Revolut Hits 𝟱𝟬 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 Customers

Revolut Hits 𝟱𝟬 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 Customers
Revolut Hits 𝟱𝟬 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 Customers

Hey FinTech Fanatic!

Revolut has officially reached 50 million customers across 38 markets—a huge milestone for the London-based FinTech in just 9 years.

This week, Revolut is hosting The Revolutionaries, a two-day event in London to celebrate their milestone alongside customers.

Co-founders Nik Storonsky and Vladyslav Yatsenko will take the stage, with Antoine Le Nel hinting at some exciting announcements. The event will also feature influential guests from music, business, fashion, sports, gaming, and more, culminating in a dynamic performance by Charli XCX.

And there’s more. As competition among retail brokers serving British investors intensifies, Revolut will offer trading of UK and EU-listed stocks starting next year.

The London-based company, which recently obtained a UK banking license, announced on Monday that it has received approval from the Financial Conduct Authority to operate as an investment firm, allowing it to expand its range of services. This move broadens their services and heats up the competition in the retail trading space.

What a start of the week for Revolut so far, and it seems this won't be the last we hear from them this week!

Stay tuned for the latest updates. In the ever-evolving world of FinTech, being informed is your best asset 😉

Cheers,

Marcel


#FINTECHREPORT

📊 Exploring the Future of Payments: Variable Recurring Payments (VRP), by Token.io👇

Exploring the Future of Payments: Variable Recurring Payments (VRP)

FINTECH NEWS

🇦🇪 Stake implements AFTs to optimize costs and expands into new markets with Checkout.com. Stake, the first to implement Account Funding Transactions (AFTs) via Checkout.com in MENA, boosts payment efficiency and highlights Checkout. com’s leadership in enabling cross-border transactions to drive partner growth. 

🇬🇧 Payhawk partners with J.P. Morgan to drive payment innovations. “Our strategic focus on medium-sized and large companies in traditional industries requires the highest standards and trust in our banking partners,” Payhawk CEO and co-founder Hristo Borisov said. Read more

🇬🇧 Zilch considers secondary share sale after first profitable quarter. According to CEO Philip Belamant, a secondary share sale would enable the company to clean up its cap table ahead of an IPO — and make a bunch of its employees happy. 

🇺🇸 Things Are Quiet in Consumer Credit. Too Quiet. Lenders are open for business. But there might not be a ton of borrowers walking through the door. That can be a formula for trouble. Explore the full article by Telis Demos for deeper insights and analysis.

🇬🇧 ClearScore launches Credit Health, a revolutionary approach to accessing good credit. ClearScore's biggest update since 2015 enhances user access to financial data while expanding its online marketplace with over 160 financial partners. Building on a decade of innovation, it empowers users to make better credit and financial decisions.

🇮🇳 LTIMindtree bags contract extension from Europe-based Nexi group. As part of this partnership, LTIMindtree will optimize Nexi's core platforms for better performance and scalability, while managing its hybrid infrastructure to seamlessly integrate on-premise and cloud solutions.

🇦🇺 Hejaz launches Australia’s first halal investment app to offer Australia’s growing Muslim community convenient and straightforward access to a broad range of Shariah-compliant financial products and services. Continue reading

🇲🇽 Paymentology powers challenger bank albo’s rapid growth and expansion in Mexican FinTech Market. With Paymentology’s technical support, albo has streamlined its activation process for these physical cards, ensuring cardholders can start using them immediately upon receipt. 

🇺🇸 FinTech unicorns are watching Klarna’s debut for signs of when IPO window will reopen. Last week, Klarna filed confidentially to go public in the U.S., ending months of speculation. While FinTech circles are buzzing, founders are watching the market, focusing on pricing and stock performance. Explore more

🇺🇸 FinTech EarnIn sued by DC Attorney General over 300% rates. Activehours Inc., which does business as EarnIn, lures customers in with false promises of an early payday with no mandatory fees or interest costs while actually charging consumers rates of more than 300%, the attorney general of Washington, DC, alleged in a lawsuit.


PAYMENTS NEWS

🇬🇧 Zing partners with Checkout.com to increase digital payment methods and support future product growth. The companies have partnered to integrate a suite of alternative payment methods into Zing's app, enabling members to top up using mobile wallets, Apple Pay, and Google Pay via Checkout.com’s global payment system.

🇳🇱 Buckaroo launches Hosted Fields for online card payments. With this new solution, consumers will be enabled to securely enter their card details directly within the webshop’s checkout without being redirected to an external payment page. 

🇺🇸 Klarna to launch on Google Pay. Starting next year, Google Pay users in the U.S. can choose Klarna’s interest-free payment options at checkout. This integration will make flexible payment options even more accessible for Google Pay users, who can soon shop and pay with Klarna directly from their devices. 

🇨🇦 FINTRAC registers Navro to operate its payments curation platform in Canada. This will enable the company to provide money transfer services to businesses in the country while continuing to focus on meeting the needs, preferences, and demands of clients in an ever-evolving market.

