Welcome to?your?daily?FinTech?news!
- London-based FinTech?Thought Machine
?has doubled its valuation to $2.7bn as the cloud banking company pulls in institutional investors like?Morgan Stanley
?and looks to expand its international presence. “This marks a long-term investment: we’ve left the world of venture capital,”?Paul Taylor
, founder, and chief executive told the?Financial Times
.?“It’s a very hot market — we can never expand quickly enough to meet demand from banks.” Link here
.?
- Modulr
, an embedded payments platform for digital businesses, today announced that it has raised $108m (￡83m) in series C funding led by General Atlantic, a leading global growth equity firm. Modulr is a pioneer in the provision of embedded payments across a range of vertical markets. Link here
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- Last week, €300m was raised across 10 FinTech deals. Link here
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- GP Bullhound
?has released its latest report on credit financing, highlighting the growing opportunities for founders and investors in the most comprehensive, data-driven report on European tech lending. Link here
.?
- According to?S&P Global Market Intelligence
, fintech companies based in APAC surpassed previous deal values and volumes observed in the March quarter over the past three years. Link here
.?
- Buy now, pay later (BNPL) platform?Zilch
?has launched in the US with over 150,000 pre-registered customers and a new Miami headquarters. The US expansion is being led by Zilch’s US CEO?Albert Periu
. Zilch expects to hire over 100 employees in the US within the next year and has set its sights on a potential market of 125 million users over the long term. Link here
.?
- Digital Commerce Bank
?(DCBank) and?Platform Calgary
?have announced the launch of the Calgary Fintech Award - western Canada’s first major fintech award. Link here
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- THE?Central Bank of Ireland
?has widened its consumer protection rules to cover so-called ‘buy-now-pay-later’ (BNPL) firms. Link here
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- Launched in 2019,?Mamo
?came to simplify payments. Like many other peer-to-peer payment apps, users can sign up digitally following a few simple steps. Once signed in, they can link either their cards or the bank account to initiate a fund transfer by choosing a name in their mobile contact list. Link here
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- Uplinq
, the leading global credit assessment platform for small and medium sized business (SMB) lenders, strengthens its global reach with?Ranqx
, a digital SMB loan origination, decisioning and monitoring platform for lenders and banks. Link here
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- Emirates
, the largest airline in the United Arab Emirates, announced its intention to add bitcoin as a payment option and to make NFT collectibles tradable on the company’s website. Link here
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- CertifID
, a fintech focused on preventing wire fraud in residential real estate transactions, announced Monday it received $12.5 million in a Series A funding round led by?Arthur Ventures
. Link here
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- Affirm
?Holdings CEO?Max Levchin
?told?CNBC
’s Jim Cramer on Thursday that despite the market’s poor performance this year, the U.S. consumer – and Affirm customers – are spending healthily. Link here
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- With inflation at a record-high level of 8.3%, consumers hoping to earn more on their deposits should consider stowing their money in places besides traditional checking or savings accounts. Link here
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- Square
?will be debuting new APIs, according to a company blog, which it says will help developers and partners build eCommerce solutions. Link here
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- Altro
?has raised $18M to help you build credit just by paying for your Netflix subscription. Link here
.?
- Valor Capital Group
-backed, Brazilian?Nextron Energia
?launches a marketplace for renewable energy credits.?Link here
.?
- Visa
?chief executive Al?Alfred F. Kelly, Jr.
. is taking a flexible yet firm approach to the future of work. He’s requiring that staffers at the payments giant return to the office at least two days a week without taking as much of a hard-line stance as some of his executive contemporaries in the finance industry. Link here
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- If 2020 was the year when Latin American FinTechs really gathered momentum, as Covid-19 catalysed digital payments and banking, 2021 was the year when the region’s industry finally received validation from public capital markets. In the decade to the end of 2020 the combined value of foreign-backed Latin American tech companies debuting on public markets was just $3.5bn, according to?PitchBook Data
. Last year?Nubank
?and?dLocal
?went public with a combined valuation of $44bn. Link here
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- Fintech capitulation is feeding fear on the streets and a rash of hyper-growth enterprises and neo-banking brands are feeling growing pains. Link here
.
- As?Vodacom
?wades deeper into financial services, the telco reported its VodaPay super app has attracted 2.2 million downloads and 1.6 million registered users in the eight months since its launch. Link here
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- Westpac
?has commenced work on a new transactional platform for institutional clients and is looking to UK-based technology provider?10x Banking
?to provide the core technology. Link here
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- Digital SME banking startup?Recognise Bank
?has completed an ￡8.7 million capital raise from City of London Group, the bank's parent company. Recognise Bank was given the green light by the UK's Prudential Regulation Authority in September to launch personal and business savings products and to start taking deposits. Link here
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- Cushion
, a leader in bank and credit card fee negotiation, announced that it has raised $12 million in Series A funding. Link here
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- Nubank
?on Monday posted a surge in revenue that beat expectations, as the Warren Buffett-backed digital bank benefited from a healthy loan book and strong client additions, sending its shares surging nearly 8% in extended trading. Link here
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This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!
