Travel Rule engulfs crypto - TWIF UK & Europe (15/07)
Hello TWIF UK & Europe friends,
Thanks to everyone that came out to our first London Fintech Breakfast in collaboration with Techspace & Plaid . We are hoping to move the next one to a larger venue to accommodate the overwhelming interest we had to so keep your eyes peeled for the next one ??.
Please find another week of fintech news, financings and exits below.
Tweet of the week ????
Funding ??
Highlights below of deals since the last post in the fintech space across the UK & Europe. Deal data powered by Dealroom.
???? Lending decisioning platform CreditLogic raised €3.5m from Riverside Acceleration Capital .
???? Escrow payment solution for marketplaces Trustap raised a $5.5m Series A from MiddleGame Ventures , Act Venture Capital , TX Ventures and more.
???? Neobroker infrastructure provider lemon.markets raised an €12m round led by CommerzVentures and included Creandum , Lakestar Lightspeed and more.
???? Financial education startup Starting Finance raised €2.5m from Vertis and CDP Venture Capital SGR .
???? Savings app Cashbee raised €7.5m from La Banque Postale , MIF and 115K .
???? Property finance provider CapitalRise raised a ￡30m line of credit.
???? Credit score provider ClearScore raised ￡3.4m from Fair4All Finance .
?? Cross-border transfer fintech NALA raised a $40m Series A from DST Global , Nyca Partners , Acrew Capital and others.
Challenger Banking ??
???? Neobank Revolut faces potential delays to its mortgage offering by the Central Bank of Ireland .
???? The British Business Bank has launched The Growth Guarantee Scheme to support SMEs by accrediting lenders
???? Payments and cashback app Super Payments , founded by the co-founder of Funding Circle has reported ￡7.5m in losses in 2023.
Digital Assets ?
???? Digital asset custodian Zodia Custody has partnered with lender Maple Finance. Its sister company, Zodia Markets is attempting to acquire digital asset trading business Elwood Capital Partners LP .
???? Digital asset group Sygnum Bank launched a 24/7 instant settlement network.
???? Payment provider Nuvei has partnered with 萬事達卡 to allow off-ramping from digital assets to debit, credit and prepaid cards.
???? SME lender Greengage has partnered with crypto exchange Coinbase to originate debt using Coinbase Diamond protocol.
?? KuCard, a Visa debit card from exchange KuCoin Exchange will support virtual and physical cards.
?? MT.GOX Exchange creditors have started to receive payments but some make take up to three months to receive their bitcoin or cash repayments,
?? Crypto exchange Crypto.com is seeing a resurgence from retail traders.
?? Jump Trading Group is seeking $264m in damages from the FTX estate over failed delivery of SRM tokens.
?? Digital asset technology provider Fireblocks has added Zodia Custody , Komainu , CloudTech Group , Zerocap and Rakkar Digital as partners for its Global Custodian Partner Program.
?? The U.S. Securities and Exchange Commission has dropped its investigation into Paxos as part of a probe into the BUSD stablecoin.
Traditional Banking ??
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???? 法国巴黎银行 have signed a partnership with AI company Mistral AI .
???? Barclays is to sell its German consumer finance business to BAWAG Group .
???? NatWest Group is partnering with digital ID solution OneID? in the Nordics and to also utilise its Adobe Acrobat Sign.
???? 汇丰 's cross-border payments app Zing was built in collaboration with Visa utilising Visa-owned Currencycloud and Tink .
???? Metro Bank (UK) has withdrawn its personal credit card product.
?? Fifth Third Bank was fined $20m for improper auto lending practices. It also launched a bank switching tool.
?? Evolve Bank & Trust have confirmed the personal data of 7.6m customers was accessed by cybercriminals.
?? 花旗 has been fined $135m over 2020 orders from the Office of the Comptroller of the Currency and Federal Reserve Board .
Fintech Infrastructure ??
???? Core banking software provider Mambu signed travel payments solution Outpayce from Amadeus as a customer.
?? Bain Capital and Reverence Capital Partners have acquired software provider Envestnet .
?? Financial software provider Galileo Financial Technologies has launched wire transfer APIs.
?? Financial technology provider Cross River has signed payment orchestrator MassPay as a customer.
?? Fraud data sharing consortium Sonar has launched Red Flag service, helping banks and fintechs identify if a customers data has been breached.
?? RTP Network reached new records in Q1 2024 with $42.3bn in quarterly volume and hit over $1b daily volume.
Payments ??
???? The European Banking Authority (EBA) has extended its Travel Rule guidelines to include cryptocurrency service providers and intermediaries.
???? 苹果 has agreed to open up access to the NFC chip to avoid massive fines from the European Commission .
???? White label BNPL provider Divido is insolvent.
???? Payment orchestrator BR-DGE has launched a white-label payment orchestration solution for PSPs.
???? The Payments Association has called on the new Economic Secretary to reduce APP fraud reimbursement limits to ￡30,000 from over ￡400,000.
?? Visa and 萬事達卡 agreed to extend the cap on card fees for tourists in the EU for an additional five years.
Regulatory Corner ??
???? The Financial Conduct Authority has simplified listing rules to align with international standards to drive growth and innovation.
??Have a thought/question/comment about anything we covered? Start a discussion in the comments section below!
Longer reads/listens ??
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