BaaS fintech Unit to reduce workforce by 15%
The cuts are in response to “slower than expected revenue growth”.
News
Binance to pay $2.25m fine to India’s FIU over AML deficiencies
The exchange allegedly violated the country’s Prevention of Money Laundering Act (PMLA).
Zilch lands £100m in securitised debt financing ahead of planned IPO
Zilch is preparing to launch its IPO in the next one to two years.
Fintech start-up ZORRZ selects Clowd9 to process payments for new AI-powered BlueAccess credit card
ZORRZ is preparing to launch a financially inclusive credit card.
Encompass Corporation names Andrew Dunn as new VP of engineering
Dunn will guide the “strategic delivery” of Encompass’ CDI platform.
Revolut launches bond investing in partnership with UAE’s GTN
Bonds join Revolut’s investment offering of ETFs, and US and EEA shares.
Société Générale sells neobank Shine to Danish fintech Ageras
Société Générale has been looking for a buyer for Shine since January.
Dineo Crédito migrates from in-house tech to Mambu’s core banking system
The microlender will use the core to launch “more traditional lending products”.
Nium tapped by Air France and KLM for payments solution
The airlines are set to deploy Nium’s Airline Payments solution, starting in Italy.
Abacus Group acquires Tribeca Technology Group to strengthen UK presence
The acquisition follows Abacus’ GoVanguard purchase last year.
Flexcube replaces Ultradata’s Ultracs core banking system at TISA
Teachers Savings and Loan Society (TISA) has gone live with a host of solutions from Oracle FS.
DZ Bank partners Surecomp for collaborative trade finance platform
DZ Bank acts as a central bank to more than 700 cooperative banks in Germany.
Atom Bank’s operating profit climbs 600% after “best year yet”
The UK challenger recorded an operating profit of £27 million last year.
TrueLayer names former Banked exec Lisa Scott as new chief strategy officer
Scott previously served as Banked’s CEO for Europe.
Apple to discontinue pay later service in the US
Apple Pay Later first launched in the US 15 months ago.
Demystify Podcast: Demystifying data centres with Bruce Owen, Equinix
Demystifying the essential functions of data centres, including housing critical IT infrastructure.
US Federal Reserve Board issues cease and desist order against Evolve Bank
The bank is alleged to have “engaged in unsafe and unsound banking practices”.
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”.
US fintech Momnt names Chris Bracken as new CEO
Bracken succeeds co-founder Barclay Keith, who is stepping down after over five years.
JP Morgan and WeRealize settle Viva Wallet lawsuit
The outcome “could allow Viva to be sold soon”, according to JP Morgan.
Finbourne lands £55m Series B from Highland Europe and AXA Venture Partners
The funds are to be put to scaling the firm in APAC, US and Europe.
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”.
Video: Women in Payments at FinovateSpring 2024 – The obstacles women encounter when pursuing careers in fintech
Kristy Duncan from Women in Payments talks about barriers for women entering the fintech sector.
Video: OMB Bank at FinovateSpring 2024 – Open banking trends and how to retain a bank’s customers
OMB Bank’s Stephen Bishop sits down with FinTech Futures to discuss the facilitation of open banking.
South Africa’s TymeBank plots $150m Series D round ahead of 2028 IPO
TymeBank expects to complete the round in Q4, with hopes of achieving unicorn status.
BIS and Bank of England team up to evaluate synchronised settlement in FX transactions
The initiative is scheduled to commence towards the end of 2024.
UK’s FCA imposes restrictions on e-money firm AstroPay
AstroPay blocked by the regulator from accepting new customer funds and providing payment services.
Account takeover fraud: the definitive guide
Discover account takeover fraud techniques, impacts, and prevention strategies in this free definitive guide.
White paper: Deepfakes and identity – ensuring authenticity in a synthetic world
Learn about detection solutions and how to safeguard digital identities in this comprehensive white paper.
Payzli in search of new CEO amid leadership restructuring
Arash Izadpanah will transition from CEO to chief risk officer.
Blockchain infrastructure platform Paxos to reportedly cut 20% of workforce
Paxos currently claims a balance sheet of $500 million.
Shift4 snaps up majority stake in German POS firm Vectron Systems AG
Shift4 plans to buy “additional ownership of Vectron” through a public tender offer.
Merrick Bank partners Kompliant for digital merchant onboarding
The merchant acquirer is to utilise the vendor’s workflow automation tools.
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.
FinTech Founders Video: recognising the need and maximising the potential
Four fintech founders recount their start-up journey.
ICYMI fintech funding round-up: Layer3, Sidekick, Elevate, Sahl, and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
US rental fintech Stake acquires Circa in $9.5m deal
The cash and stock deal was completed earlier this month.
Agora acquires Clearshift’s real estate division
Clearshift is to continue managing the division’s payment and compliance functions.
Bill Huffman named new CEO at US asset manager Nuveen
Huffman succeeds Jose Minaya, who held the position for over four years.
Citi extends USD Clearing service to Middle East in partnership with Emirates NBD
Emirates NBD plans to extend the service to all its 853 branches across the world.
