The Rise Of Spend Management FinTechs In The EU and UK
Weekly news up to Tuesday, 9th of July 2024.
👀 NEWS HIGHLIGHT
Africhange, a global remittance services provider, has launched its operations in the UK, offering more efficient, cost-effective and reliable solutions for individuals to send and receive money internationally.
Starting with the UK-Nigeria corridor and expanding to include Ghana and Kenya before the end of the year, Africhange’s new Authorised Payment Institution License will underpin the delivery of a range of payment solutions, including remittance services, for UK users.
With Africhange, students enrolled in UK universities can get discounted exchange rates on top of the market-leading rates available to the general public.
📰 ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ The Rise of Spend Management FinTechs in the EU and UK.
⭐️ Germany Still Holds $1.3B Worth of Bitcoin, Blockchain Data Show.
⭐️ ezbob Announces Galia Goldstein as New Chief Product Officer.
⭐️ Visa, Mastercard to extend non-EU card fee caps to 2029, EU says.
FINTECH
Wirecard’s former CFO claims limited dealings with business after 2017. Burkhard Ley says he had only a minor role after he retired, in his first public remarks since the group collapsed 4 years ago.
The UK's Football Club Millwall Signs Multi-Year Deal with FinTech Startup MyGuava. This partnership represents Millwall's first change in front-of-shirt sponsorship since 2019. MyGuava, a payment platform app owned by global FinTech firm Guavapay, offers users solutions for managing and spending money and financial management tools.
AIM-listed FinTech Equals Group has notched a jump in revenue for the first half of 2024, helped by “strong growth” in its solutions platform, as it readies for a possible takeover offer.
PAYMENTS
Cardstream has announced its partnership with Mastercard to roll out its new Click to Pay service to Cardstream customers globally.
Paytech Nexi, has signed a new collaboration with Amazon.it, enabling customers to make purchases using Bancomat Pay. Through the collaboration, Nexi becomes a technical provider for Amazon.it, making its technology platform available to the e-commerce site.
Zimpler And Swish Partnership Boosts Merchant Payment Efficiency And Growth. This collaboration will provide Zimpler’s merchants with an optimized payment solution combining the strengths of Zimpler’s account-to-account (A2A) payments and Swish’s seamless transaction capabilities.
CRYPTO
Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules. Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in compliance with MiCA.
DONEDEAL
Triver raises further £2.5m to expand instant access to working capital for UK SMEs. TRIVER is transforming how these businesses access short-term working capital, leveraging Open Banking data and sophisticated AI.
Family finance app Bling raises $12 million. Starting out as an app with a payment card that gives parents full control over their child's spending, the platform now includes digital solutions in the areas of payment, investment and mobile communications for the whole family.
FreeBnk Raises $3M in Funding. The company intends to use the funds to support ongoing research and development to create its app that enhances accessibility, security, and customization, used specifically to the needs of those new to digital asset investment.
The founder of Revolut is to cash in part of his multibillion dollar stake in the company as part of a $500m (£391m) share sale. Sky News has learnt that Nik Storonsky, who is the FinTech giant's chief executive, plans to offload stock worth tens or even hundreds of millions of dollars in the secondary deal in the coming weeks.
M&As
ABN AMRO completes acquisition of BUX, BUX becomes a subsidiary. This strategic acquisition marks a significant step for both ABN AMRO and BUX in the retail investment space.
German FinTech Vivid Money buys Pile’s treasury solution. The mobile banking platform announced the launch of Vivid Business in January to combine corporate and personal financial management into one app.
German digital tax filing platform Taxfix has entered into a definitive agreement to acquire UK accountant-assisted digital tax filing company TaxScouts.