Your Daily FinTech News - July 17th, 2022

Welcome to?your?daily?FinTech?news!

NEWS HIGHLIGHT

• Stripe is the latest high-profile fintech company to experience a significant valuation cut as the market downturn begins to hit the sector especially hard. Last valued at $95 billion, the payments processor has seen the internal value of its shares slashed by 28%, sources told the Wall Street Journal. Link here.

FINTECH?NEWS

#mergersandacquisitions

• TIFIN, a fintech platform using artificial intelligence (AI) and investment-driven personalization to shape the future of investor experiences, announced its initial launch into international markets through the acquisition on SharingAlpha, a community of over 15,000 professional fund investors and analysts located throughout the world, but with a high concentration in the UK and Western Europe. Link here.

#payments

• CEOs Joseph Daly of Capri Payments and Eric Kellogg of Adept Payments have come together to launch a new paytech firm, Argyle Payments. Argyle says it will focus on small and midsize merchants in “high-margin” specialty markets to support processing payments in e-commerce, traditional retail and alternative payments. Link here.

#bnpl

• ShopBack, a Singapore-based rewards platform, has launched a buy now, pay later offering alongside its global brand refresh efforts. Link here.

#cryptocurrencies

• The cryptocurrency lender Celsius Network has announced it has filed for bankruptcy. Crypto lending has tumbled in the recent months following a crash in cryptocurrency prices and the collapse of major token TerraUSD in May. Link here.

#newhire

• Banking and payments platform Pismo has appointed a new engineering director in Bristol. Ross Larter will be responsible for structuring the technical team, expanding the company’s solutions, and supporting processes related to Pismo’s globalization strategy, according to the S?o Paulo-headquartered firm. Link here.?

DIGITAL BANKING?NEWS

#mergersacquisitions

• According to a media report by Finance Forward Berlin-based Neobank for Business Penta could be about to be sold to its French competitor Qonto. The source refers to industry insiders who are said to have stated that the deal is already being negotiated and could be announced soon. However, the companies' spokespersons would not comment on the information according to the source. Link here.

#moversandshakers

• Revolut, a fintech firm, has announced the appointment of Saleem Arshad as the Chief Technology Officer for India. In his new role, Arshad will work closely with Revolut India’s CEO, Paroma Chatterjee, on launching Revolut’s cutting-edge technology and financial products in India, according to a statement. Link here.
• Luvleen Sidhu, co-founder and chief strategy and marketing officer at BankMobile, was named Fintech Woman of the Year at the Lendit Fintech conference in San Francisco. Additionally, BankMobile, a branchless banking service and subsidiary of Wyomissing-based Customers Bank, was honored as the “most innovative bank” at the conference. Link here.

#unicorn

• Stori, which offers credit cards to underserved populations in Mexico, told TechCrunch it has raised an additional $50 million in equity at a $1.2 billion valuation. It also has secured $100 million in debt financing. Link here.

#fintechinnovation

• Monneo, the complete end to end payment ecosystem provider, is leading the way for Banking as a Service (BaaS) as it launches a new application programming interface (API). Link here.
• The largest private bank in Brazil, Itaú Unibanco, has announced plans to roll out a new asset tokenization platform, which will turn regular finance products into tokens. Link here.
• LATAM’s largest digital wallet with over 62 million customers in Brazil, PicPay, has become an official bank. A financial institution already part of a J&F Participa?ōes holding company that controls both organisations asked the Central Bank of Brasil to change its name to PicPay Bank. 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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