FCA kickstarts discussion on Big Tech’s impact on competition
The regulator says Big Tech firms have the potential to change market outcomes quickly.
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Stripe lays off 14% of staff amid challenging economic climate
The cuts to its workforce will return Stripe to its February 2022 headcount of almost 7,000 people.
Finland’s S-Bank taps Worldline for card fraud management solution
The Worldline Fraud Management Suite can detect fraudulent payments before they are even processed.
DFSA introduces new “crypto token regime” to boost digital asset regulation
The DFSA says it is a “progressive regulator” that recognises the growing interest in crypto.
GoTyme Bank selects Daon for digital identity verification
The digital bank will utilise Daon’s IdentityX platform for ID authentication.
Revolut India appoints Arjun Mehta as new CFO
Mehta will lead channel development, expense management and revenue planning for the company.
UK lendtech start-up Plend lands £40m in seed funding
The seed round saw participation from the founders of Monzo, Starling Bank and Oodle Car Finance.
Zest AI lands more than $50m in growth funding round
With the new cash, Zest AI plans on increasing access to its AI-automated credit underwriting service.
National Bank of Pakistan taps Finastra for trade finance solution
The bank will deploy Finastra’s end-to-end working capital solution, Fusion Trade Innovation.
RBI launches pilot for digital rupee wholesale CBDC
The use case of this pilot is the “settlement of secondary market transactions in government securities”, RBI says.
US lender Upstart cuts 140 jobs as loan demand drops
Upstart says it is “making this difficult decision for the long-term health of the company”.
Brunei’s Baiduri Bank signs for Temenos core
The bank will replace its legacy Flexcube core banking system with Temenos Banking Cloud.
MoneyGram expands Coinme partnership, launches in-app crypto service
Users across nearly all US states can now trade and store BTC, ETH and LTC in the MoneyGram app.
Credit Karma pauses “almost all new hiring” citing revenue challenges
The firm has made the decision “due to the uncertainty of the macroeconomic environment”.
UnionDigital Bank taps Thought Machine and Callsign to power its mobile app
UnionDigital Bank will deploy Thought Machine’s Vault Core solution and Callsign’s digital ID platform.
New fintech start-up in the US for homeowners – Saivy
Saivy’s mobile app is in development and the start-up is currently accepting subscribers to its waitlist.
Canada’s TouchBistro bags $110m in growth funding
TouchBistro offers a tablet-based point of sale (POS) system and payments solution for restaurants.
Blockchain.com partners Visa and Marqeta to launch crypto debit card
The card is available to US residents and will be rolled out to customers in additional countries starting in 2023.
Cartoon: Slow cooking
This new cartoon illustrates how start-ups shifting to venture debt as a model to raise cash are storing up trouble.
Solaris CEO to step down in 2023, Carsten Höltkemeyer set to take over
As CEO designate, Höltkemeyer will work alongside current CEO Roland Folz to “orchestrate a smooth transition”.
Cover Genius lands $70m in Series D funding to boost growth
Funds will be put towards business growth and expanding its global insurance distribution platform, XCover.
Paytech Form3 lands €23m venture debt facility from Atempo Growth
The funding will enable Form3 to explore potential M&A opportunities and launch in new markets.
Swift appoints Max Mamondez as chief financial officer
Mamondez, who joins from the London Stock Exchange Group, will serve on Swift’s executive committee.
The Maries County Bank taps Jack Henry for digital transformation
Through the partnership, the bank aims to automate processes and boost efficiency and customer service.
Raisin migrates its UK platform to ClearBank
ClearBank will offer Raisin customers access to faster payments and other services via its embedded banking platform.
Hodge appoints Tim Thompson as new chief information officer
Thompson joins from Cumberland Building Society, where he served as head of technology.
Capital Bank of Jordan launches new mobile banking app powered by Codebase
The bank is aiming to enhance customer engagement and acquisition with the Digibanc-powered app.
Coremont names Balaji Krishnamurthy as new CTO
Krishnamurthy most recently served as a managing director at JP Morgan Chase.
Egyptian fintech Money Fellows lands $31m Series B funding
The new funds will be put towards product development and international expansion across Africa and Asia.
Ashman selects nCino to power its real estate lending solution
The UK challenger will deploy nCino’s cloud-based Bank Operating System.
Bank Central Asia taps Avaloq to upgrade wealth management services
The Indonesian bank will migrate its wealth management system to Avaloq Core.
eToro snaps up portfolio management platform Bullsheet
Bullsheet helps eToro users keep track of stocks and analyse the risk and diversification of their portfolio.
InComm Payments buys Australian gift card provider TCN
The firm says the acquisition will boost its ability “to create personable gift card products that consumers seek”.
Starling Bank tops 2,000 employees, opens new London office
The challenger plans to expand its workforce by another 10% by the end of the year.
FinTech Futures: Top five stories of the week – 28 October 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
European Commission aims to speed up the rollout of instant payments across the EU
Proposal aims to “ensure that instant payments in euros are affordable, secure, and processed without hindrance”.
Credit Suisse to cut 9,000 jobs, raise $4bn in capital as part of new transformation plan
CEO Ulrich Körner says the restructuring is a “historic moment for Credit Suisse”.
ICYMI fintech funding round-up: Paytrix and Vixtra
This week’s round-up includes two start-ups – London-based Paytrix and Brazil’s Vixtra.
North America fintech funding round-up: Cinchy, Lama AI, Kudos and more
Our weekly fintech round-up for you to get the latest funding news from North America.
CloudPay secures $50m to support development of payroll offering
The firm boasts “high double-digit growth” year-on-year and is projecting revenue growth of around 40% for 2022.
