FinTech Unicorn?? Revolut takes a 46% valuation cut
Good morning, fellow FinTech Fanatic!
Last week I shared the news of Allianz X , the venture capital arm of the Munich-based insurance group, which has mandated an adviser to sell about 5% in German neobank N26 valuing the lender at $3 billion (a discount of around 68% compared to a 2021 valuation of $9 billion).?
When I share this news on Linkedin, Ger Rottink already predicted Revolut would follow soon:
Well, that didn't take long...
Yesterday, Schroders Capital Global Innovation trust, a UK-listed investment trust with a ￡10m stake in Revolut has marked its holding down by 46 per cent to ￡5.4m.
The same day, Atom Bank , which is the fund’s second largest holding after Oxford Nanopore, has been marked down 31 per cent.
The Durham based lender last raised funds in 2022 at a ￡460m valuation.
I'm pretty sure we'll hear more news like this from the FinTech industry in the upcoming months and, as always, I'll keep you posted in this newsletter??
I also like to shine a light on a great FinTech Startup from Algeria . In another great article, Timothy motte tells the story about super app Yassir .?
The story of Yassir, which recently became Algeria’s most funded startup ever following its $150M Series B, starts with one man: Nourredine Tayebi .?
Yassir was born in 2017 with the following plan: offer ride-hailing, food-delivery, and other on-demand services in a region lacking them, gradually gaining users’ trust to onboard them onto digital financial products.?
Nourredine theorized that by doing so, Yassir could offer local, stimulating jobs to young Algerian talent while simultaneously creating the break-away startup success that would kickstart the country’s ecosystem. In this YouTube video he explains what they do:
It’s a great story and I can’t wait to see more success stories like this unfold in Africa in the future!
And last but not least, I'd like to share with you a great #fintechproductdiaries article where they spoke to Monica Millares , Product Leader at BigPay and a great colleague working on our APAC FinTech Newsletter every week. It’s a great interview and I highly recommend following Monica for amazing FinTech content.?
Now on to some content of my own, here is today's news:
NEWS HIGHLIGHT
Shopify adds direct bill payments in bid to be a single-stop FinTech for merchants. It’s another step in Shopify’s plan to straddle the intersection of FinTech and commerce, noted Shruti Patel , global head of merchant services partnerships and monetization at Shopify. Link here
The total addressable market for FinTech in India is expected to reach $2.1 Tn by 2030, with a compound annual growth rate (CAGR) of 18% from 2022. Download the full report here .
INSIGHTS
PayPay reaches JPY 10trn transaction volume in record time. Achieving this milestone has been helped by PayPay Card, which became a wholly owned subsidiary on October 1, 2022, so the payment volume numbers for 2022 are consolidated across PayPay and PayPay Card.
Fraud dents trust in digital payments in Nigeria. According to the Kaspersky Digital Payment survey, 37% of respondents from Nigeria experienced financial losses associated with threats when using online banking and mobile wallet services.
The 5 biggest FinTech fundraisings this week are more diversified than usual, 3 located in Europe and 2 in the US over three verticals; Crypto & Blockchain, Banking, Lending and Payments. Royal Park Partners reported.?
领英推荐
FINTECH NEWS
The Brazilian Central Bank has granted authorization for MovilePay , a FinTech company, to operate as a Sociedade de Crédito Direto (SCD). This allows MovilePay to offer credit operations to its customers , including individuals and small businesses, without the need for intermediation by traditional financial institutions.
Kazakh FinTech Kaspi.kz says preparing for U.S. listing. The board of Kaspi.kz, which is already listed in Kazakhstan and on the London Stock Exchange , has proposed a dividend of 750 tenge per global depository receipt (GDR).
PayShap – South Africa’s first rapid payments programme launched. PayShap is the outcome of an industry-spanning collaboration, driven by BankservAfrica, the Payments Association of South Africa and the South African banking community, with the aim of modernizing the national payments industry .
FinTech Wave launches in Gambia. “Gambia is a crossroads within West Africa, attracting students and entrepreneurs from around the region. This makes it an important market for any company pursuing a regional strategy.” Said, Ben Kolesar , country director, Wave.?
ABN Amro rolls out financial literacy app for kids. Built to appeal to the 8-13 years age group, the app lets them check their bank balance, set savings goals and communicate with their parents about the chores or odd jobs they earn money with.
DIGITAL BANKING NEWS
Finland's Fellow Bank changes its name to Alisa Bank . The new name better reflects the company’s vision to offer the smoothest everyday banking services for ordinary Finns as well as for small and medium-sized companies that need flexible financing.
UK’s Open Banking Roadmap Unveiled: Future Plans & Priorities. The report outlines the future plans and priorities for a new phase of Open Banking, aiming to create a resilient, sustainable, efficient, and scalable ecosystem. Read more .
iFast 's UK bank launches digital personal banking, open to users worldwide. With the launch, users will be able to open a UK digital bank account online without having to be physically present in the UK.?
Valley Bank launches FinTech innovation platform via NayaOne . The platform will accelerate and enhance its collaboration with FinTech companies to meet the needs of Valley’s customers in a rapidly evolving digital environment. Link here
BLOCKCHAIN
India selected by Gemini for first APAC office. Gemini is set to expand to APAC and will open its first office in Gurgaon, India, despite the country’s reticent policy efforts around crypto assets. Link here
Brazilian authorities probe Binance over deriviatives offerings. Federal Police, the S?o Paulo Public Ministry and the CVM - Brazil’s securities regulator - are expanding investigations into whether Binance illegally enabled Brazilian users to trade derivatives on its platform.
M&As
GoSimpleTax set to acquire Coconut . The acquisition creates immediate value for both Coconut and GoSimpleTax customers. Following integration all customers and accountant partners will have bookkeeping, bank feeds, self-assessment and VAT filing in one product.
Amex Ventures vets launch $78m FinTech fund. Vesey Venture , will invest in early-stage FinTech and enabling technology companies, focusing on firms that can form early partnerships with financial incumbents.?
MOVERS & SHAKERS
Revio adds Christian Deger to advisory board. This move sees the payments veteran throw his experience and reputation behind a startup focused on using payments data to optimize revenue collection and assurance across Africa.
Stefano Paoletti joins Yapily as SVP sales, UK. Paoletti commented: “I am delighted to be joining Yapily at such a pivotal moment in open banking and finance.” Read more
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost
Thanks for the feature!
FOUNDER - INVESTMENT ANALYST - NEXUS CAPITAL ARCHITECTS
1 年The sharp devaluation of unicorns such as #N26 and #revolut will eventually reshape the #fintech #banking industry. Marcel van Oost of ‘connecting the dots’ in FinTech is always on top of this.