Revolut, Valued at $45B, Shifts Strategy and enters Brazil's Banking Market
The Future Of Banking
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?? NEWS HIGHLIGHT
Citigroup credited a client’s account with $81tn when it meant to send only $280, an error that could hinder the bank’s attempt to persuade regulators that it has fixed long-standing operational issues.
The erroneous internal transfer, which occurred last April and has not been previously reported, was missed by both a payments employee and a second official assigned to check the transaction before it was approved to be processed at the start of business the following day.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
?? DIGITAL BANKING HIGHLIGHTS
?? German court says EY not liable for damages in Wirecard lawsuit.
?? REGIONAL HIGHLIGHTS
UK ????
FinTech Firenze and Monument Bank forge ￡160M strategic partnership. The partnership will enable Firenze to expand its Lombard loan offering to a broader segment of wealth management clients. Historically, Lombard loans were largely restricted to private banking clients.
Interpolitan Money announces partnership with ClearBank. By leveraging ClearBank’s platform, the company can issue virtual accounts and IBANs under its own brand identity. It can continue to access UK payment schemes helping empower individuals and businesses facing challenges with traditional banks.
Allica Bank sets ￡100m lending target as it enters BTL market. The bank says its new service is aimed at professional real estate investors and intends to fund residential BTL portfolios, houses in multiple occupations, and multi-unit freehold blocks.
Lloyds Banking Group has hired former senior Amazon tech expert Natasha Sayce-Zelem to rethink and digitise the mortgage process across the group’s brands and channels. Her objective will be to improve the customer experience, whether they are buying, improving, or remortgaging their home.
Revolut pressed to consider share sale at $60 billion valuation. Investors are pushing Revolut to consider offering another secondary share sale as new investors are scouring for ways to get a stake in the fast-growing FinTech. Revolut isn’t yet working on an offering and the company would need to authorize such a move.
EUROPE ????
Bancomat acquires control of Flowpay, a FinTech specializing in open banking and digital payment solutions. This operation represents the first acquisition for BANCOMAT and is part of the new Industrial Plan, which aims to strengthen the company's presence in open banking and expand its portfolio of innovative digital payment technologies and tools.
National Bank of Ukraine warns that Revolut has not received any licenses or permits. The regulator noted that currently Revolut has not submitted relevant applications, has not contacted the regulator, and is not undergoing the licensing procedure. Read the full piece
USA ????
BNY teams with OpenAI to bring ‘Transformational’ AI to banking. The partnership gives BNY access to OpenAI artificial intelligence tools like the company’s Deep Research in hopes of boosting the bank’s in-house AI platform, Eliza.
LATAM
Ualá seeks more banking licenses in other countries in LATAM. The founder and CEO of the Argentine bank prioritizes its business in Mexico, a market where it plans to reach 10 million users. Read more
ASIA
Mastercard collaborates with Emirates NBD to accelerate digital payment adoption through innovative acceptance solutions. The partnership will provide Emirates NBD’s corporate and government clients with best-in-class payment solutions, improving transaction efficiency and security.
Wio Bank grows over AED 37bln in balance sheet in second full year of operations. This represents a growth of nearly 3x Year-on-Year. The bank has emerged as a leading example of how digital-first, customer-focused models can meet the needs of a modern customer base while reshaping the financial sector.