Is Apple becoming a threat to the big banks?
Good morning FinTech Fanatic!
Sanjeev Kumar shared a great article a few days back about Apple’s embedded finance adventures and it made me think: Is Apple becoming a threat to the incumbent financial institutions?
I asked around and received some interesting views I’d like to share with you below??
A big thanks to Steve McLaughlin , Nicole Casperson , Ron Shevlin , Mary Wisniewski , Arthur Bedel ?? ?? , Rutger van Faassen , and John Siracusa for sharing their views!
What do you think? Do you agree with the experts? Let me know in the comments!
And now on to other FinTech news I assembled for you today:
POST OF THE DAY?
Is Apple becoming a threat to incumbent financial institutions?
This is what the experts say:?
Investors are betting on enterprise FinTech, according to Pitchbook 's “Q1 2023 Enterprise Fintech Report.” Get the full report here
FINTECH NEWS?
Fintech unicorn Ppro eyes India expansion, Japan entry: CEO. "I think a country we're not in today, which we're exploring actively, is Japan," said Simon Black , CEO. "We expect to grow and build out our presence in the countries that we're in, but also to increase that presence into new countries within the region ."
Revolut launches seven new currency accounts for Singapore customers. Revolut’s Singapore customers will now be able to exchange and hold currencies including Indian rupee, Philippine peso, South Korean won, Chilean peso, Colombian peso, Egyptian pound and Kazakhstani tenge. Read more
Stripe investor Tiger Global explores options to cash in part of $40bn portfolio of private companies. The New York-based investment group is working with an adviser to tap the so-called secondary market to help return money to some of its investors , people familiar with the matter said.
Nexi helps Itas Group to launch Itas Pay. Through ITAS Pay, the ITAS Group intends to further consolidate the digital transformation of sales processes for its insurance products by offering customers an even simpler and custom-built purchasing experience.
Fintech startup Brex was among the bidders for SVB’s early-stage and growth portfolios. TechCrunch spoke with Brex co-CEO and co-founder Henrique Dubugras , who confirmed that the company did in fact put its name in the hat for SVB but only for the early-stage and growth portfolios within its business .
Lipa Later Group named fastest growing Fintech in Africa, according to the Financial Times , a British business daily newspaper. The ranking, which is in its second year, highlights different fintechs and underscores the resilience and innovation of the Kenyan fintech industry.
FuPay shuts up shop, looks to pivot away from BNPL. FuPay has quietly abandoned its current business model , pulling the plug on its BNPL offering to consumers. This comes following the sale of the company earlier this year to up and coming fintech, New Co.
Revolut UK chief told customer he would be waiting for him with a shotgun. James Radford, who quit the firm in March, fired off the message to the customer after receiving a slew of complaints and voice messages over the freezing off a business account to his personal mobile phone.
领英推荐
DIGITAL BANKING NEWS
MoneyLion to add ChatGPT-powered search to its marketplace. ?The neobank plans to launch a search feature powered by ChatGPT that allows consumers to search for transactions, offers and products on the platform’s finance marketplace, CEO Dee Choubey said.?
Ahrvo Labs launches open banking platform to streamline cross-border payments. Customers of more than 10,000 banks globally can access Cross-Border Open Banking by connecting to any Open Banking provider integrated within the protocol.?
ZilBank.com introduces QR code payments option. “Introduction of our QR code payment system is another step in this direction , offering a fast, reliable, and contactless way for our customers to make transactions,” said Sabeer Nelli , CEO and Founder.
M&A’s
Nordea completes acquisition of digital pension broker Advinans . The acquisition of Advinans fits well with Nordea’s strategic plan to grow in profitable business segments and extend its digital offering to corporate customers in Sweden .
Revenue Group plans to acquire 51% stake in Innov8tif for RM36 Million in a total cash purchase. According to the Bursa Malaysia filing , Innov8tif Group’s digital ID technology and solutions will help to complement and enhance the existing businesses of Revenue and its subsidiaries.??
PARTNERSHIPS
UAE Emirates NBD bank partners with PWC and digital asset custodian FireBlocks . According to Emirates NBD, “This marks a new milestone in our innovation journey, and together, we look forward to shaping the Digital Asset space in the region.” Read more
America First Credit Union selects FirstClose to offer instant home equity. “Our focus is always on our members, and our partnership with FirstClose supports our goal of delivering the best member and processor experience possible ,” said Austin Coleman , Senior V P of Mortgage Lending at America First Credit Union.
SKUx disrupts brand rewards and payments management with launch of new card product powered by Highnote . The partnership empowers brands and merchants to disburse retail rewards, refunds, and other payments instantly and seamlessly through digital, co-branded cards.
#DONEDEAL
Pensions fintech Smart gets wise to $95 million. The new investment will fuel the company’s ongoing global expansion initiatives, both organically and through M&A activity. Read more
U.S. Fintech 8fig raises US$140M series B led by Koch Disruptive Technologies . 8fig had recently introduced a mobile app that allows customers to manage their funding plan on the go, as well as a freight management and payment feature .
Fintech M-KOPA raises $250m to scale high-impact consumer fintech across Africa. With this new funding, the firm aims to grow its smartphone services, expand its model to new markets and extend its financed product set. The debt financing is structured to support sustainability-linked goals with pricing that is linked to the achievement of environmental and social targets.
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Cheers,
Marcel van Oost
Innovation and healthy competition often lead to better services and options for consumers, so it's an exciting time in the FinTech space!
Top Global Fintech & Tech Influencer ? Trusted by Finserv & Tech Global ? Content & Influencer Services ? Advisory for Digital Transformation ? Speaking ? [email protected]
1 年As I read the news about Tiger Global looking to sell some of its portfolio holdings, I can't help myself but link it to retail products that bundle Top private Tech shares. I wont list names here (yet) but I am seeing more of these ìnvestment opportunities ` that provide liquidity to institutional investors ?? When `structured complex financial products` are marketed to retail, `Efi is wary`.
Growing the brands changing our world
1 年Apple isn’t becoming a threat, it’s already here! Collaboration is the key moving forward if big banks are to survive