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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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This Week in Fintech UK & Europe (19/09)

This Week in Fintech UK & Europe (19/09)

Hello TWIF UK & Europe friends,

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Funding 💸

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

🇪🇺 Wealthtech firm InvestSuite raised a €6m Series A.

🇪🇺 Migrant focused neobank Majority raised a $30m Series B led by Valar Ventures.

🇪🇺 Invoicing fintech CANDIS raised a €15.9m Series C led by Viola FinTech.

🇪🇺 Private markets infrastructure provider Ownera raised a $20m Series from JPMorgan and others.

🇪🇺Neobank for medical professionals CURE raised a €15m Series A from Breega and J12 Ventures.

🇪🇺HR fintech Rosaly raised a €10m Seed round from FJ Labs, Clocktower Technology Ventures, Fin Capital and others.

🇬🇧  Government incentive claims fintech Claimer raised a $4.2m seed round led by Project A.

🇬🇧 SaaS management fintech Cledara raised a $20m Series A led by CommerzVentures and included Notion Capital and others.

🇬🇧 Investment platform Hedgehog raised a £1.2m seed round on Seedrs.

🌍 Sustainable investment platform Ethic raised a $50m Series C from Kapor Capital, Nyca, UBS and others.

₿ Smart contract auditing fintech Sherlock raised a $4m seed round from Achetype.

Challenger Banking 🚀

🇪🇺 Revolut has reached 1m downloads in Germany.

🇪🇺 Personal finance management app Woolsocks has launched in Germany.

🇬🇧 Spend management platform Payhawk is expanding to the US.

🌍 Walmart is to start testing out a digital checking account in the coming weeks according to Bloomberg.

Digital Assets ₿

🇬🇧 Sweatcoin’s SWEAT token launched this past week with users able to buy SWEAT tokens at the Token Generation Event. Sweatcoin has more than 110m users across 60 countries.

🌍  SEC Chairman Gensler has continued to consistently say that most digital assets as securities and should be regulated like securities.

🌍 The Ethereum blockchain successfully merged this past week and went live with its PoS mechanism.

🌍 Starbucks has unveiled its web3 loyalty program, Starbucks Odyssey, which will reward users with NFT stamps for completing digital experiences, will deepen the connection with customers.

🌍 US residents can apply to the Treasury Department for a licence to withdraw their crypto that is trapped on Tornado Cash.

🌍 South Korea has issued an arrest warrant for Do Kwon, the co-Founder of the Terra blockchain system.

🌍 EDX Markets, a crypto exchange backed by Charles Schwab, Fidelity, Paradigm, Sequoia, Citadel and Virtu Financial will start trading in November.

Traditional Banking 🏦

🇬🇧 Research from Censuswide has found a “systematic problem” of greenwashing at UK banks with only 59% measuring their environmental impact despite 100% saying sustainability is integral to their strategy.

🌍 Citi has won an appeal against a prior decision to let creditors keep $500m that they were sent by Citi in error.

🌍 Goldman Sachs is partnering with Modern Treasury to improve its embedded payments for its corporate customer.

Fintech Infrastructure 🚧

🇪🇺 The planned November merge of the three Target2 banking systems is causing concern for the German bank industry who fear chaos.

🇪🇺 Plaid is building a presence in Germany and has hired Michael Possible as its DACH chief.

🇪🇺 ING has overhauled its innovation initiatives and split into individual business units.

🇪🇺 Solarisbank is to introduce real-time transfers as it has been placed on the Instant Sepa participant list.

🇬🇧 Yapily signed Pleo as a customer to improve the payments experience for users for account top ups and businesses can better manage their cash flows.

🇬🇧 Wise announced its enterprise platform will allow its institutional clients to use its  SWIFT International Receive service.

🌍 Wio Bank has launched an embedded finance and BaaS platform in the UAE.

Payments 💰

🇬🇧 Commerce platform VTEX partnered with Adyen to create a unified ecommerce destination for retailers with an omnichannel approach.

🇬🇧 BNPL provider Clearpay has partnered with travel booking platform Alternative Airlines to launch “Pay in 4” for flights.

🌍 JPMorgan is acquiring payments startup Renovite to power its merchant acquiring platform.

🌍 Global card networks Visa, Mastercard and American Express are adding a merchant category for firearm retailers in a push to help gun control.

🌍 Bolt has pulled out of its deal to acquire Wyre for $1.5bn. No reason was given but the macro environment has mean-fully shifted since April with Bolt laying off a third of its workforce.

🌍 Credit card loss rates appear to be rising with Goldman reporting its loss rate was nearly 3% and Synchrony reporting 3.1%.  It was not clear if Goldman’s loss rate was just for its Apple Card alone or for the combined portfolio with the GM Card.

🌍 The Merchant Payments Coalition sent a letter urging Congress to vote for a bill to boost credit card network competition and was signed by 1,600 merchants including Walmart and Target.

Regulatory Corner 🔎

🌍 The CFPB is aiming to bring into line BNPL regulation with similar protections that exist for credit cards.

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