Photo by Samar Al Bradan / Unsplash
Hello TWIF UK & Europe friends,
Please find another week of fintech news, financings and exits below.
Tweet of the week 🦉🏆
Pay by bank live on @JustEatUK, powered by TrueLayer. One to keep an eye on. The growth of shopping on mobile browser + app is an open banking sweet spot. Also why, IMO, branded checkout buttons from PISPs won't take off vs pushing an agreed 'Pay by Bank' brand.— Geoff Whitehouse (@ByGeoffW) November 8, 2024
Adyen $ADYEN Q3 2024 update:
✔️ Processed volume €320.6 billion, up +32% YoY
✔️ Digital segment processed volume +29% YoY, Unified Commerce +33% YoY, Platforms +44% YoY
✔️ Net revenue was €498.3 million, up +20% YoY.— Jevgenijs Kazanins (@jevgenijs) November 7, 2024
Funding 💸
Highlights below of deals since the last post in the fintech space across the UK & Europe. Deal data powered by Dealroom.
🇪🇺 Trade finance fintech Modifi raised a $15m Series C from Intesa Sanpaolo, Sumitomo Mitsui, Maersk and others.
🇪🇺 Digital wealthtech Fundcraft raised a €6m Series A from MiddleGame Ventures and 3VC.
🇬🇧 SME bank Recognise Bank raised a £25m round.
🌍 B2B payments fintech Melio raised a $150m Series E led by Fiserv and included Accel, Bessemer, General Catalyst, Thrive, Coatue, Capital One and more.
Challenger Banking 🚀
🇬🇧 Neobank Revolut has integrated with wealthtech provider Upvest.
🇬🇧 Nubank launched a mobile phone service, NuCel.
Digital Assets ₿
🇪🇺 UBS is to launch a tokenized money market fund on Ethereum.
🇪🇺 Boerse Stuttgart Digital has partnered with Fenergo to scale its crypto compliance solution.
🇬🇧 The first UK pension fund has invested in bitcoin.
🌍 Crypto.com has launched banking, stocks and credit card services.
🌍 21Shares is pursuing SEC approval for an XRP ETF.
🌍 Crypto custodian BitGo hired former Silvergate president to oversee its stablecoin business.
🌍 Tether has funded a $45m oil trade.
🌍 JP Morgan rebranded its blockchain unit Kinexys and adds on-chain FX settlement for USD and EUR.
Traditional Banking 🏦
🇬🇧 Barclays complete the acquisition of Tesco Bank.
🇬🇧 Santander is to cut over 1,400 UK jobs in a cost-saving drive.
🇬🇧 NatWest have partnered with Mastercard to launch a virtual card solution for businesses.
🌍 JP Morgan was fined $151m by the SEC.
🌍 Capital One announced it could face enforcement actions from the CFPB.
Fintech Infrastructure 🚧
🌍 Merchant acquirer Elavon has launched a single gateway platform for SMBs.
🌍 Card issuer Marqeta saw its share price fall 40% after regulatory delays and a forecast miss.
Payments 💰
🇪🇺 Klarna signed Zoom and John Lewis as a customer.
🇪🇺 Adyen reported Q3 earnings
🇪🇺 The EU is investigating Visa and Mastercard's scheme fees.
New in: BNPL Provider Affirm launches in the UK. Why's everyone coming to the UK? 🇬🇧
The largest and most well-known BNPL provider said it has hired 30 local staff and announced its first clients Fexco and Alternative Airlines.
🧠 Why launch in the UK? It's an English-speaking…— Simon Taylor (@sytaylor) November 4, 2024
🇬🇧 US BNPL provider Affirm has launched in the UK.
🇬🇧 HSBC owned cross-border payment app Zing partnered with Tink to launch automatic and one tap top-ups.
🇬🇧 Cross-border transfer app Wise was granted access to the real-time payment system in the Philippines. It also signed Standard Chartered as a customer for its B2B Wise Platform infrastructure.
🇬🇧 Payment provider Checkout.com has partnered with insurtech Sure.
🌍 Visa is connecting with a range of QR payment schemes in APAC.
💡
Have a thought/question/comment about anything we covered?
Start a discussion in the comments section below!
Longer reads/listens 📜
A deep-dive into APP fraud in the UK - TWIF UK & Europe Long Reads - Kartik Dabbiru
On the European merchant acquiring landscape - Jevgenijs Kazanins
Innovation In Open Banking - Matt Jones
Is WealthTech the New FinTech? - Matthew Goldman, TWIF
Why do trams cost more to build in Britain - Ben Hopkinson
We need a Wero! - Jeremy Light
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