Temasek Launches $7.5b Private Credit arm for Global Investments
Weekly news up to Tuesday, 10th of December 2024
👀 NEWS HIGHLIGHT
Mambu, a leading cloud banking platform, has announced the acquisition of Numeral, a French payment technology provider for banks and fintechs.
The acquisition strengthens Mambu's position as an industry leader, in a move that underscores market confidence and growing demand for modern financial experiences. The addition of advanced payment capabilities represents a significant investment in the next phase of Mambu's growth as an established market player.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Trading Platform eToro Taps Goldman Sachs As it Plans US IPO.
⭐️ Temasek launches $7.5b private credit arm for global investments.
⭐️ The PayFit founders factory: Meet 18 employees-turned-founders.
⭐️ Visa Blocks 410% More Suspected Fraud This Black Friday, As Fraudsters Target Uk Shoppers.
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FINTECH
FDIC pushes for transparency in Bank-FinTech partnerships, focusing on better tracking of customer funds and accurate record-keeping. The proposed rule requires banks to reconcile custodial account deposits daily. Feedback deadline: Jan. 16, 2025.
Britain and Qatar to formalize financial services cooperation. The companies were expected to sign a memorandum of understanding on Wednesday (Dec. 4) to promote cooperation in financial services, focusing on the development of sectors such as FinTech and green finance.
Sage debuts AI tools for small business accounting teams. Sage has launched its AI tool, Sage Copilot, to help SMBs streamline accounting tasks, offering support for budgeting and financial queries. Available for early adopters in the U.S. and U.K., it aims to boost productivity, compliance, and focus on growth.
FinTech firm Clear Street joins London Metal Exchange as floor-dealing broker. The NY-based company has obtained regulatory approvals to set up a UK trading operation, and is joining the LME as part of a broader expansion drive across Europe, the Middle East and Asia, it said in a statement on Wednesday.
FullCircl launches unified onboarding platform for companies and their directors. SmartOnboard is a compliance platform that streamlines customer verification, including KYB, PEPs, sanctions, adverse media, KYC, email risk, and document checks. It simplifies the onboarding process, ensuring a smooth corporate experience.
Justt launches AI-Powered Platform Upgrade. The new release introduces centralized chargeback approval and multilingual dispute management, empowering businesses to navigate global chargebacks with greater efficiency and control.
Mid Takseet rebrands as MOGO, increases capital to $4.51mln. The rebranding aims to boost market share and attract new customers, aligning with Egypt’s Vision 2030 goals for digital transformation and financial inclusion. Continue reading
US explores feasibility of settlement network for multi-asset transactions. The proof-of-concept for the Regulated Settlement Network (RSN) demonstrated the potential of shared ledger technology to enhance multi-asset and cross-network transaction settlements for U.S. dollar and regulated securities users domestically.
PAYMENTS
Ecommpay streamlines payouts where beneficiary details unknown with new Payouts via Hosted Payment Page. The new Payouts via Payment Page solution offers an efficient way to process payouts to payment cards, as well as deposits to Apple Pay and Google Pay. This advanced solution is an industry first and game-changer for businesses where senders don’t have the beneficiary's details.
More record-breaking Black Friday Cyber Monday weekend stats: Total sales by Shopify merchants reached $𝟭𝟭.𝟱𝗕 𝗯𝗶𝗹𝗹𝗶𝗼𝗻, up 24% from the $9.3 billion in 2023. People around the world showed up to support Shopify merchants and their favourite brands. More here
myTU issues business Visa debit card, built to simplify expense management for businesses of all sizes across the EEA. Raman Korneu, CEO said: “We created this new offering to help businesses streamline expenses and scale efficiently.”
Buy Now, Pay Later has almost a billion reasons to celebrate the season. BNPL spending reached $991 million on Cyber Monday, setting a record, with total holiday-season BNPL spending projected to hit $18.5 billion. While shares of Affirm, Block, and Klarna rise, BNPL's retail spending share has modestly increased, reaching 7.7%.
