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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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Strong earnings Adyen - TWIF UK & Europe (12/02)

The latest fintech news across the UK and Europe

Strong earnings Adyen - TWIF UK & Europe (12/02)

Hello TWIF UK & Europe friends,

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

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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 Core banking software solution Tuum raised a €25m Series B from SpeedInvest and CommerzVentures.

πŸ‡ͺπŸ‡Ί Neobroker raised a $2.6m round from Y Combinator, Nordic Makers VC and Magnetic.

πŸ‡ͺπŸ‡Ί Accounting fintech Pennylane raised a €40m Series C from Sequoia and DST Global, becoming a unicorn in the process.

πŸ‡¬πŸ‡§ Property lender Blend Network raised a Β£50m round.

πŸ‡¬πŸ‡§ Payment solution AccessPay raised a Β£6.2m from NatWest.

πŸ‡¬πŸ‡§ Insurtech Artificial Labs raised $5m from Augmentum.

🌍 Digital wealth solution Marstone raised a $8m Series B led by Mendon Ventures and South Rose Capital.

🌍 US T-bill wealth solution Finvest raised $2.7m from investors including Bayhouse Capital, YC, Fractal Ventures and more.

🌍 Charitable donation platform Overflow raised $20m.

🌍 SMB accounting fintech Finally raised $10m from Active Capital and PeakSpan Capital.

Challenger Banking πŸš€

πŸ‡ͺπŸ‡Ί Kinnevik, a Swedish VC company has written off its investment into neobank Monese.

πŸ‡¬πŸ‡§ Virgin Money is to make more job cuts on top of the 150 job cuts in Q1.

πŸ‡¬πŸ‡§ Revolut has reported that the majority of scams that customers reported started on Meta platforms.

Digital Assets β‚Ώ

πŸ‡ͺπŸ‡Ί Kraken has secured a Virtual Asset Service Provider registration from Dutch Central Bank.

🌍 Bankrupt crypto lender Genesis is trying to get approval to sell $1.6bn BTC to sister company Grayscale

🌍 Ripple Labs has been ordered to produce financial statements and details about its institutional sale of XRP tokens to the SEC.

🌍 Solana experienced a major five hour outage.

🌍 Crypto wallet Metamask users can buy crypto through Robinhood.

🌍 BlackRock's bitcoin ETF has already become one of the top five ETFs based on inflows since it launched.

🌍 FTX is seeking permission to sell its 8% stake in Anthropic.

Traditional Banking 🏦

πŸ‡ͺπŸ‡Ί Societe Generale is cutting costs by making 900 staff in France redundant.

πŸ‡¬πŸ‡§ HSBC is installing 10 "Cash Pods", which are advanced ATMs, in towns with no branches to improve access to cash.

πŸ‡¬πŸ‡§ NatWest has been confirmed as the first UK bank to become a supplier on the government's new Dynamic Purchasing System for open banking.

πŸ‡¬πŸ‡§ HSBC is partnering with Google Cloud to offer venture debt financing to climate tech startups.

πŸ‡¬πŸ‡§ Tesco has sold its Tesco Bank subsidiary to Barclays for Β£600m.

🌍 Citi Retail Services has partnered with embedded lending platform ChargeAfter to offer credit and instalment loans at its POS.

🌍 Bucking the trend of most traditional banks, JPMorgan Chase is to open 500 new branches over three years.

🌍 The CEO of Singaporean bank DBS is getting a 30% pay cut as a result of outages.

Fintech Infrastructure 🚧

πŸ‡¬πŸ‡§ As part of the New Payment Architecture (NPA), Pay.UK is tendering the operations of Faster Payment systems, with Tata's TCS ahead in the running of existing operator Vocalink, a Mastercard company.

πŸ‡¬πŸ‡§ 10x Banking has signed Old Mutual as a customer as the banking infrastructure provider expands into Africa.

πŸ‡¬πŸ‡§ ID verification solution Onfido is in talks to be acquired by payment security solution Entrust.

🌍 BNY Mellon is working with Microsoft on a cloud data platform for its clients.

🌍 FIS has launched an Open Access platform which includes Akoya, MX, Plaid and Yodlee.

🌍 Plaid has named a President as it gears up for an IPO.

Payments πŸ’°

πŸ‡ͺπŸ‡Ί France has become the first country in the EU to launch India's UPI payment system, allowing Indian tourists to pay via UPI at the Eiffel Tower.

πŸ‡ͺπŸ‡Ί Worldline is to offer TrueLayer's payments products as part of its Payment Orchestration product for instant payouts and deposits. The payment company is also cutting 8% of staff, some 1,400 jobs.

πŸ‡ͺπŸ‡Ί The EU adopted rules to ensure that instant transfers arrive within 10 seconds for both consumers and businesses.

πŸ‡ͺπŸ‡Ί Adyen reported strong half-year results with +29% increase in processing volume and 23% increase in net revenues. Shares popped over 20%.

πŸ‡ͺπŸ‡Ί PayPal is working on a new consumer app that will take advantage of the new EU DMA rules that require opening access to NFC technology in iPhones.

πŸ‡¬πŸ‡§ Money transfer service Atlantic Money is to launch in the US, Canada and Australia.

πŸ‡¬πŸ‡§ Payment solution Trustly has integrated MX's data enrichment services into its open banking suite.

🌍 Payments platform Airwallex has partnered with McLaren Formula 1 team to process its cross-border payments.

🌍 Australian payment infrastructure Fat Zebra has acquired open banking company Adatree.

🌍 Fleet card AtoB has switched to Mastercard from Visa as it seeks to compete with Wex and Fleetcor.

🌍 Payments giant Fiserv signed 17 large e-commerce merchants to its debit networks after the Fed's debit routing clarification came into effect last year. The also reported strong earnings with GPV +17%, Zelle volume +44% and Clover revenue +30%.

🌍 US payment processor Jack Henry reported +8% growth in revenue and +14% in net income.

🌍 Canadian payments company Nuvei has launched an omnichannel solution for merchants and platforms.

🌍 Indian authorities are cracking down on foreign UPI providers, targeting Google and Walmart-backed PhonePe after the RBI last week restricted Paytm whose shares dropped on the news.

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