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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Meet me at the crossroads - (03/04)

Meet me at the crossroads - (03/04)
Which european city is this?

Hello TWIF UK & Europe friends,

Please find another week of fintech news, financings and exits below.

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Funding ๐Ÿ’ธ

Highlights below of deals since the last post in the fintech space across the UK & Europe.

๐Ÿ‡ช๐Ÿ‡บPayments provider Open Payments raised a โ‚ฌ3m round led by Industrifonden and included Sony Financial Ventures, Global Brain and others.

๐Ÿ‡ช๐Ÿ‡บ Danish farming fintech Agreena raised a โ‚ฌ46m Series B from HV Capital, Anthemis and others.

๐Ÿ‡ช๐Ÿ‡บ Wearable payments fintech wearonize raised a โ‚ฌ1.9m round from Companisto.

๐Ÿ‡ช๐Ÿ‡บCrypto hardware provider Ledger raised a $109m Series C.

๐Ÿ‡ช๐Ÿ‡บ Crypto cashback and loyalty solution Lyzi raised a $512k round.

๐Ÿ‡ช๐Ÿ‡บ Insurtech Koala Insurance raised a โ‚ฌ2m seed round from Insurtech Gateway, Slimmer AI, Uneti Ventures and Sterling Oak.

๐Ÿ‡ฌ๐Ÿ‡ง Loyalty solution Bink secured ยฃ9m in funding from Barclays and Lloyds.

๐Ÿ‡ฌ๐Ÿ‡งSynthetic data solution Hazy raised a $9m Series A from investors including Nationwide, Wells Fargo, Logo Ventures and Sarus Capital.

๐Ÿ‡ฌ๐Ÿ‡ง Climate data fintech Connect Earth raised a ยฃ4.65m round led by Gresham House Ventures.

๐Ÿ‡ฌ๐Ÿ‡งPayments fintech Paytrix raised a $18.3m Series A co-led by Unusual Ventures, Motive Partners and Bain Capital Ventures.

๐Ÿ‡ฌ๐Ÿ‡ง Trade finance fintech Finverity raised $5m after seeing 15x revenue growth last year from B&Y Venture Partners, Acrobator Ventures, Outward VC and S16 Angel Fund.

๐Ÿ‡ฌ๐Ÿ‡งFinancial analytics provider Essentia Analytics raised a ยฃ3m round from Hambro Perks.

๐Ÿ‡ฌ๐Ÿ‡งMulti-entity banking platform Translucent raised a ยฃ2.7m pre-seed round led by LocalGlobe and included angels Craig Walker and Gary Turner (Xero Co-founders).

๐ŸŒ Singaporean cross border payments provider Thunes raised a $30m Series C from Marshall Wace.

Challenger Banking ๐Ÿš€

๐Ÿ‡ช๐Ÿ‡บNeobroker Nextmarkets is selling all of its subsidiaries and assets.

๐Ÿ‡ฌ๐Ÿ‡ง Atlantic Money has complained to the EU about being delisted from Wise's price comparison engine.

๐Ÿ‡ฌ๐Ÿ‡งClimate fintech Clim8 is closing after failing to raise new funding.

๐Ÿ‡ฌ๐Ÿ‡งTide has hit 500,000 customers, six years after launching with over 100,000 being female-led SMBs.

๐Ÿ‡ฌ๐Ÿ‡ง Fintech super app Curve has lost its CFO and General Counsel recently, with both leaving on good terms.

๐Ÿ‡ฌ๐Ÿ‡งFT reported that Revolut's board is frustrated with the company's statement about its latest audit report from BDO which portrayed it as a clean bill of health when it was far from it.

๐ŸŒ Bank owned Early Warning Services, the operator of the Zelle bank transfer service in the US is to pilot a digital wallet called Paze, designed to compete with CashApp, Apple Pay and PayPal with another button at checkout.

๐ŸŒ Mizho and Line have scrapped their plans for a mobile bank.

Digital Assets โ‚ฟ

๐Ÿ‡ช๐Ÿ‡บ is departing Germany due to regulatory problems with an investigation from Bafin coming.

๐Ÿ‡ฌ๐Ÿ‡งGovernment plans for an NFT by the Royal Mint have been ditched in a blow to Prime Minister Rishi Sunak.

