Global FinTech | 2022 #45
Weekly news up to Tuesday, November 8th, 2022
For the past week’s funding news overview, we highly recommend reading our weekly #DoneDeal newsletter 👇
👀 Are you interested in funding news from the FinTech space?
💡 Read all about it in my weekly overview article and get the latest funding news from the global FinTech space in your inbox every week.
REPORT
Boston Consulting Group (BCG) and the financial technology platform Adyen conducted a comprehensive evaluation of the embedded finance potential, leveraging quantitative and qualitative data gathered from more than 50 leading platforms and marketplaces and more than 2,000 SMB users globally.
👉 Download the full BCG report here.
REPORT
Understanding the different global approaches to open banking is essential. Some countries rely on regulation, some let the market lead, others pursue a hybrid approach.
👉 Download the full Mastercard Finicity, a Mastercard Company report, with more stats and figures here.
👀 NEWS HIGHLIGHT
Revolut's new instant messaging feature, which launched in the UK and the European Economic Area, will integrate NFT profile pictures, CEO Nik Storonsky said in an interview with The Block.
The new messaging tool, which allows users to chat as well as share gifs and stickers while sending and requesting funds, marks the next step in Revolut's mission to establish itself as a super-app. The chat function emulates the likes of WeChat and AliPay, which are popular in Asia.
👉 Read the full The Block article here.
😎 SPONSORED CONTENT
Klarna Kosma makes game-changing ideas powerfully real.
Launched in 2022, Klarna Kosma is Klarna’s Financial Technology Platform for banks, fintechs, and innovative merchants, which are developing payment services or need access to financial data to create their own solutions benefitting the end-user. Our proven platform provides essential connectivity to a growing network of more than 15,000 banks in 26 countries through a single Open Banking API. We process more than 200m transactions a year and are the most extensive Open Banking platform in the world.
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🧐 ANALYSIS
In Europe, fintech activity is growing in virtually all countries, but performance and maturity levels are found to be the greatest in the UK and Sweden, the two countries that are now leading the region for the size of their respective fintech industry.
👉 Read the full Fintechnews Switzerland article here.
👨💻 BLOG
Think Klarna is just BNPL? Think again.
Fast forward 16 years, they have revolutionized the world of retail banking as a leading payments provider and shopping service and trusted by the world’s most loved brands and consumers alike.
👉 Read the full blog post by Alex Marsh here.
💡INSIGHTS
Check out the latest FinTech map from France 🇫🇷 by France FinTech 👇
👉 Check the full FranceFinTech overview and more European FinTech maps here.
📰 ARTICLE
Check out “Nordic Fintech Snippets”, the combined effort of all the Nordic Fintech Hubs, sharing the most important and latest news in fintech and digital finance from each country.
👉 Read the full overview article by Helsinki Fintech Farm here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Portugal Fintech is launching the 2022's Portugal Fintech Report. Link here.
⭐️ Last week €148m was raised across 12 European FinTech deals. Link here.
⭐️ Shieldpay announced its partnership with Checkout.com. Link here.
⭐️ Zilch hits 3m users in 24 months. Link here.
⭐️ UK, Sweden emerge as best Fintech ecosystems in Europe. Link here.
⭐️ UK was named the biggest crypto economy in Europe, accounting for $233 billion in raw transaction value from July 2021 to June 2022. Link here.
⭐️Swiss FinTech companies raised $384m in Q3 2022 which pushes Swiss FinTech investment projections in 2022 to over $1.1bn based on investment activity in the first nine months, which would be a new record for the country. Link here.
PAYMENTS
Payer and American Express partner to accept B2B payments across the Nordics. Link here.
Checkout.com is now Europe’s most valuable startup, with a valuation of $40bn. Link here.
Pleo is cutting its workforce by 15% with the loss of 150 jobs. Link here.
Elon Musk’s acquisition of Twitter is creating a fresh need to find a path to greater and more consistent profitability for the social media network, and payments represent a vital piece of the puzzle. Link here.
Enjaz Payment Services Company announced a partnership with Thunes. Link here.
Rivero announced that it has joined Visa Fintech Partner Connect, a program providing access to a selection of best-in-class and trusted technology partners. Link here.
BNPL
Iwoca sees B2B BNPL growth near 250% for 2022. Link here.
OPEN BANKING
Fintech Galaxy become the first central bank-regulated Open Finance platform in the MENA region after receiving a license from the Central Bank of Bahrain. Link here.
DIGITAL BANKING
UnionDigital Bank announced that it has acquired 1.73-M customers. Link here.
CRYPTO
Pick n Pay to start accepting cryptocurrency payments. Link here.
INVESTMENT
Ethical lender Plend raises £40m. Link here.
Yabx announced its foray into Nigerian markets with a mission to democratize credit across the country with its digital lending offerings. Link here.
Public.com is planning to expand outside the US for the first time in 2023. Link here.
FRAUD PREVENTION
McAfee called on to offer fraud protection to Mastercard business card users. Link here.
Prove announces the launch of prove auth™ to deliver next-generation passwordless identity authentication. Link here.
MOVERS & SHAKERS
MANGOPAY named Ronen Benchetrit as its new chief technology officer, following the acquisition by Advent International. Link here.