Hello TWIF UK & Europe friends,
Please find another week of fintech news, financings and exits below. If you are reading this but haven’t already subscribed, you can click below 🙏
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Highlights below of deals since the last post in the fintech space across the UK & Europe.
🇪🇺 BaaS startup BKN301 raised a €15m Series A led by Abalone Group.
🇪🇺 DeFi bridge Silta Finance raised a pre-seed round from Cerulean Ventures.
🇪🇺 Liquor investment platform Spiritory raised a pre-seed round.
🇪🇺Fraud and compliance startup Lucinity raised a $17m Series B led by Keen Venture Partners.
🇪🇺 Crypto trading platform Thalex raised a €7.5m Series A from Wintermute, QCP Capital, IMC Financial Markets, Flow Traders, Bitfinex and Bitstamp.
🇪🇺Business insurance startup Orus raised a €5m round from Partech Ventures, Portage Ventures and others.
🇬🇧 Agricultural bank Oxbury raised a further £20m.
🇬🇧Electronics subscription startup Raylo raised a €7.5m round from Octopus Ventures, Macquarie Group and Wayra.
🇬🇧Overdraft banking solution Fiinu launched on the AIM with a £53m valuation.
🇬🇧BaaS solution Griffin raised a €15m round from Notion Capital, EQT Ventures and included Plaid co-founder and Column founder William Hockey.
🇬🇧Blockchain startup Blackfridge raised a seed round from Gate Ventures and FunFair Ventures.
🇬🇧Wealth manager Rosecut raised a seed round from InReach Ventures.
🇬🇧 B2B financing fintech Sonovate secured a £165m securitisation deal with BNP Paribas and M&G Investments.
🇬🇧 Insurtech company YuLife raised a $120m Series C led by Dai-ichi Life Insurance.
Challenger Banking 🚀
🇪🇺 Neobank Bunq narrowed losses to €13.4m (from €16m in 2020) and reported deposits of €1.1bn at the end of 2021. User fee income was €32.7m.
🇪🇺 Irish fintech Money Jar is hiring 100 people over the next two years.
🇪🇺 EToro’s SPAC acquisition has fallen through.
🇬🇧 Credit card Yonder has added travel insurance for its members.
🇬🇧 Tide has launched prepaid cards for Indian SMEs.
🇬🇧 Revolut announced Revolut Reader, a POS for businesses who want to take in-person payments. Pricing rumoured to be 0.8% + £0.02.
🇬🇧Savings app Chip is to use Truelayer to streamline the savings experience for its users.
🇬🇧 Savings app Plum is working with Railsr to launch a degradable debit card.
🇬🇧 Revolut will use Stripe for its payment infrastructure in new international markets that the neobank is looking to expand into, which includes Brazil and Mexico.
🇬🇧Starling Bank has launched Bills Manager, a way for SMBs to manage their budgets.
Digital Assets ₿
🇪🇺 Coinbase is expanding across Europe to Switzerland as well as France, Italy, Spain and Netherlands.
🌍 The Lido community voted against scaling back its staking dominance of Ethereum 2.0.
🌍 BlockFi announced they secured a $400m credit line and an option to be acquired for up to $240m by FTX.
🌍 Meta is officially closing its digital wallet business, Novi.
🌍 Crypto lender Nexo has signed a term sheet to acquired the troubled Singapore firm Vauld.
🌍 Compound Finance released its v3 code, Comet, as it looks to go multi-chain.
Traditional Banking 🏦
🇬🇧 Lloyds Bank is hiring for a head of data ethics.
Fintech Infrastructure 🚧
🇪🇺 Mambu is partnering with Visa to use its debit processing capabilities which will enable Mambu to offer end to end card issuing processes.
🇬🇧 Finastra have launched an embedded lending solution for consumers when purchasing higher value items.
🇬🇧 Virgin Money have praised debt management software provider Flexys for helping it delivery the government’s loan schemes.
🇬🇧 The UK has taken the top spot for open banking adoption in Europe according to Yapily.
🇪🇺 Worldline bought a 80% stake in Eurobank’s Merchant Acquiring business in Greece.
🇪🇺 Ecommerce payments provider Paytrail and Mastercard’s open banking platform Aiia are enabling 1m open banking payments each month.
🇬🇧 BNPL provider Payl8r is calling for open banking to be required for credit assessment to ensure safer lending.
🇬🇧 Card issuer and processor Paysafe is integrating Mastercard Send into its platform.
🇬🇧 A third of UK shoppers have not completed an ecommerce transaction due to new SCA rules.
🌍 One-click checkout provider Bolt has settled its suit with one of its largest customers, Authentic Brands Group, with ABG receiving an equity stake in Bolt.
🌍 India is making its UPI and Aadhaar identity service available to other countries via API.
🌍 The FSB published its recommended KPIs to monitor progress of its goal of improving cross-border payments.
Regulatory Corner 🔎
🇪🇺 Plaid published its comments to the the review of PSD2 that the European Commission is calling for, highlighting the challenges for TPPs.
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Longer reads 📜
- Inside the Three Arrows Capital money machine - The Block
- How a fake job offer took down the world’s most popular crypto game - Ryan Weeks, The Block
- The alchemy of deposits - Patrick McKenzie
- Beware of powerful and ambitious Tigers amongst Big VCs - Efi Pylarinou
- The Money Issue - MIT Technology Review
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