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?? NEWS HIGHLIGHT
Zing, the payments app set up by banking giant HSBC to compete with fintechs like Revolut and Wise, struggled to acquire new customers before it was shut down, reports say.
Launched in January last year, Zing was HSBC’s attempt at keeping up with the next generation of payment platforms, which have sought to poach consumers and B2B customers from the legacy banks amid rapid expansion.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
?? FINTECH HIGHLIGHTS
?? TransferGo Launches Multi-Currency Accounts For Global Business Clients.
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FINTECH
Chrysalis stock jumps on Klarna and Starling upgrades. Shares rose over six percent following significant valuation upgrades of its private equity holdings. Starling Bank rose 10% thanks to share price increases in comparable companies and Klarna’s value also rose just over 10%.
Mastercard earnings beats estimates as firm broadens offerings. Adjusted net income of $3.5 billion, or $3.82 a share, in the fourth quarter beat analysts’ estimates of $3.69 a share. Global purchase volume grew to $2.11 trillion, matching forecasts.
Cushion shuts down after 8 years and over $20 million in funding. Founder and CEO posted on LinkedIn about the decision to wind down the company at the end of 2024. He said that “despite bringing multiple new FinTech products to market, Cushion didn’t reach the scale needed to sustain the business.”
UK FinTech jobs market booms. The UK FinTech sector experienced a 44% surge in job vacancies in 2024, driven by venture capital investment and AI. FinTech vacancies hit 12,519 last year, up from just 8,672 in 2023, according to the report, carried out by Morgan McKinley with market data analysts Vacancysoft.
Visa tops 4.7 billion credentials and logs 44% growth in tokens YOY. Visa’s fiscal first-quarter results noted significant growth in digital payments by the payments network. CEO said that the shift is driving the quarterly volume of about $4 trillion to digital payments, which now account for more than 60% of volume.
Coinbase has officially obtained a VASP registration from the FCA. Crypto exchange Coinbase (COIN) is now the largest registered digital assets player in the UK, and can offer both crypto and fiat services. Crypto adoption in the UK is growing, with ??.?? ?????????????? adults now owning crypto.
Payments FinTech GoCardless shrinks losses after cutting jobs. The London-headquartered FinTech posted a pretax loss of ￡35 million ($43.8 million) for the 12 months through June 2024, compared to a ￡78 million loss a year earlier. Revenue grew 41% year-on-year to ￡132 million.
PAYMENTS
GetYourGuide partners with Checkout.com. This partnership underscores Checkout.com’s commitment to helping digital-first businesses to thrive. By leveraging Checkout.com’s modular payments infrastructure, GetYourGuide gains access to: high performance payments across borders, localized payment options, and data-driven insights.
Payone: BaFin cracks down hard. A recent audit by Germany’s financial regulator, BaFin, uncovered significant shortcomings in PAYONE’s anti-money laundering (AML) measures and IT processes. The institution has not fully complied with the Payment Services Supervision Act requirements, according to a special audit from 2022.
Volt.io partners with Pay.com to enhance open banking offering. The partnership between Volt's real-time payment capabilities and Pay.com's advanced payment orchestration creates a streamlined global payments and open banking solution that simplifies payment processing for merchants and customers alike.
Adyen chooses Yapily to provide data services. The partnership will enable Adyen to deliver a streamlined onboarding experience for customers while strengthening their account verification processes. Merchants that use Adyen’s services can now welcome faster, more seamless, and highly secure onboarding experiences.
领英推荐
OPEN BANKING
Qred streamlines credit decisions with open banking tech from Enable Banking. This collaboration enables real-time financial data analysis, helping Qred streamline credit decisions, enhance customer experiences, and expand its offerings to meet the unique needs of entrepreneurs.
REGTECH
Crypto.com secures MiCA Licence. Approval by Malta Financial Services Authority (MFSA) allows Crypto.com to offer services across the European Economic Area (EEA) under a unified regulatory framework enhancing transparency and regulatory compliance within the sector.
Binance Pay partners xMoney to enhance payment convenience. The collaboration allows direct payments from Binance accounts to merchants, reducing processing times and streamlining checkout procedures across industries.
