Digital Banking | 2022 #19
Weekly news up to Monday, May 9th, 2022
REPORT
Challenger banks still attracted the most funding across fintech in Q1, followed by crypto exchanges, DeFi, BaaS & embedded finance.
Download the full Dealroom.co report here.
👀 NEWS HIGHLIGHT
FROST has launched, becoming the latest e-money account to take the FinTech world by storm.
They’re sure to shake up the e-money account sphere - particularly in the midst of the crippling cost of living crisis - and here’s why:
⭐️ Smart algorithms automatically group your balance into 3 handy spending categories.
⭐️ Suggested savings, goal-setting, and spending notifications make managing money easier.
⭐️ Save Assist automatically notifies customers when cheaper utility bills come available, with the ability to switch instantly!
👉 Read more here.
😎 SPONSORED CONTENT
PayRetailers is a leading payment service provider that supports a wide range of payment methods via single API integration and allows global business to trade with buyers and increase revenue in LATAM. Our all-in-one proprietary platform provides seamless pay-in and pay-out capabilities connecting merchants with their customers in 12 emerging markets.
👉Contact them here.
📰 ARTICLE
Revolut has ruled out going public in 2022 amid the slowdown in the global IPO market. Link here.
👉Read the full Business Insider article by Callum Burroughs here.
👨💻 BLOG
Offering employees virtual company cards s a great, uncomplicated way for businesses to kick off the crucial digitisation of financial workflows and processes.
👉 Read the full blog article here.
👨💻 BLOG
Plastic is unnecessary and wasteful for banks' cards. Greener solutions are available.
👉Read the full altfi article here.
💡INSIGHTS
Nacha reports that in 2021, the top 50 US banks originated around 25 Billion of ACH transactions.
👉Read the full article by Efi Pylarinou here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 DIGITAL BANKING HIGHLIGHTS
⭐️Over 90% of Nubank total stock able to hit the market this month. Link here.
⭐️ Bunq has announced that it plans to acquire Tricount. Link here.
⭐️ Amazon has become one of the most valuable companies in the world. Link here.
⭐️Revolut’s $33 billion bank app hits a roadblock in Britain. Link here.
⭐️US Banks will now have just 36 hours to report a cybersecurity incident. Link here.
UK 🇬🇧
Tandem launches a new green product and continues its mission to become the UK’s fairer, greener digital bank. Link here.
Rapyd launches Virtual Accounts for businesses. Link here.
Plend aims to become the first B Corp consumer lender as it gets FCA approval. Link here.
Monzo dethrones Starling at the British Bank Awards. Link here.
SaaScada has raised £2.5 million to enable smaller financial providers to rapidly create competitive offerings. Link here.
Zopa’s Smart Saver reaches £100m+ deposits in 65 days. Link here.
EUROPE 🇪🇺
Oleg Tinkov has claimed that he was forced to go into hiding and sell his stake in TinkoffBank. Link here.
N26 opens offices where employees want to live. Link here.
NatWest Group has signed agreements with payment providers TrueLayer, GoCardless, and Crezco to offer new payments. Link here.
Bunq has entered Ireland, establishing a local presence in the country as KBC. Link here.
Citi has launched Sepa instant payments in Europe. Link here.
Klarna will start telling credit agencies who pays on time and who falls behind. Link here.
USA 🇺🇸
NICE CXone digitizes contact center operations for regional Australia bank. Link here.
Step announces exclusive partnership with Caleb McLaughlin. Link here.
Truist acquires Long Game in effort to reach younger demographic. Link here.
ConnectOne Bank partners Nymbus to offer digital business banking. Link here.
CANADA
Teen financial literacy app Wingocard shuts down. Link here.
Valar Ventures LLC Management is leading a US$185 million funding round for Canada’s Neo Financial Technologies Inc., propelling it to a valuation of more than US$1 billion 🦄. Link here.
LATAM
next, Bradesco’s digital bank, launches an account aggregator to retain users. Link here.
ASIA
Indonesia is trying to increase financial inclusion and boost the growth of digital banking in the country. Link here.
India has 100 unicorns now. Open Financial Technologies entered the coveted club. Link here.
Kaleidofin closes latest funding round at $15 million. Link here.
AUSTRALIA 🇦🇺
Hay Group launches Shaype to reimagine financial innovation and accelerate international growth. Link here.
Peppermint Innovation gets e-wallet license in the Philippines. Link here.
MOVERS AND SHAKERS
Ohpen announces the expansion of its UK team, including the appointment of Ahmed Michla as the Head of Business Development and Phil Bourne as Head of Product in UK and Ireland.
This is a unique place where everybody from the FinTech space is welcome to connect and share news, insights, job opportunities, investment deal flow, etc.
I look forward to talking with you there.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.