Mastercard reaches 'agreement in principle' to settle mass UK fees case. Mastercard faced a landmark lawsuit led by consumer advocate Walter Merricks on behalf of 46 million UK adults. After a five-year legal journey, it became the first mass consumer action approved in the UK, reaching the Supreme Court. More on that here
French FinTech Hero secures payment institution licence from ACPR. Having obtained its ACPR licence, Hero is set to expand its presence across Europe. The company has also launched an all-in-one business account that includes a Visa.
Tribe powers up Ribbon’s issuer processing, enabling its UK launch. Ribbon will leverage Tribe’s Risk Monitor platform to assess card transactions in real-time, ensuring customer protection and compliance with AML requirements for EMI license holders.
PayPoint and Lloyds join forces to empower the nation’s 60,000+ SMEs with new payments offering. This collaboration aims to enhance merchant support and accelerate growth, delivering better tools and services to their SME and retailer partners.
dLocal and Spreedly strengthen partnership to expand global payment access in emerging markets. This renewed partnership will focus on enabling Spreedly customers to enhance capabilities and coverage in Africa and APAC, where dLocal has established a strong payments presence.
IXOPAY merges with Aperia to bolster payment compliance. This partnership creates a secure, compliant, and scalable payment solution to address rising cyber threats and complex regulations, meeting the demand for enhanced transaction security and streamlined operations.
OPEN BANKING
tell.money partners with Enfuce to deliver PSD2-compliant open banking services for their customers. This collaboration marks a significant milestone in the open banking landscape, enabling Enfuce to deliver seamless, PSD2-compliant services that meet the diverse needs of their customer base with agility and efficiency.
REGTECH
5 most common fraud methods in 2024, according to AIB. Allied Irish Bank is urging customers to remain vigilant against fraud, especially as people take time off to relax over Christmas, and has revealed the five most common fraud methods seen in 2024.
DIGITAL BANKING
Revolut boss says listing on London stock market is ‘not rational’. Stamp duty on shares means Britain ‘can’t compete’ with US, he warns: “The problem with the UK – if you think about the UK versus the US – is the US is much more liquid [and] trading in the US is free. Explore now – Click here to learn more
La Banque Postale launches 'impact' bank card in collaboration with WWF France. The bank's impact card - made from recycled PVC - is available on the Visa Classic and Visa Premier ranges at current rates. An additional €5 annual fee for the card will be donated in full to WWF France.
Chetwood Bank partners with Sandstone Technology to accelerate the launch of a new digital savings platform. This collaboration between Chetwood Bank and Sandstone Technology delivers a fully integrated savings solution, meeting urgent market demand and compliance requirements in record time.
Plumery enhances mobile banking applications with UI/UX Factory. The software has been pre-integrated in Plumery’s existing digital banking services, and aims to reduce time-to-market for banking app development while maintaining control over design and functionality.
NatWest Group Innovation team launches new FinTech Growth Programme. The programme supports NatWest’s ambition of leading the future of banking with the hope that some of the participants will help drive the bank’s innovation pipeline. Read on
WealthKernel taps Griffin to expand Its product portfolio with savings accounts. This partnership enables WealthKernel to embed savings accounts into its API, offering FinTechs and wealth managers a streamlined way to support diverse wealth-building goals and timelines.
Barclays reaches $19.5 million settlement over a securities fraud lawsuit in Manhattan. Shareholders claimed they lost money after Barclays sold $17.7 billion more debt than regulators allowed. The bank admitted the overissuance was a preventable mistake.
UK FinTech Stenn to 'defend against' HSBC Innovation Banking application to put the startup into administration. The application consists of two filings, which were both submitted recently, relating to two companies under the wider company umbrella of the Stenn group. In each filing HSBC Innovation Bank is listed as an applicant for Stenn.
Santander launches online pension that offers up to £1,000 cashback. The bank has introduced a self-invested personal pension (SIPP) with up to £1,000 cashback for investments made by April 25, 2025. The SIPP offers customers greater control over pension savings, with an advisory service planned for next year.
Revolut applies for New Zealand Banking license and launches eSIM in Singapore. Revolut has applied to the Reserve Bank of New Zealand for a banking license, as it aims to challenge banks' savings and lending products. Additionally, the company has launched eSIMs in Singapore, allowing customers to avoid unexpected roaming charges while traveling in the region.
