Global fintech investment fell by 19% in H1 2024, according to new Innovate Finance report
Total investment in fintechs worldwide amounted to $15.9bn in H1 2024, compared to $19.5bn in H2 2023.
News, intelligence and resources on the global fintech industry including topics such as financial results.
Total investment in fintechs worldwide amounted to $15.9bn in H1 2024, compared to $19.5bn in H2 2023.
Our pick of the top fintech news stories this week includes Revolut, BlackRock, Project Nexus and more.
Oxbury Bank claims to be one of the fastest UK fintechs to reach full annual profitability.
Revolut’s revenue surged by 95% over the year, from $1.1 billion in 2022 to $2.2 billion in 2023.
The UK challenger recorded an operating profit of £27 million last year.
Gary Rohloff, managing director of Laybuy, describes the appointment of receivers as “gut wrenching”.
The Swiss regulator has found the challenger bank to be in a “serious breach of supervisory law”.
Our pick of the top fintech news stories this week includes Starling Bank, Mastercard, Bink and more.
Josh Williams of CD Valet discusses the challenges of building deposit portfolios faced by financial institutions.
The Copenhagen-based start-up claims to have experienced revenue growth of 53% in 2023.
The performance comes ahead of Raman Bhatia’s instalment as group CEO this summer.
Monzo has reported a profit before tax of £15.4 million, compared to its £116.3 million loss in FY2023.
Oliver White, Funding Circle’s CFO, has also announced his intention to step down from his role.
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Fulton Bank will “assume substantially all of the deposits and purchase substantially all of the assets” of the bank.
Allica says it has experienced a 75% increase in customer deposits to £2.6 billion.
Our pick of the top fintech news stories this week includes Klarna, Ramp, Zopa and more.
Zopa says revenues climbed 29.7% “despite the challenging macroeconomic environment”.
Temenos’ board chair says the review “reinforces the board’s view that Temenos is running a sound business”.
The $7.3 billion raised this quarter marks the lowest figure recorded since the pandemic began in 2020.
The London-based fintech says it is now gearing up for an EU-wide launch “later this year”.
NYCB has also made several high-profile appointments to its board of directors.
In Q4 2023, the LA-based neobank generated a GAAP net income of $200,000 and EBITDA of $10 million.
The Swiss vendor was hit with a string of allegations in a Hindenburg Research report last week.
The latest results mark an increase of over 400% on the $24.5 million loss it posted for 2021.
The investor has owned 21% of Monese since leading its $60 million Series B round back in 2018.
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The German investment bank says the cuts will mainly apply to “non-client-facing areas”.
The cuts are to be actioned with immediate effect, according to a staff memo from Dorsey.
Following a reported net profit of €53.1 million in 2023, Bunq has now applied for a UK EMI licence.
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Nominations for the 25th annual Banking Tech Awards will open this spring.
The bank is anticipating run rate savings of $2 billion as a result of the cuts.
It is the second year fintech funding has fallen in the UK, down 70% on 2021 figures.
Monese says its services could be “adversely and potentially severely affected” if new funding isn’t found.
The study surveyed 23 members of UK Finance, including banks and non-banking financial services firms.
Its position on the watchlist was revealed last week via the release of a 217-page dossier outlining a rescue deal for the bank.
Fintech founders reflect on the past year and ponder how to move forwards.
Mbanq says it will support the launch of four new digital banking services in the US by the end of the year.
Open banking payments increased 9.3% between June and July this year.