Eurosystem eyes up alternative payment solutions in latest retail payments strategy update
The aim of the strategy is to “develop pan-European solutions for payments at the point of interaction”.
News
Valley Bank CIO Stuart Cook leaves to join start-up True Digital Network as CEO
Cook previously served as chief innovation officer at Valley National Bank for 11 months.
UAE fintech start-up Flow48 lands $25m pre-Series A funding
Founded in 2022 by Idriss Al Rifai, Flow48 provides revenue-based financing to SMEs.
New UK fintech start-up Kaldi aims to help millennials and Gen Z save and invest
Through an “easy-to-understand” app, Kaldi hopes to encourage people to start saving and investing earlier.
AI-backed Aussie risk decisioning firm Rich Data Co raises $17.5m Series B
The round was led by Australian bank Westpac and cloud-based financial services platform nCino.
Congratulations to the winners of the Banking Tech Awards 2023
Check out the winners and highly commended from the 24th annual Banking Tech Awards ceremony.
FinTech Futures: Top five stories of the week – 1 December 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
SoFi set to end crypto services, taps Blockchain.com as “strategic crypto partner”
SoFi’s cryptocurrency services will formally end on 19 December.
ICYMI fintech funding round-up: PhiCommerce, Yabi, Enfuce and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
UK fintech Paysend lands $65m in fresh funding round
The round includes strategic investments as well as participation from existing investors.
Metro Bank to axe 20% of jobs and review branch opening hours in push to cut costs
The bank is due to cut around 800 jobs as it looks to save up to £50 million per year in costs.
Denmark’s Mazepay taps ex-Mastercard exec Kevin Stanton to lead US drive
Stanton previously spent the best part of two decades in senior roles at Mastercard.
UK challenger Aldermore Bank enters strategic partnership with Mambu
Aldermore joins 18 regulated UK banks and 22 non-bank lenders and EMIs which run on Mambu.
Nucleus Commercial Finance secures £200m funding facility from NatWest
The new facility brings its total lending capacity to date to £900 million.
US stock trading app Webull enters Mexico with Flink acquisition
The deal also includes Mexican brokerage house Vifaru Casa de Bolsa, which Flink agreed to purchase in 2022.
US fintech start-up CapitalOS emerges from stealth with $39m in equity and debt financing
The San Francisco-based firm has launched with $9m in equity funding and $30m in debt financing.
Apple’s partnership with Goldman Sachs is reportedly nearing its end
Apple has reportedly proposed ending its partnership with Goldman Sachs within the next 12 to 15 months.
Video: Highlights from FinTech Futures’ AI Insights panel and networking event
Watch our highlights video from the FinTech Futures AI Insights event on 22 November.
HSBC appoints CEO and COO for new embedded finance JV
HSBC executives Vinay Mendonca and Shehan Silva have been appointed as CEO and COO of the new JV, respectively.
Codebase launches BaaS solution in Egypt with Visa and eFinance
The BaaS model will enable Egypt’s non-bank firms to integrate banking services into their product lines.
JP Morgan receives approval from ADGM to upgrade licence, plots UAE expansion
The US banking giant is aiming to boost its presence and service offerings in the UAE.
ASR Nederland explores sale of digital bank Knab
ASR first acquired the brand in July this year after buying up Aegon’s domestic operations in the Netherlands.
Australian banks join forces to protect customers from scammers with new Scam-Safe Accord
The industry will also make an AUD 100 million investment towards a new confirmation of payee solution.
Shareholders give Metro Bank refinancing deal the green light
The £925 million rescue deal also grants Spaldy Investments a 52.88% ownership stake.
Jack Henry’s president of bank solutions, Stacey Zengel, to retire in 2024
A longstanding company executive, Zengel has worked with Jack Henry for the last 24 years.
French paytech Worldline lands Payment Institution licence from UK’s FCA
Worldline had previously been operating under the FCA’s Temporary Permission Regime, which will end on 30 December.
FinTech Australia shakes up board with four new appointments
Simone Joyce will remain as chair through 2024 and will hand over her post to another board member sometime next year.
HSBC launches $150m venture debt product for high-growth scale-ups in Australia
Loans are anticipated to range from $6.6 million to $19.8 million.
Contis hit with €840,000 fine by Bank of Lithuania
The fine relates to alleged AML failings over a period between 2021 and 2022.
India’s PhonePe reportedly planning to launch consumer lending in January 2024
According to sources, over the next six to seven months, PhonePe plans to launch multiple consumer credit products.
Swedish lender Froda hires former Klarna director Roger Forsberg as CTO
Forsberg is expected to form and execute a strategy for Froda’s loan products and embedded finance operations.
Demystify Podcast: What banking can learn from telecoms with Herve Manceron, Skaleet
What banking can learn from the telecoms industry that has already undergone cloud technology transformation.
Berkshire Hathaway sells stake in India’s Paytm for $165m
The exit sets Berkshire Hathaway up for a loss of around 40% on its investment.
European Central Bank highlights continued sector-wide risk in latest Financial Stability Review
The ECB says residential and commercial real estate markets face “downside surprises” due to inflation.
Barclays could reportedly cut around 2,000 jobs in push to reduce costs by £1bn
Reuters reports that the bank’s managers are looking to increase profitability and are reviewing proposals.
Orange launches super-app Max it in Africa
The app will debut in Cameroon, Senegal, Mali, Burkina Faso and Botswana.
What the FinTech? | S.4 Episode 22 | Personalisation in digital banking
In this episode of the podcast, we’re joined by Olivier Berthier, CEO of Moneythor.
Wealthtech start-up Alpheya receives investment from BNY Mellon and Lunate
Based in the ADGM, UAE, Alpheya will build a wealthtech platform for the MENA region, with plans to launch in 2024.
UK financial services firms cautious but keen to adopt GenAI, new survey says
The study surveyed 23 members of UK Finance, including banks and non-banking financial services firms.
Funding Circle and Atom Bank to provide an additional £150m in financing to UK SMEs
The third such partnership between the two firms takes Atom’s total lending with Funding Circle up to £800m.
