Two European banks go to battle - TWIF UK & Europe (30/09)
Hello TWIF UK & Europe friends,
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 .
???? Wealthtech Desia raised a $3.3m round led by Dig Ventures and included Octopus Ventures , 2100 Ventures and angels Mark Ransford .
???? Corporate loan platform Fundu raised a €200m growth round from Pollen Street Capital .
???? Digital asset custody solution Dfns raised an $11m Series A from White Star Capital , Bpifrance , Susquehanna, Motive Partners and more.
???? Crypto asset management software solution 3Folio GmbH raised a €700k seed round from Blockpit.
???? Payroll and HR solution Jet HR raised an €12m seed round.
???? Digital financial services platform Qliro raised a $4.9m round.
???? Home insurance provider Tuio raised a €7.5m round from BAMCAP , BlackRock , MassMutual and Extension Fund .
???? ESG investment data solution Clarity AI raised a €20m round from Balderton Capital .
???? Insurance pricing fintech AKUR8 raised a $120m Series C from Partners Group , ONE PEAK PARTNERS LLP and Guidewire Software .
???? Ecommerce BNPL solution PastPay raised a €12m Series A from Advance Global Capital Ltd , STRT Holding Nyrt. , Platina Capital , Quantic Financial and angels.
???? Insurtech NEAT Protect raised a €30m Series A from Mundi Ventures , Hedosophia , ETFS Capital and Athletico Ventures .
???? Real-time credit bureau Infact raised a ￡4m seed round led by AlbionVC and 13books Capital as they also secured Financial Conduct Authority authorisation as a CRA.
???? SMB super-app Apron raised a $30m Series B led by Zinal Growth and included Index Ventures , Bessemer Venture Partners and Build Collective .
???? Revolut sold shares in a secondary offering to UAE investor Mubadala . It also hit 10 million UK customers.
???? Credit card startup Yonder raised ￡23m in funding from Northzone , Seedcamp , RTP Global , Latitude and Jigsaw Holdings .
???? 1-click checkout solution Simpler. raised an €9m round from MMC Ventures , VentureFriends , Lamda Development and others.
???? Payments software solution Form3 raised a $60m Series C from Barclays , Molten Ventures , 高盛 , 萬事達卡 , 83NORTH , Visa and British Patient Capital .
?? Accounting fintech LiveFlow raised a $13.5m Series A.
?? Australian debt collection fintech InDebted raised a $41m Series C.
Challenger Banking ??
???? EWA provider DailyPay, Inc. has expanded to the UK.
???? Revolut is launching a standalone investment app in Europe. It also partnered with Visa Direct to launch instant card transfers for it's business customers.
???? Embedded lender YouLend has partnered with payment processor Lopay to provide access to capital to SME.
???? Hotel chain 希尔顿全球酒店集团 has launched two hotel loyalty debit cards in partnership with Currensea .
?? Israeli startup Bridgewise has been approved by the regulator to offer an AI chatbot that provides stock picking advice.
Digital Assets ?
???? Digital asset bank Sygnum Bank obtained a crypto licence in Lichtenstein.
???? Societe Generale - FORGE is partnering with Bitpanda to increase adoption of its MiCA EUR stablecoin.
???? Kraken Digital Asset Exchange has expanded in Europe with the acquisition of broker BCM .
?? The Depository Trust & Clearing Corporation (DTCC) and Digital Asset completed a pilot for using tokenized Treasuries for collateral on the Canton network.
?? Crypto exchange Crypto.com secured a payment service licence in Bahrain.
?? Stablecoin issuer Circle has expanded support for USDC in Brazil and Mexico via PIX and SPEI allowing direct access to USDC in local currency.
?? Former FTX executive Carline Ellison received a two-year prison sentence for her part in the fraud.
?? Coinbase has urged a US court to force the U.S. Securities and Exchange Commission to draft digital asset rules. In contrast, SEC Chair Gary Gensler has stated that regulatory clarity exists in crypto and reiterated that bitcoin is not a security.
?? First Abu Dhabi Bank (FAB) and J.P. 摩根 have piloted programmable payments using JPM Coin.
Traditional Banking ??
???? Commerzbank AG is fighting for survival amidst takeover interest from Italy's UniCredit .
???? 汇丰 has called on tech giants to help reimburse victims of APP fraud which often occur on their platforms. It also launched new financing for SMEs in Hong Kong.
Fintech Infrastructure ??
???? Core banking fintech Mambu has signed mortgage lender Interbridge Mortgages as a customer to support its UK launch.
???? BaaS provider Solaris SE is to discontinue major parts of its EMI business, formerly known as Contis.
???? Losses at open banking platform TrueLayer reported a 40% increase in pre-tax losses for 2023 to ￡55.6m on revenue of ￡12.4m.
???? Visa is to acquire fraud solution Featurespace .
?? Fincrime solution Hummingbird acquired no-code provider LogicLoop .
?? Financial technology firm Galileo Financial Technologies has introduced a secured credit product with dynamic funding.
?? Cross River and Forward have combined to create a payouts-as-a-service solution for developers.
Payments ??
???? Klarna has partnered with Xero to offer BNPL to SMBs. The BNPL provider also launched an AI shopping assistant and partnered with Adyen to become available in-stores.
???? A2A payment service Vipps MobilePay has expanded to Sweden.
???? Paytech Nexi Group has borrowed €220m from the European Investment Bank (EIB) .
???? Polish payment service BLIK is partnering with Revolut .
???? Payment process Adyen launched an AI-powered Payment Routing solution for US debit transactions which reduces costs by 26%.
???? Wise has partnered with Swift to enable full transparency with Swift transactions in the Wise app. It also launched an invoicing tool for SMEs.
???? Checkout.com signed Slope as a customer.
???? The Financial Conduct Authority has proposed new rules to enhance safeguarding of customer funds held by payment and e-money firms.
?? MoneyGram International suffered an outage caused by a cybersecurity incident.
Regulatory Corner ??
???? The Financial Conduct Authority has highlighted the UK's AML efforts in the City of London are insufficient.
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