Santander reportedly cutting 1,425 UK jobs this year
Banco Santander CEO Hector Grisi previously ordered a group-wide restructuring last year.
Financial Results
News, intelligence and resources on the global fintech industry including topics such as financial results.
Monzo achieves $5.9bn valuation with employee share sale
This follows Monzo’s June announcement of its first annual profit.
TrueLayer extends Series E by $50m amid rising tax losses
The raise comes after TrueLayer’s tax losses rose nearly 40% to £55.6 million last year.
HSBC reportedly writes off remaining $5.8m stake in UK fintech Monese
HSBC invested $35 million in Monese just two years ago.
FCA fines Starling Bank £29m for sanctions screening failures
Starling was found to have opened over 54,000 accounts for high-risk customers.
Payments infrastructure start-up Kevin reportedly declared insolvent by court in Lithuania
Regional news outlet 15min reports that the court has now opened up a bankruptcy case.
Revolut becomes Europe’s most valuable private tech firm after $500m employee share sale
Following the share sale, Revolut is now valued at $45 billion, up from $33 million in 2021.
NerdWallet to cut workforce by 15% as part of restructuring plan to reduce operating expenses
The job cuts are expected to produce around $30 million in annualised cost savings.
Bank of Lithuania appoints “temporary representative” to oversee activities of payments fintech Kevin
The central bank alleges that the fintech is “almost four months late” in submitting its audited annual accounts.
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.
FinTech Futures: Top five news stories of the week – 5 July 2024
Our pick of the top fintech news stories this week includes Revolut, BlackRock, Project Nexus and more.
UK challenger Oxbury Bank announces first full year of profitability
Oxbury Bank claims to be one of the fastest UK fintechs to reach full annual profitability.
Revolut announces record $545m profit for 2023
Revolut’s revenue surged by 95% over the year, from $1.1 billion in 2022 to $2.2 billion in 2023.
Atom Bank’s operating profit climbs 600% after “best year yet”
The UK challenger recorded an operating profit of £27 million last year.
BNPL firm Laybuy’s search for new buyer results in Deloitte receivership
Gary Rohloff, managing director of Laybuy, describes the appointment of receivers as “gut wrenching”.
FINMA pulls the plug on FlowBank as bankruptcy proceedings commence
The Swiss regulator has found the challenger bank to be in a “serious breach of supervisory law”.
FinTech Futures: Top five news stories of the week – 14 June 2024
Our pick of the top fintech news stories this week includes Starling Bank, Mastercard, Bink and more.
Video: CD Valet at FinovateSpring 2024 – The future of CDs and the challenges in today’s deposit marketplace
Josh Williams of CD Valet discusses the challenges of building deposit portfolios faced by financial institutions.
Danish fintech Ageras to make “1-2 major acquisitions” ahead of 2026 IPO
The Copenhagen-based start-up claims to have experienced revenue growth of 53% in 2023.
Starling Bank reports 50% revenue rise in third year of profitability
The performance comes ahead of Raman Bhatia’s instalment as group CEO this summer.
Monzo records first full year of profitability as it eyes international expansion
Monzo has reported a profit before tax of £15.4 million, compared to its £116.3 million loss in FY2023.
Funding Circle to cut 120 jobs in £15m cost savings drive
Oliver White, Funding Circle’s CFO, has also announced his intention to step down from his role.
Banking Technology Magazine May 2024 issue out now
Cover story: PLASTIC MEASURES – Banking must follow a more sustainable path.
Republic First Bank closed and sold to Fulton Bank by US regulators
Fulton Bank will “assume substantially all of the deposits and purchase substantially all of the assets” of the bank.
Allica Bank reports first full year of profitability after revenues double
Allica says it has experienced a 75% increase in customer deposits to £2.6 billion.
FinTech Futures: Top five news stories of the week – 19 April 2024
Our pick of the top fintech news stories this week includes Klarna, Ramp, Zopa and more.
UK challenger Zopa scores £15.8m pre-tax profit for 2023 as IPO nears
Zopa says revenues climbed 29.7% “despite the challenging macroeconomic environment”.
Temenos review brands Hindenburg Research allegations “inaccurate and misleading”
Temenos’ board chair says the review “reinforces the board’s view that Temenos is running a sound business”.
Fintech funding shows signs of stalling in latest CB Insights report
The $7.3 billion raised this quarter marks the lowest figure recorded since the pandemic began in 2020.
ClearBank rings in first full year of profitability
The London-based fintech says it is now gearing up for an EU-wide launch “later this year”.
New York Community Bancorp secures $1bn equity boost following Q4 2023 losses
NYCB has also made several high-profile appointments to its board of directors.
US neobank Dave achieves profitability over Q4 2023
In Q4 2023, the LA-based neobank generated a GAAP net income of $200,000 and EBITDA of $10 million.
Temenos says it “fundamentally refutes” Hindenburg allegations, plans independent review of claims
The Swiss vendor was hit with a string of allegations in a Hindenburg Research report last week.
Checkout.com’s UK business posts $126.3m loss for 2022
The latest results mark an increase of over 400% on the $24.5 million loss it posted for 2021.
Swedish VC firm Kinnevik writes off Monese investment in full
The investor has owned 21% of Monese since leading its $60 million Series B round back in 2018.
Deadline extended for Banking Tech Awards USA nominations
You now have until Friday 23 February to get your nominations in.
Deutsche Bank to cut 3,500 roles over two years amid €2.5bn savings drive
The German investment bank says the cuts will mainly apply to “non-client-facing areas”.
Jack Dorsey’s Block lays off staff across Cash App, Square and foundational teams
The cuts are to be actioned with immediate effect, according to a staff memo from Dorsey.
Dutch challenger Bunq prepares for UK relaunch as it reports first full year of profitability
Following a reported net profit of €53.1 million in 2023, Bunq has now applied for a UK EMI licence.
Put yourself in the spotlight at this year’s Banking Tech Awards USA
Nominations for the 2024 awards are now open – apply today!
