REPORT
Within the context of predicting what the 2030 European Mobile Payment landscape will look like, there are 3 possible scenarios according to Arkwright Consulting.
👀 NEWS HIGHLIGHT
TikTok owner ByteDance misled the Central Bank of Ireland after HSBC shut down the Chinese company's bank accounts following a money laundering probe.
In early 2023, Irish banking regulators contacted ByteDance with a pointed question: Why was the Chinese internet giant and parent company of TikTok moving large sums of money, likely in the tens of millions of dollars, out of its HSBC bank accounts?
📰 ARTICLE
Germany 🇩🇪 drops to Europe's third most active FinTech country as deal activity declines in Q1 2024.
💡INSIGHTS
The co-founder of a UK children’s financial app with millions of customers and a geographically dispersed workforce, has dubbed the UK education secretary’s comment urging FinTechs to “get out more” to attract staff as “really strange”.
Louise Hill, who co-founded GoHenry, a UK FinTech success story, which was snapped by US wealthtech firm Acorns last year, was speaking to Tech.eu about a range of issues.
ChatGPT parent company OpenAI shared that the Klarna’s adoption of the technology is estimated to yield a $40 million improvement in the company’s profits this year.
Additionally, the firm noted that the chatbot fields two-thirds of Klarna’s customer service chats, contributing to consumers resolving their issues in less than one-fifth the time it took previously, and that the technology takes on the labor of 700 full-time employees.
🎤 PODCAST
Jack Zhang is the CEO & Co-Founder of Airwallex, a global payments and treasury giant that moves $7 billion in monthly transaction volume and serves 100,000+ clients, including Brex, Rippling, and SHEIN.
Listen to the full podcast here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Dutch cities consider biometric checks to stop rising passport, ID fraud.
⭐️ PE software startup Pactio raises £11m.
⭐️ FICO Partners with Atto to Build Predictive Models with Real-Time Transactional Data.
⭐️ Viva.com and Bancomat form partnership.
FINTECH
Dlocal And Papaya Global Forge Partnership To Support Complete Workforce Payments Globally. The partnership represents a powerful fusion of capabilities, on a mission to enable global organizations to pay employees anywhere in the world, on time, and in local currencies.
GoCardless extends strategic partnership with Sage, boosting global reach and unlocking new growth opportunities. This enhanced partnership means that millions of Sage's SMB customers around the world are now able to leverage GoCardless’ Direct Debit and open banking payment capabilities.
CRYPTO
TikTok’s growth in Europe has slowed down so much that it’s rolling out a new app that gives people financial incentives to watch its videos.
DONEDEAL
Business planning startup Pigment raises $145M in rare French tech mega-round. This funding round comes as a bit of a surprise as large rounds have been few and far between in France.
European Startups Raise €1.2bn During March 2024 with FinTech Leading the Pack. The surge in investment in European FinTech companies during March underscores the sector's resilience and attractiveness to early-stage investors.
Monkee's 'Save Now Buy Later' model gains momentum with new seven-figure investment. Monkee stands as a testament to mindful financial management, offering an alternative to the prevalent "Buy Now, Pay Later" model.
Automotive FinTech Bumper accelerates with £2m investment. The investment round saw participation from notable investors, Suzuki Global Ventures and Marubeni Ventures, marking a significant step towards Bumper’s expansion goals across the UK and Europe.
M&As
French FinTech Linedata acquires AI software developer DreamQuark. This engine, including its associated smart document retrieval, ESG data aggregation and compliance capabilities, are to be integrated into Linedata’s existing software stack.
MOVERS & SHAKERS
Klarna: 75 per cent of staff now use AI tools like ChatGPT as it looks at reducing hiring. Klarna now regularly use tools like ChatGPT, its head of artificial intelligence has told City A.M., as the BNPL giant leverages the technology to reduce hiring costs.
Valeriia Nikitenko has joined MangoPay Legal team as Lead Legal Counsel for Regulatory Affairs, bringing experience in the online payment sector and insights from both the merchant and the payment service provider perspective, having held a variety of senior compliance roles.