Klarna has joined forces with Airbnb
Happy Thursday FinTech Fanatic,
Brazilian digital bank Nubank reaffirms its status as one of the largest digital FinTech service platforms in the world, as they announced reaching the milestone of 80 million customers in Latin America.
Nubank maintains operations in Brazil, Mexico and Colombia.
Amid the growth of the client base, Nubank saw its number of investment clients in Brazil increase by 130% compared to the end of the first quarter of 2023 and the end of the first quarter of 2022.
There is no doubt that Nubank stands out and given these numbers it's an understatement to say Revolut will face some tough competition, now that they are joining the battle between digital banks on the Brazilian market.
PayPal released a new feature, dubbed Crypto Transfers, that will allow Venmo users to transfer their Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to outside wallets, as well as to other users of the popular payment app.
Crypto transfers will be rolling out to Venmo customers over the coming weeks starting in May 2023.
Following the statements by Klarna- and Block-executives on the proposed UK Buy Now, Pay Later rules, FinTech industry body Innovate Finance says its members are "deeply concerned" by the UK government's plans to regulate the BNPL sector.
"Our members consider that the measures, in aggregate, are more onerous than those that currently apply to regulated consumer credit products with a greater risk of harm such as credit cards' ”, as can be read in the response of Innovative Finance.
To be continued for sure, and as ever I will keep a close eye on these developments.
Please find the other FinTech news listed below:
Fintech projected to become a $1.5 trillion industry by 2030. The FinTech sector is estimated to grow up to 7%, according to a report from Boston Consulting Group (BCG) and QED Investors. Download here the full report.?
The road ahead for Asia’s Digital Banks. With the global economy taking a downturn and investors tightening their liquidity, profitability has become top of mind among Asian digital bank CEOs. Read all about it in this great report by Oliver Wyman. Link here
INSIGHTS
Global FinTech deal activity drops 12% in April 2023 YoY. FinTech deal activity and investment in April both dropped from the level’s recorded over the same month last year. Link here
Check out Flagship Advisory Partners’ “US Bank Fintech Investments & Patents, 2023” detailed infographic here
Want to know what happened in the FinTech Industry in the Nordics in April? Take a look at “Nordic Fintech Snippets– April 2023” by Helsinki FinTech Farm and find the industry highlights, including funding rounds, partnerships, acquisitions, and new launches.
FINTECH NEWS?
Visa presents integration project with Digital Real. The global payments giant has unveiled a DeFi project to integrate with Brazil's upcoming digital currency. The initiative aims to facilitate transactions, boost financial inclusion, and enable seamless connections between the traditional financial system and the Digital Real.
Brazil’s Fidelity-backed Creditas trims losses in Q1, strives for first profits. The secured credit FinTech, one of the largest in the country in this segment, had revenue of 551 million reais ($110million) in the first three months of the year, a growth of 42.3% compared to the same period last year, despite the more adverse market scenario.
Finix becomes a payments processor, heating up its competition with Stripe. The startup has slowly been taking swipes at Stripe, first becoming a facilitator, and now becoming a processor. Now that it no longer relies on a third-party processor, it says it’s able to offer businesses “instant onboarding, improved economics and opportunities for lowering interchange fees.”
PODCAST
In a new episode of Fintech Leaders, Miguel Armaza sits down with Itai Damti, CEO & Co-Founder of Unit, one of the leading banking-as-a-service and embedded finance providers in the US. In this episode, they discuss: Learning from successes and failures of building companies around the world.
领英推荐
DIGITAL BANKING NEWS
LHV secures UK Banking Licence from the PRA. Following a close collaboration with the PRA and the FCA, the bank has secured the licence in just over a year, demonstrating its commitment to regulatory compliance and high standards.
Owners Bank builds fintech technology stack. The new digital bank created to meet the unique needs of small business owners, announced its technology stack of partners that are working together to make banking as seamless as possible for small businesses.
Digital Sharia-compliant bank Nomo selects Paymentology for multi-currency account processing. The announcement follows the latest news from Nomo, and the introduction of its multi-currency accounts thanks to support from Paymentology’s technology.
M&A’s
Deutsche Bank to acquire Numis. The Transaction will allow Deutsche Bank to accelerate its Global Hausbank strategy by unlocking a much deeper engagement with the corporate client segment in the UK.
Fintel Connect and Cheese partner to expand access to credit for underserved Americans. Through this partnership, Fintel Connect will provide Cheese with its cutting-edge performance marketing technology to help the company reach new audiences, build brand credibility and expand its user base.
Greenwood acquires mobile banking platform Kinly. According to Ryan Glover, founder and CEO of Greenwood, this acquisition represents a significant step forward in their mission to empower Black and Latinx communities by providing them with access to affordable financial services and opportunities for wealth-building.
Coconut set to be acquired by GoSimpleTax after UK delays Making Tax Digital to 2026. “With a possible labour government in play by the time the 2026 mandate date is reached and time for competitors to catch up, raising enough funds now or in the future will be impossible for the business,” wrote Coconut’s co-founders Sam O'Connor and Adam Goodall in a letter to shareholders last week seen by AltFi.
Migrante (Now Galgo), a Chile-based FinTech provider of loans to immigrants, has acquired Crediorbe, a Colombian company with a portfolio worth $35 million. Read more
PARTNERSHIPS?
Klarna has joined forces with Airbnb in a partnership to provide customers throughout the US and Canada with flexible payment options when booking their next trip online. Read more
Cashfree Payments and YES BANK to offer international payment collection service to Indian exporters. Under this partnership, the Bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service.
#DONEDEAL
Frost closes funding round: Surpassing goals ahead of schedule. With the backing of new investors via Seedrs, the company can continue to progress along its exciting business roadmap, ultimately giving users even more power to conquer their finances.
Tangem raises $7m in an investment round led by Shima Capital. Tangem intends to use the new funding to expand its product offerings, scale its operations, and strengthen its presence in the digital asset custody space.?
Vera Equity, a venture capital firm co-founded by former Venmo COO Michael Vaughan and executives from True Search, raised $20 million for its first fund, the firm tells Axios exclusively. Read more
Credit Card platform Kiwi raises $6M in pre-seed round led by Nexus, Stellaris. The startup has also launched its all-in-one "Credit on UPI," which will help customers make payments using either a credit card or bank account directly through their phones.
MOVERS AND SHAKERS?
DCG-Owned Luno loses top global exec. Vijay Ayyar, Luno's vice president of corporate development and international, resigned from the firm after seven years working there. Ayyar said the move was not related to Luno's decision to exit Singapore and that he quit to join another company in the crypto and Web3 space.
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost
BNPL is haram and this won't scale.
Compliance | Risk | Fintech | Finance | Data Privacy | Latam
1 年Giovana Mauri Lupo CPC-A
Transforming Payments with People, Strategy, and Execution | Co-founder & MD
1 年Marcel van Oost great newsletter!
??lawyer ??fintech - embedded finance - banking and finance at international law firm CMS
1 年Innovate Finance’s comments on BNPL regulation are interesting, Marcel van Oost. Whilst the industry previously seemed pro regulation (largely to create a level playing field between market players and increase in consumer confidence), this demonstrates that now the regulation specifics are understood there is a contrast between achieving these aims and maintaining autonomy and creativity… interested to see how this conversation develops!