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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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Monzo brings the fight to fraudsters - TWIF UK & Europe (08/07)

The latest fintech news across the UK and Europe for week ending 8th July 2024.

Monzo brings the fight to fraudsters  - TWIF UK & Europe (08/07)
Photo by Deniz Fuchidzhiev / Unsplash

Hello TWIF UK & Europe friends,

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

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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‡ΊInsurtech Wefox has secured €25m in emergency funding as part of a heavy restructuring preventing it from insolvency.

πŸ‡ͺπŸ‡Ί Danish crypto trading platform OpenLedger raised a $8m seed round from Polychain Capital, TRG Capital, MH Ventures, WAGMI Ventures and STIX.

πŸ‡ͺπŸ‡Ί Digital wealth solution Findependent raised a CHF 5m seed round.

πŸ‡ͺπŸ‡Ί Digital asset software solution Trever raised a €2.4m seed round from Market One Capital, TX Ventures and Blockchain Founders Capital.

πŸ‡ͺπŸ‡Ί Investment data solution RavenPack raised a $20m round from GP Bullhound.

πŸ‡¬πŸ‡§ Business lender Simply Asset Finance has secured a Β£120m credit facility with Bank of America.

πŸ‡¬πŸ‡§ SMB lender Triver raised Β£2.5m from existing investors.

πŸ‡¬πŸ‡§ Travel debit card solution Currensea raised Β£1.7m on Seedrs.

πŸ‡¬πŸ‡§ Consumer crypto app FreeBnk raised a $3m seed round from LVT Capital, Founderheads, Lavender Capital and ChaiTech Ventures.

🌍 Payment infrastructure solution Payabli raised a $20m Series A led by QED Investors.

🌍 Healthcare payments firm Arrow has emerged from stealth.

Challenger Banking πŸš€

πŸ‡ͺπŸ‡Ί Greek neobank Snappi secured a banking licence from the ECB.

πŸ‡ͺπŸ‡Ί Neobroker Trade Republic is outsourcing its customer service.

πŸ‡ͺπŸ‡Ί EPI has launched its digital wallet solution Wero in Germany.

πŸ‡ͺπŸ‡Ί Business bank FINOM launched local IBANs in Spain.

πŸ‡ͺπŸ‡Ί Spend management solution Pleo saw revenue increase 50% in 2023, with its customer count up 39%.

πŸ‡ͺπŸ‡Ί Business neobank Vivid Money has acquired treasury solution Pile.

πŸ‡¬πŸ‡§ Monzo released new fraud controls; Known Locations, Trusted Contacts and Secret QR codes.

πŸ‡¬πŸ‡§ Allica Bank has partnered with title insurance provider Westcor International to integrate their Perfect Title product on its commercial mortgages.

πŸ‡¬πŸ‡§ Neobank Revolut has announced 2023 results including $2.2bn in revenue, $545m profit. Founder Nik Storonsky is rumoured to be selling part of his stake as part of a $500m secondary share sale.

🌍 US neobank Chime has acquired enterprise financial wellness technology company Salt Labs.

🌍 Google Wallet has replaced Fitbit Pay and aded support for American Express.

🌍 Neobroker Robinhood has acquired AI investment research firm Pluto.

Digital Assets β‚Ώ

πŸ‡ͺπŸ‡Ί Circle has received approval to issue USDC and EURC under Europe's MiCA regulatory framework as it obtained an EMI licence.

πŸ‡ͺπŸ‡Ί BitPanda has expanded ints B2B "Bitpanda Business" offering to offer more personalises support.

πŸ‡ͺπŸ‡Ί The Germany government has transferred $175m in crypto, including a total of $75m to exchanges Bitstamp, Coinbase and Kraken.

πŸ‡¬πŸ‡§Crypto exchange Gemini has signed a five year sponsorship agreement with Real Bedford FC.

🌍 Digital asset infrastructure provider Paxos has been approved to issue stablecoins in Singapore.

🌍 The SEC has charged Consensys for the sale of unregistered securities through MetaMask Staking.

🌍 Crypto bank Silvergate has settled charges with US regulator for $63m.

🌍 ETP provider 21Shares has filed an S-1 for a spot Solana ETF in the US.

🌍 The IRS has delayed rules for non-custodians in its new Crypto Tax Regime for 2025.

🌍 Coinbase Prime is to be the custody solution for the US Marshals Service.

🌍 Robinhood wants to launch CME Bitcoin and Ether futures in the US and offer perpetual futures in Europe.

Traditional Banking 🏦

πŸ‡ͺπŸ‡Ί Bank of Ireland is hiring for 100 technology roles.

πŸ‡ͺπŸ‡Ί ABN Amro has completed its acquisition of neobroker BUX.

πŸ‡¬πŸ‡§ Barclays, HSBC, Nationwide and Virgin Money have experienced payment problems delaying customers payments and salaries.

πŸ‡¬πŸ‡§ Lloyds Bank is cutting another 60 branches in 2024 and 2025.

🌍 Thread Bank has been ordered by the FDIC to step up its BaaS oversight.

🌍 Australian bank CBA has added travel booking and car buying to its mobile app

Fintech Infrastructure 🚧

πŸ‡ͺπŸ‡Ί German tax filing platform Taxfix has expanded to the UK and acquired TaxScouts.

πŸ‡ͺπŸ‡Ί Core banking solution Tuum is integrating debt management solution Flexys.

πŸ‡ͺπŸ‡Ί Card issuer Marqeta signed Swiss neobank Swiss4 as a customer.

πŸ‡ͺπŸ‡Ί Regtech Lynx has launched a money mule account detection tool.

πŸ‡¬πŸ‡§ Payments infrastructure provider Mangopay signed digital marketplace Driffle as a customer.

πŸ‡¬πŸ‡§ Open Banking Limited has released version 4.0 of its Open Banking Standard which includes mandatory ISO20022 upgrades and optional information flow of payment status and errors.

🌍 Asset manager BlackRock is buying private market data firm Preqin for £2.55bn.

🌍 The central banks of India, Malaysia, Thailand, Singapore and Philippines are launching a cross-border retail payments platform with the BIS.

Payments πŸ’°

πŸ‡ͺπŸ‡Ί Shopify announced that Amazon Pay will no longer be available as a payment option in Europe.

πŸ‡ͺπŸ‡Ί Dutch payment solution MultiSafepay has been acquired by Chinese financial conglomerate Ant Group.

πŸ‡ͺπŸ‡Ί Payment solution Nexi is bringing its Bancomat Pay solution to Amazon in Italy.

πŸ‡ͺπŸ‡Ί Klarna is providing BNPL solutions for Adobe Commerce.

πŸ‡ͺπŸ‡Ί Payment provider Mollie has partnered with BNPL solution Riverty to offer 30 day invoice financing in Netherlands, Belgium, Austria and Germany.

πŸ‡¬πŸ‡§ Insurtech AutoRek is to use JP Morgan Payments to improve its payment operations for premiums.

πŸ‡¬πŸ‡§ Technology manufacturer Lenovo has implemented Trustly's Open Banking payment solution at checkout in UK and Europe.

🌍 Visa and Amazon are teaming up to offer Canadian customers with instalment plans at checkout.

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