Visa Sets Aside $1.5 Billion in a Litigation Escrow Account
Weekly news up to Tuesday, 1st of October 2024.
👀 NEWS HIGHLIGHT
Lending startup Figure announced today a rollout of AI tooling to make the home lending process more efficient. The company will be launching an AI tool powered by GPT-4 to help catch errors in lending documents.
Figure, founded in 2018, specializes in helping consumers secure home equity lines of credit. The company touts that its all-online process condenses a normally 45-day process to five. More than half of Figure’s business is B2B, where it’s embedded in companies like solar panel loan company GoodLeap.
💡INSIGHTS
Mastercard expands first-of-its-kind AI technology to help banks protect more consumers from scams in real time. The company updated its Consumer Fraud Risk (CFR) solution to better protect consumers from Real Time Payment scams. The AI-powered insights give more UK banks greater visibility into potentially fraudulent transactions so they can stop scams before they take place.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Fiserv, Wells Fargo to end joint venture.
⭐️ Apple in Payments Boston Consulting Group.
⭐️ Visa Sets Aside $1.5 Billion in a Litigation Escrow Account.
⭐️ Mastercard and ZOOD partner to launch the first virtual Buy Now Pay Later Card in Uzbekistan.
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FINTECH
French FinTech unicorn Qonto expands to four new markets and eyes M&A opportunities. Qonto, one of France’s fastest-growing startups in the sector, is expanding to four new European markets (Austria, Belgium, the Netherlands and Portugal). The neobank is already present in France, Germany, Italy, and Spain.
PAYMENTS
Checkout.com unveils a suite of product launches and continued 40% annual revenue growth. The company offers a suite of modular payment solutions that help businesses reduce the complexity and cost of payment processing while increasing performance and revenues. Click here for full details
Troc Vélo chooses Mangopay to manage online payments for second-hand bike sales. Through integrating Mangopay’s solutions to improve the online payment process, Troc Vélo is removing a key barrier to second-hand purchases between individuals on its platform.
Klarna teams up with Xero for BNPL payments. Klarna will allow Xero customers to pay invoices through its global payments network, getting into the payment button territory of card networks. The intention is to help small businesses by accepting payments from consumers who want a Buy Now Pay Later option.
Adyen continues to pioneer the in-person payment space with a host of new industry-defining products. Adyen has announced significant advancements in the in-person payments (IPP) landscape to enhance the payment experience for merchants and customers alike. Click here to explore more
Kriya becomes Stripe B2B pay later option in UK. Starting this month, Stripe users can offer flexible payment terms to their business buyers through Kriya. Businesses on Stripe can use Kriya to grow the volume and frequency of sales, and get paid upfront once goods have been delivered.
Klarna partners with fellow FinTech Adyen to bring BNPL into physical stores. The collaboration will make Klarna available at over 450,000 Adyen payment machines in brick-and-mortar stores. The partnership will initially launch in Europe, North America and Australia with a wider rollout planned later down the line.
Lopay partners with FinTech YouLend. This partnership integrates access to capital into Lopay’s Point of Sale (PoS) platform- helping SMEs gain a competitive edge in the UK market. Keep reading
DIGITAL BANKING
bunq, the second largest neobank in Europe, launches Stocks, a new investment product tailored for digital nomads. This comes as bunq actively gains trust in Europe, reaching 𝟭𝟰.𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 users Unlike traditional brokerages, bunq Stocks simplifies investment for beginners.
FinTech Mambu partners with Interbridge Mortgages. Together, the firms aim to deliver competitive “customer-centric mortgage products through a seamless, technology-driven approach.” Find out more
CRYPTO
Revolut is spinning out its €8.5 billion wealth management offering into a standalone app, called 𝗥𝗲𝘃𝗼𝗹𝘂𝘁 𝗜𝗻𝘃𝗲𝘀𝘁, seeking to compete against the likes of Robinhood and eToro. The app will offer nearly 5,000 assets on debut, including US and European stocks, exchange-traded funds, commodities and bonds, as well as new products such as contracts for difference.
Kraken partners German Football Club to increase crypto adoption in sports. Kraken and RB Leipzig will leverage each other’s expertise in their respective fields to inspire the next generation of football enthusiasts to explore the benefits of digital finance.
PARTNERSHIPS
Anadolubank Nederland pens five-year deal with Worldline for cloud-based instant payments solution. The collaboration will ensure Anadolubank Nederland complies with new EU instant payments regulations. Additionally, the bank will adopt Worldline’s supplementary services, including stand-in funds checks and customer sanction screening for uninterrupted service.
DONEDEAL
Mifundo lands €10M to revolutionise cross-border lending with AI. The funds will be used to develop a cross-border data platform for portable credit profiles across the EU. The company aims to create a unified EU credit market, reducing financial inequality and improving access to financial services for all European citizens.
M&As
Visa signs a definitive agreement to acquire Featurespace, a developer of real-time AI payments protection technology that mitigates fraud and financial crime risks. This acquisition will enhance Visa’s portfolio of fraud detection and risk-scoring solutions, helping clients worldwide grow and protect their businesses.
MOVERS & SHAKERS
ZEN.COM appoints Michal Boguslawski as CEO Europe to drive global payment innovation and lead the next phase of growth.
This strategic leadership progression highlights Michal’s pivotal contributions since the company's inception and sets the stage for ZEN.COM's next phase of dynamic growth and global expansion.
The appointment of Michal Boguslawski as CEO Europe marks a significant milestone for ZEN.COM. Having played a key role in shaping the company’s strategies since 2019, Michal brings extensive experience from his previous leadership roles in tech and payment giants.
Under Michal’s leadership, the team will focus on enhancing product offerings, strengthening ZEN.COM's presence in Europe, and providing exceptional value to customers. His relocation to Vilnius, Lithuania, underscores his dedication to maintaining a strong regional presence and fostering compliance and regulatory excellence.
Finastra hires industry heavyweight to head lending business. The company announced the appointment of Andrew Bateman in the role of EVP, Lending. He will be responsible for the leadership and growth of Finastra’s Lending Business Unit. More here