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Digital payments alone could become a $100 trillion industry, according to PwC. And that’s just one component of the global Fintech industry. This channel tackles the lenders and buyers, the obstacles and achievements, and the trends and trend makers leading the ongoing technological evolution in global finance.

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FinTech: Revolut’s Response To Audit Report Irks Both Its Board And Accounting Fraternity

March 30, 2023

Revolut, a UK-based fintech company, has been criticized by its own board for portraying a critical audit report as a clean bill of health. The company issued a public statement insisting that the audit by BDO confirmed that the financial statements gave a true and fair view of the company’s affairs.


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More Stories on FinTech

FinTech: Legacy Banks to Compress 5 Years of Digitization Into 12 Months – Wealthfront

May 27, 2020

Dan Carroll, founder and Chief Strategy Officer of legacy fintech Wealthfront is candid that the traditional banking industry stood exposed when the COVID-19 outbreak hit.
Banks had to shut down branches and call centers. But they faced the monumental question of how to service their customers. Their digitization efforts, clunky and low-priority, were suddenly put on full-speed-ahead. However, it’ll be a while before they achieve meaningful traction.

FinTech: Swiss Banking Giant UBS Homes in on Fintech Investing

May 26, 2020

Swiss banking giant UBS Group AG (NYSE: UBS) is planning to invest hundreds of millions of dollars in upstart fintechs through a proposed corporate venture capital fund. According to a Bloomberg report, the bank is seeking to jump-start its digitization by investing in high tech startups that are threatening banking incumbents.

Fintech: Visa Enters an Investment and Strategic Partnership with GoodData

May 22, 2020

Global analytics firm GoodData announced it had received an investment from Visa Ventures, the corporate venture investment division of payments giant Visa (NYSE: V). GoodData also said the two companies entered a collaboration to offer Visa’s customers and partners better access to data and analysis.

FinTech: Saudi Fintech Geidea Launches Beta Testing of End-to-End Solutions for SMEs

May 21, 2020

Geidea achieved the distinction of being the first fintech company to obtain a payment license from the Saudi Arabian Monetary Authority. As a payments processor, it can now operate in the Saudi banking market as a non-banking financial company and commands a 70% market share in POS terminals sold through banks. Geidea announced the launch of BETA testing of a complete range of products and solutions designed for the SME sector in Saudi Arabia.

Venture Capital: Brex, the Credit Card Provider for Startups, Raises $150M

May 21, 2020

Brex, the fintech which sells credit cards to startups, eCommerce companies, and life sciences companies, raised $150 million from Lone Pine Capital and a group of existing investors led by DST.

Venture Capital: British Startup Offers Travel Jaunts on the Never-Never

May 21, 2020

British fintech startup Fly No Pay Later’s innovative and quite literally “grab your bags and go” product allows travelers to pay for their trip over up to 12 months. Once travel restrictions ease, travelers eyeing mouth-watering flight and hotel offers, therefore, have no excuse. Unsurprisingly, Fly Now Pay Later found investors out there who were willing to bet $43 million on its product for the virus-battered, given-up-for-dead travel industry.

FinTech: Berlin-based Raisin Launches “Savings-as-a-Service” in the U.S.

May 20, 2020

Banks and credit unions in the U.S., eyeing the sharp rise in the deposits market following stock market turmoil, can use Raisin’s Savings-as-a-Service. The software is a tailored business solution that can bring “private banking like experience” to retail deposits. Banks can boost their deposits, all the while keeping costs within their control.

FinTech: The PPP Loan Program Helps Kabbage Bounce Back

May 19, 2020

Kabbage, the online fintech lender for small businesses, announced Monday that it processed more than $3.5 billion in SBA-approved PPP funding to 110,000 small businesses. It claimed the loans helped restore over half a million jobs at America’s smallest businesses.

FinTech: Post-COVID-19, Fintech To Emerge Stronger, Says Dubai Future Foundation

May 18, 2020

“Life after Covid-19: Financial Technologies,” a report issued by the Dubai Future Foundation, examines the impact of the pandemic on the UAE and the Arab world, and in particular, the fintech sector. The report reassuringly concludes that the sector would emerge stronger from the crisis as people take to digital services to run their lives.

FinTech: Oxygen’s New Digital Banking Platform is Designed for Gig Workers

May 15, 2020

Digital challenger bank Oxygen is bringing an all-new digital banking platform to freelancers and small businesses. The capabilities of the new platform, taken with the reach, capabilities, and security of the Visa (NYSE: V) network, will make it a valuable asset to hard-pressed freelancers.

Fintech: Swedish Loan Refinancier, Anyfin, Raises $30M Series B

May 14, 2020

Anyfin is a fintech that refinances consumers’ loans and is regulated by the Swedish Financial Supervisory Authority. It refinances consumer credit loans up to 200 000 kr, such as unsecured debt, payments, credit cards, installments or other credits. However, mortgages are not included. The firm raised $30 million in a Series B funding round led by EQT Ventures.

FinTech: Social Isolation Measures Help Brazilian Digital Wallet PicPay Amass 20M Customers

May 13, 2020

According to Reuters, Brazilian digital wallet PicPay expanded its user base to 20 million customers in early May as lockdowns and social distancing compelled people to run their lives digitally. Gueitiro Genso, CEO of PicPay, said the rate of opening of new accounts had spiraled by 6X following the closure of thousands of stores in Brazil since March.

