REPORT
🤑 In the past week, we saw 14 FinTech deals in Europe for a total amount of €112.6m raised.
Officially with five deals in the UK, three deals in Germany, two deals in Italy, one deal in France, one deal in The Netherlands, one deal in Estonia, and one deal in Belgium.
👀 NEWS HIGHLIGHT
This offering opens up the world of fixed-income securities to retail investors in Europe, making it accessible and easy for anyone to diversify their portfolio with bonds.
👨💻 BLOG
💰 The Evolution of Banking-As-A-Service in Europe: The Shakeout Is Here.
In this blog post, Gasim Khasmammadli describes the evolution of the market and the place of BaaS in this evolution. He’ll also provide more information on the difference between BaaS from Open Banking and Embedded Finance.
Read the full article here
💡INSIGHTS
Habito, new CEO Ying Tan during an internal company meeting announced the company turned a monthly profit in September for the first time ever. Tan said he was “ecstatic” to announce the news, and that “for context in 2022 our average monthly loss was £897,000 and for the first five months in 2023 it was £385,000!”.
🧐 ANALYSIS
After Stripe peer Adyen's disappointing H1 earnings release, we compare the company's multiples to Stripe's valuation. Some investors expect Stripe will be negatively affected by the competitive pressures that are squeezing Adyen in North America.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ SumUp’s valuation falls as low as $4.1B, as Groupon and others sell off their stakes.
⭐️ Wise shares up as profit guidance hiked.
⭐️ Viva.com Group obtains UK E-Money Institution authorisation from FCA.
⭐️ Zilch unveils new credit scoring platform.
⭐️ Tymit recognised as an innovative SME by the spanish government.
⭐️ Modulr agrees with regulator to stop onboarding new customers.
PAYMENTS
HyperJar is adding instant Cashback Gift Cards to its extensive feature set.
Papaya Global redefines the way organizations manage global workforce payments through its innovative direct deposit Workforce Wallet, the first solution designed specifically for workforce payments.
Kasssh’s online cash payment solution has exited stealth mode and is now available to all UK ecommerce sites.
MyPOS is introducing Tap to Pay on iPhone for businesses in the UK. Tap to Pay is available within the myPOS Glass app and allows merchants to accept contactless payments directly on their iPhone, with no additional hardware.
Verestro has implemented a solution that enables fast money transfers and payment settlements on Slack.
OPEN BANKING
TotallyMoney has launched a new open banking-powered feature to help customers track regular outgoings and avoid missed payments, so they can protect and build their credit scores.
Prommt has announced adoption of its Pay by Bank solution has more than doubled, with businesses processing tens of millions per month through open banking across the UK and Ireland, and many implementing it as their default payment method.
DIGITAL BANKING
Swan and Ageras has launched an amazing banking product for Dutch freelancers and small businesses in The Netherlands.
CRYPTO
Wirex introduces the Wirex Dual-Mode Card, a cutting-edge solution that seamlessly merges the reliability of traditional financial systems with the transformative potential of decentralised finance (DeFi).
Binance has stopped accepting new users in the UK while it works to find a partner to help it meet recently-introduced crypto asset promotion rules.
INVESTMENT
Pleo is expanding and updating its suite of products to help European businesses effectively manage their spending.
Klarna taps AI for human shopping experience in major autumn launch.
Upvest settlement and custody infrastructure necessary for digital wealth management in one application programming interface (API), is partnering with BlackRock to make investing more accessible for millions of investors across Europe.
DONE DEAL
Untangled Finance has raised a $13.5m equity funding round, with Fasanara Capital leading the round.
Carbon Equity announced that it has secured €6M in its Series A round of funding, led by BlackFin Capital Partners.
ALT21 announced that it has closed a USD 21mio (19.4mio EUR) million funding round, one of the largest pre-series A funding rounds in Europe so far this year, to support the next stage of its growth.
Cino makes group payments easy by turning them into a social experience, eliminating awkward IOUs. It has raised over €1.4 million in a funding round.
Lopay swipes £6m seed funding in payments battle.
iwoca raises new £200 million funding line after reaching £2.5bn in finance lent.
M&As
Dock Financial has fully acquired Paydora, a fledgling start-up helmed by former Revolut manager Claudio Wilhelmer and initially partially owned by Dock.
FRAUD PREVENTION
The Financial Conduct Authority (FCA) has fined Equifax over £11 million for failing to protect their customers from a data breach outsourced to its US parent company.
Fourthline has developed a technological suite that enables financial service providers to automatically and compliantly perform KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures in accordance with local requirements.
MOVERS & SHAKERS
Tradeshift has fired its CEO Christian Lanng amid allegations of sexual assault and harassment.
Form3 has announced a number of long-planned management changes which will see co-founder and chief product officer Mike Walters take over as CEO.
ThinCats has appointed Dan Hartley as its new chief financial officer.
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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