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The Front Page of 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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We hit 60k, Revolut hits 50m - TWIF UK & Europe (25/11)

The latest fintech news across the UK and Europe for week ending 25th November 2024.

We hit 60k, Revolut hits 50m - TWIF UK & Europe (25/11)
Photo by Markus Spiske / Unsplash

Hello TWIF UK & Europe friends,

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

πŸ‘ πŸ‘Ž Have feedback or news to share? Let me know on Twitter and LinkedIn.

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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. Deal data powered by Dealroom.

πŸ‡ͺπŸ‡Ί Bank account and crypto wallet solution Deblock raised a Β£13.3m seed round from Hoxton Ventures, Headline, Chalfen Ventures and The Twenty Minute VC.

πŸ‡ͺπŸ‡Ί B2B AI finance tool Freqens raised a $3m seed round from Kima Ventures, Financiere Saint James, Motier Ventures, Better Angle and Purple.

πŸ‡ͺπŸ‡Ί Institutional digital lending platform Cardo AI raised a $15m Series A from Blackstone, Fintop Capital, Jam Fintop, Andy Horwitz and Kevin MacDonald.

πŸ‡¬πŸ‡§ Payment orchestrator CellPoint Digital raised a $30m round from Toscafund and Penta Capital.

πŸ‡¬πŸ‡§ Payment acceptance solution KodyPay raised a $20m Series A.

Challenger Banking πŸš€

πŸ‡ͺπŸ‡Ί Wealthtech Aixigo has been acquired by French asset manager Amundi for €149m.

πŸ‡ͺπŸ‡Ί Neobank N26 has reported its first profitable quarter.

πŸ‡ͺπŸ‡Ί Spend management provider Moss has partnered with Airwallex to enhance and streamline global payments.

πŸ‡¬πŸ‡§ Starling Bank has launched an Easy Saver savings account. It's new CEO also ordered a return to office sparking a number of staff resignations.

πŸ‡¬πŸ‡§ Neobank Revolut has hit 50 million customers globally.

πŸ‡¬πŸ‡§ Spend management solution Payhawk has selected JP Morgan Payments as its payment partner.

πŸ‡¬πŸ‡§ Digital bank Chase UK has introduced its first credit card.

πŸ‡¬πŸ‡§ Cross-border payment startup Zing has selected PSP Checkout.com as its global acquiring partner.

πŸ‡¬πŸ‡§ Latam neobank Nubank is in talks to switch its domicile to the UK.

πŸ‡¬πŸ‡§ Neobank Kroo is considering offering investment products.

πŸ‡¬πŸ‡§ Business neobank Tide launched a carbon calculator to help SMEs.

🌍 B2B lender Rapid Finance expanded its Rapid Access Card to all eligible Line of Credit clients.

🌍 Neobroker Robinhood acquired custodial and portfolio management platform TradePMR for $300m.

Digital Assets β‚Ώ

πŸ‡ͺπŸ‡Ί Soc Gen's digital asset division is deploying its Euro stablecoin on the XRP ledger.

πŸ‡ͺπŸ‡ΊCrypto firm Gemini launched in France after securing a VASP licence ealier this year.

πŸ‡ͺπŸ‡Ί Tether and Kraken backed firm Quantoz launched a MiCA compliant USDQ and EURQ stablecoins.

πŸ‡ͺπŸ‡Ί Stablecoin issuer Paxos is buying Finnish EMI licence holder Membrane Finance to access the EU.

πŸ‡¬πŸ‡§ Revolut Trading granted a UK trading licence and authorisation as an investment firm.

🌍 Crypto exchange Bitget hit an all-time high in trading volume.

🌍 Bitwise Asset Management acquired Ethereum staking provider Attestant.

🌍 Crypto exchange Crypto.com acquired Fintek Securities, an Australian brokerage firm.

🌍 18 attorney generals have sued the SEC over its crypto actions.

🌍 PayPal's Xoom is to allow cross-border stablecoin payments through PYUSD.

🌍 SEC chair Gensler is to step down in January.

🌍 DeFi protocol Ethena sees $1bn in inflows.

🌍 Coinbase has introduced a 4.7% APY reward for USDC holders

Traditional Banking 🏦

πŸ‡ͺπŸ‡Ί Santander Commercial Bank has expanded its digital cash management tools. It also launched its digital neobank Openbank in Mexico.

πŸ‡¬πŸ‡§ HSBC has partnered with cross border payment platform Dandelion.

πŸ‡¬πŸ‡§ NatWest expands its partnership with NCR Atleos to modernise its self-service banking and upgrade its ATMs.

πŸ‡¬πŸ‡§ Lloyds Bank launch a benefits tool to help customers who might be missing out on benefits.

Fintech Infrastructure 🚧

πŸ‡¬πŸ‡§ Open banking provider TrueLayer laid off 25% of its staff in a single day before its recent fundraise.

πŸ‡¬πŸ‡§ Payment infrastructure provider Modulr acquired accounts payable fintech Nook.

πŸ‡¬πŸ‡§ Issuer processor Paymentology signed Mexican neobank Albo as a customer.

🌍 Australian banks are piloting a fraud and scam intelligence-sharing network.

Payments πŸ’°

πŸ‡ͺπŸ‡Ί Payments solution Mollie has launched in Italy.

πŸ‡ͺπŸ‡Ί BNPL provider Klarna signed airline Finnair and Staples as a customers. The BNPL solution will soon launch on Google Pay.

πŸ‡ͺπŸ‡Ί Mastercard has partnered with insurtech Qover to embed return shipping cost protection for credit card holders in Belgium and Luxembourg.

πŸ‡ͺπŸ‡Ί Payment provider Worldpay has introduced virtual cards for travel agents.

πŸ‡ͺπŸ‡Ί Adyen has launched Tap to Pay on iPhone in New Zealand.

πŸ‡¬πŸ‡§ Barclays is exploring giving away 80% of its merchant acquiring business to Brookfield after it struggled with a outright sale or partnership.

πŸ‡¬πŸ‡§ Payment firm Navro acquired a Foreign Money Service Business registration in Canada.

πŸ‡¬πŸ‡§ BNPL provider Zilch is considering a secondary share sale.

🌍 Global payments fintech Airwallex is taking the 1% Pledge, committing 1% of its equity to support innovation and entrepreneurship alongside tech companies Atlassian, Canva, Airbnb and Salesforce.

🌍 Google Pay has added Afterpay BNPL to its digital wallet.

Regulatory Corner πŸ”Ž

🌍 The CFPB has amended its new payment rules brining digital wallet and electronic money transfer services into scope, impacting big tech.


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See you next week!