FinTech Futures: Top five news stories of the week – 13 September 2024
Here’s our pick of five of the top news stories from the world of fintech this week, featuring UniCredit, Westpac, Mastercard, Commerzbank and more.
The Bank of London bags £42m funding round after reportedly being hit with HMRC winding-up petition
The Bank of London bags £42m amid tax woes
The Bank of London has closed its latest funding round at £42 million after reportedly being hit by a winding-up petition from UK tax authority HM Revenue and Customs (HMRC).
Mangrove Capital Partners led the round after previously co-leading a $40 million extension to the bank’s Series C in February last year.
The raise coincides with the issuance of a winding-up petition by HMRC, according to City AM, which typically forces an organisation into liquidation when debts can’t be paid off.
However, a spokesperson from The Bank of London tells FinTech Futures that the bank is “fully up to date with all tax payments to HMRC”.
Financial management software provider to SMEs, Finally, raises $50m equity and $150m debt
Florida-based fintech Finally has raised $200 million in debt and equity and now plans to expand its AI-powered business payments platform throughout the US.
The raise includes $50 million in Series B equity from PeakSpan Capital and a $150 million credit facility from Encina Private Credit (EPC), as per a TechCrunch report.
These funds will be used for hiring more employees, product stack research and development, and expanding go-to-market initiatives.
Founded in 2018, Finally has now secured $305 million to date, including $235 million in credit facilities and $74 million in equity.
UniCredit buys 9% stake in Commerzbank as German government looks to offload shareholding
UniCredit seals stake in Commerzbank
Italian banking group UniCredit has snapped up a 9% equity stake in the share capital of Germany’s Commerzbank.
Of the stake, 4.49% was purchased through an accelerated book building offering totalling $775 million.
This offering was actioned on behalf of the Federal Republic of Germany, which announced last week its intention to offload its 16.49% total shareholding in Commerzbank.
The remaining shares involved in the deal were completed “through market activity” for an undisclosed sum.
Westpac promotes Anthony Miller to CEO amid Peter King’s departure
Australian banking heavyweight Westpac has promoted Anthony Miller to group CEO and managing director.
Miller has served as chief executive of the group’s business and wealth unit since August last year.
Effective 16 December, the incoming CEO will take the reins from Peter King, who is preparing to step down after five years at the helm.
Miller says he wants to distinguish Westpac as “a bank built on trust and reliability”.
Mastercard puts down $2.65bn for AI-powered threat intelligence platform Recorded Future
Mastercard to acquire Recorded Future for $2.65bn
Mastercard has inked a deal to purchase US-based threat intelligence platform Recorded Future for $2.65 billion.
The deal has been put to Insight Partners, which first acquired Recorded Future in 2019 for $780 million.
If the proposed acquisition closes, expected by Q1 2025, the platform will join Mastercard’s identity, fraud prevention, real-time decisioning, and cybersecurity services.
Recorded Future says its platform currently serves over 1,900 clients across 75 countries, including 45 national governments.
