REPORT
Check out this FinTech report by McKinsey & Company to gain valuable insights.
👀 NEWS HIGHLIGHT
The key features include a smarter and faster checkout experience with biometric authentication, the introduction of Fastlane for streamlined guest checkout, Smart Receipts, and an Advanced Offers Platform for personalized recommendations and cashback rewards.
📰 ARTICLE
💡INSIGHTS
Overlay Payments launched TapToAuth – a new, intuitive payment solution that marries the convenience of traditional contactless payments with the benefits of open banking payments.
This breakthrough has been enabled by a recent and critical development in the industry: Apple's concession to open the NFC payment capabilities of the iPhone to third-party developers, a move stemming from the EU's antitrust investigations into Apple Wallet.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Finance "Super Apps" Use Multiple Useful Features to Maintain Market Share.
⭐️ Unzer rolls out mPOS in Austria and Luxembourg.
⭐️ Klarna CEO Siemiatkowski says the company is likely to IPO very soon.
⭐️ payabl. secures EMI licence from the CBC
FINTECH
No big fintech is going to IPO soon, says top European fintech investor. 2023 saw the value of deals in the sector which includes startups that run the gamut from neobanks to trading apps plummet over 65% in Europe.
Uncapped launches Line of Credit product. The new product provides complete certainty of funding to sellers with a pre-agreed, committed credit facility which can be accessed within 48 hours.
BNP Paribas launches UK fintech incubator. BNP Paribas Personal Finance has joined forces with SuperTech to launch a UK innovation lab aimed at addressing data-led challenges in the financial services sector.
Klarna to debut $7.99 monthly plan as buy now, pay later firm seeks new revenue sources ahead of IPO. Users of the subscription plan, named Klarna Plus, will get service fees waived, earn double rewards points.
10x Banking founder Antony Jenkins says banking tech startup “on track” to triple client roster by 2025. 2024 has started sure-footed for 10x Banking after securing a multi-million-pound funding.
PAYMENTS
Ingenico builds smartPOS device on Cybersource fraud management platform. The partnership will create a global unified commerce solution for use in Asia Pacific first, followed by other regions.
Worldline and Commerzbank expand partnership to include instant payments in Switzerland. This extension enables Commerzbank to offer its customers the sending and receiving of real-time transfers in euros.
Token.io joins SPAA scheme. Through leveraging Open Banking and instant payments, the SPAA scheme will directly support the establishment of a competitive pan-European payment solution.
OPEN BANKING
Moneyhub first to add Co-op Bank, Smile Bank and Kroo Bank Open Banking Connections. Moneyhub’s technology offers a simple solution to connect across current accounts, savings, loans, investments, mortgages, property valuations.
Plannix and Salt Edge collaborate to optimise personal finance through open banking. The suite of tools includes a complete asset allocation and portfolio tracker, insightful KPIs about wealth and savings.
Open Banking Phase 3.0. According to Jas Shah the evolution of UK Open Banking can be divided into 3 distinct phases detailed in this article.
REGTECH
EU Agrees on Stricter Anti-Money Laundering Rules. The new rules aim to close regulatory loopholes and ensure illicit money from criminal activities.
DIGITAL BANKING
Revolut has countered Allianz's £10.4m lawsuit, denying breach of contract and blaming Allianz for subpar claims service. The dispute stems from a 2021 agreement where Allianz provided travel insurance to Revolut's premium customers.
Current Account Switch Service hits 10 million total switches following busiest quarter since launch. Between October and December 2023, the Current Account Switch Service facilitated 433,701 switches.
“Maybe we can acquire Monzo.” An interview with Lunar’s CEO Ken Villum Klausen. A push for profitability in 2023 has brought about a surge in revenue generation for one of Europe’s leading neobanks.
Revolut account closure lawsuit from late Russian oligarch’s son-in-law struck out by a High Court judge, who sided with Revolut on Thursday and ruled that the case be struck out as an abuse of process.
CRYPTO
Digital assets startup Elwood receives FCA regulatory approval as a service company. The Company's EMS platform allows clients to connect to global crypto exchanges and OTC venues, through a single application or API, to trade digital assets.
DONEDEAL
Ozone API raises £8.5m to go global. The company plans to use the investment to build its team as it works to support all emerging standards and provide the tools for banks to monetise open APIs.
Danish fintech Safty raises €11.3 million. The firm will use the funding for further predictive product development and extension to other Nordic countries.
WealthKernel Secures £6 Million in Series A Extension Funding. This year, WealthKernel plans to position itself in the European market to cater to the growing demand for investment infrastructure solutions.
Mondu secures €30m to double down on European expansion. The fresh round adds to €20m the fintech raised from the bank back in 2022, and brings its total funding to more than €115m.
M&As
Allianz Direct set to buy Accel-backed Luko for €5m. All bids were presented to the court earlier this month Allianz’s offer emerged as the highest and retains Luko’s staff of 112 employees.
IeDigital acquires AI fintech software house Abaka. ABAKA’s full stack modular platform also enables financial services firms to provide contextualized engagement and personalised product offers while streamlining operations and processes.
MOVERS & SHAKERS
Mangopay appoints Liz Oakes as non-executive director. Liz was most recently based at Mastercard, where she held executive roles in the company’s payments businesses.
Seedrs lays off 15% of its European workforce. As part of the restructuring, the company, which was acquired by US-based investment platform Republic in 2021, will close its offices in Spain and Sweden.
Seon welcomes Björn Heckel as CTO. Heckel brings an impressive track record in software development management, large-scale engineering operations.
IFX Payments hires Graham Ridley from Barclays as strategy director. Graham joins from Barclays, where he looked after large and rapid-growth companies in the foreign exchange and payments space.
US fintech DailyPay creates 293 Belfast jobs. American earned wage access fintech DailyPay is creating 293 jobs in Belfast as part of a £24 million investment in Northern Ireland.
Wealth App Chip Welcomes Adam Seale as Former Interactive Investor Ceo As Chair. He brings considerable experience to Chip at a time of significant growth, with the business growing assets under management by ten times in the last year.