Mangopay Wins Fraud & ID Verification
Weekly news up to Tuesday, 29th of October 2024
👀 NEWS HIGHLIGHT
Capital One Financial Corp. has for decades extended credit to the kinds of borrowers that other banks deemed too risky, only to watch some of those same customers now equipped with improved credit scores move on to more plush, exclusive pastures.
Even Lia Dean, Capital One’s president of banking and premium products, couldn’t blame them. “What we heard from customers is, well, that’s great, but I want to go to a lounge,” she said. “I might want my breakfast included, or to go to the spa or get a late checkout. There’s other benefits that, you know, are available in the market, and we were not providing those.”
📊 INFOGRAPHIC
Peak Season Trends 2024: How consumer behavior shapes the digital economy. This new report by Checkout.com analyzes the shopping patterns at play – and offers valuable insights to help businesses strategize for peak season and beyond. Get the full report here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Square Adds Sales and Back-Office Features for Beauty and Wellness Sellers.
⭐️ Worldline partners with Visa Acceptance Solutions to deliver data-driven fraud management solution.
⭐️ Europe Losing The Saas Embedded Finance Race As U.s. Strides Ahead.
⭐️ More startups are being spun out of Klarna than any other European FinTech unicorn.
Stay Updated on the Go. Join my new Telegram channel for daily updates and real-time breaking news. Stay informed and connect with industry enthusiasts —subscribe now!
FINTECH
Spendesk launches first fully-integrated procurement and spend management tool for European SMBs. Spendesk's Procure-to-Pay tool is designed to help organisations bring clarity and efficiency to procurement processes by facilitating better collaboration between internal stakeholders and streamlines workflows.
FCA uses criminal powers in latest crackdown on 'finfluencers.' The watchdog is interviewing 20 'finfluencers' under caution who may be touting products illegally, extending its crackdown on financial product promotions via social media personalities.
Moneybox and GoCardless join Revolut and Monzo in secondary share sale surge. Moneybox, valued at £550m after a £70m investment, is offering investors the chance to sell 10-15% of shares. Meanwhile, GoCardless plans a secondary share sale with up to $200m in stock changing hands and a £100m windfall for employees. More here
Lending FinTech SoLo Funds faces class action lawsuit, according to a copy seen by TechCrunch and first reported by Bloomberg. It accuses SoLo Funds of misleading consumers by advertising zero interest fees on loans yet encouraging “tip fees” and “donation fees” to obtain said loans.
Western Union’s Digital Business sees 15% growth in transactions. This marked the sixth consecutive quarter of double-digit transaction growth for the Branded Digital Business, the company said in a presentation released on Oct. 23 in conjunction with its quarterly earnings call.
PAYMENTS
Mangopay wins Fraud & ID Verification at the Global FinTech Awards 2024. Alex Taylor, Head of Sales at Mangopay, explained how "a couple of years ago, we [Mangopay] acquired a fraud prevention business and brought that into the wider Mangopay product stack. So it's fantastic that the progress of our teams and the value that we're delivering to customers has been recognised." Click here to learn more
Europe's Target Settlement system to join cross-border instant payment project Nexus, which aims to create a centralized connection for instant payment networks globally. It will leverage ISO 20022 messaging standards and a suite of purpose-built APIs.
Temenos launches Cross Border Payments Enterprise Service to power faster, lower-cost international payments. The service is designed for organizations currently supporting or looking to support cross-border payment flows, offering a scalable and cost-effective solution.
Tietoevry Banking and Tapster partner to expand wearable paytech across Europe. This partnership aims to redefine the future of payments across Europe, enabling Tietoevry Banking to provide Tapster’s payment solutions to its European bank clients.
MeaWallet partners with Toqio to expand its digital card capabilities. Toqio's partnership enhances its tokenization services and integrates push provisioning technology into its card offerings. This allows corporate customers in the UK and Spain to adopt and distribute digital cards compatible with Apple Pay and Google Pay.
HSBC launches Global Virtual Account Solution for E-commerce payments in EUR and GBP. The virtual account allows Chinese businesses on e-commerce platforms to receive EUR and GBP payments directly into their local bank accounts, eliminating the need for foreign accounts.
Cash collection startup Upflow also wants to handle B2B payments. The French startup has announced a shift in its strategy to become a B2B payment platform with its own payment gateway to complement its accounts receivable automation solution.
Klarna shareholders vote to oust Director Mikael Walther amid tension on board. Walther was removed from the board during a meeting of the company’s investors on Thursday, according to a statement on Klarna’s website. The move was approved by 87% of shareholders, the company said.
Sweden and Denmark to initiate real-time cross currency settlement service. The ECB is launching the cross-currency service on its Target Instant Payment Settlement (Tips) platform, enabling instant payments in one Tips currency to be settled in another using central bank money. Initially, this will include the euro, Swedish kronor, and Danish krone.
PARTNERSHIPS
Pipe makes strategic push into UK through GoCardless partnership. Under the partnership, Pipe's customer-friendly capital offering will be accessible via the GoCardless platform, providing simple and seamless capital access for its UK customer base.
Tinaba with Banca Profilo becomes Europe’s first FinTech to integrate Alipay+ Mini Programmes. This integration by Ant International allows Tinaba to create an open platform for third-party developers to build and publish Mini Programs within its app, establishing a new digital ecosystem for businesses of all sizes.
Nuvei and BigCommerce partner for integrated payment solutions. The partnership aims to bridge the gap between online and in-store experiences, offering a single payment processing partner. Read the full piece
M&As
Lanistar faces liquidation verdict this week. A court will soon determine whether Lanistar will face liquidation, following a winding-up petition from its landlord over unpaid rent for its London office. If Lanistar is unable to settle its debts, the court may issue a winding-up order, forcing the company into liquidation.
MOVERS & SHAKERS
Navro Europe appoints Tracey Gernon as CRO. Gernon will oversee Navro's international risk framework, with a key focus on strengthening proactive risk management across all areas as the company continues its global expansion. Continue reading
Ebury appoints Bruce Carnegie-Brown as Chair. He will work with Ebury’s leadership team to support the business’s growth and global expansion. In addition, Ana Muñoz Fenollosa has been appointed as Chief Financial Officer, replacing Jose Esteban, who stepped down as CFO and will take on a new role as Brazil Managing Director, supporting Ebury’s rapid expansion across LatAm.
Tom Adams formally appointed as Adyen’s CTO and Management Board Member. Adams will oversee Adyen's vision for its single platform, covering payments, data, and financial products. The appointment has been approved by the Dutch Central Bank and awaits shareholder approval at an upcoming EGM.
Pockit bolsters Monese acquisition with new board appointments: Gene Lockhart and Malcolm Le May. In a statement, Pockit says the appointments will “support management in the next phase of the company’s growth.” Continue reading
TransUnion appoints Madhusudan Kejriwal as CEO for UK and Europe. He will officially join TransUnion on January 2, 2025. The appointment is subject to the required regulatory approvals. Discover more