๐ŸŒ Binance employees knowingly coached users from the US and China evade its KYC controls and has been hit with a lawsuit from the CFTC. It also suffered a spot trading glitch and was forced to stop all trading for a few hours.

๐ŸŒ Coinbase's Wells Notice from the SEC is in relation to its staking products with it likely the exchange takes the battle to court.

๐ŸŒ SBF has been charged with trying to bribe Chinese officials.

๐ŸŒ Disney has stopped work on its Metaverse project amid company layoffs.

Traditional Banking ๐Ÿฆ

๐Ÿ‡ช๐Ÿ‡บ German banks are trying to claim back โ‚ฌ2bn they paid into a German restructuring fund which is now redundant given the European-wide Single Resolution Fund but is being withheld by Bafin and Bundesbank.

๐Ÿ‡ช๐Ÿ‡บ5 banks were raided by French authorities who are investigating a โ‚ฌ100bn fraud. ย Soc Gen, BNP, Natixis, HSBC and Exane were all part of the raids.

๐Ÿ‡ฌ๐Ÿ‡งBarclays is closing another 14 branches this year, on top of the 55 already set for closure.

๐Ÿ‡ฌ๐Ÿ‡ง Lloyds is launching a fintech program to look for potential partnerships called "Launch Innovation".

๐Ÿ‡ฌ๐Ÿ‡งLloyds and NatWest are closing 80 branches between them. Lloyds is closing 39 sites across its Lloyds, Halifax and Bank of Scotland branches, whilst Natwest is closing 40 and RBS two.

๐ŸŒ Regional bank First Citizen has acquired the deposits, loans and branches of SVB.

๐ŸŒ Singaporean financial institution DBS is in hot water with the Monetary Authority of Singapore because of a second outage in less than two years.

๐ŸŒ The Fed is weighing a "special assessment" levy on banks to protect the deposit insurance in the wake of Signature Bank and SVB collapses. ย They are also debating limiting the burden on smaller banks by focusing the levy more on large banks.

๐ŸŒ Bank of America has seen 10m user for its life planning tool in the two and a half years since launch.

๐ŸŒ Bloomberg has released BloombergGPT, a LLM for public financial data.

Fintech Infrastructure ๐Ÿšง

๐Ÿ‡ฌ๐Ÿ‡ง GoCardless has signed Plend as a customer for its VRP solution.

๐Ÿ‡ฌ๐Ÿ‡ง A report from Coadec has reported that Open Banking in the UK, despite creating nearly 5,000 jobs and over ยฃ4bn in value, is a a "vital crossroads". SMEs account for 750k of the 7m users of open banking, making the penetration higher than for consumers.

๐Ÿ‡ฌ๐Ÿ‡ง Salt Edge has signed ING Bank as a customer.

๐Ÿ‡ฌ๐Ÿ‡ง Open banking platform Bud has expanded to the US with a new executive team after a recent fundraise.

๐ŸŒ Brazil payments and banking platform Pismo is up for sale with Visa and Mastercard rumoured to be interested.

๐ŸŒ Real-time data fraud monitor startup, Oscilar, has emerged from stealth and previously raised $20m in funding.

Payments ๐Ÿ’ฐ

๐Ÿ‡ช๐Ÿ‡บKlarna is to integrate ChatGPT to provide consumers with product recommendations.

๐Ÿ‡ช๐Ÿ‡บBillie and Mollie have partnered to bring BNPL to the formers B2B payment customers.

๐Ÿ‡ช๐Ÿ‡บPOS giant Ingenico has acquired mPOS provider Phos.

๐Ÿ‡ฌ๐Ÿ‡ง SMB payments provider Equals Group acquired Oonex, based in Belgium, to expand to Europe.

๐Ÿ‡ฌ๐Ÿ‡ง The number of open banking payments surged from 25m in 2021 to 70m in 2022.

๐ŸŒ The FTC wants to help consumers have the option to "Click to Cancel" subscriptions.

๐ŸŒ Apple Pay Later has launched in the US to allow users to split purchases into four payments across six weeks with limits between $50 and $1,000. It is working with Goldman Sachs and Mastercard for the project.

๐ŸŒ Singapore and Malaysia are to link up their payment systems to enable cross border purchases using QR codes.

Longer reads ๐Ÿ“œ

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See you next week!