Happy Easter 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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Huge congrats this week to Nala Money founder Benjamin Fernandes as their team completed their first test transaction!
Tweet of the week 🦉🏆
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Highlights below of deals since the last post in the fintech space across the UK & Europe.
🇪🇺 Expense management provider Zevoy has raised a €15m Series A led by Blossom Capital.
🇪🇺 Montonio raised a €11m Series A led by Index Ventures.
🇪🇺 Marketplace payment solution Payaut has raised a €8m seed round led by Gradient Ventures and included LocalGlobe and Entree Capital.
🇪🇺 Crypto custody provider Dfns raised a $13.5m seed round led by White Star Capital and included Coinbase, Ryan Selkis and others.
🇪🇺 Rental investment fintech Beanstock raised a €12m Series A led by 360 Capital.
🇪🇺 Revenue-based finance lender re:cap raised a $15m Seed led by Mubadala.
🇬🇧 SMB lender Stenn raised a $50m round at a $900m valuation from Centerbridge Partners
🇬🇧 Wagestream raised a $175m Series C, $60m equity and $115m debt, from Smash Capital and Silicon Valley Bank
🇬🇧 Remittance fintech Leatherback raised a $10m pre-seed round led by ZedCrest Capital.
🇬🇧 Property lender OnLadder raised a £275,000 angel round led by Monzo co-founder Paul Rippon.
🇬🇧 Digital asset gateway Fasset raised a $22m Series A led by Liberty City Ventures and Fatima Gobi Ventures.
🌍 Binance.US raised $200m at a $4.5bn valuation.
🌍 Circle raised $400m at a $9bn valuation from BlackRock, Fidelity, Marshall Wallace and Fin Capital.
Challenger Banking 🚀
🇬🇧 Australian property exchange PEXA has partnered with ClearBank to launch a remortgage product in the UK later this year.
Digital Assets ₿
🇪🇺 Crypto lender Nexo has partnered with Mastercard to launch a card linked to a crypto-backed line of credit.
🇪🇺 EU Commission received 10,000 comments on its digital euro consultation.
🇬🇧 Bank of England fintech hub leader Varun Paul has left his post to join crypto firm Fireblocks.
🇬🇧 UK fintech firms were left confused trying to marry the government’s push for the UK to be a crypto hub with the tough approach of the FCA towards crypto firms.
🇬🇧 Blackfridge has secured an Isle of Man licence for its GBP stablecoin.
🌍 Despite successful tests recently, the ETH merge looks to be delayed again. An official date has not been announced.
🌍 Mastercard has filed filed for 15 metaverse trademarks.
🌍 Worldpay is offering merchants the ability to directly receive settlement in USDC through a partnership with Circle, with Crypto.com a pilot customer.
🌍 Gemini’s crypto credit card has launched across the US through partnerships with WebBank and Mastercard.
🌍 Robinhood looks to be adding Shiba Inu, Solana, Polygon and Compound to its platform.
🌍 Beanstalk Farms was exploited for $182m.
Fintech Infrastructure 🚧
🇪🇺 Plaid hired former Booking.com exec Ripsy Bandourian to head up Europe.
🇬🇧 Minna Technologies announced through its partnership with Lloyds Bank that it has cancelled over 1m subscriptions since last summer.
🇬🇧 Nova Credit is expanding to the UK to help borrowers carry their credit history with them when they move abroad.
🇬🇧 Truelayer has launched its “closed loop payments” product in Ireland, France, Germany, Spain, Lithuania and the Netherlands which provides pay-ins and pay-outs from a dedicated merchant account.
🌍 US clearing house DTCC is exploring the use of CBDCs as a settlement mechanism.
🇪🇺 Adyen is set to roll out Apple’s new Tap to Pay by the end of the year.
🇬🇧 StonePay has launched to give reputation scores to companies based on their previous payment timeliness to help SMBs who face late payments from other businesses.
🇬🇧 Barclaycard Payments announced UK retailers have lost out on £130m in sales due to a lack of SCA compliance, which requires all online payments over £25 be subject to 2FA.
🌍 Square released a new Square Stand, an iPad based POS across its eight markets.
🌍 Credit card as a service platform Deserve is offering businesses a white label commercial card issuing platform.
Regulatory Corner 🔎
🇪🇺 The European Commission launched the EU Digital Finance Platform which is designed to facilitate partnerships and contact between fintechs and regulators.
🇬🇧 The FCA is prioritising its resources to “prevent serious harm, set higher standards and promote competition”.
🌍 New York Department of Financial Services is developing a new “assessment” for crypto firms as it seeks to bring the industry under its regulation.
🌍 The CFPB has described TransUnion as an “out of control repeat offender that believes it is above the law”
Longer reads 📜
- Crypto payments: learn what's in store - Checkout.com
- The Scoop: Inside Fast’s Rapid Collapse - Gergely Orosz
- What is Apple’s. endgame in payments? Part 2 - Michael Jenkins
- Multicoin Capital: The Outsiders - Mario Gabriele
- How Bitcoin Tracers Took Down the Web’s Biggest Child Abuse Site - Andy Greenberg, Wired
- How Checkout.com is helping businesses navigate the shift from Web2 to Web3 - Protocol
- Barb MacLean’s Fintech Playlist
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See you next week!