SoFi set to go public via merger with Palihapitiya’s fourth Spac
The IPO will value SoFi at $8.65 billion.
Business-to-Consumer/B2C
Lloyds & Santander among major banks struggling with online security
Lloyds and Santander also fell behind NatWest, Nationwide, Metro Bank, and Virgin Money.
FCA: Thousands of financial firms risk failing as pandemic persists
Payments and e-money firms experienced an 11% decrease in available liquidity.
Customer service start-up Glia lands $78m to help banks and credit unions
The round was led by Shopify and Checkout.com backer Insight Partners.
Trump bans transactions through Chinese apps including Alipay
The applications have 45 days to prepare for the ban.
JP Morgan in talks with China Merchants Bank over another wealthtech venture
JP Morgan already holds a majority stake in a Chinese venture.
UK challenger Cashplus buys icount’s current account portfolio
“I remember acquiring our first cardholder,” says icount founder.
Israeli remittance fintech Rewire targets one million customers by end of 2021
Rewire currently boasts more than 200,000 European accounts.
Unihomes snaps up Sheffield-based fintech Split the Bills
Unihomes, also based in Sheffield, bundles up university accomodations with bills.
Calls for UK Treasury to up contactless limit from £45 to £100
The UK no longer needs to follow the EU’s €50, or £45, contactless limit.
2020 review: A year which saw fintechs cut jobs, pay & business arms
A number of fintechs have still been tested during COVID-19, some to the brink of collapse.
2020 review: Top 10 fintech and bank M&A deals
Despite COVID-19, the financial sector has still enjoyed some notable M&A deals.
Former JP Morgan execs launch wealthtech Vestrata with $4m
Vestrata has already signed up a number of investment managers and solution partners.
Worldline buys controlling stake in ANZ’s acquiring business
Worldline says Australia is an ideal stomping ground for international expansion.
London BNPL fintech Zilch latest to enter UK market with $30m
Zilch claims to be the only BNPL player to combine open banking with soft credit checks.
Aussie neobank Xinja crumbles under unfeasible interest rates
The neobank landed a full banking licence last year.
MFS Africa opens up continent to PayPal’s remittance service Xoom
Present in a whopping 160 markets already, Xoom still wants more of the pie.
Mozper lands $3.55m to launch kid debit card in Mexico
In August, Mozper – with the help of partner Visa – launched its closed beta with 500 families.
Italy’s Banca Generali acquires $14m stake in crypto fintech Conio
The deal will see Conio’s services offered to Banca Generali’s customers in 2021.
Mastercard faces UK’s largest ever £14bn class action lawsuit
“Businesses and consumers simply cannot afford to continue paying sky-high rates.”
UK CBDC researcher: We should be further along than we are
A UK CBDC won’t happen anytime soon if the Bank of England takes an iterative approach.
The Fintech Review: 2020
We cover embedded finance, competition, open banking, and CBDCs.
GoHenry latest in kid’s banking sector to land funding of $40m
Over 2019, parents on its app paid £98m in pocket money to their children.
eToro soars to $2.5bn valuation, tripling since 2018
Israel-based brokerage firm has also recruited 300 people this year.
Singapore and Thailand to link national payment systems in 2021
In Singapore, PayNow monthly transaction values have crossed the $3 billion mark.
Capital One takes swipe against “risky” BNPL firms
“These kinds of transactions can be risky for customers and the banks that serve them.”
Revolut hot on Starling’s heels, breaks even in November
“We’re doing much better compared to pre-Covid times,” says CEO.
Paysafe to list via Bill Foley-backed Spac at $9bn valuation
Blackstone and CVC acquired Paysafe back in 2017 for £3 billion.
Singapore issues digital bank licences to Grab, Ant & Sea
The regulator has issued four licences, rather than five.
Greek challenger Woli to launch “neobank for families” next year
The fintech is looking to Europe for its launch.
Pockit raises over £500k in its debut crowdfunding
Pockit points to international expansion plans.
UK fintech Updraft raises £16m to refinance borrowers’ credit debt
The fintech focuses on spend-linked borrowings.
Monzo lands another £60m from new backers
The latest funding still sees to leave Monzo at its £1.2 billion valuation.
Web Summit 2020: A fintech summary
Stripe is looking at products around digital identity.
Libra and Facebook exec joins rental insurtech LeaseLock
The fintech removes the need for renters to pay a deposit for a rental property.
Ziglu lands £6m in Seedrs crowdfunding campaign
Last month, Monzo’s former legal head James Sullivan joined Ziglu.
UK central bank unveils Islamic finance liquidity alternative
The central bank will run tests in early 2021.
Glitch-riddled TSB goes down again on payday
“[It’s] payday so it means that TSB online banking and app is down again.”
JP Morgan and Lloyds considering acquisition of UK challenger Starling Bank
Pair of major banks interested in Starling Bank’s potential following profit announcement.
Banking Tech Awards 2020 hosted online by Tom Ward
Join comedian Tom Ward for the 2020 Banking Tech Awards. Broadcast online on 10 Dec, 3:30pm GMT and is free to attend.
