"AI Will Completely Transform Fintech"
Good morning FinTech Fanatic,
Nubank and Uber have joined forces to integrate NuPay , Nubank 's exclusive payment service, into Uber 's platform.
This Payments Initiation-feature introduces a one-click payment method into Ubers app; it allows customers to approve payments via credit or debit with just one tap, boosting the transaction security and speed.
Meanwhile UK’s Tandem Bank announced it achieved a full year of operating profit for the first time in company history after transitioning into a ‘green bank’.
The digital bank revealed its financial report, which shows deposits increased by over 126% in 2022, from ￡771m to ￡1.75bn. The firm also increased its lending to ￡1.2bn, resulting in an operating profit of ￡4.5m.
“2022 was a transformational year for Tandem, against the backdrop of a difficult macro-environment,” said Tandem CEO Alex Mollart .
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Yesterday, fellow challenger bank Monzo announced it had achieved its first monthly profit after narrowing its hefty annual losses from the year prior.
Before we go on to the other FinTech news we cannot leave unmentioned: Revolut has crossed an astonishing milestone: 30 million retail customers.
Revolut announced the news on their corporate website , sharing some other insights on European markets as well.
Now onwards to the other news I’ve selected for you below??
“The Fintech Times Middle East and Africa 2023 Report” puts the spotlight on the region’s economic development and how its market demand and government support have impacted the growth and development of the fintech industry. Get the full report here ?
INSIGHTS
Check out “Evolution of US Acquiring Processing” detailed infographic by Flagship Advisory Partners ? here
Take a look at the latest Nordic Fintech Snippets, the combined effort of all the Nordic Fintech Hubs, by Helsinki FinTech Farm , sharing the most important and latest news in fintech and digital finance from each country .
May was a strong month for the launch of point of sale products, with a number of major announcements in key markets globally. However, the nature of the launches also provides insight into the changing commerce landscape. Based on data from FXC Intelligence .
FINTECH NEWS?
Brex Co-CEO: "AI Will Completely Transform Fintech." Check out the Bloomberg Technology video interview here
After launching its first card in 2020, Mexican startup Stori now serves 2 million users, an accomplishment not many traditional banks have achieved. The company caters to individuals unable to acquire a traditional credit card due to lack of financial education or high credit lines that have damaged their credit history.
Adyen set to free millions in daily cash flow for customers with faster Payout Services. This offering enables Adyen's customers to payout acquired funds in the preferred method of their affiliated users or partners with increased velocity, and represents Adyen's commitment to keeping their customers' needs at the core of their product development.
Juni introduces BNPL for online retail media invoices. The ‘Juni Invoices’ offering allows online retailers to choose between 30, 60, or 90 extra days to pay their media invoices. This implies that these businesses can purchase media advertising and defer their payments based on their selected option.
Monneo enters special administration. The London FinTech, behind virtual IBAN accounts, is seeking to salvage customer funds amidst its insolvency. “Our initial actions will be to secure the assets of the company, including securing all customer safeguarded funds,” it stated.?
“The Evolving Digital Payments Landscape In Africa: Trends, Opportunities, And The Role Of Mobile Payments” by Zotapay , is an article that explores the evolving digital payments landscape in Africa , uncovering trends, opportunities, and the transformative power of mobile payments.?
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DIGITAL BANKING NEWS
Cross River Bank enters consent order with FDIC over fair lending compliance practices. CRB has a charter that allows it to originate and sell loans issued to consumers and small businesses through CRB’s lending partners. Read more
How Canada's challenger banks are navigating the banking turmoil. A wave of upstarts has attempted to take on Canada’s banking oligopoly over the past decade, but these days the challengers are putting the emphasis on collaboration over direct competition .?
BLOCKCHAIN
PayPal continues to eye stablecoin space. Venmo-ing crypto is already here — the latest development in PayPal's nearly one-year-old service enabling on-chain transfers. Read more
Crypto.com obtains Major Payment Institution (MPI) licence from the Monetary Authority of Singapore . “Singapore continues to be a hub for blockchain and fintech innovation,” said Chin Tah Ang, General Manager, Singapore of Crypto.com. “The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore.”
PARTNERSHIPS
PicPay partners with Creditas to launch vehicle-secured loans or 'car equity'. The entry of the super app into the vehicle-guaranteed credit is another step in the business diversification movement , a fundamental strategy in an adverse context for technology companies, including fintechs.
Weavr and Visa to deliver embedded finance to the global stage. The collaboration aims to accelerate the adoption of embedded finance solutions among B2B Software-as-a-Service (SaaS) companies. Read more
Pleo launches auto top up functionality powered by JPMorgan payments. Pleo has teamed up with J.P. Morgan to enable auto account top up via direct debit , enhancing the customer experience. This will also ensure funds are always available for spend and therefore reduce declines due to insufficient funds.
Quipu has partnered with Claro Pay to provide productive loans from $500,000 in Colombia. This alliance, operational since February 2023, offers an accessible credit solution to local businesses, targeting those previously limited to informal lending systems by offering competitive interest rates and simplified processes .
Tuum teams with RegTech Fourthline to offer European financial institutions a secure and agile core banking solution that incorporates world-leading end-to-end customer onboarding and monitoring in compliance with KYC (Know Your Customer) and AML (anti-money laundering) regulations.
Worldpay to offer merchants Affirm checkout option. The companies announced a multi-year partnership that will make Affirm’s Adaptive Checkout? available to all eligible Worldpay merchants. Read more
#DONEDEALS
Revolut alums raise millions for Vault , a startup offering banking services to Canadian SMBs. The company’s goal is to expand its offerings to include lending, savings products, payment automation and more complex FX products later this year.
PayPal Ventures leads $52 million round in Magic . With this new funding, Magic is focused on expanding functionality and enabling growing use cases to continue delivering more value to its customers. It is also looking forward to making a deeper integration within the EU and APAC.?
Num Finance raises $1.5 million USD in pre-seed funding round. The firm will leverage the funding to extend its service offering to Colombia and Brazil, as well as probing other emerging markets in Latin America, North Africa, and Asia.
Vartana raises $20 million. Vartana will use its growth capital for continued product innovation and to expand the Vartana Capital Marketplace. Link here
MOVERS & SHAKERS
ACI Worldwide names Thomas Warsop as president and CEO. Warsop has served as Interim President and CEO since November 2022. He will also continue to serve on the ACI Board, where he has been a director since 2015.?
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost