Big FinTech News to Kick Off Your Weekend!
Hey FinTech Fanatic!
It’s been a whirlwind week here in San Francisco, packed with meetings right on the heels of a busy Money2020 in Las Vegas. I’ll keep this short so we can all head into a well-deserved weekend of rest.
Of course, I won’t leave you without the latest news—scroll down for today’s key updates from the FinTech world.
Next stop: New York City.
Wishing you a relaxing weekend, and see you on the East Coast!
Cheers,
SPONSORED CONTENT
Five FinTech experiences to transform your ecommerce platform - a Mangopay guide
FEATURED NEWS
🇺🇸 September 18, 1958 is a historic day in Banking and FinTech.
On September 18, 1958, Bank of America pulled off one of the bolderst financial experiments. They mailed 60,000 unsolicited BankAmericards to Fresno residents—no applications, just $500 in instant credit!
The result? Chaos, fraud, and nearly 22% delinquencies. Click here to learn more
#FINTECHREPORT
📊 Open Banking Market to Grow by USD 57.66 Billion (2024-2028) as Demand for Fast Seamless Payments Rises, AI-Driven Market Evolution Report - Technavio. Check out the complete report
INSIGHTS
🇧🇷 After only 11 years, Nubank is crowned as the most valuable brand in Brazil 🤯
FINTECH NEWS
🇺🇸 Money20/20 USA unveils seven incredible FinTech startups and industry disruptors. The leading FinTech show has unveiled seven startups set to transform the world of money: Brightwave, Casap, Eisen, Footprint, NALA, Ntropy, and Zumma. Get all the details—click here
🇱🇹 DriveWealth advances global expansion plans with European brokerage license from Bank of Lithuania. This license marks DriveWealth's entry into its third regulatory region, expanding its international presence across the United States, Singapore, and the European Economic Area.
🇬🇧 Zing launches automatic and one tap top-ups for all members. These frictionless top-up features, available to all members through Visa’s open banking platform, Tink, allow for direct linking of banking apps to Zing wallets. Read on
🇬🇧 GenTwo officially launches UK operations, bringing innovative assetization platform to London. This marks a major milestone in GenTwo's global expansion, enabling access to a key financial center as part of its broader growth strategy, with plans to enter the U.S. market by 2025.
🇬🇧 Square introduces Square Card giving UK businesses instant access to funds. This business spending card helps companies manage cash flow by eliminating the wait time between making a sale and accessing funds. Discover more
🇪🇺 Revolut and Upvest to streamline digital investment process. The collaboration enables Revolut to introduce ETFs and fractional European stocks, enhancing its product offerings. Upvest’s API allows for efficient product launches and faster market entry. Click here to learn more
PAYMENTS NEWS
🇳🇱 Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce. With Mollie’s backing, the launch of Hyvä Commerce will resolve common issues businesses using Magento face today by adding modern features to the admin panel and the store side, as well as committing to the platform's updates.
🇲🇽 Kueski reaches 20 million loans disbursed, strengthening its role in Mexico’s payments ecosystem. This marks 100% growth in loans disbursed in just 18 months, further showcasing Kueski's momentum as it moves forward in its mission to improve the financial lives of Mexicans.
🇧🇪 European Payments Council issues Verification of Payee API standards. These guidelines focus on standards for VOP communications, governing Requests and Responses between Payment Service Providers (PSPs). The specifications are part of an effort to create uniformity within inter-PSP communications across the European market.
🇬🇧 Emerchantpay expands its global acquiring capabilities with Visa. This collaboration expands emerchantpay’s global acquiring capabilities and reach, providing access to integrations with established technology and infrastructure providers through a single connection.
🇺🇸 Mastercard's profit beats estimates on resilient consumer spending. The payments giant reported better-than-expected third-quarter profits, boosted by increased customer spending due to economic stability. Keep reading
🇦🇪 Geidea and tpay partner to simplify digital payments in MENA. Together, the companies aim to offer an integrated suite of payment methods, including Direct Carrier Billing (DCB), card payments, and e-wallets, all accessible through a single aggregator.
