Your Daily FinTech News - August 10th, 2022

Welcome to?your?daily?FinTech?news!

NEWS HIGHLIGHT

Nuri filed for insolvency today, two months after the Berlin-based digital bank announced layoffs as it struggled with the rout in cryptocurrency prices, economic uncertainty, and difficult funding environment, German news site t3n reported. Link here.

FINTECH?NEWS

#apple

• Apple Pay is now available in Malaysia with three supporting banks namely Maybank, AmBank Group and Standard Chartered Bank. Malaysia is the second country in South-East Asia, after Singapore, to get Apple Pay. Link here.
• Apple’s BNPL strategy is positioning Mastercard for future success. Apple has partnered with Mastercard, which interacts with the merchants and offers a white label BNPL product called Installments. Link here.

#moversandshakers

• ComplyAdvantage named Andrew Davies as Global Head of Regulatory Affairs. ComplyAdvantage is a global data technology company transforming financial crime detection. Andrew Davies is a financial crime risk management veteran. Andrew will support ComplyAdvantage's customers and prospects as they implement innovative financial crime risk management solutions. Link here.
• Luno has announced the hiring of Thomas Tudehope who come in as Luno's Global Head of Policy, after a lengthy stint at Revolut. Link here.

#insights

• PayPal Q2 ‘22 - Strong Results from a Maturing Business. Check out Flagship Advisory Partners’ infographic here.
• Embedded finance: one of fintech's hottest trends as investment slows to $53.5 billion in the opening half of the year. Investment in embedded finance trebled to $3.1 billion last year, according to data from Dealroom. Link here.

#fintechinnovation

• LATAM is progressing in regulating Open Finance and improving their payment systems, bringing more interoperability. Read the full article by Walter Pereira here.
• India has the most potential for rapid growth in BNPL. According to new research the number will increase by 157% – in a move driven by the forecasted economic downturn. Link here.
• The Bank of London is expanding its US footprint by launching a new tech hub in Charlotte, North Carolina. Link here.

#crypto

• Tornado Cash, linked to two of the largest crypto hacks this year. The US Department of the Treasury's Office of Foreign Assets Control (OAFC) has sanctioned crypto mixer Tornado Cash following the laundering of $7bn worth of crypto. Link here.
• Crypto.com secured an Electronic Financial Transaction Act and Virtual Asset Service Provider registration, in South Korea. Link here.

#collaboration

• JP Morgan collaborates with Women in Tech for youth challenge in Singapore. Link here.
• ACI Worldwide collaborates with CARDNET, the Japanese domestic payment network, to modernize its digital payments infrastructure. Link here.

#donedeal

• A new ￡1 billion fintech fund to accelerate the growth of promising UK scale-ups is to be backed by a group of senior industry figures, including Lord Hammond, the former chancellor. The fund has been provisionally named the Fintech Growth Fund. Link here.
• Capify launched a ￡40m fund for UK SMEs, to help manage operations through difficult trading conditions. Link here.
• Forage raised $22 million in Series A funding led by NYCA Partners. The San Francisco fintech startup’s software helps grocers accept online SNAP (US Food Stamp) payments. Link here.
• CreatorDAO raises $20 million, in an ambitious bet on the creator economy. Backers include Andreessen Horowitz (a16z) and Paris Hilton among others. Link here.
• Appital secured an additional ￡1.7 million investment from Frontline Ventures and various angel investors to bring technological innovation and automation to equity markets. Link here.
• Dezerv has bagged $21 million in a Series A funding round led by Accel Partners. Also participating in the round were existing investors Matrix Partners India and Elevation Capital. Link here.
• Legado acquired WonderBill. Legado is an open document and data platform specialist, and Wonderbill is a consumer and B2B bill management technology platform. Link here.
• Avalara is to be acquired by global investment firm Vista Equity Partners in an all-cash deal worth $8.4 billion. Link here.?

DIGITAL BANKING?NEWS

#report

• Starling Bank has certainly made an impact in the world of digital banks. In a new report, C-Innovation reviews Starling Bank’s revenue diversification, product development, partnerships, and funding, frequently drawing parallels between the Bank and its market competitors. Download the full report here.

#breakingnews

• Volt reports A$84.3 million loss, in the 12 months to the end of March, according to annual financial statements lodged last week with regulators. Link here.
• Dozens is closing its consumer accounts and shutting down its app as part of a substantial pivot to the company’s business model. Link here.
• Frollo is phasing out screen scraping in its free money management app, where Open Banking is available. Link here.

#lending

• Allica Bank migrated ～ 1,400 customers, nine months after acquiring Allied Irish Banks (AIB) SME lending portfolio. The AIB loan book was initially valued at around ￡600m by Allica, but now that its migration is complete, the lender states it is worth ￡500m. Link here.

#interview

• Ali Niknam hopes to shake up the world of Irish banking. Check out the Irish Independent’s interview with the founder of Dutch-headquartered digital bank Bunq, Ali Niknam; written by Sean Pollock. Link here.

#payments

• Paysend’s introduced 50 new receiving countries to its global payments network since the start of 2022. These additional payment corridors mean that Paysend customers can now send money to over 170 countries worldwide. Link here. Link here.

#interestrate

• Zopa has upped its easy access interest rate to 1.81 percent, moving it into “top table position”. Link here.

#funds

• Goldman Sachs extended a $150 million credit line to Mexican startup Clara, which lends to corporations and helps manage their spending, the latest Latin American fintech to receive support from the New York-based banking giant. Link here.
• ZA Bank has launched an investment fund service, becoming the first virtual bank in town to offer a one-stop integrated personal financial platform, covering banking, investment, and insurance. Link here.
• Auxmoney has secured €500m in funding for new lending. The Düsseldorf-based firm provides a lending marketplace that it claims is the largest operating in Europe. Link here.

#partnerships

• BlueSnap will now be a provider for KeyBank’s US gateway functionality. BlueSnap’s payments orchestration platform will be available for the bank’s middle market and institutional clients in the eCommerce space. Link here.
• Neofy partnered with HPS to provide a Cloud based Digital Cards platform. Link here.

This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!

Regards,

Marcel van Oost

marcelvanoost.com

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