CRYPTO
eToro expands crypto staking programme with addition of NEAR Protocol and Polygon. Users can earn rewards by holding these assets. Opening a NEAR or POL position automatically opts users into staking, with monthly emails detailing rewards earned and their calculation.
Coinbase One just hit 600,000 members across 42 countries, offering benefits like zero trading fees, boosted rewards, and free gas on Base. A new premium tier introduces unlimited fee-free trading and enhanced perks to cater to diverse trader needs.
The Digital Pound Foundation to Join the Innovate Finance Community to Drive Forward the UK’s Vision for Digital Money. By bringing the DPF within the Innovate Finance community, the two organisations will advance a shared vision for developing the UK as the leading global centre for digital assets and digital money.
PARTNERSHIPS
Avaloq and Quadient partner to elevate client communications for financial services. The partnership aims to enhance customer communications management (CCM) for the financial services industry, with Avaloq selecting Quadient Inspire as its standard CCM solution, seamlessly integrating it into the Avaloq platform.
Crypto.com and Mastercard collaborate to scale digital payments in GCC region. This initiative focuses on scaling financial innovation in the region, promoting the adoption of cryptocurrencies, and providing secure, efficient payment infrastructure.
Santander and Pemberton agree on a strategic partnership to launch Invensa, a new company focused on providing large and mid-sized corporates with supply chain inventory solutions, enabling scalable, efficient inventory financing and management.
Gatehouse Bank enters home finance partnership with ColCap UK. The collaboration with Gatehouse Bank allows ColCap UK to diversify and expand into new market segments. The agreement also includes a sale of circa £100 million of Gatehouse Bank’s beneficial interest in its existing home finance portfolio.
Valu-Trac selects Temenos Multifonds SaaS to scale fund administration and transfer agency business in the UK. With the implementation of Temenos Multifonds, Valu-Trac can introduce automated workflows with exception-based management, significantly enhancing the efficiency of their fund operations.
DONEDEAL
London’s Synthera raises €1.7M to transform financial market analysis with GenAI. The company will use the funds to accelerate product development, expand its team of engineers and data scientists, and collaborate with financial institutions to pilot its technology.
Brighty raises $10M for crypto-integrated digital banking platform. Brighty is a personal finance app that combines traditional digital banking experience with stablecoins and decentralised finance. The funds will be used to expand the company’s presence in Europe and the UK.
Early Revolut crowdfunders are in line for 𝟰𝟬𝟬𝘅 return on investment. Shares bought at $2.14 in 2016, now worth $865.42. The British start-up’s early backers, including participants in two crowdfunding rounds, have been offered the chance to sell down their holdings in a secondary share sale.
Zopa Bank raises $86 million ahead of current account launch. Zopa did not disclose its valuation, but said it retained its $1 billion unicorn status. “This capital allows us to maintain the growth trajectory that we have been on,” Chief Executive Officer Jaidev Janardana said in an interview with Bloomberg News.
M&As
British payments firm Sokin has announced its acquisition of Norwegian FinTech Settle Group AS for an undisclosed sum. Sokin's acquisition strengthens its technological capabilities and supports its growth strategy, enhancing its flagship product, Sokin Pay, while advancing its vision to transform international payments.
Mambu acquires payment technology provider Numeral, bolstering its market position to target new growth opportunities. Mambu’s acquisition of Numeral supports its strategic aim to enhance payment capabilities, drive market expansion, and align with long-term growth plans.
EQT is working with investment bank Financial Technology Partners / FT Partners to find buyers for payments-services provider Banking Circle, which could fetch $𝟯 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝘁𝗼 $𝟰 𝗯𝗶𝗹𝗹𝗶𝗼𝗻. A sales process for the Luxembourg-based company is slated to kick off in the first quarter of 2025, according to a source who spoke to Bloomberg on condition of anonymity, the details are not public.
MOVERS & SHAKERS
Philip Symes joins Checkout.com as interim Chief Financial Officer. Philip brings extensive experience in payments, notably as CFO of Visa Europe for 10 years, and will support Checkout's international expansion into regions such as Brazil and Canada.
xMoney Global names Greg Siourounis as co-founder and CEO. His immediate focus will be on “partnerships, regulatory alignment and market expansion”, according to a company statement, including the launch of a blockchain-as-a-service module and stablecoin programme.