FinTech Futures: Top five news stories of the week – 19 July 2024
Our pick of the top fintech news stories this week includes HSBC, Stripe, the FCA and more.
Financial Services/Finserv
What’s next for UK fintech under the new Labour government?
After Labour’s election victory, FinTech Futures explores what the future might hold for UK fintech.
RTGS.global co-founder and CTO Andrew Smith announces departure
Smith announced his decision to part ways with the company on LinkedIn.
Black Hills Federal Credit Union tasks NCR Atleos with ATM management in new agreement
The credit union has opted to leverage its partner’s ATM-as-a-Service and ITM-as-a-Service solutions.
Bank Audi launches new digital bank Neo in Lebanon powered by Codebase Technologies
Neo is powered by UAE-based banking software vendor Codebase Technologies’ Digibanc platform.
Zodia Markets acquires Elwood’s digital asset OTC business for undisclosed sum
Upon completing the deal, ECML will be rebranded as Zodia Markets Jersey Ltd.
Video: Griffin at Money20/20 Europe – From licence to longevity
Griffin CEO David Jarvis discusses the bank’s licensing journey and what’s next in store.
Brazil’s Matera lands $100m investment from Warburg Pincus
Warburg Pincus will reportedly gain a minority stake in Matera following its investment.
April names former Avantax exec Raj Doshi as new president and COO
Over his more than 20-year career, Doshi has also held leadership positions at Updater and Google.
Blue Owl Capital snaps up Atalaya Capital Management in $450m deal
The deal is comprised of $350 million in Blue Owl equity and $100 million in cash.
Merrco Payments rebrands to KORT Payments with new managing team led by Paysafe founders
The rebranding comes after Merrco’s successful capital raise in June.
Former KeyBank digital chief Jamie Warder joins Alliant Credit Union as CIO and business strategy lead
Before his corporate career, Warder served as an armour and cavalry officer in the US Army.
The ENTJ that never was
When it comes to team building exercises, the intention is not enough. The execution is what matters.
Lloyds Banking Group terminates five-year agreement with invoice financing fintech Satago
The agreement was initially announced in March 2022 with Lloyds also investing £5 million into the fintech.
Video: Tribe Payments at Money20/20 Europe – Hyper-personalisation in fintech
Tribe Payments’ Lynda Clarke talks big data, hyper-personalisation, and the continued customisation of fintech.
US fintech start-up Estu launches new financial services app for students
The app comprises financial, social and academic functionalities.
HSBC-backed UK fintech Divido enters administration
Josh Dwyer and Richard Heis of Interpath Advisory have been appointed as joint administrators.
HSBC concludes search for new Group CEO with Georges Elhedery appointment
The appointment follows Noel Quinn’s announcement in April that he was stepping down after five years as CEO.
Thunes hires former Worldpay exec Sigrid Hulsebosch as new CFO
Hulsebosch will take charge of Thunes’ financial strategies and global finance function.
India’s Auxilo Finserve raises $33m to further support student community
LeapFrog Investments has invested $30 million in Auxilo’s latest round.
Digital challenger Inter promotes SVP Alexandre Riccio to Brazil CEO
Riccio has been tasked with overseeing “an even more intense drive to deliver results”.
Invisible threads: The unassuming tech powering our lives
With technology, success is always built on top of prior innovations and lessons learned.
Bux sells UK subsidiary Bux Financial Services Limited to UAE’s Asseta Holding
The company says the sale of BFS is a “subsequent step in the divestment strategy of Bux Holding”.
Mexican fintech start-up OCN lands $86m Series A funding round to drive international expansion
OCN provides gig workers in Latin America and the US access to capital for car rentals.
FCA announces “biggest changes” to the UK’s listing regime “in over three decades”
The new rules aim to “support a wider range of companies to issue their shares on a UK exchange”.
BNP Paribas partners Ant International to enhance cross-border payment solutions in Europe
The pair will also work to “explore innovations in tokenised deposits for global treasury management”.
Covering the exposed: The effects of the FCA’s PEP review on financial compliance
The FCA is set to publish its review of the treatment of politically exposed persons (PEPs) this month.
Argentinian fintech start-up Tapi bags $22m Series A led by Kaszek
The funding round also saw participation from Californian VC Andreessen Horowitz.
US regulators fine Citigroup $136m for “insufficient progress” towards compliance with 2020 consent order
The OCC and the Federal Reserve Board have fined Citigroup $75 million and $60.6 million, respectively.
Blockchain-powered clearing and settlement fintech Partior raises more than $60m in Series B funding
Partior was founded as a joint venture between JP Morgan, DBS Bank and Temasek in 2021.
TBC Bank Uzbekistan lands $38.2m equity investment
TBC UZ claims to be the country’s largest mobile-only bank, boasting a 15 million-strong user base.
Diamond Credit Union partners Tyfone for nFinia digital banking platform
Diamond was a longstanding client of Cubus Solutions, which Tyfone acquired in 2023.
Cartoon: Relief
The survivors from the ‘mass start-up extinction’ event might still not be ready to invest for growth.
Banking Technology Magazine July / August 2024 issue out now
Cover story: MONEY TALKS – Cash still playing an important role in society.
ICYMI fintech funding round-up: Lemon.markets, Trustap, Adfin, Accend and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Intuit to cut 10% of workforce amid plans to boost investment in “key growth areas” such as AI
Intuit plans to hire 1,800 new workers to support the firm’s aim to capitalise on the “AI revolution”.
FinTech Futures: Top five news stories of the week – 12 July 2024
Our pick of the top fintech news stories this week includes Envestnet, Dosh, Innovate Finance and more.
Bain Capital to acquire US fintech Envestnet in $4.5bn deal
Reverence Capital is also participating in the transaction, alongside a consortium of additional investors.
Skipify names former Airbnb Payments chief Sam Shrauger as new COO
Shrauger previously served as CEO and chairman of Airbnb’s US payments arm for over four years.
If it’s legacy, fix it now
Every bank must at least be investigating the art of the possible with new technology for core banking.
