Your Daily FinTech News - August 28th, 2022

Welcome to?your?daily?FinTech?news!

NEWS HIGHLIGHT

Block is facing a Class Action lawsuit over a Cash App Investing data breach last year that impacted 8.2 million customers. Block in April informed the SEC that a former employee had downloaded reports, without permission, containing customer information on US Cash App users. Link here

FINTECH?NEWS

#insight

• Southeast Asia’s digital economy is booming. This explosive growth is also attracting criminals and putting merchants, banks, and consumers at risk of financial losses and missed revenue. Link here
• The landscape of U.S. merchant payments assets. After intense M&A activity in the last two decades, is there still M&A liquidity in U.S. merchant payments? See Flagship Advisory Partners' infographic here.
• Philippines kicks off ASEAN FinTech month. These initiatives are set amidst the rapid development of the Philippine FinTech industry, which attracted $342 million in the first half of last year alone. Link here
• The winners of the FinTech awards 2022. Top awards on the night included Erika Villanueva and Dom Pym, picking up FinTech Leader of the Year awards. Link here
• Colombian neobanks reach 30.6 M users. Colombia's Daviplata and Nequi are the country’s most popular digital wallets, with 15.6 million and 13.5 million users, respectively. Link here

#acquisitions

• BLIK takes over Slovak VIAMO. The company wants to utilize its unique know-how and close the gap existing in many countries in the field of local payment systems. Link here
• SCBX nixes $500M Bitkub acquisition. This cancelation follows the indefinite postponement of the deal in July, announced amid the due diligence process. Link here

#fintechinnovation

• CoinDCX launched a new platform: Okto. Okto is a mobile platform that will host other decentralized apps and won’t require users to remember the long string of words as their passwords. Link here

#donedeal

• Endowus surpasses S$2 Billion in AUM. The firm also hit another key growth milestone with an over 120% increase in the clients it serves in Singapore. Link here
• Egypt’s SubsBase raised $2.4 million for its subscription and recurring revenue management platform in seed funding led by the Middle East and venture capital firm Global Ventures. Link here

#partnership

• Tata Neu partnered with HDFC Bank to release two co-branded credit card variants available on the RuPay and Visa networks. Customers can apply for both via the Tata Neu app. Link here

DIGITAL BANKING?NEWS

#breakingnews

• Reali will shut down after raising $100M. Co-Founder and Chairman of the Board? Amit Haller said it’s because of the challenging real estate and financial market conditions and unfavorable capital-raising environment. Link here
• Afterpay is closing down its Money app starting next month, and ending its relationship with Westpac, due to conflicts with parent company Block’s Cash App. Link here

#bankingsolutions

• PayPal launched Grant Payments, a new product that enables DAF sponsors, community foundations, and other grantmakers to deliver grants to charities quickly. Link here
• Dave is to provide financial opportunities for everyone. With technology, the world is flattening and can provide access to financial products that enable people to achieve their goals. Link here

#bankingindustry

• Bank of America hits 1B digital logins in July. This follows a record 2.8 billion digital logins in the second quarter, up 11% year-over-year. The company has 55 million digital clients. Link here
• Zopa bank passed ￡2 billion in deposits. Zopa achieved a rare feat among UK challenger banks, hitting profitability for the first time just 21 months after acquiring its UK banking licence. Link here
• Revolut launched a scholarship. The Scholarship may be a step toward bringing about a workplace evolution where an equal number of men and women occupy boardrooms. Link here
• Revolut celebrates its five millionth UK customer. Revolut’s new advertising campaign is aimed at showing how its features are helping money underdogs access wealth and power. Link here

#partnerships

• Nationwide is using Moneyhub’s Tech. The new service uses Moneyhub's open banking payment initiation technology to connect savers directly to their current accounts. Link here
• Finance platform Railsr partnered with Elmore. Through the partnership, Railsr can offer specialist fintech insurance, with cover including cyber and crime insurance. Link here
• Nuclei partnered with Infosys Finacle to boost innovation in the banking sector. The collaboration will mainly focus on testing the blockchain-based Buyers Credit solution. Link here

#insights

• Revolut and N26 are far ahead of Monzo. In this blog, C-Innovation discusses how similar each Neo-bank is by looking further than just their valuation. Link here
• The acceleration of digital transformation. Meta(verse)-morphosis is the latest addition to the evolutionary dimension of digital transformation in the banking industry. Link here

#moversandshakers

• Revolut appointed Raymond Ng. Raymond will focus on leading and building the next chapter of Revolut’s expansion in Singapore, developing the local business strategy. Link here
• Dave appointed Tesa Aragones to its Board of Directors. Aragones brings to Dave more than two decades of brand marketing, digital branding, and digital innovation expertise. 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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