Former Monzo execs launch new fintech start-up Sync Savings
The start-up recently closed its pre-seed funding round, the amount of which has not been disclosed.
UK
Colendi lands banking licence to become Turkey’s first digital deposit bank
As Turkey’s first digital bank, ColendiBank is aiming to reach 50 million customers regionally.
FullCircl reinforces compliance suite with W2 Global Data Solutions acquisition
Under the terms of the deal, W2 will now trade as ‘W2 by FullCircl’.
UK’s Financial Conduct Authority to step up protections for cash access
In the UK, 3.1 million adults use cash to pay “for everything or most things”.
WealthKernel confirms Aqsa Tariq as new chief financial officer
Tariq joins WealthKernel from FNZ Group, where she was group head of business intelligence for three years.
Cynergy Bank lands £20m funding from British Business Investments
The bank plans to facilitate more than £250m in new-to-bank lending across the SME and property sectors.
TrueLayer appoints former PayPal director Michael Brown as head of e-commerce
Brown joins the open banking payments network from PayPal, where he was director of UK enterprise sales.
UK Fintech Growth Partners confirms £1bn investment fund for growth stage fintechs
The fund is backed by Barclays, NatWest, Mastercard, London Stock Exchange Group and Peel Hunt.
Okan Ozaltin appointed as chief product officer of 10x Banking
Ozaltin brings more than 20 years of fintech experience to 10x, having worked at Signifyd, Fiserv and JP Morgan Chase.
TerraPay lands EMI licence in Italy as it plots European expansion
With the approval, TerraPay is now looking to expand within Italy and subsequently across the European Union.
Cebuana Lhuillier Bank taps Temenos for core banking platform
Temenos has tasked its delivery partner, Orion Innovation, with implementing the new core.
Turkish fintech Param acquires BNPL firm Twisto to boost European expansion
Param plans to leverage Twisto’s licences to offer its embedded financial solutions across Europe.
Monzo tops CMA banking satisfaction survey once again
The independent survey was carried out by Ipsos and BVA BDRC between July 2022 and June 2023.
UK fintech start-up Fronted closes down
Fronted was founded in 2019 by former employees of Bud Financial, Monzo and Apple.
Roland Folz to lead CloudPay as newly appointed CEO
Folz joins CloudPay from the German credit institution Solaris SE, where he served as CEO from 2017 to 2023.
Starling Bank plans to take its BaaS platform Engine to APAC
CNBC reports that the challenger is in talks to deploy Engine with an undisclosed Asian bank.
FCA asks UK banks to hand over data on bank account closures
The UK’s largest banks and building societies have until 25 August to supply the information.
UK fintech Paytrix appoints Joe Redmond as CEO of Ireland operations
Paytrix describes Redmond as a “heavyweight of Ireland’s financial services sector”.
Bank of England forms CBDC Academic Advisory Group for proposed digital pound
The formation of the AGG will ensure that the digital pound can be “accelerated” if given the green light.
Nationwide Building Society transfers financial planning service to Aegon UK
The transfer is set to take place in early 2024.
Nutmeg and Chase UK CEO Sanjiv Somani resigns
According to a Companies House filing, Somani has resigned as head of Nutmeg and JP Morgan Europe.
ICYMI fintech funding round-up: Chargeflow, Knot, Treasure Financial & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Specialist lender Shawbrook reportedly mulling Co-operative Bank merger
Sky News reports Shawbrook has approached the Co-operative Bank’s owners about a potential deal.
LSEG announces Irfan Hussain as its new chief information officer
Irfan Hussain joins LSEG from Goldman Sachs, where he has worked since 1995.
Payabl. secures EMI licence in the UK
Payabl. says the authorisation will “unlock significant opportunities” as it looks to expand across the UK.
Naga integrates Rezolve AI into its social trading platform
The integration is also set to extend to Naga’s e-payments solution, Naga Pay.
SumUp secures $100m credit facility to expand merchant cash advance product
The facility is being provided by Chicago-based investment firm Victory Park Capital.
FCA warns consumers against loan fee fraudsters amid rising summer borrowing
The average loss to loan fee fraud in the UK is £260.
Garanti BBVA Financial Technologies launches new venture for digital assets
The launch is Garanti BBVA Financial Technologies’ first foray into digital assets.
MarketAxess acquires Pragma to leverage quantitative trading technology
MarketAxess aims to accelerate the development of quantitative execution algorithms for fixed-income products.
Revolut halts crypto services in the US citing “evolving regulatory environment”
From 3 October, access to crypto through Revolut will be fully disabled for US customers.
Automotive lending platform GoFi taps Provenir for credit risk decisioning
The Texas-headquartered company has implemented Provenir’s Data and Decisioning Platform.
HSBC joins forces with Tradeshift to launch embedded finance business
The joint venture will focus on the development of embedded finance solutions and financial services apps.
Challenging funding environment pushes LedgerEdge into administration
David Robert Baxendale and Edward John Macnamara have been appointed as joint administrators.
UK fintech Rapyd snaps up PayU GPO in $610m deal to boost global expansion
PayU says the sale will allow it to focus on “the huge fintech opportunity” in India.
UK consumer lending start-up Koyo Loans closes down
All of Koyo’s existing loans have been transferred to Capquest for management.
The FCA’s Consumer Duty clamps down on unfair savings rates
The regulator’s 14-point plan seeks fairer interest rates on UK savings accounts.
Allfunds acquires local paying agent business of Iccrea Banca
The acquisition enables Allfunds to develop its position in Italy as a local paying agent business.
Vanquis Banking Group buys UK smart money app Snoop
Snoop leverages AI and open banking technology to provide personalised overviews of spending habits.
Principles, practices and persistence: the Consumer Duty deadline arrives
The regulation is set to completely transform the relationship between financial services firms and consumers.
