This Week in Fintech UK & Europe (03/10)

This Week in Fintech UK & Europe (03/10)

Hello TWIF UK & Europe friends,

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


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Tweet of the week πŸ¦‰πŸ†


Funding πŸ’Έ

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

πŸ‡ͺπŸ‡Ί Italian payments company Satispay raised a €320m Series D round led by Addition.

πŸ‡ͺπŸ‡Ί Business planning startup Pigment raised a $65m Series B from Institutional Venture Partners and Meritech Capital Partners.

πŸ‡ͺπŸ‡Ί Worldline is acquiring a 40% stake in Dutch PSP Online Payment Platform.

πŸ‡ͺπŸ‡Ί Employee insurance and benefits provider Yonder raised a €2.7m seed round led by Northzone and Frontline Ventures.

πŸ‡ͺπŸ‡Ί Neobank myTU raised a €5m seed round from angel investors.

πŸ‡ͺπŸ‡Ί Savings solution for Lebanese citizens Masref raised a seed round led by Sequoia Capital and others.

πŸ‡ͺπŸ‡Ί FinOps provider Regate raised a €27m Series A led by Valar Ventures.

πŸ‡ͺπŸ‡Ί NFT minting platform Epsiloom raised a €150k seed round from Demium Capital.

πŸ‡¬πŸ‡§ Blockchain based payments company Fnality International is seeking a Β£50m Series B with Nomura investing.

πŸ‡¬πŸ‡§ Pension calculator Guiide raised Β£200k in early funding.

πŸ‡¬πŸ‡§ Travel debit card provider Currensea raised a Β£2.4m round from 1818 venture capital and Blackfinch Ventures.

πŸ‡¬πŸ‡§ Digital mortgage lender Perenna raised a $30m Series A from IAG Silverstripe.

πŸ‡¬πŸ‡§ Liberis raised a new Β£140m debt financing from Barclays and BCI Finance.

πŸ‡¬πŸ‡§ Embedded finance fintech Toqio raised a €20m Series A funding round from SpeedInvest, SIX FinTech Ventures and others.

πŸ‡¬πŸ‡§ Bank treasury solution Finteum raised a Β£1.3m seed round led by SuperSeed Ventures.

🌍 Australian embedded finance platform Shaype raised A$33m in a Series C led by Regal Funds Management.

🌍 Nova Credit has received $10m in investment from HSBC.

🌍 B2B payments outfit Billtrust is being acquired by EQT Private Equity.

Challenger Banking πŸš€

πŸ‡ͺπŸ‡Ί Credit card startup Moss has laid off 70 people, 15% of its workforce.

πŸ‡ͺπŸ‡Ί Neobroker Trade Republic has hit 2m customers, putting it nearly on par with rival FlatexDegiro.

πŸ‡ͺπŸ‡Ί Public.com is acquiring neobroker Bux.

πŸ‡¬πŸ‡§ Revolut has continued its international expansion by adding Mexico and Brazil and also secured FCA approval for its crypto service.

πŸ‡¬πŸ‡§ Funding Circle has secured a Β£700m lending deal with Bayview Asset Management.

πŸ‡¬πŸ‡§ Fintech lenders Habito, Atom Bank and Molo Finance have pulled their mortgages alongside many other lenders.

Digital Assets β‚Ώ

πŸ‡ͺπŸ‡Ί Crypto.com has got regulatory approval as a Digital Asset Service Provider (DASP) in France.

πŸ‡ͺπŸ‡Ί A digital Euro will take at least until 2026 to arrive according to the ECB.

πŸ‡¬πŸ‡§ Curve is to launch a crypto rewards program.

πŸ‡¬πŸ‡§ Plum and BitPanda have announced a partnership to provide crypto trading services to Plum customers.

🌍 Crypto exchanges in the Canadian market are consolidating with Coinsquare buying rival CoinSmart.

🌍 Uniswap appears to be working on new products to target volumes on centralised exchanges like Binance and Coinbase.

🌍 Celsius Network is considering plans to turn its debt into tradable IOU tokens. Its CEO also resigned this week.

🌍 Walt Disney Company is looking to explore technology opportunities including NFTs.

🌍 Police in Brazil raided six crypto exchanges as part of an investigation into tax evasion and money laundering.

🌍 Stripe is expanding its crypto support by offering USDC payments for freelancers.

🌍 Wealth manager Betterment is partnering with Gemini to offer crypto investing portfolios to its customers.

🌍 FTX US has won the bid to buy Voyager Digital for $1.4bn.

🌍 Crypto lender Nexo Group has faced action from state regulators regarding its Earn Interest Product which has not been registered as a security.

🌍 Coinbase shares dropped after Wells Fargo issued a warning on their profitability.

🌍 Circle is acquiring payments orchestration platform Elements to boost crypto payments adoption.

Traditional Banking 🏦

πŸ‡ͺπŸ‡Ί Silicon Valley Bank UK is expanding its presence in the Nordics with an office in Stockholm.

πŸ‡¬πŸ‡§ Chase UK has hit the Β£10bn deposit milestone alongside announcing it has 1m customers.

πŸ‡¬πŸ‡§ HSBC is integrated banking services into NetSuite Accounts Payable Automation.

Fintech Infrastructure 🚧

πŸ‡ͺπŸ‡Ί SWIFT is to roll out a new service to give full transparency in post-trade processing after a successful pilot. The new service will help prevent settlement failures by better tracking the post-trade lifecycle and allow early detection of issues.

πŸ‡¬πŸ‡§ Open Banking platform Sync has gone into administration.

πŸ‡¬πŸ‡§ Mobile payment service Paym is being shut down due to declining usage.

Payments πŸ’°

πŸ‡ͺπŸ‡Ί Belgian banks continue to try to bring their Payconiq payment startup into a slimmed down version of EPI despite its unsuccessful wallet tender application.

πŸ‡ͺπŸ‡Ί Adyen has launched two new POS terminals, NYC1 for businesses with existing hardware and AMS1 for businesses that want one central device to manage operations.

πŸ‡ͺπŸ‡Ί Dutch payments provider Mollie is getting into lending with Mollie Capital.

πŸ‡¬πŸ‡§ Payments fintech Volume has exited stealth mode by launching β€œPay Now Spend Less” solution.

πŸ‡¬πŸ‡§ POS provider myPOS has secured a EMI licence from Central Bank of Ireland.

🌍 Research from Marqeta’s State of Credit Report 2022 shows 57% of consumers it surveyed across the US, Australia and UK rely on credit to cope and 37% struggle to make minimum monthly credit card payments.

🌍 Amazon and Affirm have extended their payment partnership to Canada.

🌍 DoorDash has launched a co-branded credit card with Chase in the US.

🌍 Shopify has launched POS Go, a hardware solution for merchants to make a sale anywhere.

🌍 Square is launching tap to pay on iPhone in the US.

🌍 Bloomberg reported that Apple’s Pay Later is facing significant setbacks and its rollout is delayed.

Regulatory Corner πŸ”Ž

πŸ‡¬πŸ‡§ The Payment Systems Regulator is proposing that all APP fraud victims get a full reimbursement in all but exceptional circumstances.

🌍 The CFPB is suing lender MoneyLion for illegally charging service members in a violation of the Military Lending Act.


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