N26 adds BlackRock Funds to Investment Offering
Weekly news up to Tuesday, 17th of December 2024
REPORT
👀 NEWS HIGHLIGHT
UK FinTech Stenn collapsed into administration after a reference to the company in a US criminal indictment about a Russian money laundering scheme prompted its lenders to begin probing potentially suspicious transactions, according to people familiar with the situation.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ N26 adds BlackRock funds to investment offering.
⭐️ GoCardless and Endava partner to streamline bank payment solutions.
⭐️ Payment Cards Group and Black Bear launch new brand 'AbbyPay'.
⭐️ eBay and Klarna expand tie up bringing BNPL service to new markets.
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FINTECH
Curve optimizes fees to save £2.5 million a year with Checkout.com. Since 2020, Checkout.com has helped Curve overcome challenges, enhance payment performance, and cut costs. Looking ahead, Curve focuses on global expansion, new markets, and alternative payments, with Checkout. com as a key partner.
Scalapay boosts BNPL fraud prevention with Trustfull. The collaboration will strengthen fraud prevention operations across Scalapay’s extensive network of European markets, leveraging Trustfull’s platform to proactively identify fraudsters and prevent first payment defaults.
Warwick Business School launches FinTech Innovation Lab following £4.2m funding. The new facility will advance research and innovation in the UK’s FinTech and AI sectors. It is open to visiting academics, students and businesses and is fully equipped with high-specification computers, digital screens, strategic AI tools, and more.
Klarna fined $50mn and reprimanded by Swedish regulator. The regulator said on Wednesday that between 2021 and 2022 Klarna had “significant deficiencies”, such as not having any assessments of how its services could be used for money laundering or terrorist financing.
Klarna adds a dozen banks to US IPO roster as listing nears. Bank of America Corp., Barclays Plc, Citigroup Inc. and Deutsche Bank AG have been selected as so-called joint bookrunners on the Stockholm-based digital payments company’s listing, according to sources. Other banks have been tapped for junior roles on the IPO, sources said.
MNT-Halan has entered the UAE market, marking a key milestone in its rapid expansion across the region. MNT-Halan will offer innovative financial solutions, starting with Halan Advance, a secure salary financing option in the UAE, with more services to come.
Lithuania’s Finbee expands into Poland. The alternative lender will provide loans of up to PLN200,000 (£38,673) to small- and medium-sized businesses in the country for up to three years without collateral. A company called Finbee Poland has been created to manage the new Polish business.
EBA CLEARING launches latest VOP solution. The new solution provides options on the requesting and responding side, and aims to support payment service providers (PSPs) by offering verification of payee services, which aligns with the instant payments regulation (IPR).
PAYMENTS
Ecommpay Compliance expert names the themes shaping payments. The regulatory landscape for payments across Europe in 2025 is set to prioritise building trust, enhancing security and ensuring the reliability of payment ecosystems. With evolving technologies and increasing reliance on seamless payment systems, Willem Wellinghoff, Chief Compliance Officer at Ecommpay, says regulators are sharpening their focus on critical areas to safeguard the integrity of the payments infrastructure. Click here to access the full piece
Airwallex celebrates end of Formula 1 season with ‘podium finish’ for brand and partnership metrics. The leading global payments and financial platform for modern businesses, recently announced the impact of its first year of partnership with the McLaren Racing Formula 1 team, to demonstrate that winning off-track is a prerequisite for winning on-track. Discover more
Vipps MobilePay launches the world’s first alternative to Apple Pay on iPhone. From now on, Vipps users in Norway can tap their phones to pay in stores using Vipps. With this launch, Vipps MobilePay becomes the first company globally to offer a solution competing with Apple Pay on iPhone.
Worldline empowers global online businesses to succeed in the strategically important United Arab Emirates. Worldline has joined forces with Telr to launch an advanced e-commerce payment solution aimed to simplify online transactions and enable global businesses to access the dynamic market, reinforcing the UAE's role as a strategic hub for commerce in the Middle East and Africa.
Nayax enables Discover® Global Network cardholders to use their preferred payment method across EMEA. This collaboration boosts growth for Nayax and Discover Global Network, enabling Nayax customers to serve 345 million Discover Global Network cardholders and access automated payment devices worldwide.
SumUp to offer cash advance product, available in several European countries including Germany, France, Ireland, and the Netherlands. The service allows merchants to tap into funding of up to £20,000. Typically, the funds are available in just two days.
Computop ready to support payment processing for Wero acquirers. With over 25 years of experience in payment processing, Computop has now positioned itself to play a key role supporting the first banks in providing services for Wero payment acceptance.
The Payments Association calls for action to address the environmental impact of digital payments. A report by The Payments Association’s ESG Working Group shows that while digital payment emissions are small, their scale has an impact. It calls for standardizing measurement, collaboration, aligning with regulations, and tying sustainability to business goals.
