Edition 32 | Neo Banking Newsbeat | Your Weekly Neo Banking Updates

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4TH WEEK OF MARCH 2024

Greetings from Neo Banking, where financial innovation knows no bounds! Welcome to our weekly newsletter: Neo Banking Newsbeat the ultimate destination for staying ahead in digital finance.

Digital bank Monzo in talks to sell stake to Singaporean state fund GIC

Monzo, the UK-based digital bank valued at over ￡4bn, is in advanced talks to sell a $50m stake to Singapore's Government Investment Corporation (GIC). This move follows Monzo's recent successful funding round of over ￡300m led by

Alphabet's Capital G. The potential deal with GIC signifies Monzo's growing investor diversity and its profitable status with nine million customers. The neobank has expanded into investments and savings accounts, showcasing it's evolving financial services model.

Kuda secures payment licenses for Tanzania and Canada expansion

Kuda, the Nigerian fintech, obtains payment licenses for Tanzania and Canada, expanding its global reach and competition against other African-focused neo-banks. Its strategy aligns with the growing remittance market, particularly among

Nigerian migrants. Kuda previously entered Pakistan and the UK markets but discontinued its subscription remittance service in Europe. The move signifies Kuda's focus on lucrative markets like Canada for revenue growth amidst foreign exchange challenges.

JPMorgan plans major rollout of biometric payments

JPMorgan Chase plans to launch widespread biometric payments with US retailers by next year, allowing shoppers to use palm or facial scans for purchases. The global biometric payments market will reach $5.8 trillion and three billion users by 2026. Last year, JPMorgan partnered with PopID for pilots and plans more tests

before a full rollout. While there's some sensitivity, JPMorgan sees biometrics as low risk. Other players like Mastercard and Visa are also advancing biometric payment solutions, indicating a growing trend in the industry with potential for collaboration among providers.

Revolut launches Point-of-Sale product

Revolut introduces a Point-of-Sale iPad app tailored for the hospitality sector, integrated with its card reader. The product aids in sales tracking, inventory management, and table mapping, with transaction fees starting at 0.8% + ￡0.02. Revolut aims to compete with Square and PayPal's iZettle, emphasizing user-

friendly features and swift fund access for businesses. General Manager Alex Eguileor highlights the platform's efficiency and anticipates its adoption among stores and restaurants seeking streamlined operations and growth opportunities.

?GoCardless to buy Nuapay from EML Payments

GoCardless acquires Nuapay from EML Payments for €32.75 million, enhancing its bank payment services for ISVs and PSPs. The move aligns with GoCardless' growth strategy and broadens its customer base. EML, having bought Sentenial, deems Nuapay non-core and unprofitable. The acquisition aims to unlock new

capabilities in vertical sectors like payroll, gaming, and financial services, accelerating GoCardless' vision to become a global bank payment network. CEO Hiroki Takeuchi emphasizes Nuapay's established reputation and strategic fit with GoCardless' expansion plans.

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