The Fintech Fix 10/06/2022
Welcome to The Fintech Fix, where we cover the biggest stories of the financial week. Whether it’s the next groundbreaking trend in cryptocurrency or Blockchain technology, a new partnership about to change the global, economic landscape or an upcoming startup generating a huge following, this is the place to keep up with the breaking news of the future.
Hot Topics – Whilst it may be the partnerships that dominate this week’s roundup, we have some brilliant hot topics to cover too.
Before we go any further though,, be sure to check out our recent Money20/20 Europe magazine, as we covered the brave thinkers that are reshaping the industry model altogether – get your copies now and keep a lookout for our video content coming from the event in Amsterdam!
A big talking point in my time at Money20/20 was how far Open Banking could go, and recent news from Mastercard seems to suggest a bright future is very close indeed. Mastercard has launched its latest payments feature, ‘Pay by link’, led by Aiia. This will allow business from any industry to cut out unnecessary payment steps by creating a link that allows customers to pay instantly, ushering in a new era of choice, simplicity, security and personalisation.
The cross border payments system, ever since the pandemic, has evolved and improved, there’s no doubt. Melio, a leading B2B payments platform for small businesses, showed their success in this realm, as they announced the launch of international payments, allowing US small businesses to make cross border payments with ease and resiliency in their supply chains. Ilan Atias, Melio’s Co Founder and CTO, expressed how he was ”pleased that Melio has reached this milestone of enabling payments to over 70 countries.”
Big Partnerships To Watch – In very exciting news, TrueLayer, Europe’s leading Open Banking platform, has partnered with the financial superapp, Curve. Using payments powered by TrueLayer, Curve customers will be able to make purchases via instant bank transfer using the Curve all in one card. They will also have the flexibility to set up a recurring payment mandate for future purchases. For customers of its innovative credit feature, Curve Flex, recurring payments will automatically sweep funds from their linked current account for scheduled repayments. As a result, Curve customers will have far more control compared to other payment methods
Shachar Bialick, Founder and CEO of Curve, voiced how “Curve was doing Open Banking before Open Banking existed, and we’re excited that the sector keeps developing with new technology like VRP. We are excited to be pioneers again with this new technology which was incepted in the UK by the CMA, and look forward to working with TrueLayer to make sure our customers can benefit from these advancements.”
Marqeta, the global modern card issuing platform, announced its partnership with Klarna to power the Klarna card, bringing the company’s popular “Pay in 4” service to a physical Visa card. This is now available in the US, as David Sykes, Chief Commercial Officer at Klarna, noted that “our US customer base is growing rapidly … By working with Marqeta, we were able to quickly launch a brand new card program with seamless flexibility and controls.”
humm, part of ASX-listed Humm Group Limited, today announces UK and Ireland partnerships with AeroCommerce, OneStepCheckout and Optty. The latest partnerships will allow humm to be offered as a “plug and play” payment option to each platform’s client base – giving these merchants the ability to offer more choice to consumers. The partnerships will allow more e-commerce merchants to access humm’s product and offer up to £30,000 to their UK end-users, delivering unrivalled customer experience whilst reducing business costs.
Mendix and Capgemini have furthered their existing relationship together to build and deliver joint industry solutions based on the Mendix low-code platform that streamline and digitse critical insurance processes.. “As a global leader in partnering with companies to transform and manage their business by harnessing the power of technology, Capgemini has extensive insurance domain capabilities and resources,” said Jethro Borsje, Chief Ecosystems Solutions Officer at Mendix.
“The company understands the strategic impact of low-code and how insurance organisations can best use it to optimise operations and customer experience. Together, we will jointly build and deliver solutions that make the insurance industry more efficient.”
Funding – Understanding the importance of ESG measures has been an indelible theme of 2022. In the effort towards a greener global future, Kita, the world’s first carbon insurer, raised £350,000 in a pre-seed round led by Insurtech Gateway. Kita’s focus is carbon removal, ensuring “carbon delivery risk” to enable carbon removal solutions to scale. This pre-seed round will accelerate Kita’s product build and hiring to launch its essential carbon insurance products.
And to end this week’s roundup, Acrisure, a fast growing fintech that operates a top 10 global insurance broker, closed a whopping $725 million in Series B – 2 Preferred Equity, and received a $23 billion valuation. Wow.
“This investment is a testament to our strategic direction and ability to innovate and adapt to the needs of our customers,” said Greg Williams, Co-Founder, CEO and President of Acrisure. The new funding will allow Acrisure to continue pursuing value-accretive acquisitions, grow its tech enabled solutions, increase marketing and brand awareness, and invest in human and technological infrastructure to support industry‑leading growth.