🇺🇸 Google Wallet to enable contactless payments for kids on Android. This wallet will enable parents to monitor and control their children's spending by approving linked credit and debit cards and reviewing transactions through Google’s Family Link.
REGTECH NEWS
🇪🇸 DEKRA verifies Entrust’s Onfido ID verification solution meets Sepblac requirements for video identification in Spain. Entrust announced that its Onfido Real Identity Platform has been evaluated by DEKRA, confirming compliance with Sepblac’s requirements. This assessment ensures a security standard equivalent to in-person identity verification.
DIGITAL BANKING NEWS
🇺🇸 Starling Bank launches in-app bank impersonation detector. Starling has launched an in-app tool to help customers identify and protect themselves against scammers posing as banks, as fraud cases involving criminals impersonating bank representatives are on the rise, official figures show.
🇺🇸 Chase expands availability of business intelligence platform. Chase's Customer Insights platform, previously exclusive to Chase Payment Solutions clients, now analyzes aggregated, anonymized transaction data and peer benchmarks to provide business owners with insights on customer behavior.
🇸🇪 Lunar and Saldo Bank forge partnership to transform Nordic banking and payment solutions. The new partnership allows Saldo Bank to access Sweden’s local payment systems via a single API, facilitating seamless transactions in local currency and reducing friction in inbound and outbound payments.
BLOCKCHAIN/CRYPTO NEWS
🇺🇸 Robinhood reaches for more wallet share with new products. During Wednesday's Q3 2024 earnings call, executives from the retail trading platform highlighted their main goal of increasing wallet share from current investors while also attracting a broader user base to the platform.
🇺🇸 Former FTX executive Nishad Singh gets 3-year supervised release. Singh received the sentence for his role in misappropriating about $8 billion in customer funds. Singh pleaded guilty to fraud and conspiracy charges and cooperated by testifying against Sam Bankman-Fried, who received a 25-year sentence.
🇮🇹 Italy's finance minister defends tax hike on cryptocurrencies amid party spat. Minister Giancarlo Giorgetti defended a proposed tax increase on crypto capital gains, arguing that savers should distinguish between traditional investments, which support tangible projects, and cryptocurrencies, which he claims lack underlying asset value.
🇺🇸 Felix partners with Zero Hash to improve international remittance service. Felix, which allows its customers to send money internationally with WhatsApp messages, announced Wednesday it has partnered with Zero Hash to help it utilize the speed and ease of using stablecoins when facilitating money transfers.
🇺🇸 Coinbase wants to turn every FinTech into a crypto company. CFO Alesia Haas emphasized that while speculative use of crypto may be declining, its utility in payments is on the rise. "Our goal is that every finance, every FinTech company, will eventually become a crypto company," she stated.
DONEDEAL FUNDING NEWS
🇮🇱 Israeli FinTech Melio secures $150m led by US company Fiserv. The financing, which values Melio at $2bn, comes as a resurgence following layoffs and a failed sale, according to Globes. The firm has demonstrated a tenfold increase in revenue, showcasing its potential resilience and growth within the FinTech sector.
M&A
🇳🇱 Last week, First Data Corporation and CCV Group submitted a request to the Netherlands Authority for Consumers and Markets (ACM) for approval for the takeover of CCV by First Data. This potential acquisition could represent a major shift in the payments industry, given the importance of the POS payment terminals that CCV manages in the Netherlands.
MOVERS & SHAKERS
🇺🇸 MoneyGram appoints former Walmart EVP Anthony Soohoo as new CEO. In his new position, Soohoo will focus on strengthening the company’s global partner network and executing MoneyGram’s digital innovation strategy.
🇬🇧 nCino announces Joaquín de Valenzuela as Managing Director for EMEA. This strategic hire underpins nCino's commitment to accelerating its growth and market presence within the EMEA region. Continue reading
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