Fintech Roundup - November 2024
This month we're covering:
1. Klarna Announces Confidential Submission of Draft Registration Statement to SEC for Proposed Initial Public Offering
Klarna Group Plc today confidentially submitted a draft Registration Statement on Form F-1 to the Securities and Exchange Commission? (the “SEC”) relating to the proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.?
Mentioned - Klarna
2. SME Lender iwoca Secures New ￡200m Funding Led by Citi – Increasing Investment in the Business to Almost ￡1.5bn
iwoca, one of Europe’s largest SME lenders, announces a new ￡200m package of debt funding from Citi and Waterfall Asset Management and doubles its SME loan offer ceiling to ￡1 million. The funding follows a series of investment rounds in the past two years, attracting ￡740m debt funding from partners including Citi, Barclays, V?rde Partners, Pollen Street Capital, and Insight Investment. This takes investment in the business to almost ￡1.5bn since launching in 2012.
Mentioned - FF News | Fintech Finance , 11:FS , iwoca , 花旗 , Waterfall Asset Management LLC , Barclays , V?rde Partners , Pollen Street Capital , Insight Investment
3. Metro Bank fined ￡16m by City watchdog
The Financial Conduct Authority (FCA) said the challenger bank failed to have the right systems and controls to adequately monitor more than 60 million transactions, with a value of over ￡51bn, for money laundering risks.
Mentioned - Sky News , 11:FS , Metro Bank (UK) , Financial Conduct Authority
4. GoHenry Urges Government to Make Financial Education Compulsory in All Schools at Parliamentary Reception
Talking at a full event, which took place during Talk Money Week to officially launch the company’s Financial Education Manifesto, Louise Hill, co-founder and CEO of GoHenry, pressed home the need for money lessons to be made available in all schools in England as part of the Government’s upcoming Curriculum Review. Championing the voice of young people, Louise revealed that 84% of kids and teens would like to have more financial education in school and that 68% of 18-year-olds are worried about leaving school without any money skills.
Mentioned - FF News | Fintech Finance , 11:FS , GoHenry
5. Revolut Trading granted UK trading licence; now authorised as an investment firm
Since 2019, Revolut has operated its Trading feature as an Appointed Representative with a Principal in the UK. This partnership allowed Revolut to offer an investment service through its app, where retail customers could buy and sell shares listed in the US.
Now with its own stand-alone licence, Revolut Trading Ltd is an authorised investment firm. This will allow for significant improvements in user experience for its 650,000+ existing UK trading customers, paving the way for new trading products and features. Of note, in 2025 Revolut is looking at introducing UK and EU stocks and ETFs, as well as refreshing the app and launching new products and features, as it commits to helping customers of all wealth levels feel confident in making good investment decisions and understand the associated risks.
Mentioned - Revolut
6. Atom Bank Buys 25 Acres of New Woodland in Northumberland to Account for All Its Operational Emissions Since Founding
The UK’s first app-only bank, has purchased 25 acres of newly planted broadleaf woodland in Northumberland to sequester carbon as it pledges to be climate positive by 2035, becoming the first UK bank to make this commitment.
As the woodland matures, almost 7,000 tonnes of CO2 will be sequestered by the trees, which include willow, sycamore, birch, alder and rowan. With current emissions from its operations (excluding financed emissions) measured at between 500 and 700 tonnes per year, the woodland is an important first step for the bank to meet its commitment to be climate positive by 2035 and to offset the impact of launching and scaling the business.
Mentioned - FF News | Fintech Finance , Atom bank
7. GoCardless partnership simplifies payments and offers rewards for grassroots football clubs
Bank payment specialist GoCardless has announced a collaboration with Total Grassroots and sportswear brand Kelme to simplify payments for grassroots football clubs while providing teams with new kits.
The partnership introduces Direct Debit capabilities to eliminate unpaid subscriptions and high card fees, allowing clubs to streamline their payment processes and enhance financial visibility through an intuitive online platform.
Mentioned - FinTech Global , GoCardless , KELME , Total Grassroots
8. Will 2025 be the turning point for cybersecurity in finance?
Could 2025 be the year that reshapes cybersecurity in the financial services industry for good? With increasingly sophisticated cyber threats and emerging technologies like AI impacting every sector, many believe the financial services industry is on the brink of a major transformation. If that’s the case, the industry must adapt.
Mentioned - FinTech Futures
9. Regulatory pressure intensifies for digital banks amid rising scrutiny
Amid the rapid evolution of banking, digital-first banks like Starling and Metro Bank are facing increased regulatory scrutiny, particularly around AML controls.
According to Corlytics, these challenger banks, known for their innovation and customer-focused services, are transforming the industry by filling service gaps left by traditional banks. They attract underserved demographics with features such as real-time payments and seamless app integrations, significantly increasing their market share in recent years.
Mentioned - FinTech Global , Starling Bank , Metro Bank (UK) , Corlytics , Revolut , N26 , Chime , 星展银行
BONUS READ: Subscription trends to watch in 2025
Despite global economic headwinds, rising prices and over half of consumers now precisely tracking their subscription spend, 89% of businesses are optimistic about recurring revenue growth for the year ahead. They predict changing customer demand is the top factor that will impact profitability.
This is according to new research in Subscription Economy: Evolution Not Revolution, a report from subscription management fintech Minna Technologies in partnership with specialist management consultancy FT Strategies and global market research firm Savanta.
The report includes data and analysis of surveys of over 100 US enterprise subscription business executives and more than 2,000 US consumers. The executive sample included Board members, C-Suite executives, managing directors, directors and owners from B2C businesses with an annual turnover ranging from $10 million to over $1 billion, including financial services and fintech, streaming media, software, publishing and retail brands.
Mentioned - 11:FS , Minna Technologies, a Mastercard company , Savanta
That's all for this month. I'm taking a break from Fintech Roundup until 2025, if I choose to bring it back - see you in the New Year - if not, thanks for reading ??