Robinhood takes on Apple with a 4.65% savings account
Happy Friday fellow FinTech Fanatic,
UK digital bank Monzo Bank has reached a milestone of a quarter of a million business customers, with one in 23 businesses in the UK now onboard.
Monzo moved into the market for business accounts three years ago.
Although these are obviously good numbers for Monzo, it’s quite a different order of magnitude in perspective to the news of Nubank, which announced reaching the milestone of 80 million customers In LatAm yesterday.
Meanwhile Uber and payments giant Stripe signed an expanded global partnership to help Uber reduce payments costs while giving customers more ways to pay.
Uber will use Link and Stripe Financial Connections to allow customers to securely and instantly add bank accounts without leaving the Uber app.
Nevertheless, the deal is somewhat remarkable as Uber’s big U.S. rival Lyft has been a longtime marquee customer of Stripe’s for payments. According to TechCrunch Lyft will remain a customer of Stripe.
What does the future hold for the BaaS market in Europe and the UK?
An interesting new report analyzes the state of BaaS by examining business models, the competitive landscape, regulatory oversight, and demand drivers.
I highly recommend checking out "The State of Banking-as-a-Service in the UK & Europe", a WhiteSight report commissioned by Toqio.
Thanks for reading this far, and please find a summary of other FinTech news listed below??
INSIGHTS
Last week 13 European FinTech deals were spotted for a total amount of €90m raised with 6 deals in the UK, 4 deals in France, 1 in Spain, Sweden and the Netherlands. Read here the full Blackfin Tech overview.
How successful has Nubank really been in Mexico? Read all about it in the comprehensive “Fintech results on the rebound” article by Simon Rodrigues.?
German FinTech investment on track to fall 73% in 2023 after weak Q1 results. German companies raised a combined $293m in Q1 2023, a 60% drop from the same period last year. Link here
Mercado Libre has posted its quarterly results and Fintech products were a key component of the surge in revenue. Check out the full press release details here?
ThetaRay reports 260% revenue growth in 2022 and the appointment of Eran Fishov as VP of Customer Success, Enterprise, to accelerate market momentum. Fishov joins the company to lead relationships with enterprise clients, leveraging his expertise in building long-term, value-based relationships.
FINTECH NEWS?
Robinhood takes on Apple with a 4.65% savings account. The move, which comes a day after the latest Fed interest rate hike, will be for Robinhood’s Gold Members, who pay $5 per month for membership.
Mexican debt resolution company Resuelve tu Deuda has announced the launch of its new platform, Go Bravo, in Colombia. The platform will enable users to negotiate and settle their debts with banks and other financial institutions online.?
B2B payment platform Paytently moves out of stealth. The company's AI-driven platform streamlines transactions by intelligently routing them to the ideal acquirer, offering local acquiring in more than 35 markets with over 50 payment connections worldwide.
领英推荐
BLOCKCHAIN
Gemini launches offshore derivatives platform as Winklevoss twins tire of U.S. crypto quagmire. The company is launching a non-U.S. derivatives platform to serve 30 countries and territories, including Singapore, Hong Kong, Brazil, and the Philippines.
M&A’s
TD Bank and First Horizon mutually agree to terminate merger agreement. TD informed First Horizon that TD does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon. Since there’s uncertainty as to when and if these regulatory approvals can be obtained, the parties agreed to terminate the merger agreement.
PARTNERSHIPS
Wirex partners with Transfero to expand its app to Brazil. The partnership will allow customers to buy, hold, exchange and sell multiple cryptocurrencies, with free and instant top-up from their bank, and access innovative wealth management features like X-Accounts and Wirex Multiply.
Bank Alfalah opens remittance corridor between UK and Pakistan by partnering with SendSpend. The cloud-based service allows immediate and effortless money transfers from the UK to Pakistan through mobile phones, allowing individuals and businesses to send and receive money internationally more conveniently than ever.
Danish fintech Cardlay partners with Lunadis. The companies aim to deliver an exceptional client experience that is intuitive, paperless and fully digitalized to customers across Europe.
#DONEDEAL
Fairplay, a Mexico-based FinTech company, recently secured a $100 million credit line to support early-stage entrepreneurs in Mexico. This funding aims to address the challenges faced by small businesses in obtaining financing and bridge the existing funding gap.
French fintech Green-Got banks €5 million to grow its green banking platform in Europe. Funds will fuel a European expansion - Belgium is on the list - and will develop its offering of personal saving accounts and accounts for sole traders. Read more
DieselBank raises a US$157K follow on while finalizing a US$1.3M seed round with new investors in Brazil. According to CEO Lucas Rodolfo, the money will be used to expand credit for truckers and trucking companies. Link here
Swedish open banking startup Kreditz raises €10 million. Kreditz uses open banking and PSD2 data to enable automated information retrieval and analysis of a loan applicant's current income and expenses.
Brazilian online loan marketplace FinanZero has successfully raised BRL 75 million. The company aims to break even by 2024 and plans to use the funds to improve its platform, hire more talent, expand into new regions, and enhance its marketing strategy.
Moonsense lands $4.2 million in seed funding to help organizations future-proof their fraud detection and prevention. Moonsense’s new approach allows companies to better customize fraud management based on their unique business and is actively being used across several security and risk-sensitive industries
Tarabut Gateway raises $32 million for Saudi push. The proceeds raised will be used to bolster Tarabut Gateway's footprint in the Saudi market, where it was among the first participants in the central bank's regulatory sandbox, a key component of the Kingdom's open banking framework rollout.
AI-driven AP automation leader OpenEnvoy raises $15m in Series A funding. With the new funding, OpenEnvoy plans to extend its industry leadership and fuel growth by automating AP and other financial processes. This will empower finance teams to focus on more strategic activities.
MOVERS AND SHAKERS?
Total Processing adds Revolut chairman, Martin Gilbert, to its board. Gilbert's invaluable knowledge and experience will be instrumental during a time of rapid growth as the company continues to scale its operations. Read more
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost