OpenAI AI Search Engine vs. Google | Revolut Gets UK Banking License | Unicredit Moves into BaaS | Zafin & Rabobank Digital Shift | Wealthify New CEO
Disclaimer: The content herein has been repurposed from other, public sources and any statements or opinions, explicit or inferred do not represent views, opinions or statements from Alvarez & Marsal.
Hey Fintech'ers ??
Welcome to the Sunday, July 28th edition of ?? Fintecher Stories!
The 2024 Paris Olympic Games are in full swing, with Day 2 bringing thrilling action today. By August 10, 329 medals will be awarded across 32 sports, keeping fans worldwide cheering for their countries. ????
Take a moment, amidst the Olympic excitement, to catch up on fintech news. ??
As with every issue, we spotlight major events and trends shaping the fintech landscape. Stay updated with global headlines, emerging innovations, and new fundraising opportunities transforming the financial sector. ????
Thank you for being a valued reader. Let's get started! ??
Delving into the leading 5 fintech stories of the week:
??? Story 1: "OpenAI Launches AI-Powered Search Engine, Shaking Google's Market Position" ??????
??? Story 2: "Revolut Achieves Major Milestone with UK Banking License" ???????
??? Story 3: "Unicredit Makes Strategic Move into Banking-as-a-Service Market" ??????
??? Story 4: "Zafin and Rabobank Collaborate for Digital Transformation" ??????
??? Story 5: "Wealthify Names Richard Ambrose as New CEO" ????????
?? Story #1
OpenAI Announces AI-Powered Search Engine That Could Challenge Google-And Alphabet’s Stock Drops 3%.
Shares of Alphabet dropped 3% to a 2024 low after OpenAI launched SearchGPT, an AI-powered search engine. Initially available to 10,000 users, SearchGPT provides concise website summaries with links and allows follow-up questions. Alphabet shares closed at $167.32 amid concerns over competition in the search market. OpenAI plans to integrate SearchGPT features into ChatGPT. The launch follows speculations and partnerships with major publishers, while a lawsuit by The New York Times over content usage remains unresolved.
?? Story #2
TechCrunch by Romain Dillet / Jul 25, 2024 at 11:13 AM
Revolut secured a banking license from the UK’s Prudential Regulation Authority, marking a significant milestone for the fintech giant. Despite its 45 million global customers, Revolut's UK operations, with 9 million clients, are crucial. This license, pending a “mobilisation” phase, will eventually allow Revolut to offer more credit products and control its infrastructure in the UK. Previously, Revolut operated under an EU license obtained in Lithuania. The company reported $2.2 billion revenue and $545 million pre-tax profit in 2023, reflecting its growth and transparency.
领英推荐
?? Story #3
The Banker – by Elizabeth Lumley / Jul 28, 2024 at 4:06 AM
UniCredit acquired banking-as-a-service provider Vodeno and Belgium-based Aion Bank for €370 million, signaling a strong endorsement of the Baas model. This deal positions UniCredit as the sole investor, acquiring assets from Warburg Pincus and the European Bank for Reconstruction and Development. NatWest exits its 18% stake in Vodeno. The acquisition enables UniCredit to leverage Vodeno’s tech and Aion’s banking capabilities, enhancing digital banking across Europe. CEO Andrea Orcel highlights the strategic expansion into new markets and client segments.
?? Story #4
Finovate by David Penn / Jul 24, 2024 at 4:42 AM
Rabobank has partnered with Zafin to enhance its pricing, billing, and invoicing capabilities, aiming for complete digital transformation. Rabobank’s Paul Wolda emphasized the importance of innovation in improving customer experience and operational efficiency. Zafin’s platform will replace Rabobank’s current pricing tools, reducing costs and providing real-time insights. The partnership supports Rabobank’s mission to modernize legacy systems and deliver personalized banking. This collaboration marks a significant step in Rabobank's journey towards a fully digital banking model.
?? Story #5
FF News | Fintech Finance by Lauren Towner / Jul 25, 2024 at 1:50 PM
Wealthify has appointed Richard Ambrose as its new CEO, succeeding Andy Russell. Ambrose, with over 25 years in digital and fintech, previously led Azimo , expanding it to 3 million customers, and held senior roles at PayPal and eBay . He aims to further Wealthify's mission of affordable and accessible investing. Russell, who drove significant growth over four years, expressed pride in the company's achievements and confidence in Ambrose's ability to continue Wealthify’s growth trajectory.
And that's a wrap fintech'ers, till next week. ????
Join the weekly conversation and if you find these insights useful, please hit subscribe and do share Fintecher Stories? with anyone you think might enjoy this!
Not a subscriber yet?
Get your fintech fix in just 5 quick minutes each week. ??????
Product Management. AI. Banking. Compliance Reporting. ESG
8 个月Can you please provide more information on OpenAI's AI-Powered Search Engine and how it is expected to influence Google's Market Position?