🇺🇿 TBC Uzbekistan announced the opening of an in-house processing centre as part of its continued investment in core infrastructure. This state-of-the-art centre will provide full control over payment processing workflows, enabling TBC to bring new products to market more quickly.


DIGITAL BANKING NEWS

🇬🇧 Revolut celebrates: reached 50 million users globally. Revolut marks a major milestone, surpassing 50 million customers worldwide, including 2 million in Italy. The company now aims to establish itself as a leading global bank.

🇬🇧 Revolut set to take on Hargreaves Lansdown after winning trading licence. The company has received authorisation from the FCA to enable UK customers to trade British and EU-listed stocks and ETFs starting in 2025. This will put the company in direct competition with dominant retail investment platforms like Hargreaves Lansdown and AJ Bell.

🇬🇧 JPMorgan’s Chase UK bank launches first credit card. Digital-only bank ventures into lending after surpassing £20bn in deposits. JPMorgan is advancing its global expansion in retail banking, betting its $4tn in assets can support a competitive, digital-only model to rival local banks outside the U.S. 

🇨🇭 Temenos powers on-premises generative AI for real-time banking with NVIDIA accelerated computing. Temenos will deploy its generative AI on-premises using NVIDIA’s accelerated computing platform, offering banks exceptional speed and precision in AI-driven services.

🇿🇦 Mama Money revolutionizes banking with WhatsApp-powered bank card. The Mama Money Card, developed in conjunction with Access Bank and Pick n Pay, aims to address the issues that millions of people in the country confront when access to traditional banking services is limited.

🇬🇧 Starling Bank staff resign after new CEO calls for more time in-office. Staff have resigned at Starling Bank after its new chief executive demanded thousands of workers attend its offices more frequently, despite lacking enough space to host them. 

🇬🇧 Atom becomes first UK bank to commit to being carbon positive by 2035. The bank has made headlines by purchasing 25 acres of newly planted broadleaf woodland in Northumberland, becoming the first UK bank to commit to being carbon positive by 2035.


BLOCKCHAIN/CRYPTO NEWS

🇬🇧 Stablecoin startup BVNK seeks funding after major deal by Stripe. The startup is talking with potential backers with the aim of raising at least $50 million, according to people familiar with the matter who asked not to be identified. The size of the raise and BVNK’s valuation are subject to change at this early stage of negotiations, the people added.

🇬🇧 PayPal PYUSD to bring speed and reduced costs to cross-border payments with Xoom. PayPal announced it will be enabling disbursement partners to use PayPal USD (PYUSD) to settle cross-border money transfers made with Xoom, A PayPal Service.  

🇺🇸 Trump’s social media Company in talks to buy crypto-trading firm Bakkt. Trump Media & Technology (TMTG) is near an all-share purchase of Bakkt in a deal that will not include Bakkt’s crypto custody business, which the firm has said it is likely to wind down, according to FT.

🇫🇷 Gemini launches in France after VASP registration, expands crypto services. According to the firm, this move aligns with the its strategy to expand its presence in Europe, capitalizing on France's growing crypto and Web3 market. Read on


PARTNERSHIPS

🇸🇦 Tarabut & Geidea sign MoU to explore game-changing SME financing solutions in Saudi Arabia. The partnership sets the stage for both companies to collaboratively explore and develop groundbreaking solutions that could create new, more efficient and accessible financing opportunities that empower SMEs.


DONEDEAL FUNDING NEWS

🇳🇱 Telecoms startup Firsty has raised a €5.1M round to offer free mobile data globally. Speedinvest led the round alongside DFF (Dutch Founders Fund), angel investor Marcel Smits (ex-KPN CFO) and former executives from Mollie, Booking. com, Uber, Vodafone, and Adyen. The company has also partnered with Uber, allowing users to access the Uber app without data charges.

🇨🇭 Wyden secures USD 16.9 Million in series B funding round. The firm will use the funds to drive strategic growth by expanding into new markets and intensifying its sell-side focus on banks, brokers, and exchanges. It also aims to enter regulated markets where digital assets meet traditional finance standards.


M&A

🇬🇧 Modulr acquires accounts payable automation disruptor Nook. The acquisition deepens Modulr’s focus on developing comprehensive solutions that address the evolving needs of businesses. Following a short period of integration Modulr AP, powered by Nook, will launch in the first quarter of 2025.

🇺🇸 Robinhood to acquire TradePMR. This strategic acquisition brings together two mission-aligned companies as Robinhood enters the wealth management space, combining the skills of fiduciary advisors with its cutting-edge technology.  


MOVERS & SHAKERS

🇬🇧 Cardstream appoints Gurinder Sumra as new CFO. Gurinder will deploy “the art of the possible”, where partnerships and mergers and acquisitions can accelerate Cardstream’s impressive organic growth thanks to its game-changing products. Read on

🇺🇸 Dave picks new Marketing Head as it faces FTC lawsuit. The digital bank has reportedly named Kevin Frisch Marketing Chief amid regulatory troubles. The veteran of companies such as Intuit QuickBooks and Uber, started his tenure with Dave this week, The WSJ reported. 


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