OPEN BANKING
Kameo chooses Neonomics' NelloPay for Open Banking services. By connecting Kameo users to their bank accounts, Neonomics’ Nello Pay will enable faster and more efficient payments that reduce costs while optimising conversion. Read more
Ordo teams up with Eviden to launch the new payment platform. The new Open Banking solution is being piloted with the aim to facilitate direct payments between businesses and customers in real-time, providing a lower-cost alternative to direct debit and standard credit.
REGTECH
VersiFi announced it has received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial center of Abu Dhabi. Subject to final regulatory approval, VersiFi will launch a fully regulated digital asset trading solution for institutional clients from its new global headquarters in ADGM.
DIGITAL BANKING
Monzo takes its “mission into Europe in 2025.” In Monzo’s 2024 annual report TS Anil, Monzo CEO, said: “We believe every part of the world needs a Monzo so we’re focused on expanding our offering, building strategies to disrupt the US with a first-class leadership team in place."
Habib Bank Zurich (HBZ UK) partners with nCino to power an enhanced digital experience for its Buy-to-Let lending business. The partnership aims to streamline processes, enhance risk management, and improve loan origination and management through digital web, mobile, and intermediary channels.
ABN AMRO starts Achteraf Betalen (‘Pay Later’) pilot for business clients. Under this new feature, ABN AMRO guarantees payment and also takes over the merchant's debtor management. ‘Pay Later’ has been developed in collaboration with Two, a B2B tech company that provides payment solutions.
CRYPTO
Binance still to choose location for global headquarters, CEO Teng says. Binance has long said a decision on a global HQ would come soon. Revealing the location of a head office is seen as part of its push to improve transparency in the wake of criminal charges against its former CEO Changpeng Zhao.
Chainlink Labs strengthens MENA reach with Abu Dhabi Office. This development positions the blockchain interoperability leader to cater to the growing demand for decentralized finance solutions in the area. Read full article
Financial Group Oddo plans foray into swelling stablecoin market. The Paris-basedl group has been working with crypto firm Fireblocks on developing the instrument, sources said, asking not to be named as the plans are private. Oddo expects to launch the token next year, pending regulatory approval, sources added.
Bitpanda launches Fusion, a new way to trade crypto on all markets with maximum liquidity via one account. Bitpanda Fusion aggregates price data from crypto exchanges, market makers, and liquidity providers to provide competitive buy and sell prices in one platform.
PARTNERSHIPS
Google Cloud and Swift have partnered to build an AI-powered fraud detection capability. The new tool aims to support the financial industry in tackling sophisticated financial crime and help prevent cross-border payments fraud. Rhino Health and Capgemini will support the partnership with secure AI tools and seamless integration.
DONEDEAL
Amsterdam’s Next Sense secures €11.5M to decarbonise real estate. The funding will help the company enhance its platform, which combines real-time monitoring, AI-driven controls, and advanced building simulations to optimise energy use, meet ESG standards, and improve occupant experiences.
Upvest, Europe’s leading investment API, has raised a €𝟭𝟬𝟬𝗺 Series C round led by Hedosophia and joined by Sapphire Ventures. With this funding, Upvest will accelerate the expansion into the UK following their recent FCA-approval and will extend its product suite for global financial institutions to propel the company towards their goal of empowering 100 million people to invest.
M&As
LexisNexis Risk Solutions announces definitive agreement to acquire IDVerse. The acquisition will integrate IDVerse's capabilities across solutions and will enhance customer readiness for future fraud threats through advanced AI-powered solutions. Read on
Equals Group agrees to acquisition by investor consortium incl TowerBrook, J.C. Flowers, and Railsr shareholders, at approximately £𝟮𝟴𝟯 𝗺𝗶𝗹𝗹𝗶𝗼𝗻. The deal, valued at approximately £283 million, will see Equals shareholders receive 140 pence per share, which includes a 135 pence cash consideration and a 5 pence special dividend.
French regulator approves Ageras' takeover of Shine from SocGen. The approval allows Shine to offer bank accounts and payment services under its own license, presenting a unique opportunity for expansion into Ageras' home markets and beyond as part of Shine's pan-European growth plans starting in 2025.
MOVERS & SHAKERS
Curve appoints ethical consumer lending experts Robert Pasco and Ash Woolf to drive rorward credit innovation. Their arrival brings extensive expertise in credit innovation and risk management to Curve, strengthening the company’s mission to transform credit accessibility and pioneer cutting-edge products across the UK and Europe.
Santander hires Nitin Prabhu as global head of Digital Consumer Bank. Nitin, formerly PayPal's head of Product for SMBs and Financial Services, will join Santander in early 2025 (pending regulatory approval). Based in Madrid, he will report to the group executive chair.
FinTech software and payments veteran Simon Black joins ClearCourse Board. This appointment comes at an exciting time for ClearCourse, as the company expands its UK market presence while continuing to provide mission-critical products and services to help customers manage and grow their businesses.