Nubank became the second largest bank in Brazil
Happy Wednesday FinTech Fanatic,
It was already the largest FinTech bank in Latin America, but from now on Nubank also overtook Bradesco, Banco do Brazil and Santander making Nubank the second largest bank in Brazil by market capitalization.
After facing a decline in its shares since their IPO on the New York Stock Exchange, Nubank is now showing a path to recovery
Even with the achievement of becoming the second largest bank in Brazil, Nubank is still far behind Itaú Unibanco, which is valued at $49.1 billion
Meanwhile, Mexico’s bank regulator CNBV approved FinTech Ualá’s purchase of ABC Capital, allowing the company to move forward with a merger that finalizes its path to a banking license in Latin America’s second-biggest economy.
And, because not a day goes by without news about Revolut ;-), the digital bank announced the rollout of local Ibans for corporate customers in Ireland, as part of a “general expansion push
Besides that, Revolut stated it continues to amass customers in Ireland with more than 5,000 Irish businesses joining in the past year, a 50% increase on the first quarter of 2022.
It's not all sunshine and rainbows for the (neo) banking scene, of course. US JPMorgan Chase axes hundreds of jobs, most of them in technology and operations groups, according to CNBC.
Despite the cuts, JPMorgan has around 13,000 open positions
Onwards to the other FinTech news.
Seven areas where Asia gives interesting insights into the future. The key drivers behind Asia's faster adoption of technology include underdeveloped infrastructure, especially in retail, banking, and healthcare, as well as high internet penetration, young digital natives, and urbanization. Read more.
FINTECH NEWS?
Amazon’s palm-scanning payment tech will now be able to verify ages, too. The company announced that customers using Amazon One devices will be able to buy adult beverage just by hovering their palm over the Amazon One device.
Serial fintech founder Marta Krupinska launches carbon removals brokerage. The move makes strategic sense: in the first quarter of this year, climate tech funding surpassed fintech for the first time.
Fallout for Afterpay and Zip after Marqeta exits Australia. Marqeta Inc has abruptly pulled the plug on its Australian business as it scrambles to tame operating losses across its global business.
Funding Societies launches suite of Islamic Financing solutions in Malaysia. The new solutions are designed to meet the needs of creditworthy, underserved Malaysian MSMEs seeking to grow their business. Link here
Rappi launched a credit card product that has not achieved anticipated growth. They are committed to learning from this early phase, adapting their approach, and improving the product to better meet users' needs.?
Ebury to extend reach in Brazil. As part of its growth plans, Ebury will strengthen its team in Brazil and launch more products locally, such as their multi-currency accounts, which will be a game-changer for Brazilian importers and exporters.
LatAm fintechs propose joint open finance regulation. In a landmark development, fintech associations from Mexico, Colombia, Peru, and Chile made a significant stride last week by publishing a document proposing joint standards for Open Finance.
Ecuadorian fintech Kushki says it is now entering the Mexican market as an acquirer. Its goal is to become “a major player in Mexico without the intermediation or dependence on a bank sponsor.” Read more
No cash, no problem: Cross-border payments in SEA take off. Crossing a border has long meant going through the finicky process of getting ahold of some local currency. But that may no longer be the case for many of us soon. Read more
领英推荐
DIGITAL BANKING NEWS
Pioneer Neobank Branch harnessing artificial intelligence to reduce credit risk. To cater to this need, they introduced Branch Flexi Savings Account, a versatile savings solution that allows customers to set aside funds at their own pace.
Carsome CEO says KAF-Led Islamic Digital Bank may launch by year end. He said that Axiata’s fintech arm Boost and RHB Banking Group is set to launch its digital bank by the end of this year with the goal to turn profitable in the next three to four years.
A List of Digital Banks in Asia. In the traditional banking sphere globally, but especially true in Asia, there is a considerable proportion of unbanked and underbanked populations who lack complete or any access to banking services. Read more
Trust Bank wants to achieve break-even in two years. Despite being almost overcrowded, the Singapore market is apparently still interesting for some newcomers. Trust Bank aims to be the city-state's fourth-largest retail bank by 2024.
Tenpo is on the verge of receiving a license to offer credit cards, marking a significant milestone towards its goal of becoming Chile's first neobank. Despite the economic challenges, it sees this as an opportunity to test its technological abilities to manage non-performing loan rates.
BKN301 brings digital payments on taxis in Georgia. Every taxi driver in the city will be equipped with a QR code through which passengers will be able to pay for their ride, simply by scanning it with their smartphone and using Apple/Google Pay as a payment method, without the need to register with any platform.
Up launches recycled plastic debit card with Seabin in sustainability push. The creation of a new card comes as mobile and online payments increasingly displace the need for physical debit cards in everyday circumstances. Link here
Neobanking FinTech Dave members reportedly earned $1M+ with survey offering. This new survey experience is incorporated into Dave’s Side Hustle platform and is a first-to-market, in-app experience, allowing Dave members to supplement their income and combat inflation.
BLOCKCHAIN
Buying a bank won’t solve crypto’s debanking issue. Binance CEO Changpeng Zhao says the firm is unlikely to buy up any banking institutions, despite a growing worry of crypto companies being debanked, including Binance’s own operation in Australia.
PARTNERSHIPS
Jaja Finance has selected Bud to become its open banking and data intelligence partner. As part of the deal, Bud will support Jaja with its affordability assessments. Assess APIs will improve decision-making and drive financial inclusion by giving advisors access to real-time transactions data.?
Alviere & Array unite to offer financial wellness and education tools. This partnership with Array ensures that Alviere continually delivers on a roadmap of compelling financial wellness features that increase consumer engagement in existing apps, websites, or experiences offered by enterprise clients.
Akuvo inks partnerships with seven credit unions in the US. Akuvo’s Aperture platform is a cloud-based collections platform
#DONEDEALS
Balad has raised a seven-figure pre-seed round led by Acasia Ventures. The investment will be used to launch Balad’s remittance platform, develop its technology, hire new team members, and obtain required licences.
Kapital grabbed a fresh round of capital, $20 million in Series A. ?With Kapital, customers have an enterprise reporting platform of sorts where they can get a credit card, pay bills in advance, and view cash flow and manage business spending.
MOVERS & SHAKERS
Nathan Marion is now the general manager of Yuno in Brazil, aiming to strengthen the FinTech's local operations. Marion emphasizes the reduction of friction in Brazilian e-commerce through payment orchestration, leading to enhanced customer experience and increased revenue.?
Binance taps Richard Teng to head its regional markets outside U.S. This announcement comes on the heels of the increasing scrutiny faced by Binance in the U.S. over compliance issues. Read more
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost
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1 年@s sss s sss s
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1 年I think they have the potential to make a real difference in the way people bank. I'm also intrigued by the news about Amazon's palm-scanning payment tech. This could be a major breakthrough in the fight against fraud, and it could also make it easier for people to make payments without having to carry around a physical wallet.