Photo by Pierre Jeanneret / Unsplash
Hello TWIF UK & Europe friends,
Join our growing WhatsApp group to meet fellow fintech enthusiasts, swap insights in real time, and get first look access to upcoming events. Click the button below to join!
Please find another week of fintech news, financings and exits below.
Programming note: There will be no TWIF UK & Europe for the next two weeks. We shall return on Monday 22nd September.
SPONSORED
Ready to move beyond token vault limitations? TWIF has partnered with Shane Curran, Evervault CEO, for a technical deep-dive on dual-custody encryption—a faster, more scalable alternative to traditional payment tokenization that reduces PCI scope without vendor lock-in. Register to secure your spot.
Funding 💸
Highlights below of deals since the last post in the fintech space across the UK & Europe. Deal data powered by Dealroom.
🇪🇺 Klarna secured a €1.4bn financing facility with Santander.
🇪🇺 Crypto trading platform OrangeX raised a $20m round from Kryptos and SCI Ventures.
🇪🇺 Stablecoin infrastructure provider M0 raised a $40m Series B from Pantera Capital, Ribbit Capital, Endeavor Catalyst, Polychain Capital and Bain.
🇪🇺 Automated Defi platform Almanak raised a $8.5m round from Matrix Partners, AppWorks, RockawayX, HashKey Capital and NEAR Foundation.
🇬🇧 Oxbury Bank raised a £15m round.
🇬🇧 Alternative asset investment platform Ctrl Alt raised a £6.4m round.
🇬🇧 Mass affluent neobank Monument raised a £5.3m round.
🇬🇧 B2B lender iwoca raised an £11.8m Series D.
₿ Stablecoin platform Rain raised a $58m Series B led by Sapphire Ventures.
Challenger Banking 🚀
🇪🇺 Dutch neobank Bunq was hit with €2.6m fine for deficient AML controls.
🇪🇺 Spend management provider Pleo is launching investment accounts with lemon.markets.
🇪🇺 Neobank Northmill is seeking to expand across the EU as it reports quarterly pre-tax profitability.
🇬🇧 Neobank Starling is to acquire accounting and tax provider Ember.
🇬🇧 Neobroker Robinhood has rolled out an AI investing assistant.
🇬🇧 Cross-border transfer provider Wise has fully integrated with the Philippines payment systems.
🇬🇧 Credit card startup Yonder has selected tell.money has its open banking partner.
🇬🇧 Both Revolut and Monzo are launching interest-bearing savings accounts for kids. Revolut is exploring its next move in the US and reportedly hiring US bankers.
🌍 US spend management solution Expensify launched a receipt integration with DoorDash.
Digital Assets ₿
🇪🇺Crypto exchange Gemini secured a MiCA licence from the Malta Financial Services Authority.
🇪🇺 The EU is weighing launching it's digital euro on a public blockchain.
🇪🇺 Crypto exchange Bitpanda is rumoured to prefer an IPO in New York or Frankfurt instead of London.
🇬🇧Crypto exchange Gemini launched staking in the UK.
🌍 Crypto exchange Kraken acquired no-code trading tool Capitalise.ai.
🌍 Digital asset custodian Anchorage Digital has had its consent order lifted by the OCC after improving its compliance infrastructure.
🌍 US banks are campaigning to close a loophole in the stablecoin legislation that allows rewards on stablecoins.
🌍 Singapore's OCBC is to issue a $1bn US commercial paper program using blockchain technology.
🌍 Digital wallet provider MetaMask is to launch a stablecoin with Stripe.
🌍 Stablecoin issuer Circle is partnering with Finastra to help banks integrate stablecoins into their cross-border payment flows. The stablecoin issuer also expanded its partnership with Mastercard in EEMEA.
🌍 Digital asset banking group Sygnum was appointed by lender Ledn for BTC-backed tokenised private credit.
🌍 Google is to launch its own layer 1 blockchain, the Universal Ledger, aiming at institutional payments.
Traditional Banking 🏦
🇪🇺 Swedbank is buying Barclay's stake in card company Entercard.
🇬🇧 UK banks have closed a third of branches over the past five years.
🇬🇧 HSBC suffered an IT outage across its mobile and online banking systems.
🌍 Fifth Third bank has acquired cash management software provider DTS Connex.
🌍 JP Morgan is to pay $330m to settle claims relating to 1MDB. It is also relaunching HELOC loans after a five year break.
🌍 Wells Fargo is adding alternative investments to its wealth management division.
🌍 Citi has rolled out two AI-powered banking platforms.
Fintech Infrastructure 🚧
🇬🇧 Core banking provider Thought Machine signed Shawbrook Bank as a customer which went live this week.
🇬🇧 The FCA has approved the London Stock Exchange as the first operator of a PISCES platform, a new private stock market.
🌍 The CFPB has sued Synapse for mishandling customer funds.
🌍 Visa is closing its US open banking unit.
🌍 Credit bureau TransUnion suffered a data breach which exposed the personal information of 4.4 million consumers.
Payments 💰
🇪🇺 Klarna is targeting a $13bn pre-money valuation in its upcoming IPO.
🇪🇺 European lenders were forced into emergency action after PayPal suffered a glitch.
🌍 Global payments platform Airwallex has integrated with lending platform Pipe.
👍 👎 Have feedback for us? Let us knowSee you next week!
