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.
News
RTGS.global co-founder and CTO Andrew Smith announces departure
Smith announced his decision to part ways with the company on LinkedIn.
Meridien Holdings acquires stake in FX liquidity firm DKK Partners to bolster plans for NYSE listing
The US-based holding company says it has “set fourth its plans to list on the NYSE”.
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.
First Global Bank in Jamaica partners Profile Software for digital Finuevo Suite
The partnership is set to equip the bank with new digital onboarding and loan origination facilities.
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.
US fintech Aven’s valuation tops $1bn with latest $142m Series D capital raise
The San Francisco-based fintech plans to expand to all 50 US states by next year.
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.
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.
Clear Street set to acquire Fox River algorithmic trading business from Instinet
The deal to acquire Fox River’s algorithmic execution solutions is expected to close in Q3.
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”.
Sequoia Capital reportedly offers Stripe investors share deal as fintech valuation tops $70bn
The firm is said to have made the offer through an email sent to LPs this week.
Jordan Kuwait Bank partners Mastercard and FOO to launch multicurrency prepaid wallet offering
EliWallet will enable customers in Jordan to “transfer money swiftly across borders”, JKB says.
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”.
Starling Bank founder Anne Boden reportedly steps down from board to focus on new AI venture
Boden had been a non-executive director on the bank’s board since stepping down as CEO last year.
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”.
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.
