Hello TWIF UK & Europe friends,

Join us on June 24th for the next edition of our ever-popular London Fintech Breakfast, this time at Techspace with our friends at Vanta and CMS! RSVP now to secure your spot! ☕🥐

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

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Funding 💸

Highlights below of deals since the last post in the fintech space across the UK & Europe. Deal data powered by Dealroom.

🇪🇺 Neobroker Scalable Capital raised a €155m funding round.

🇪🇺 Cross border payment solution NomuPay raised a $40m round from Softbank.

🇪🇺 B2B lender Banxware raised €10m from Unicredit.

🇪🇺 Insurtech Baobab raised a €12m Series A from Project A, eCAPITAL, Viola Fintech and Augmentum.

🇪🇺 Wealthtech Froots raised a €2.9m angel round.

🇬🇧 Open banking payment provider Token.io secured an investment from HSBC.

🌍 B2B lender provider OatFi raised a $24m Series A.

🌍 Alternative investment platform YieldStreet raised a $45m Series D from Edison Partners, Mayfair Equity Partners and Tarsadia Investments.

Challenger Banking 🚀

🇪🇺SMB accounting provider Sage has extended its embedded services to the EU and US.

🇪🇺 Neobank Revolut has joined the European Payments Initiative and will embed its Wero features such as instant free P2P transfers, into its app.

🇪🇺 ABN Amro has developed Tikkie into a full-service neobank designed for young people.

🇬🇧 Monzo reported record growth with profits 8x to £114m, revenue surpassing £1bn and 2.4m new customers.

🇬🇧 Allica Bank selected Lendscape as its provider for commercial lending technology to power its asset finance operations.

🇬🇧 Business bank Tide is reported to be raising funds at a unicorn valuation.

🇬🇧 Payments solution Payabl launches virtual business cards.

🇬🇧 Wise secured an in-principle approval from the Reserve Bank of India to act as a payment aggregator. It is also switching its primary listing from London to New York.

🇬🇧 B2B lender Liberis launched Ada, an AI underwriting agent.

🇬🇧 Neobank Revolut launched its first ATM in Spain.

🌍 Chime priced its IPO at $11bn.

Digital Assets ₿

🇪🇺 Santander is looking into launching its own stablecoin.

🇬🇧 Revolut is pushing into the crypto derivatives market despite the products ban in the UK to retail customers.

🇬🇧 Investment platform IG is to offer spot crypto trading to its retail customers.

🇬🇧 BCP Technologies launches a GBP stablecoin.

🌍 The SEC has dropped its lawsuit against Binance.

🌍 Stablecoin issuer Circle upsized its IPO and is seeking a valuation of $7.2bn.

🌍 Crypto exchange Kraken has launched a full-service prime broker solution for institutional clients.

Traditional Banking 🏦

🇪🇺 Deutsche Bank signed international payments platform TransferMate as a customer.

🇪🇺 BBVA has added AI to its mobile banking app that hides sensitive user data when it detects multiple people looking at the device.

🇪🇺 Deutsche Bank is partnering with Mastercard for open banking merchant solutions.

🇬🇧 Lloyds Bank has rolled out AI travel booking in its app. It also released an FX execution algorithm in partnership with BNP Paribas.

🌍 Wells Fargo has had its $1.95trn asset cap lifted by the Fed.

Fintech Infrastructure 🚧

🇪🇺 Payment provider Banking Circle gets direct access to the Swiss Interbank clearing system.

🇬🇧 BaaS provider Griffin signed bin sponsor TransactPay as a customer. It also launched an MCP server for AI agent banking.

🇬🇧Payments infrastructure provider Ivy signed Kraken as a customer.

🌍 Open banking platform Plaid launched Transactions for Business, a solution to convert business bank account data into actionable insights.

Payments 💰

🇪🇺 Global money transfer solution Thunes expands its network into Denmark, Norway and Sweden.

🇪🇺 Klarna is launching a smart Visa debit card.

🇬🇧 Payment provider GoCardless has launched outbound payments.

🇬🇧 Visa has launched its pay-by-bank offering in the US.

🌍 Block's Square is to launch native bitcoin payments in 2025.

🌍 PayPal has partnered with Synchrony to issue a physical card for PayPal Credit. It also became an acquirer in Brazil and launched a Venmo debit card.

🌍 Worldpay is to enable the Paze digital wallet as a checkout option.

Longer reads/listens 📜

• Big News – Google I/O 2025 – Payments View - Tom Noyes
• The delusion of private equity IRRs - FT
• An Interview with Plaid Founder and CEO Zach Perret - Ben Thompson, Stratechery

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See you next week!