Hungary, enabling more merchants to process UnionPay transactions.
Unitplus has innovatively reshaped the investment product landscape by creating a unique means for investing money in ETF portfolios while maintaining the ability to make payments using a bank card.
iDEAL has partnered with in3 to launch a pilot where clients will be enabled to pay in three instalments by using iDEAL’s payment methods.
OPEN BANKING
TrueLayer calls on the EU to improve payments with open banking.
Qred is thrilled to announce that the banking license the company acquired in May is now activated and the company is officially a bank.
CRYPTO
Coinbase (COIN) has registered with the central bank of Spain to provide exchange and custody services in the country.
Coinbase CEO slams JPMorgan for banning crypto payments in UK, suggests government should act.
Zumo has become the first digital asset platform to integrate tech-based requirements of the Financial Conduct Authority’s (FCA’s) new financial promotions regime for cryptoasset firms.
INVESTMENT
Vega has launched with over $8 million in equity investment.
N26 is navigating through a cost-saving journey, making pragmatic alterations to its operational dynamics.
DONE DEAL
Former Revolut product lead and Square operations lead Bogdan Uzbekov has just secured $15m in funding for his fintech revolutionising payments for small businesses, Apron.
Perenna raises $52m funding round ahead of mortgages launch.
Traydstream announced the successful completion of its $21 Million Series B financing round.
Pivot has secured a funding of five million euros. Some of the significant stakeholders entering this round include the venture capital firm Visionaries Club, founders from Personio and Qonto, and Rocket Internet's CEO, Oliver Samwer.
Peach Payments closes $30m funding round.
M&A’s
Credit Agricole has acquired Worklife, which specializes in the digitalization of employee benefits, complementing the bank's offerings related to employee savings, retirement and health insurance, it said.
Factorial announced the successful acquisition of Fuell, an Expense Management startup.
FINANCIAL LITERACY
Data intelligence specialist Bud has revealed further details about its new personal generative chat interface ‘Jas’, including how banks and financial institutions can use it to increase financial literacy.
MOVERS & SHAKERS
Marian Sarlos has transitioned to Pile Capital, taking up the role of Director Growth.
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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