This Week in Fintech UK & Europe (07/03)

This Week in Fintech UK & Europe (07/03)

Hello TWIF UK & Europe friends,

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


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Tweets of the week ๐Ÿฆ‰๐Ÿ†


๐Ÿ’ผ Open Role Spotlight

Come find your place on the team at the most inspiring fintech startups! Browse open roles on This Week in Fintechโ€™s job board.


Funding ๐Ÿ’ธ

There were 19 deals in the fintech space across the UK and Europe since the last post, with a total investment of $101m. Some highlights are below.

๐Ÿ‡ช๐Ÿ‡บ Commerzbank has raised โ‚ฌ300m for itโ€™s third fintech fund

๐Ÿ‡ฌ๐Ÿ‡ง Family financial planning app Nosso raised a $2.8m seed round co-led by Octopus Ventures and Anthemis Group.

๐Ÿ‡ฌ๐Ÿ‡ง Life insurance startup DeadHappy raised ยฃ11.5m from Octopus Ventures, Verso Capital and others.

๐Ÿ‡ฌ๐Ÿ‡ง PayHawk extended its Series B by $100m led by Lightspeed Ventures.

๐Ÿ‡ฌ๐Ÿ‡ง KYB solution Detected raised $3.25m from Love Ventures, EmergeVest and others.

๐Ÿ‡ฌ๐Ÿ‡ง Capital raising fintech Delio raised a $8.3m round led by Octopus Ventures.

๐Ÿ‡ฌ๐Ÿ‡ง Social trading NFT platform Nested Finance raised $7.5m led by Alan Howard.

๐ŸŒ Blockchain intelligence startup TRM Labs has raised an undisclosed amount from JP Morgan.

Challenger Banking ๐Ÿš€

๐Ÿ‡ช๐Ÿ‡บ Freetrade has launched in Sweden and is also asking users to agree to let their securities be lent out so the neobroker can earn revenue of between ยฃ10m - ยฃ40m.

๐Ÿ‡ช๐Ÿ‡บ N26 will be ready for an IPO at the end of 2022.

๐Ÿ‡ฌ๐Ÿ‡ง CreditLadder is partnering with TransUnion to give renters a boost to their credit rating by reporting rent payments.

๐Ÿ‡ฌ๐Ÿ‡ง Zopa is sponsoring 50 work visas for Ukrainian nationals after changes to visa concessions were made by the government.

๐Ÿ‡ฌ๐Ÿ‡ง Revolut and Wise have waived transfer fees to Ukrainian bank accounts. Bunq CEO Ali Nikam has created a foundation to help people escape Ukraine and Russia.

๐Ÿ‡ฌ๐Ÿ‡ง Flux has reached the 1 million customer milestone, with 700,000 receipts digitised every month.

Digital Assets โ‚ฟ

๐ŸŒ ย Coinbase has partnered with hardware security device Ledger to provide additional security for digital assets.

๐ŸŒ ย Ukraineโ€™s official twitter account has issued a call for cryptocurrency donations, with the country raising more than $20m through crypto.

๐ŸŒ The SEC is seeking to expand its crypto oversight to DeFi with an expansion of the definition of an โ€œexchangeโ€ to include โ€œcommunication protocol systemsโ€ as reported by Protocol.

๐ŸŒ Crypto wallets are coming under pressure to enforce sanctions against Russian wallets and are moving to restrict access in certain areas.

Traditional Banking ๐Ÿฆ

๐Ÿ‡ฌ๐Ÿ‡ง TSB is partnering with another fintech, this time probate provider Farewill, to offer a simple will writing service to their customers.

๐Ÿ‡ฌ๐Ÿ‡ง NatWest data has shown that women-led business growth overtook male-led business growth last year.

๐Ÿ‡ฌ๐Ÿ‡ง Nationwide customers were hit again with outages to Faster Payments system.

๐Ÿ‡ฌ๐Ÿ‡ง Barclays has added Apple Pay support for its virtual Visa cards for businesses, which will enable employees to have their virtual card added to Apple Pay and spend immediately.

Fintech Infrastructure ๐Ÿšง

๐Ÿ‡ช๐Ÿ‡บ Irish postal service An Post has partnered with Tink to help its customers improve their financial wellbeing.

๐Ÿ‡ฌ๐Ÿ‡ง Thought Machine has been selected by HD Bank out of Vietnam for its core banking upgrade.

Payments ๐Ÿ’ฐ

๐Ÿ‡ช๐Ÿ‡บ Deutsche Bank and nine others are pursuing plans for an cutdown version of the proposed European Payments Initiative.

๐Ÿ‡ช๐Ÿ‡บ Klarna reported large losses for 2021 due to market expansion but GMV increased to $80bn and income +38%.

๐Ÿ‡ฌ๐Ÿ‡ง Another BNPL solution has entered the fray, with PollenPay launching on iOS.

๐Ÿ‡ฌ๐Ÿ‡ง Vyne and Gr4vy have partnered to provide the latterโ€™s merchants with the formers A2A processing solutions.

๐Ÿ‡ฌ๐Ÿ‡ง Pay.UK has unveiled a tool to fight APP fraud using a data model to allow banks to identify fraudulent transactions.

๐ŸŒ Russia has been cut off from the SWIFT financial messaging system, with the EU banning seven Russian banks. ย Checkout the above thread for more context of what this means. Visa and Mastercard have also blocked some Russian banks from their networks.

๐ŸŒ Australian BNPL fintech Zip is acquiring US competitor Zezzle for ~$356m

Regulatory Corner ๐Ÿ”Ž

๐Ÿ‡ฌ๐Ÿ‡ง The Kalifa Review of the Fintech space was one year ago and Fintech Founders has lamented the governmentโ€™s lack of action on the reports recommendations.

๐Ÿ‡ฌ๐Ÿ‡ง The UK is set to enforce SCA from 14th March, with merchants being warned of increased transaction declines by issuers for transactions that have not been through 3DS.

๐Ÿ‡ฌ๐Ÿ‡ง Crypto firms in the UK face a tense month as the deadline for FCA authorisation looms but the registration process appears to be in chaos with some firms criticising the FCA for its approach. The FCA is also actively investigating 50 crypto firms.

๐ŸŒ The Fed is asking for public feedback on its plan to introduce a tiered system to evaluate requests from fintechs


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