How will Revolut ride the downturn in the US? Revolut's US general manager, Yuval Rechter, is confident that the startup can knuckle down and make it big in the USA, despite the market chaos. Revolut applied for a banking license in the USA in March 2021. Link here
SPAC Global Star Acquisition files for an $80 million IPO, targeting fintech and proptech. The company plans to raise $80 million by offering 8 million units at $10. At the proposed deal size, Global Star Acquisition would command a market cap of $106 million. Link here.
26 rising-star FinTech VCs - Meet 26 rising-star FinTech VCs excited about what's next in the sector — even during a market and investing pullback. Venture capitalists have predicted that certain areas of FinTech will get much of investors' attention as they evaluate strategies to support companies they believe might weather the storm. Link here.
NETS and ITMX partner. Singapore’s payment services group, Network for Electronic Transfers (NETS), and Thailand’s key inter-bank payment infrastructure, National ITMX, partner to facilitate inbound and outbound cross-border payments between Singapore and Thailand. Link here.
Ranqx expands Visa partnership to North America. Under the expanded arrangement, Visa will introduce Financial Institutions to Ranqx’s digital capabilities, helping direct lenders provide easier access to much-needed capital for SMBs and solve complex processing issues currently in SMB credit underwriting. Link here.
Luno wins registration battle with French authorities. London-based Luno said on Tuesday that it had registered for a digital asset service provider license (DASP) by French regulators. The DASP registration will allow Luno to offer its digital assets custody, purchase and sales of digital assets, and exchange business directly to its French customer base. Link here.
3S Money has received its EMI licence from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. The new license will enable 3S Money to provide local European IBANs and cross-border payment solutions to European businesses. Link here.
Brex names Doug Adamic as CRO, Chief Revenue Officer. Doug will lead revenue and growth strategy for Brex as the company expands into financial software with Brex Empower and grows its global offerings for venture-backed startups, mid-market companies, and larger enterprises. Link here.
Investment into female-founded fintechs ‘drops 66%’. Investment into fintechs with either a female founder or co-founder fell 66 percent between H1 2021 and H1 2022, according to data compiled by Innovate Finance and PitchBook. In the first half of 2022, £310m was invested into UK female-led fintechs across 20 deals, compared to £0.91bn across 32 deals in 2021. Link here.
Yapily launches Virtual Accounts to bring more transparency to real-time payments. Yapily Virtual Accounts enables merchants and payment service providers (PSPs) to create multiple accounts to collect local payments, initiate instant payouts and refunds, and streamline reconciliation - all through a single API. Link here.
State Farm to offer payouts into PayPal accounts. Through Digital Pay, claims can be reviewed, approved, and paid digitally. Customers can choose their payout method, which can be sent to a debit card, directly to the customer’s bank account, or to certain digital wallets, such as PayPal. Link here.
Green Dot expects to benefit from the fintech crunch. Green Dot Corporation is seeking opportunities from the economic pressures on the fintechs it competes against while providing services for consumers needing ways to manage their cash flow. For the quarter ending June 30, Green Dot reported revenue of $362.8 million, down 2% from a year earlier, a decrease of 2%. Link here.
Visa launched Visa Eco Benefits in Asia Pacific. Eco Benefits is a suite of sustainability-focused solutions that will help Visa cardholders across the region better understand the environmental impact of their day-to-day payments. Link here.
Monument partners with Persistentto build a digital banking platform. The partnership has already seen core banking, CRM, payment services, AML/KYC, general ledger and regulatory reporting components built into the bank's architecture, joining its existing property investment lending and savings products. Link here.
Moven names Steve Riley COO. With more than two decades of experience in the financial services sector, Steve has been the founder, leader of, and advisor to a number of successful start-ups that have gone on to continued successes. Link here.
nCino has made a raft of senior hires, bolstering its c-suite. The US-based company, which was founded in 2011 and is listed on the NASDAQ index, helps incumbent banks and other fintechs with cloud banking and digital transformation solutions. Link here.
This ends Your Daily Fintech News. Let me know if there are any questions or comments. Until the next!
