Your Daily FinTech News - July 21st, 2022

Welcome to?your?daily?FinTech?news!

NEWS HIGHLIGHT

The BNPL bubble seems under severe pressure both internally as well externally. In the next 12-18 months, the clouds surrounding BNPL may show a silver lining after all – for it will compel the incumbent BNPL providers to go through a cycle of purge and reassess their business models, balance growth with profitability objectives, embrace regulatory scrutiny, and ensure ecosystem welfare. Read the full WhiteSight article by Sanjeev Kumar and Kshitija Kaur here .

FINTECH?NEWS

#insights

• Malaysia ???? Fintech Map 2022. Link here .
• FinTech deal activity continues to weaken as higher interest rates, lower valuations, and economic uncertainty take their toll following a period of record activity. The total dollar volume of global FinTech deal activity across private company financings, IPOs, and M&A transactions in Q2 2022 was down 67% from the peak of activity in Q3 2021. Link here .

#rebranding

• Truebill will officially change its name to Rocket Money in late August. More than simply a rebrand, the name will bring Truebill closer to the other businesses on the Rocket Companies platform and provide the opportunity for Rocket Money to better help consumers at various touchpoints throughout their financial lives. Link here .

#donedeal

• LAVCA found that LATAM startups have raised $2.8 B across 190 transactions during Q1 of 2022 as the region’s funding boom continues. This marked the fourth largest quarter on record for investment in the region. Link here .
• X1 Card has raised $25 million in a Series B funding round as it gears up for launch in the US. The Series B round was led by Google Analytics co-founder Wesley Chan ’s new fund FPV Ventures, the fund’s first investment. Link here .

#mergersandacquisitions

• Flywire completed the acquisition of Cohort Go , an international education payments provider, for an undisclosed sum. The move follows Flywire’s acquisition of UK education paytech WPM for an undisclosed sum in December last year. Link here .
• M2P Fintech has made its third acquisition this year in identity verification service provider, Syntizen , as it looks to bolster its offerings to fintechs and other financial institutions. This comes on the heels of the company buying out Bengaluru-based cloud lending platform, Finflux, earlier this month. Link here .

#fintechinnovation

• Paystand launched the “world’s first” dynamic discounting application “designed for seller accounts receivable (AR) teams and powered by Ethereum smart contracts.” This is the first solution “to enable seller AR teams to offer buyer accounts payable (AP) teams dynamic early payment discounts.” Link here .

DIGITAL BANKING?NEWS

#profitability

• Atom Bank is positioned to achieve its first yearly profit this year following a number of encouraging financial indicators. Link here .

#financialinclusion

• The Central Bank of Nigeria granted an AIP license to RoutePay Fintech to provide digital payment products and services in Nigeria, to ensure financial inclusion. The AIP is the first step toward a final commercial license approval which is dependent on the fulfillment of all the conditions stipulated by the CBN. Link here .

#rebrand

• Ubank unveiled a new look following their absorption of 86 400. Ubank’s new logo may carry a touch of nostalgia for those familiar with 86 400’s sans-serif simplicity. But the identity isn’t the only piece of 86 400 that ubank has adopted. Link here .

#paymentsolutions

• Southeast Asian countries prep QR code payment interoperability. Indonesia, Malaysia, the Philippines, Singapore, and Thailand are planning to link their QR code-based payments systems, meaning that people from each country will be able to seamlessly pay for goods and services throughout the region. Link here .

#fundinground

• Niyo has raised $30 million in a Series C round. The company will use the funds to expand product capabilities and increase the customer base through organic and inorganic opportunities. Link here .

#acquisitions

• Australia’s ANZ to purchase Suncorp ’s banking arm for A$4.9 billion ($3.3 billion). ANZ will fund the purchase partly by raising A$3.5 billion via new stock issuance. According to public data, the deal will boost ANZ’s mortgage book by A$47 billion to A$307 billion, overtaking NAB as the third largest bank by mortgage assets. Link here .

#crypto

• BNP Paribas is entering the cryptocurrency custody space via a partnership with Swiss digital asset safekeeping firm Metaco , according to three people with knowledge of the deal. Crypto custody firm Fireblocks is also involved in the bank's digital asset infrastructure. Link here .
• Southland Credit Union to offer cryptocurrency buying and selling services to its members. Southland said it became the second credit union in California to collaborate with the bitcoin company NYDIG and with the credit union’s “fully integrated digital banking mobile app feature. Link here .

#partnerships

• Glia announced a strategic partnership with Access Softek , an omnichannel digital banking provider. The integration of Glia's technology allows Access Softek to offer seamless Digital Customer Service (DCS) as part of its digital banking platform. Link here .
• SavvyMoney partners with Liberty Bank of Middletown, Connecticut, a longstanding, well-respected financial institution that’s at the forefront of the latest digital banking trends, offering innovative digital banking solutions and dynamic options to their customers. 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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