Hello Fintech Friends,

I'll be traveling to Washington DC in a few weeks for our DC Fintech Week kickoff event on October 21st, co-hosted with Canapi Ventures at Visa's offices. Who else will be in town?

DC Fintech Week Kickoff Happy Hour · Luma

Who: This Week in Fintech, Visa, Canapi Ventures & DC Fintech’s best operators, investors, and founders. What: Happy Hour with beer, wine & light bites Where:…

This Week in Fintech

Meanwhile, the neobank land-grab intensifies: Revolut passed 10 million British users, Mercado Libre is getting into banking in Mexico, TBC is opening business banking in Uzbekistan, and Bunq is rolling stock trading...

Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know! Enjoying TWIF? Tips are always appreciated 🙏)

Heading to Las Vegas for Money 20/20? Schedule a meeting with Oscilar to learn how our AI Risk Decisioning™ platform can make life easier for your risk teams.

Oscilar is an AI Risk Decisioning™ platform trusted by leading fintechs and banks to manage all of their onboarding, fraud, credit and compliance risk. Stop by booth #3207 for fun swag, interactive demos, and to meet our executive team including:

• Neha Narkhede, founded Confluent, a $10B public company (NASDAQ:CFLT) and is the original creator of Apache Kafka
• Saurabh Bajaj, previously CPO at Feedzai and GM at Shape Security (Acq. by F5)

Book a meeting here

Oscilar - Risk Decisioning for the AI Era.

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🍻 Upcoming Events

TWIF Money2020 Kickoff · Luma

Who: Taktile, Baselayer, Activant, Column Tax, MethodFi and This Week in Fintech with fintech’s best operators, investors and founders What: Money2020 kickoff…

This Week in Fintech

💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

Visa partnered with Singaporean fintech dtcpay to launch a digital-currency-to-fiat conversion Visa Infinite card for ultra high net worth individuals.

📰 Other News

JP Morgan is getting ready to roll out a new credit card in the UK, where bank executives have been testing the card in their mobile wallets.

American bank PNC, one of the largest in the US with $557 billion in AUM, partnered with open banking platform Plaid to provide it with data access. Bank of America plans to open 165 new bank branches next year, bucking the branch closure trend, while British consumers forgo branches entirely.

14 major banks pledged their support to triple American nuclear energy capacity by 2050.

American bank BNY (which has $50 trillion in assets under custody) received approval from the SEC for direct custody of crypto, beyond ETFs.

Canada is winding down its CBDC plans, while French bank Société Générale gets into crypto.

As assets in money-market funds hit a record, a new ETF is coming out to help retail investors get exposure.

Macquarie's asset management business will pay nearly $80 million in SEC fines for overvaluing its assets.

The UK's Financial Conduct Authority is proposing new rules to protect consumers when payments firms go out of business and the US' Deparment of Justice is suing card network Visa for 'running an illegal debit network monopoly.'

💻 Fintech

🚀 Product Launches 

Stablecoin provider Circle, whose USD Coin currently has a $36 billion market cap, launched a new compliance engine for its institutional users to enforce regulatory requirements in stablecoin payments. On the other side of the stablecoin, PayPal will now allow businesses on its platform to buy, sell, and hold cryptocurrencies.

Remittances platform Wise launched an invoicing tool for small businesses.

Dutch neobank Bunq debuted stock trading (targeting digital nomads), as it passes 14.5 million users across Europe.

Payment processor Adyen launched SFO1, it's new enterprise payment acceptance device.

Crypto exchange Bybit launched a Shariah-compliant Islamic crypto investing account.

Compliance and model management platform ValidMind launched its Advantage program, to help fintech clients ingest and test third-party risk models.

Tech-enabled RIA custodian Altruist launched a fixed-income trading experience powered by platform Moment.

Heading to Las Vegas for Money 20/20? Schedule a meeting with Oscilar to learn how our AI Risk Decisioning™ platform can make life easier for your risk teams.

Oscilar is an AI Risk Decisioning™ platform trusted by leading fintechs and banks to manage all of their onboarding, fraud, credit and compliance risk. Stop by booth #3207 for fun swag, interactive demos, and to meet our executive team including:

• Neha Narkhede, founded Confluent, a $10B public company (NASDAQ:CFLT) and is the original creator of Apache Kafka
• Saurabh Bajaj, previously CPO at Feedzai and GM at Shape Security (Acq. by F5)

Book a meeting here

Oscilar - Risk Decisioning for the AI Era.

Want to sponsor a newsletter? See our sponsorship information here.

📰 Other News

Global neobank Revolut hit 10 million customers in the UK, shortly after getting approved for its British banking license in July.

Google Wallet is testing a feature that turns users' American passports into a digital ID for border checkpoints.

Latin American e-commerce platform Mercado Libre's fintech arm applied for a banking license in Mexico.

TBC Bank, a Georgian neobank headed by some of the former Tinkoff team that recently expanded to Uzbekistan, launched a waitlist for businesss banking in Uzbekistan. Earned wage access provider DailyPay announced its expansion into the United Kingdom.

🤝 Partnership Corner

Cross River Bank formed a partnership with embedded payments company Forward to build payments for SaaS companies.

Nubank partnered with Nasdaq on regulatory reporting in Latin America.

👎 The Bad News

Lithuanian payments infrastructure provider Kevin, which previously raised $65 million, was declared insolvent.

Payment infrastructure provider Moov reportedly laid off as many as 50 employees.

Cash access and cross-border payments provider MoneyGram went offline temporarily due to a cybersecurity issue. 

Come meet us in-person at thisweekinfintech.com/events