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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Wero hits 14 million users - TWIF UK & Europe (02/12)

The latest fintech news across the UK and Europe for week ending 2nd December 2024.

Wero hits 14 million users - TWIF UK & Europe (02/12)
Photo by Julien Rocheblave / Unsplash

Hello TWIF UK & Europe friends,

Please find another week of fintech news, financings and exits below.

πŸ‘ πŸ‘Ž Have feedback or news to share? Let me know on Twitter and LinkedIn.



Tweet of the week πŸ¦‰πŸ†


Funding πŸ’Έ

Highlights below of deals since the last post in the fintech space across the UK & Europe. Deal data powered by Dealroom.

πŸ‡ͺπŸ‡ΊBaaS provider Solaris is close to raising a €100m urgent funding round.

πŸ‡ͺπŸ‡Ί SME credit management startup Recovr raised a €1.1m seed round.

πŸ‡ͺπŸ‡Ί Payment solution NORBr raised a €3m round from Alstin Capital and Portfolion.

🌍 Embedded credit card platform Cardless raised a $30m round.

🌍 AI-powered wealthtech Range raised a $28m Series B.

🌍 Lender R2 raised a $9 Series A from Y Combinator, Endeavor Catalyst, Gradient Ventures, Hi Ventures and Cometa.

Challenger Banking πŸš€

πŸ‡ͺπŸ‡Ί EPI has enrolled 14 million users to its new Wero wallet.

πŸ‡ͺπŸ‡Ί Spend management provider Spendesk launched its own financial services arm.

πŸ‡¬πŸ‡§ Mortgage lender MQube is releasing its AI chatbot to a number of its lending partners.

πŸ‡¬πŸ‡§ Neobank Revolut is planning an AI assistant, mortgages, ATMs and a business credit card product in 2025.

πŸ‡¬πŸ‡§ Alternative lender ThinCats announced it has provided Β£2bn in funding for mid-sized SMEs.

πŸ‡¬πŸ‡§ Neobank Monzo has hired a Group CFO and UK CFO as rumours of an IPO circulate.

Digital Assets β‚Ώ

πŸ‡ͺπŸ‡Ί Dutch financial inclusion fintech Qash launched its stablecoin linked credit card in Colombia.

πŸ‡ͺπŸ‡Ί Crypto onramp Request Finance has purchased a VASP licence from Pay.so.

πŸ‡ͺπŸ‡Ί Bitpanda has extended its crypto offering to 500+ coins.

πŸ‡ͺπŸ‡Ί Tether is to shut down its euro stablecoin EURT as it fails to comply with MiCA.

πŸ‡¬πŸ‡§ The UK is to finalise its crypto regulatory framework in early 2025.

🌍 The CFTC has recommended expanding the use of non-cash collateral through the use of DLT technology under existing rules.

🌍 Digital asset prime broker LTP is partnering with exchange Bitstamp to provide liquidity and credit for institutional-grade crypto trading.

🌍 Binance has increased its compliance staff headcount 34% in a year.

🌍 Wall Street firm Cantor Fitzgerald has taken a 5% equity stake in Tether.

Traditional Banking 🏦

πŸ‡ͺπŸ‡Ί Santander is to build a new global SME platform for international trade.

πŸ‡ͺπŸ‡Ί UniCredit is buying its domestic rival Banco BPM for €10.1bn.

πŸ‡ͺπŸ‡Ί Italy's Banca Investis launched a gen AI "digital junior banker" to provide customers with real-time investment advisory.

πŸ‡ͺπŸ‡Ί Deutsche Bank is enabling cash withdrawals and deposits at 12,500 locations in Germany through a partnership with Paysafe

πŸ‡¬πŸ‡§ Barclays have been fined Β£40m by the FCA for failing to disclose arrangements with Qatari entities during the financial crisis.

πŸ‡¬πŸ‡§ HSBC has launched Flexipay, a flexible payment solution available at the POS for the banks merchants partners. The bank also stopped personal banking payments from Russia and Belarus and launched a platform for business to manage domestic and international payments.

Fintech Infrastructure 🚧

πŸ‡¬πŸ‡§ Open banking provider Tell.money signed fintech Monese as a customer.

πŸ‡¬πŸ‡§ Core banking platform 10x Banking has partnered with ID&V solution Alloy.

πŸ‡¬πŸ‡§ Financial software provider Finastra is investigating a data breach impacting its internally FTP platform.

🌍 Embedded payments fintech Treasury Prime released a compliance analytics dashboard.

🌍 Evolve, AMG National Trust, American Bank and Lineage, partner banks of bankrupt BaaS provider Synapse have been hit with lawsuits.

Payments πŸ’°

πŸ‡ͺπŸ‡Ί PSP Worldline has signed Garanti BBVA as a customer for its instant payment solution.

πŸ‡ͺπŸ‡Ί Adyen has partnered with spend management provider Spendesk to provide embedded financial services to SMBs.

πŸ‡ͺπŸ‡Ί BNPL provider Klarna has signed Lenovo as a customer. It also reported Q3 profits of €18.7m and is hiring engineers for a tech hub in Poland.

πŸ‡ͺπŸ‡Ί Payment provider Mollie has partnered with PayPal to enhance payments for marketplaces.

πŸ‡¬πŸ‡§Payment provider Checkout.com is expanding its presence in Japan.

πŸ‡¬πŸ‡§ Worldpay has launched instant refunds in the UK.

🌍 Stripe is buying back shares at a $70bn valuation.

🌍 Payment provider Finix has introduced a fraud prevention tool powered by Sift.

Regulatory Corner πŸ”Ž

πŸ‡¬πŸ‡§ The FCA fined Macquarie Bank Β£13m for fictions trades.

🌍 President-elect Trump is considering sweeping changes to the CFPB to curtail its power and funding.


Longer reads/listens πŸ“œ


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See you next week!