Revolut goes live in Brazil
Wonderful Wednesday fellow FinTech Fanatic,
It almost seems neobanks Revolut and N26 alternate as main topics for the intro of this newsletter ;-)
They both dominated the headlines several times in recent weeks, with topics stretching from valuation cuts for the both of them, to recent lay offs for N26 and yesterday's main question whether N26 is overvalued.
Although we don’t just focus on neobanks in this newsletter we cannot leave the most significant news unmentioned, as Revolut has made its first foray into Latin America.
The long-awaited live launch in Brazil, LatAm’s largest market for financial services, follows on the opening of a waitlist and appointing an CEO for its business in Brazil in March 2022.??
“Brazil is an exciting market for Revolut and holds enormous potential for our global expansion,” according to Nik Storonsky, co-founder and CEO.
Revolut has launched a multi-currency account and crypto investments in Brazil.?
It will be very interesting to see if and how Revolut will handle the local competition, as Nubank, now a publicly listed company, has been growing rapidly and now counts 80 million customers in Latin America.
Some other interesting news came in from the USA, as giant retailers Kroger and Walmart eagerly await instant payment system possibilities, according to industry professionals who heard their representatives speak recently.
Both companies seem to be interested in harnessing the coming power of the instant payments system, such as soon-to-launch FedNow, to provide their customers with alternatives to the traditional card rails.
With FedNow as the new US instant payments system at the doorstep, and the backing of real-time-payments by these kind of mega retailers, it’s interesting to see wether the RTP network will be the long awaited alternative to the card rails.
What are your thoughts on the matter? Feel free to leave them in the comments below??
And please find the other FinTech news listed below:
Fintech Q1 2023 report. Fintech startups attracted over $14B in VC funding in Q1 2023. This is far from 2021 levels but more than the last two quarters. Fintech funding is so far on track to surpass 2020 while falling short of both 2021 and 2022. Read the full Dealroom report with more stats and figures here
INSIGHTS
Novatti’s growth continues to track upwards. This quarter again highlighted how Novatti continues to execute on its strategy of growth in its core, established B2B payments businesses while delivering sustainable cash management as we move to positive cashflow. Read more
Digibanks are off to a slow start in Malaysia. According to a recent report by The Ken, Malaysian digibanks have a human capital problem: That is, they are having a hard time finding the right talent.?
FINTECH NEWS
Los Angeles restaurant chain lets customers pay by face or palm using PopID. Customers at Pho Banh Mi Che Cali restaurants in Los Angeles in the US can now opt to pay for their orders with either their face or their palm using a biometric payments acceptance system.?
ASX-listed neo-lender Wisr delivers $24.1m revenue and $3.9m operating cash flow. ASX-listed neo-lender Wisr have released their Quarterly Activities Report for the quarter ending 31 March 2023. From a low of 3.5% NIM through the rapid rate rise cycle, Wisr is now delivering a NIM run rate of 5% on new business written and expects a return to a NIM of over 6% in the medium-term.
Ingenico helps merchants build customisable Android payments app. Ingenico has just announced the launch of its AXIUM Payment Experience (APEX) a revolutionary payments app that aims to take the burden of creating and building a custom payments app off the shoulders of businesses.?
Austrade and SFA launch fintech collaboration initiative. President of the SFA, Shadab Taiyabi, signed a memorandum of understanding that commences Project Lorikeet, which, will facilitate Singaporean fintech’s expansion in Australia and Australian fintech opportunities in Singapore.
Microsoft launches Teams Payments app for SMBs.?The launch enables small businesses in North America to collect and manage payments from within Teams, both on desktop and mobile devices, during business conversations.
DIGITAL BANKING NEWS
SoFi’s membership rosters surge 46% year on year. Earnings materials show that during the quarter, the company added 433,000 members, bringing the total membership base to 5.7 million, up 46% year on year.
领英推荐
Japan payment app PayPay to stop accepting outside credit cards. New registrations of cards other than PayPay's will be halted from July, and all use of other cards will be declined from August. Read more
Boost rumoured to be raising up to US$100M to expand digital banking operations. Boost Holdings is working with a financial adviser on the potential fundraising, which could value the startup at several hundred million dollars.?
The Bank of Thailand delays virtual bank licensing regulations release. The bank has identified various questions and concerns about the details of the licensing regulations, which may significantly affect the decisions or business plans of applicants, as well as the business model of the proposed digital bank.
BLOCKCHAIN
Crypto.com pilots AI crypto companion for investors. This pilot project is in its Beta phase and is currently available to select users when using Crypto.com/Price. Access to Amy will be steadily scaled to more Crypto.com users over the coming weeks.?
M&A’s
GBST acquires WealthConnect. This acquisition marks a significant step in GBST’s continued growth strategy as it expands its innovative suite of fintech products and services to deliver business opportunities in new and existing territories.
Rêv and Searchlight complete acquisition of Netspend for $1 billion. “This acquisition represents both a reunion and reimagining of the vision of financial empowerment we pioneered at Netspend more than 20 years ago,” said Roy Sosa, Rêv Chairman and CEO. Link here
TAS acquires fellow Italian software provider Mitobit.?The deal will allow TAS to provide its customers with complete, integrated solutions and services that enable them to compete in an increasingly dynamic payments market.
PARTNERSHIPS?
Phos teams up with Paymix to bring Tap-to-Pay tech to German and EU markets. Now that the partnership is in place, Paymix will focus on maturing the product with value-added services to complement plans to roll out to additional markets in the EU later in 2023.?
Kani Payments tapped by UK green neobank Frost to strengthen reconciliation and scheme reporting. Kani's advanced reconciliation engine and intuitive reporting tools will enable Frost to streamline their settlement processes, reduce errors, and improve accuracy.
Mamo partners with Checkout.com. The announcement unlocks Checkout.com’s proprietary payments platform for Mamo’s SME customers, which offers a complete range of popular payment methods across the MENA region.
#DONEDEAL
Fresh Equities rebrands to InvestorHub as it secures a $4 million raise in just two months off the back of rapid growth. The funds will be used to double InvestorHub’s revenue in 2023 and canvas expansion into other markets such as the UK, Singapore, Canada and the US.?
African payment service provider Nomba raises $30M, backed by Base10 Partners and Shopify. The company said the new investment will allow it to deliver tailored payment and operational solutions designed for specific businesses, including food companies and restaurants, and more.?
MOVERS & SHAKERS?
Shieldpay? promotes Andrew Hawkins to CEO, UK & Europe. In his new position, Hawkins will play a pivotal role in helping the business scale in the UK, enter new sectors, and enhance Shieldpay’s positioning in the fintech arena. Read more
Griffin strengthens leadership team with Marina Gorey joining as Chief People Officer. Marina joins Griffin during a critical time for the bank and will play a crucial role in ensuring that Griffin continues to innovate while offering reliable technology and banking services.
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost
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1 年Brazilian market is booming ?????? Marcel van Oost what do you think?