Your Daily FinTech News - September 2nd, 2022

Welcome to?your?daily?FinTech?news!

NEWS HIGHLIGHT

Jupiter Fund Management looks to sell its stake in Starling Bank . The UK-based asset manager owns a stake of approximately 10% in the challenger. According to the report, that share is worth over ￡200M. Link here .

FINTECH?NEWS

#proptech

• Landa can make you a landlord with just $5. The way it works is similar to other fractional real estate ownership startups. Landa makes money by taking a 6% acquisition fee at the time of purchase. It also keeps 8% of the gross rent monthly. Landa has also secured $60 million in debt financing for its market expansions. Link here

#bnpl

• BNPL firm financing gun purchases. Democrat lawmakers have written to BNPL firm Credova Financial expressing "strong concerns" about its facilitation of online gun purchases. Link here
• BNPL giant Klarna losses quadruple. The firm says the losses were caused by rising defaults on borrowing and the cost of integrating recently acquired price comparison site PriceRunner . Link here

#insights

• Fintech lenders play “critical role” in LatAm. Among the 34 fintech platforms in Brazil, Mexico, Colombia, Peru, Argentina, and Chile, 75% of funding went to micro-enterprises. Link here
• The Fintech sector in Singapore is booming, showing great growth, with FinTech Global research finding that the country recorded 31 FinTech seed deals in the first half of 2022. Link here

#partnership

• Wix partnered with TripleA . This partnership allows Wix merchants to accept cryptocurrency payments via a plugin, without holding or converting digital currencies. Link here
• Thunes partnered with Alipay+ . Thanks to this collaboration, Thunes’ customers and merchants in Europe will now be able to accept Asia’s most popular mobile wallets. Link here
• PensionBee partnered with Snoop . They are committed to providing consumers with greater visibility over their finances, allowing customers to see their financial position. Link here

#donedeal

• Billogram raised €15M for invoicing platform. The investment will further boost the Swedish invoicing and payment platform’s growth initiatives in EU, and the DACH region. Link here
• Duplo raised $4.3M in seed funding. The latest funding will help the African company launch new products and expand into new business verticals in Nigeria. Link here
• Fintech startup Justhome raised €3.3M. Justhome offers aspiring homebuyers rates from over 700 lenders and a digital platform to steer them to completion. Link here
• Five most active venture capital firms. The average total value of deals undertaken in the first two quarters of 2022 has hit $14.6bn, double the $7.26bn amassed in 2021. Link here

DIGITAL BANKING?NEWS

#insights

• The Federal Reserve to launch a payments system. The system will have lower costs and greater efficiency than private versions, as well as reducing the vulnerability of the financial system. Link here
• Consumers’ trust in neobanks is shifting from their primary financial institution. Banks and financial institutions (FIs) in the US are at a pivotal moment in their journey to earn the trust of their customers. Link here
• Japan's financial regulator wants to ease crypto tax rules. Japan approved stablecoins as digital currencies, making it one of the first economies to set up a legal framework for stablecoins. Link here

#bankinginnovation

• Spin by Oxxo reached 3M customers in 2Q a number that took Nubank 3 years to reach. In the LatAm Fintech, Nu is the winner. Now, Mexico's Oxxo is on track to break some of Nu's records. Link here
• Inter&Co seeks to expand its Super App to the US following its Nasdaq listing. A global listing will enable it to establish itself as a digital banking platform also in the U.S. Link here
• ABNB launched BioCatch solution via the Alkami Platform to protect members from fraud attacks and cybercrime with state-of-the-art fraud mitigation technology. Link here

#bankingsolution

• Digital bank Trust officially launched Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes, and use their digital card immediately. Link here
• GXS Bank launched a new product. Savings Account offers a 0.08% interest per annum accrued daily. GXS customers can create up to 8 Pockets from their savings account. Link here
• SumUp launched a digital wallet ‘SumUp Pay’ that will make shopping easier and more rewarding with an integrated loyalty scheme uniquely focused on supporting local businesses. Link here
• Tink launched Expense Check . The solution lets banks and lenders seamlessly verify customers’ affordability in a matter of minutes at the point of application. Link here

#partnership

• Banco Santander partnered with Trovata . The firm will market Trovata’s cash management platform to its corporate & investment banking clients to modernize treasury workflows. Link here
• Moneyflow partnered with Aion Bank to provide up to €250M of receivables-backed financing to boost the roll-out of its services across platform partners in the Nordics. Link here
• LevelField hired PNC Bank as an adviser on a potential acquisition of a U.S. chartered bank, company CEO said. He expects to close a bank acquisition deal early in 2023. Link here

#funding

• Oxbury Bank raised ￡25 million in Tier 2. The capital facility will enable Oxbury Bank to lend an additional ￡250M to SMEs across the remainder of 2022 and through 2023. Link here

#opportunities

• CEO of Zand sees an opportunity for growth. Zand announced that it had been granted a banking licence from the CB of the UAE to become Zand Bank PJSC, a fully licenced bank. Link here
• Revolut is hiring for over 200 positions. Report shows how much the $33 billion bank pays across engineering, finance, and design, including a head of crypto role for $250,000. 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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