UK fintech hitting it's stride- TWIF UK & Europe (22/04)
Hello TWIF UK & Europe friends,
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Data from HSBC Innovation Banking and Dealroom.co show fintech was the most popular sector for investment in Q1 2024, coupled with the news that two UK fintech's have reached profitability, on top of ClearBank recently, shows UK fintech is hitting their stride.
Please find another week of fintech news, financings and exits below.
Funding ??
Highlights below of deals since the last post in the fintech space across the UK & Europe. Deal data powered by Dealroom.
???? Embedded lender finmid raised a €35m Series A from Earlybird Venture Capital and Blossom Capital .
???? POS fintech Flatpay raised a €45m Series B led by Dawn Capital and included Seed Capital Denmark .
???? B2B card issuer Pliant raised $19m led by PayPal Ventures and included Motive Partners , SBI Investment and Alstin Capital .
???? Digital wealth app Mon Petit Placement raised €3.9m from Sowefund .
???? Insurtech Kota raised $5m from EQT Ventures .
???? Agriculture insurtech PULA raised a $20m Series B.
???? Onchain finance solution Centrifuge raised a $15m Series A.
???? SaaS subscription management solution Lemon raised a ￡500k pre-seed round led by SFC Capital and Pitchdrive | Early-stage VC ?? .
???? EWA solution Wagestream raised ￡17.5m from Northzone , Lombard Odier Group and British Business Bank .
?? AI investment research platform Bridgewise raised a $21m Series A from SIX , Group 11 and L4 Venture Builder .
?? Latam recurring payment platform Toku raised a $9.3m round led by Gradient and included F-Prime Capital , Y Combinator and more.
?? Spend management startup Ramp raised $150m co-led by Khosla Ventures and Founders Fund .
? Layer 1 blockchain Berachain raised a $100m Series B from Framework Ventures and Brevan Howard Digital .
Challenger Banking ??
???? UK neobank Zopa Bank announced its first annual pre-tax profit of ￡15.8m for 2023 with revenue +30% yoy.
???? Working capital provider Satago is to work with universal API adaptor mmob to provide a easy way for lenders to embed lending solutions.
???? Revolut 's Indian subsidiary has secured a Prepaid Payment Instruments (PPI) licence from the Reserve Bank of India. An investor in the neobank, Schroders , marked up its stake in the neobank by 45%, implying a valuation of nearly $26bn. The neobank also released a new fraud report and is spending $100m to expand in Mexico as well as shifting its US partner bank from Metropolitan Commercial Bank to CSFB..
???? US chargeback mitigation fintech justt is setting up a European HQ in London
???? UK neobroker Freetrade has reached its first quarterly profit, posting EBITDA of ￡100,000 in Q1 2024.
?? BlackRock and Jio are teaming up to form a joint venture to create a wealth management and brokerage business in India.
?? Business lender Rapid Finance is partnering with infrastructure provider Galileo Financial Technologies to launch a Rapid Access commercial card to give SMBs instant access to the loans it gives.
?? Business neobank Mercury has expanded into consumer banking with launching a consumer checking account with a $240 annual subscription.
Digital Assets ?
???? Bitpanda is to provide digital asset custody services to German bank LBBW institutional clients.
???? The UK Government is aiming to have legislation for crypto assets by end of July.
???? UK Finance and 安永 have selected R3 and Quant to build a blockchain based Advanced Digital Payment Infrastructure.
?? Crypto.com is looking to hire 1,400 staff as part of a hiring spree.
?? Fiat and crypto bank account solution Deblock has partnered with payment automation service Numeral to manage SEPA payments.
?? Coinbase is seeking a higher court to weigh in on its case with the U.S. Securities and Exchange Commission .
?? Defi exchange Uniswap Labs increased its swap fee from 0.15% to 0.25%.
?? Hong Kong Kong approved spot bitcoin ETFs and spot ETFs.
?? 阿迪达斯 is creating limited edition NFTs and trainers in partnership with Solana fitness app STEPN GO .
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?? Kraken Digital Asset Exchange is to create its own wallet to rival Coinbase and MetaMask .
?? Binance is looking to re-enter the Indian market by paying a $2m fine. It also secured a full VASP licence in Dubai.
?? Tether.io is reorganising into four divisions, Data, Finance, Power and Education.
?? Mango Markets exploiter Avi Eisenberg was convicted for fraud.
Traditional Banking ??
???? Danish Saxo Bank is reportedly considering a sale after its SPAC deal fell through.
???? 法国巴黎银行 is to bring Tap to Pay on iPhones to French merchants that would also be compatible with domestic debit scheme Cartes Bancaires CB .
???? 汇丰 has seen a 15% uplift in monthly spend by credit card users by utilising 费埃哲公司 AI technology.
???? Lloyds Banking Group has completed its first electronic Bill of Lading transactions, a cross-border deal with documentation entirely exchanged digitally.
???? NatWest Group is to use StoneX Group Inc. for FX payments for its corporate clients.
???? Coventry Building Society is to acquire The Co-operative Bank plc for ￡780m.
?? 富国银行 has chosen TradeSun?, Inc. as its partner to digitise its trade finance processes.
?? United Bank has selected Jack Henry to modernise its operations.
Fintech Infrastructure ??
???? Core banking platform Mambu has signed Leeds Building Society as a customer.
???? API infrastructure provider Codat launched Supplier Enablement, a new data product for card issuers to access businesses share spend and supplier data from their ERP to encourage switching to virtual cards.
?? Canada has delayed the launch of its real-time payment system to 2026.
?? Canada's Interac Corp. has acquired the rights in the country to Vouchr's engagement platform to send users personalised loyalty and rewards with their money transfers.
?? Money movement solution TabaPay is to acquire the assets and IP of Synapse via a Chapter 11 for the BaaS solution
Payments ??
???? Dutch payment scheme Currence iDEAL B.V. has launched profile creation, allowing a quicker and more secure checkout experience.
?? Stripe won the business of retailer URBN (Urban Outfitters, Anthropologie Group, Free People & Nuuly) to process online and in-store payments. The payment processor also raised nearly $700m for its investors to sell their shares at a $65bn valuation.
Regulatory Corner ??
???? Former US Fed Chairmen Ben Bernake's report into the Bank of England 's forecasting process has been very critical and is limited by "out-of-date tech".
???? The UK Government is to launch an open finance task force to be chaired by CFIT.
?? Canada's government has promised to deliver open banking legislation by the end of 2024.
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