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?? NEWS HIGHLIGHT
The European Payments Initiative (EPI) is thrilled to announce the successful completion of its first account-to-account instant payment transactions with wero, EPI’s newly developed instant payment solution. This significant milestone was achieved today through a proof of concept conducted between customers from Sparkasse Elbe-Elster in Germany and Banque Populaire and Caisse d’Epargne (Groupe BPCE) in France.?
?? ARTICLE
The European financial sector stands on the brink of a major transformation. The Banking-as-a-Service (BaaS) model could unlock a staggering €100 billion opportunity, reshaping how consumers and businesses interact with financial services.
Embedded finance, while closely related to BaaS, presents a distinct aspect of financial integration. While BaaS forms the infrastructure backbone ("how"), embedded finance represents the actual financial offering ("what") added to core products.
??INSIGHTS
Now aged 39, Storonsky launched Revolut when he was 31 years old in 2015 with co-founder Vlad Yatsenko, aged 33. Although valuations in the fintech sector have hit a sharp downturn, Revolut is still estimated to be worth ￡26 billion and continues on a growth trend across international markets.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? FINTECH HIGHLIGHTS
?? Revolut Business suspends crypto services.
?? Checkout.com faces second round of exec departures this year and makes further staff cuts.
?? $4.7 billion European fintech firm Pleo appoints new CFO, pointing to IPO hopes.
FINTECH
Curve slips further into the red as losses widened in 2022. The all-your-cards-in-one fintech says it is now aiming for profitability in early 2024.
领英推荐
Swedish fintech Treyd expands to Ireland. The buy now pay later service for supplier invoices pays suppliers up front and gives SMEs four months to pay back.
Freetrade launches Treasury bills offering a 5.2% yield. Treasury bills, like bonds, are issued and backed by the Government.
PAYMENTS
Melio taps JPMorgan for real-time payments, which provides payors with the option to deliver funds instantly to their vendors.
Spain's Bizum in mobile payments deal with Italy's Bancomat, Portugal's SIBS: The three leading payments companies said they would team up to allow users in the three countries to make instant mobile payments.
OPEN BANKING
DirectID and KubeMoney forge new embedded lending solutions, enhancing credit decisions and simplifying lending for SMBs and individuals.
GoCardless partners with Acre to help mortgage and protection brokers save time and get paid faster.
DIGITAL BANKING
Lemfi and ClearBank partnership provided migrants with 37,000 virtual accounts carrying out 550k transactions/month.
Nebeus unveils nomad accounts. The financial platform renowned for its cryptocurrency services and registered with the Bank of Spain.
DONEDEAL
French fintech Aria secures €15m to shake up business payments six months after launching in the UK.
Paynest bags €2 million investment that will allow the team to advance their product development efforts.
Pivot raises $21.6 million just a few months after its creation. After raising a $5.3 million pre-seed round in April (€5 million), the company worked on the first iteration of its procurement tool over the summer.
APP fraud fighter Salv raises €3.9 million for launch into UK. The round includes investments from new and existing investors, bringing its capital raised this year to €7.9m and total funding to €12.1m.
Meniga raises EUR 15 million in Series D funding. The amount of funding Meniga has received so far is a total of EUR 55 million.?
Wealthtech Prosper hits ￡1 million crowdfund mark looking to emulate the likes of Wise in foreign currency exchange.
Here are Europe’s biggest fintech funding rounds of 2023. The US may have had a bigger year for new funding, but fintechs Curve, Yonder, Atom Bank, Uncapped and SumUp all scored big this year too.
M&As
Dutch banking giant ABN AMRO acquires neobroker BUX after cost-cutting drive. The deal comes at the end of a challenging 2023 for BUX.
MOVERS & SHAKERS
Paymentology names Marqeta’s Jeff Parker as new CEO. “I am delighted to take on the role of CEO at Paymentology, an organization that has already created a strong global value proposition in the payments space,” Parker said
Klarna’s AJ Coyne joins Monzo as vice-president of marketing. AJ brings three years of valuable experience in Klarna.
Pockit appoints Garreth Griffith As COO. Griffith will oversee Pockit’s day-to-day operations and assist in developing and delivering the next phase of Pockit’s growth strategy.
Thanks for the feature ??