UBS Investigates Undisclosed Nazi-linked Accounts at Credit Suisse
Weekly news up to Tuesday, 7th of January 2025
👀 NEWS HIGHLIGHT
New research commissioned by inclusive global payments platform Ecommpay found that 61% of e-commerce merchants would ‘definitely’ choose a payment provider based on their commitment to ESG.
A further 38% said they might do so. The sustainability values of a potential partner have at least some influence over all respondents; 41% said they are strongly influenced, and 53% somewhat.
When asked for opinions on the sustainability of specific payment providers, between 86% and 94% of respondents agreed that Ecommpay (90%) and five other named providers are sustainable, care about society and/or do good for society.
📰 ARTICLE OF THE WEEK
➡️ Hard 🆚 Soft Card Declines, by Spell
Here is what you need to know:
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Zilch Reports Over 4.5 Million Customers, Steady YoY Revenue Growth.
⭐️ Pepperstone sponsors Aston Martin Aramco Formula One Team.
⭐️ UBS investigates undisclosed Nazi-linked accounts at Credit Suisse.
⭐️ ABN Amro's Tikkie payments reach record 7.4 billion euros in 2024.
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FINTECH
Dave faces lawsuit over hidden fees. The Department of Justice (DOJ) and the Federal Trade Commission (FTC) filed a civil enforcement action against financial technology company Dave Inc. The lawsuit claims the company engaged in deceptive practices, including hidden fees, misleading advertising, and unclear cancellation mechanisms for recurring charges.
What’s next for European FinTech? Sifted asked industry experts for their top predictions for 2025, highlighting key trends and innovations set to shape the sector in the year ahead. Explore the full article
Regulation, Deals and Crypto: FinTech Themes to Watch in 2025. The FinTech industry is seeing renewed optimism in 2025 as interest-rate cuts, FinTech stock recoveries, and a looser regulatory environment signal brighter prospects. Industry insiders anticipate momentum from technologies like stablecoins and expect an uptick in capital raising, acquisitions, and public listings.
REGTECH
Klarna CEO disputes Swedish regulator after fine. Sebastian Siemiatkowski, Klarna CEO, said the regulator, known as FI, had a “strange role as police, prosecutor, and court,” after the buy now, pay later firm decided it would not appeal against the $50M fine it received for breaking anti-money laundering rules.
HighRadius Patents AI Document Capture Tech. HighRadius announced that it secured an exclusive patent by the U.S Patent and Trademark Office for a Machine Learning (ML)-based system and method for correcting image data. The new approach significantly “reduces the need for manual verification, while enhancing accuracy.”
PARTNERSHIPS
Doconomy partners with KBC for youth financial wellbeing. Doconomy’s savings module helps users set personalized goals and develop sustainable saving habits. This collaboration aligns with KBC’s focus on empowering younger generations. The initiative combines financial and environmental sustainability in banking.
M&As
Coinbase acquires BUX's Cyprus unit. The crypto exchange renamed the entity Coinbase Financial Services Europe, according to Finance Magnates. Through this acquisition, Coinbase has obtained a Cyprus Investment Firm (CIF) license, allowing it to offer contracts for differences (CFDs) products.
SBI acquires majority stake in Solaris. SBI’s €100 million investment will bring the total funding to €150 million. Additional financing through AT1 bonds is part of the deal. Solaris confirmed a coordinated financing concept has been submitted to shareholders for approval. The agreement is expected to be finalized this month.
MOVERS & SHAKERS
Freetrade co-founder Davide Fioranelli returns as a Non-Exec Director. Fioranelli has returned following a four year absence. The firm experienced a tough period, posting a £13.9 million loss in 2023, but has shown signs of improvement in 2024.