UK’s Banking Watchdog probes Barclays over iT outage. After such incidents the Bank of England expects firms to identify causes and share their internal processes for dealing with what happened. Banks must also identify lessons and implement appropriate measures as a result.
Uphold relaunches staking following regulatory clarity. This allows registered crypto-asset service providers to offer staking services. The move follows a UK Treasury amendment to the Financial Services and Markets Act 2000 removing previous barriers to staking for UK investors.
DIGITAL BANKING
Banco Sabadell offers customers real-time card payment geolocation. The bank is using transaction enrichment technology from Snowdrop Solutions to enable its customers to accurately visualise the locations of their card transactions on a map, along with the merchant name and logo for clearer understanding.
Deutsche Bank shares drop after quarterly profit falls. Net profit attributable to shareholders hit 106 million euros ($110.4 million) in the Q4, compared with the 282.39 million euros forecast in an LSEG poll of analysts. The result marked a significant fall from the 1.461 billion euros achieved in the third quarter.
UBS and Microsoft unite: co-creating the future of banking with Azure AI. UBS selected Microsoft Azure AI solutions to power “Smart Assistants” that streamline content access and provide real-time information to Client Advisors, boosting efficiency and client engagement.
BBVA expects to reach 20,000 tech employees in 2025. The profiles most in-demand in the Engineering area continue to be software developers and data engineers, followed by security, infrastructure and architecture specialists. Continue reading
Danske Bank first in Nordics to adopt BlackRock's Aladdin platform. With this collaboration, the bank aims to increase proactivity and engagement for its investment customers via a more scalable approach to its already existing strong investment competencies.
Doo Clearing partnered with Aurum Solution. The integration will enable the broker to comply efficiently with the Financial Conduct Authority’s Client Asset Sourcebook (CASS) regulations. Aurum offers reconciliation software that automates companies’ day-to-day processes.
Investec Bank launches new electronic trading platforme ZebrA-X. This innovative platform is designed to create a distinct and high value offering in the market and meet the evolving needs of clients seeking rapid and efficient execution in the rapidly evolving electronic trading landscape.
CRYPTO
Kraken to delist Tether USDT and 4 other stablecoins in Europe. Kraken will fully delist on March 31 to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA), according to an official announcement by the exchange. Read more
Brava launches stablecoin management system. Brava plans to expand into stablecoins tied to other currencies in other geographies throughout the year, including newly pegged stablecoins from major firms such as PayPal and Deutsche Bank.
PARTNERSHIPS
Yaspa and Playbook Engineering join forces to transform iGaming payments. This collaboration will enable players to enjoy seamless, fast, and secure payment journeys using Pay by Bank for deposits and withdrawals. Playbook strategically selected Yaspa as their exclusive real-time payment provider.
DONEDEAL
Swan adds another $44 million to its Series B. Swan helps other companies offer financial products at scale. The company can generate virtual and physical cards that work with Apple and Google Pay. Cards can be configured by Swan’s corporate clients with spending limits, authorized merchants, and more.
Swoop eyes US expansion with fresh funds. The global business funding and savings platform announced a significant strategic investment from Sandbox Industries, the venture capital and consulting firm that specialises in the insurance sector, as well as healthcare and sustainability.
Clear Decisions secures pre-seed investment led by SFC Capital. This milestone marks the beginning of Clear Decisions’ journey to redefine the data centre landscape in line with its mission to empower organisations through intelligent data solutions.
Myne raises $2 million in pre-Seed funding. This funding will be deployed to scale operations, deepen Myne’s technology infrastructure, accelerate user acquisition, support its innovation pipeline and roadmap for regional expansion. In its first year, Myne aims to establish a strong foothold in the UAE.
Solaris clinches €140 million funding round. "This fresh capital will not only support our operations until we reach profitability but will also accelerate our ability to seize market opportunities and build a strong core capital base," said Solaris CEO.
MOVERS & SHAKERS
Thunes appoints Jane Jackson as CPO. Jane will lead Thunes’ People strategy, shaping culture, boosting organisational effectiveness, and enhancing talent development across 14 international locations.
Broadridge names new head of international buy-side sales. Stephen Wilkes senior vice president, head of international buy-side sales, will lead Broadridge’s sales efforts across the EMEA and APAC regions, with a focus on asset managers and fund administrators.