FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges

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Now, on to today's news!

BREAKING NEWS

FTX founder Sam Bankman-Fried was arrested by Bahamian authorities Monday evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.

NEWS HIGHLIGHT

Crypto.com CEO has a history of red flags including bankruptcy and quick exits, according to an investigation into his business career. Though he hasn't been reached for an interview, he published a tweet thread ahead of this story, describing his earlier failures as battle scars. Link here

The Block CEO, Michael McCaffrey, resigned after failing to disclose a series of loans from disgraced former FTX head SBF’s Alameda Research. "No one at The Block had any knowledge of this financial arrangement besides McCaffrey," said the company’s new CEO. Link here

The FCA has fined Metro Bank and two former directors for breaching the Listing Rules by publishing incorrect information concerning its RWA figure to investors in October 2018. Link here

#FINTECHREPORT

Global Payments Report 2022: The new growth game, is Boston Consulting Group’s latest study of the global payments industry, which examines how all participants in the payments ecosystem can raise their game by pursuing new strategies for growth. Link here

INSIGHTS

London overtakes New York and San Francisco for fintech funding. The capital has combined its strengths in financial services and tech to become a world powerhouse in fast growing areas such as payment processing and online banking. Link here

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FINTECH NEWS

Matera makes US move with new headquarters in San Francisco. The company is adapting its sophisticated instant payments solution to the U.S. as well as unveiling the future of payments with QR code payments to the U.S. market. Link here

DIGITAL BANKING NEWS

EQ Bank launches its digital banking platform in Quebec. This represents a bold new choice for Quebec customers looking for a better way to bank, all backed by an unwavering commitment to customer service. Link here

First Iraqi Bank announces Iraq's fully digital bank to provide further opportunities for the banking sector. The company's goal is to meet the rising demand for improved banking options in a cash-based country by establishing a bank that will help Iraq transition to a cashless economy. Link here

PARTNERSHIPS

Klarna partners with Vaayu to provide its consumers with carbon emissions data for more than 50 million fashion products, allowing them to get tangible information about the environmental impact of their completed purchases. Link here

Flow is partnering with Bond to enable a first-of-its-kind digital wallet, which will offer differentiated financial products to its community members. Link here?

Teen-focused app tendy, teams up with WealthKernel to power its investing services. Tendy is set to launch its app next year, and will offer an educational platform that uses Duolingo-style learning activities around investing to improve financial literacy. Link here

M&As

PayTabs acquires Turkey’s platform, Paymes. The acquisition is aimed at creating a unified social commerce platform for micro merchants, fempreneurs and webpreneurs across the MENA region. Link here

#DONEDEAL

NAB invests in Banked to bring new “pay by bank” options to Australian retailers, and allow merchants to take payments directly from customer bank accounts without a debit card. Link here

NF3 raises US$1.65M in seed funding. The company intends to use the funds to accelerate growth and expand operations. Link here

Finclusion raises additional $2 million in equity financing as it officially rebrands to Fin. The FinTech plans to expand into new markets next year, offering services to microfinance banks and finally, it will continue supporting adjacent businesses through its venture portfolio. Link here?

Nikkl raises $5M in funding. The company intends to use the funds to build up its technology platform and prepare for the launch of its investment fund in early 2023. Link here

Sion has raised $3.2 million in a seed fund. The funding will go towards product development including the creation of automated commission chasing and the launch of a new payment processing system to help travel advisors. Link here

Carputty announces $12.3m Series A funding. The new capital will be used to drive further growth through accelerated platform development, expanded business collaborations, and expedited commercialisation and adoption across the U.S. Link here

This ends Your Daily Fintech News. Let me know if there are any questions or comments. Until the next!

Regards,

Marcel van Oost

Connecting the dots in FinTech

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