The Fintech Fix 29/06/2022
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 – Check out our latest episode of The Fintech Show, where we discuss the future of payments and how global standards like ISO20022 will affect the ecosystem, with expert opinions from Roland Brandli of SmartStream Technologies, Michael Klopchic, Country Head for Global Liquidity and Cash Management at HSBC Canada, and Raphael Barisaac, SVP Global Head of Cash Management at UniCredit.
The Buy Now Pay Later scene has attracted around 80+ new fintech players to the market, but it is the entrance of the world’s biggest tech player that is causing a war of disruption! Apple announced its Apple Pay Later feature in which customers can make either mobile or online purchases in four instalments over a 6 week period. Not only did Revolut, the global financial superapp, responded by launching their own Pay Later feature in Europe, but incumbents like PayPal extended its own BNPL offering with a longer-term payment plan, whilst Klarna, fresh off the slashing of its valuation from $46 billion to $15 billion, laid off 10% of its workforce. Check out our in-depth analysis on the competitive BNPL scene!
Starling Bank surpassed a key milestone in their lifespan as they recorded over 3 million current account users, including more than 460,000 small business accounts. Helen Bierton, Chief Banking Officer at Starling Bank expressed how “Starling has proven that technology can transform the banking experience and we’ve attracted millions of customers as a result. Our technology platform was built to scale, so as we continue to launch industry-first products and features, we’re ready to onboard many more customers – and at pace.”
Cross-border payments are very difficult to make seamless and efficient, however Lian Lian Global, a leading global cross-border PSP, announced the launch of its multi-currency Cross-Border Wallet after securing licences to operate in all 50 U.S. states. The wallet is designed to make payments faster, more accessible and cheaper than the traditional cash and bank transfers for U.S.-based retailers and merchants that sell their products internationally on marketplaces such as Amazon, Cdiscount or Fruugo. LianLian Global allows ecommerce customers of all sizes to make payments up to U.S.$1.5 million at a time. Additionally, the wallet can hold multiple currencies, including U.S. Dollar, Canadian Dollar, Hong Kong Dollar, British Pound Sterling, European Euro, Chinese Yuan and Polish Złoty.
Big Partnerships To Watch – Two partnerships to mention in this week’s roundup. Firstly, Mastercard and Spire, a leading GCC Open Banking Services provider, have teamed up to help banks revolutionise customer engagement and experience by integrating Spire “Ingage” and Mastercard’s Merchant Identifier solution. This allows customers to have a simple and holistic view of their banking transactional activities. Banks will benefit from reduced inquiries as these insights provide simple and recognizable transactional insights to their consumers.
When it comes to disaster relief and protection, transparency and collaboration are crucial in diagnosing the causes and identifying the next steps for resolve. With that in mind, leading geospatial imagery and re/insurance intelligence company McKenzie Intelligence Services (MIS) is pleased to announce a key strategic partnership with Fugro, the world’s leading Geo-Data specialist.
Under the terms of the agreement, Fugro will provide MIS with crucial high-resolution aerial imagery immediately after a disaster. This will complement MIS’s existing imagery and data sources and feed into its damage assessment work in the delivery of catastrophe-coded event property loss analysis to the global insurance market. Keith Owens, Commercial Director, Americas Remote Sensing/Mapping for Fugro, added, “The combination of Fugro’s Geo-Data to create a safe and liveable world with MIS’ actionable insights to make better decisions is a partnership of complementary expertise.
Funding – Whilst earlier we explored BNPL on a consumer level, let’s look at a business perspective. Playter, a London-based growth platform that helps SMEs scale quicker with BNPL offerings, has today announced the closing of a $55 million funding round which will look to improve their platform.
Jamie Beaumont, Founder and CEO of Playter, said “BNPL for business is a completely different concept to B2C BNPL. Right now, there are very few B2B purchases happening online. We’ve created a platform that gives total control for businesses to dictate what payment terms they want to have, helping them pay over 6-12 months, whilst their suppliers are still paid within 24 hours. With this superpower, we help businesses that want to scale regardless of the market conditions.”
Prime Trust, a leading provider of financial infrastructure for fintech and digital asset innovators, today announced that it has raised over $100 million in its Series B funding round. “This strategic investment will provide critical operational expertise to further scale Prime Trust into new offerings including wealth products, as well as Web 3 and DeFi products,” said Tom Pageler, CEO of Prime Trust. “We’ve seen an unprecedented shift toward greater acceptance of digital assets among wealth managers and RIAs and, to that end, we launched the Prime Trust Crypto IRA, the first IRA solution with a seamless, single API integration. Our strategic investor relationships will enable us to continue to expand into new markets and deepen our commitment to helping our fintech and crypto clients to build and scale quickly, securely, and compliantly.”
Transfer News – Whilst it may only be the one story, it’s important to note how Mambu, the leading SaaS cloud banking platform, have appointed four new senior hires as it embarks on the next stage of its ambitious growth. The fintech has appointed Werner Knoblich as Chief Revenue Officer (CRO), Fernando Zandona as Chief Technology Officer (CTO), Tripp Faix as Chief Financial Officer (CFO) and Sabrina Dar as Chief of Staff to the CEO. Knoblich and Zandona both join from global hypergrowth, customer-centric environments – a key element to Mambu’s value proposition.
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