FinTech: PayPal on a Roll – Raises $4B Debt With Little Added Leverage

May 12, 2020

PayPal Holdings Inc. (NASDAQ: PYPL) on Monday raised $1 billion in corporate bonds priced at 160 bps over Treasuries and yielding 2.3%. According to MarketWatch, the pricing is even less than what PayPal charges U.S. merchants for sales on its platform. PayPal also raised another $1 billion each in 3-year bonds with pricing aimed at a yield of $1.35%, 5-year bonds with a yield of $1.65%, and 30-year bonds with a yield of 3.25%.

Venture Capital: Despite COVID, Judo Raises $250M, Turns Unicorn

May 11, 2020

Judo Bank, an Australian bank has a mission to make it easier for Australian SME businesses to get funding starting from $250,000. The bank offers business loans, line of credit, equipment loans and finance lease. It announced Thursday its third equity funding round of $250 million at a post-money valuation of well over $1 billion. Judo did not release details of its latest valuation.

FinTech: April Was PayPal’s Strongest Month Since its IPO; “We will Hasten the Demise of Cash”

May 8, 2020

On Thursday, Paypal (NASDAQ: PYPL) declared its first-quarter numbers. President and CEO Dan Schuman’s remarks on the earnings call regarding PayPal’s post-quarter performance gave an insight into how the fintech’s fortunes are changing due to the COVID-19 crisis and shelter-in-place rules. His comments propelled the stock to a 14% gain for the day and an all-time high.

FinTech: Black Knight Reports Strong Q1 Earnings on Flat Revenue

May 7, 2020

Financial technology specialist Black Knight Inc. (NYSE: BKI) reported robust earnings during the first quarter. Earnings per share of $ 0.34 beat estimates by $ 0.08. Revenue of $ 290.8 million, which was up 2.7% year-on-year, beat estimates by $ 4.21 million. However, the fintech factored in the impact of COVID-19 and lowered its annual guidance.

Digital Assets: Franklin Templeton Snaps up Digital Wealth Leader AdvisorEngine

May 7, 2020

Franklin Resources, Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton, has acquired AdvisorEngine Inc. AdvisorEngine is a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms. These firms manage over $600 billion in assets.

FinTech: Cash-rich Revolut on the Prowl for COVID-hit Travel Aggregators

May 6, 2020

Nikolay Storonsky, chief executive of British challenger bank and fintech unicorn Revolut, says his company has “a real opportunity” to benefit from the pandemic. Speaking to the Financial Times, he revealed plans to use his cash hoard to buy corona-strapped, tech rivals.

FinTech: Robinhood Raises $280 Million in Series F Funding Led by Sequoia

May 5, 2020

Robinhood Markets Inc, the pioneer of app-based, commission-free trading, homed in on two lucrative targets Monday. The fintech raised a $280 million series F funding at a valuation of $8.3 billion. The round was led by existing investor Sequoia Capital, with participation from existing and new investors including NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures.

FinTech: Chinese Social Media Giant Tencent Builds 5% Stake in Afterpay

May 4, 2020

Chinese tech, gaming and social media giant Tencent (HKG: 0700) has bought a 5% stake in “buy-now-pay-later” company Afterpay (ASX: APT). Users on Tencent’s instant messaging platform WeChat can make payments, and book hotels and flights. In a media release, fintech Afterpay said it was pleased to welcome Tencent as a “substantial shareholder.”

FinTech: The IRS is Swamped; MetaBank and Fiserv to Load Stimulus Cash on Visa Pre-paid Cards

May 1, 2020

Outdated technology, budget cuts and the sudden enormity of the task to pay out stimulus checks to millions of Americans may have swamped the IRS. However, the Treasury is lending a hand and has approved MetaBank (NASDAQ: CASH) and Fiserv (NASDAQ: FISV) for the issue of Visa (NYSE: V) prepaid cards pre-loaded with stimulus payments.

FinTech: COVID or Not, Fintechs are Flourishing

April 30, 2020

Interviews at financial services firms are up 39% since January 1, according to data from HackerRank quoted by Crunchbase. Even in the depths of the coronavirus crisis, fintech Stripe managed to raise an additional $600 million, garnering a better valuation to boot. SoFi went shopping to bag Galileo for $1.2 billion earlier this month. The SBA allowed fintechs to make loans under its Paycheck Protection Program. What’s working for fintechs?

FinTech: FIS Flags Off $150M Fintech-focused Venture Fund With Flutterwave

April 29, 2020

FIS, the financial technology company, has established a venture arm. Known as FIS Ventures, the new unit has the mandate to invest across the world in fintech startups. The primary investing focus will be on early to growth-stage firms with a target to deploy $150 million within three years.

FinTech: Credibly Approved for PPP Lending; Facilitates $500M Relief

April 28, 2020

Credibly announced Monday that it had facilitated $500 million in relief funding to SMBs after it was approved by the Small Business Administration (SBA) for PPP lending. Credibly moved fast when the second tranche of PPP forgivable loans of $310 billion was released by the government on Monday at 10:30 am EST. It processed more than 10,000 PPP applications aggregating over $500 million in requested funding.