FinTech Futures: Top five news stories of the week – 30 August 2024
Here’s our pick of five of the top news stories from the world of fintech this week, featuring Stripe, FNZ, Visa, the RBI and more.
Visa reportedly in negotiations to acquire Featurespace in potential £700m deal
Featurespace reportedly in talks with Visa over potential sale
Payments giant Visa is reportedly in talks to buy UK-based fraud detection firm Featurespace, according to Sky News.
Sky News reports that a source close to the British firm believes the deal could be valued at around £700 million. However, while the talks are said to be at an advanced stage, the report adds that sources say no formal agreement has been reached and any potential deal could still fall through.
Founded in 2008 by Professor Bill Fitzgerald and Dave Excell, Featurespace provides enterprise-level financial crime prevention solutions, specialising in anti-money laundering (AML) and fraud detection.
Featurespace’s flagship ARIC Risk Hub platform is currently being used by the likes of HSBC, Elavon and Danske Bank.
RBI set to launch United Lending Interface to simplify access to credit for underserved borrowers
The Reserve Bank of India (RBI) is preparing to launch a new technology platform called the United Lending Interface (ULI) which aims to simplify access to credit for the country’s underbanked and financially excluded borrowers.
A nationwide rollout of the ULI will take place “in due course”, RBI governor Shri Shaktikanta Das said when announcing the news at the Global Conference on Digital Public Infrastructure and Emerging Technologies on Monday.
The platform has been engaged in a pilot since its inception last year, and facilitates the “seamless flow of digital information, including even land records of various states” from multiple data service providers to lenders.
US fintech PrizePool reportedly winding down consumer app amid acquisition
PrizePool reportedly winding down consumer app
US-based fintech start-up PrizePool, which combines traditional savings accounts with lottery-like rewards, is reportedly winding down its consumer app as it undergoes an acquisition.
According to Reddit sources cited by Fintech Business Weekly, which first reported the news, the San Mateo-based company has recently informed customers of its plans to wind down its app.
An email reportedly sent to customers and shared on Reddit states that PrizePool stopped accepting new sign-ups from 23 August.
The email also says that PrizePool has marked 19 September as the last day for user-initiated withdrawals, with accounts set to close four days later on 23 September.
It’s currently unknown which entity has come forward to acquire PrizePool.
Stripe CTO David Singleton to step down after seven years to start own company
David Singleton, CTO at US fintech titan Stripe, has announced he is set to end his seven-year tenure at the firm to “try something new” and start his own company.
Singleton is passing the reins to Rahul Patil, who has been with Stripe for four years and has been serving as deputy CTO since January.
Announcing his decision on LinkedIn, Singleton is keeping the details of his “new adventure” under wraps for now, but will continue “working with Rahul and the team until October to support this transition”.
FNZ group CEO Adrian Durham to step down
FNZ chief Adrian Durham steps down
Adrian Durham, the founder and group CEO of London-based global wealth management platform FNZ, is to step down after 21 years as CEO.
Durham says “now is the right time to transition” as he shifts to the role of non-executive founding director and senior advisor, while maintaining his majority stake and board position.
Blythe Masters, a former JP Morgan executive, has been named as the group’s new CEO.
Alongside Durham’s departure announcement, FNZ revealed that existing shareholders have pledged $1 billion to “support the enduring success of the business over the long term”.
