UK e-commerce companies spent 19% more in Q2 YoY despite recession fears, FinTech Juni reports
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Welcome to your daily FinTech news!
NEWS HIGHLIGHT
Thunes extends Series C funding to USD $72m with support from Visa , EDBI and Endeavor Catalyst . “By leveraging the insights and support of our investors, we will expand our network and offer businesses and consumers an unparalleled cross-border payments experience,” said Peter De Caluwe , Thunes CEO.
“Investing in DeFi: A Comprehensive Guide" report by Cointelegraph Research , aims to provide valuable insights derived from various data analysis and industry best practices. It offers a foundation for understanding and investing in the promising world of DeFi. View online and download
INSIGHTS
In the article 'The Merchant Payment Process, Revoloopholes, and the Mandela Effect,' Jas Shah provides a step-by-step explanation of the merchant payment process. I highly recommend following him for more updates. Click here to read the full article.
Juni ’s latest report: “Leverage the latest trends in digital commerce,” keeps you better informed with data-driven insights and analysis on Juni customer spend across Europe. Check out the full report here
FINTECH NEWS
Adyen celebrates FedNow qualification. In a release, the company said it looks forward to meeting U.S. merchant needs through expanded real-time payments and utilizing the financial technology platform’s payout capabilities .
Payhawk successfully obtains an Electronic Money Institution (EMI) licence. The licence empowers Payhawk with more autonomy in the provision of payment services , including provision of credit, further accelerating the innovation of new products and features.
KakaoPay launches discount promotion in Japan in collaboration with PayPay to coincide with the holiday season. This promotion will take place primarily in Fukuoka , one of the most popular tourist destinations in Japan, frequently visited by South Korean tourists.
Raisin CEO expects deposits to reach over €50bn by year end.?The fintech expects to add between 25 and 30 new banks to its platform this year, with a large number of those based in the US. Read more
Touch ‘n Go eWallet users can now send remittance to 10 countries. Senders are required to complete their verification via e-KYC to use GOremit services and can choose to transfer to the recipient ’s bank account, local e-wallet or to cash pick-up points.
Rewards app loyalBe shuts down consumer operations. "Our decision to pivot our focus towards our B2B proposition comes after a thorough evaluation of our market positioning and long-term growth potential ," says CEO, Cormac Quinn.
Brothers imprisoned over P2P investment firm Collateral fraud. Peter and Andrew Currie were sentenced to 5.5 years and 2.5 years imprisonment for fraud and money laundering. In sentencing, His Honour Judge Griffith remarked in respect of Peter Currie that "Collateral was built on foundations of sand and dishonesty"
DIGITAL BANKING NEWS
Despite laying off staff in Brazil, N26 's Eduardo Prota reportedly said that they are not leaving the Brazilian market. He said that N26 is concentrating on making the account the main account for their customers. Link here
Hokkoku Bank releases new payment terminals that are capable of QR code payment and support Wi-Fi as well LTE connections , making it possible to accept payments inside and outside the store.?
SoftBank considering US listing for its PayPay business, sources say. New York is seen as a more attractive destination than Tokyo for listings given the higher valuations tech companies generally achieve there, one of the sources said. The timing of the listing was still unclear as money-losing PayPay needs to first demonstrate a clear path to profitability, the source added.
领英推荐
The Central Bank of Egypt issues new rules for licensing digital banks. The CBE said that the move represents an important step in keeping pace with global developments in the financial technology industry and meeting the needs of customers in the Egyptian market.
Banco de Guayaquil wants to open up new markets with ‘nanocredits.’ This week, the bank’s digital wallet, PeiGO, unveils its virtual roadmap: It plans to build an ecosystem with ‘nanocredits,' insurance and payment products in an effort to double the number of users by the end of the year .?
German watchdog extends measures at N26 to prevent money laundering.?Constraints since 2021 that have now been extended include a special monitor at the bank and a limit on new customers at 50,000 per month. BaFin said that despite "some progress, the institution still has deficiencies in its systems ".
BLOCKCHAIN
Binance lays off over 1,000 employees. Crypto exchange reduces workforce as it grapples with federal investigations and regulatory crackdowns in the U.S. and abroad. Read more
Revolut extends crypto investment services to Brazilian customers. This move is expected to fuel the adoption of cryptocurrencies in the country and empower individuals to diversify their investment portfolios.
Mastercard ’s participation in the Digital Real project “makes total sense” given the company track record in payments innovation and that it sees the initiative with “good eyes”, senior vice president Leonardo Linares told Exame.
Binance in the crosshairs as NAB bans ‘high-risk’ crypto exchanges. National Australia Bank will block payments to high-risk cryptocurrency exchanges, which is understood to include Binance, from Monday in an effort to reduce the instances of fraud and scams at the financial institution .
“Tokenization as a service” offerings will be part of the next wave of fintech business models in Brazil, argues Pomelo COO John Paz . Paz tells Cointelegraph Brasil what the second wave of fintechs will look like , and how 'tokenization as a service' fits into this movement.
M&As
HyperPay acquires Sanad Cash . This move represents a significant milestone in HyperPay’s mission to simplify and automate financial transactions for both individuals and corporations.?
Orderfaz raises pre-seed round from 1982 Ventures . The firm will use the current funding to hire staff, enhance platform development, and expand into new markets . They also aim to create an omnichannel marketplace for order management.
Egyptian payments startup Flash picks up $6 million seed investment. Flash's payments application allows consumers to make a purchase with their phones by adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on-delivery.
German embedded insurtech platform Hepster raises €10m. Positioning itself as “for everyone, everywhere”, Hepster is looking to make integrated insurance more accessible, leaving “traditional insurance to the 90s”. Read more
Channel and Citi provide €230 million credit facility to SME lender Silvr . The new credit facility will increase Paris-headquartered Silvr's financing capacity , which is instrumental in its gradual expansion into Europe, with the opening of an office in Berlin in November 2022.
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Marcel van Oost