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Hello Fintech Friends,

It's New York Tech Week. It's Money2020 Europe. It's Collision Conference. It's London Tech Week.

It's June and we have so, so many fintech announcements this week.

Grab a coffee and prepare for a longer read of product launches, partnerships, and financial services innovation.

We also have a long list of exciting fundraises coming out in Saturday's edition and exits + M&A on Sunday.

And we'd love to hear from you! Where should we plan this year's international Fintech Trek? Let us know:

‎The This Week in Fintech Podcast: TWIF News Briefing - June 7th on Apple Podcasts

‎Show The This Week in Fintech Podcast, Ep TWIF News Briefing - June 7th - 6 Jun 2024

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Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know!)

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💼 Fintech Job of the Week

Chief of Staff to the CEO at TransFi • India • Remote (Work from Home)

TransFi is hiring a Chief of Staff to the CEO in India - Apply now on Wellfound (formerly AngelList Talent)! **About TransFi** TransFi is building web3 payment rails for the next…

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💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

HSBC introduced a new Payment Pre-Validation API to allow business customers to make payments with enhanced capabilities to verify payee details prior to initiating payments, making them faster and more reliable.

BBVA Colombia partnered with the IFC to issue the financial sector's first biodiversity bond.

📰 Other News

In a long-overdue announcement, the IRS – America's tax collection agency – announced that it will make its free online tax filing software permanent.

The UK is trialing new ATMs that will be able to accept deposits for a number of different banks.

Peru partnered with India's NPCI International Payments to help the country build a real-time payments system based on India's UPI.

Visa announced that it has issued more than 10 billion tokens since the technology’s launch in 2014, saving merchants $650 million in fraud costs last year alone. The network is looking into generative AI to enhance its tokenization.

Mastercard, meanwhile -

• Announced an open banking partnership with Atomic to let consumers to automatically switch their direct deposits and update their recurring bill payments.
• Launched 'Mastercard for Fintechs', a program for startups in Europe with tech support and educational tools with the opportunity to compete for €50,000.
• Also went live with its Mastercard Crypto Credential aliases, which allow crypto exchange users to send and receive crypto using aliases instead of the typically long and complex blockchain addresses.
• Partnered with Temenos on its Mastercard Move platform to enable easier money transfers for banks and their customers.
• And launched its biometric checkout product in Latin America.

Blackrock's bitcoin fund reached $20 billion in assets under management:

JP Morgan announced that Takis Georgakopoulos, its global head of payments, will leave the bank – but also announced that revenue for the payments business firmwide was $4.46 billion in the first quarter, higher than the $2 billion revenue brought in from investment banking.

Spanish bank Santander allegedly lost account details on 30 million customers to hackers.

The Bank for International Settlements announced its new Project Rialto to explore how instant cross-border payments could be improved using FX with settlement in central bank digital currencies.

Australia's government is prepping legislation that would require buy-now-pay-later providers to carry out basic credit checks on new customers.

Visa and Mastercard agreed to pay $197 million to settle a long-running lawsuit accusing them of keeping ATM fees artificially high.

Meanwhile, a case involving how Citi responded to customers who had money stolen via wire transfers led to a spat between the CFPB and the American Bankers Association, Bank Policy Institute, New York Bankers Association, and The Clearing House Association over the scope of the Electronic Fund Transfer Act.

💻 Fintech

🚀 Product Launches

Open banking provider Plaid launched Consumer Report, a new solution that brings businesses real-time, actionable cash flow data along with credit risk insights.

African open banking provider Stitch* launched 24/7 real-time payments, enabled via integrations across banks and rails in one API. The service automatically routes each transaction using the optimal rail and bank in the backend, to avoid downtime.

Stock trading app Robinhood launched its crypto trading API for users based in the US.

Indian financial services giant Reliance launched JioFinance, an app that aims to be a one-stop shop for UPI digital payments, loans and insurance.

Corporate spend provider Ramp launched a new set of travel booking tools so that companies can spend less on corporate travel and automatically log expenses.

Cross-border payments platform Nium announced a new set of products features and a partnership with Lemonway to help marketplaces accelerate growth beyond borders.

Equals Money, a payments provider for company expenses, and Zūm Rails, an open banking payments software, each launched their own BaaS products in Europe to help businesses offer digital payment and card services.

Payment orchestration provider PayQuicker launched a new on-demand earned income access product.

Card issuer and payment processor Enfuce partnered with French HR platform Swile to launch an all-in-one employee benefits card.

LatAm crypto wallet Belo launched straight-to-wallet ACH transfers for users.

Philippine fintech app MarCoPay launched QR payments and loans aimed at Filipino sailors:

Megan Caywood Cooper, the former CPO of Barclays and Starling, launched an AI wealthtech financial guidance platform called Caywood.

StreetbeatPRO is your Embedded Agent for Finance that seamlessly connects and transforms complex data into actionable insights in real-time. Designed to empower brokers, banks, and financial apps, StreetbeatPRO offers advanced analytics across 250+ datasets, enabling decisive financial actions.

By integrating real-time stock data, alternative datasets, and customer information, StreetbeatPRO automates processes, significantly boosting efficiency and enhancing insights for informed decision-making. Experience the future of finance with StreetbeatPRO.

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

📰 Other News

The Reserve Bank of India is encouraging fintechs to regulate themselves, with a newly published framework. Relatedly, Stripe started telling businesses in India that they now need to request an invite to sign up to its services due to regulatory uncertainty.

And now - neobanks, neobanks, neobanks!

• Nubank's stock closed 4% higher on the back of its mobile network launch, making it the most valuable bank in Latin America at $58.2 billion (ahead of Itau at $56 billion).
• British neobank Monzo posted £15 million in annual profit for the last fiscal year, up from a £116 million loss the year prior, with revenues of £880 million, up from £356 million.
• Dutch neobank Bunq hopes to get a UK banking license this year, as it continues to expand across Europe.
• UK neobank Zopa said that it plans to launch checking accounts, investing, and small business lending.

Klarna, the Swedish buy-now-pay-later and e-commerce provider (which is still private) announced its Q1 results, including 29% revenue growth to $600 million.

Turkish embedded finance provider OpenPayd reported 100% growth and €40 million of revenue in 2023.

Crypto exchange Coinbase followed its crypto issuer Ripple to become the second company in a week to donate $25 million to the pro-crypto lobbying group Fairshake ahead of the US elections.

And PayPal brought its PYUSD stablecoin to the Solana blockchain.

🤝 Partnership Corner

LoanPro, a credit platform, announced a direct integration with Visa DPS, one of the largest issuer processors for Visa debit transactions. This integration enables LoanPro to offer customers a unified platform to launch, manage, and service unique, next-generation credit card programs.

Gr4vy partnered with the Wikimedia Foundation to power their no-code payment options.

Turkish fintech Papara partnered with DriveWealth to offer its 20 million users US stock investing.

Global HR and payroll provider Remote partnered with Nium, the cross-border payments platform, to enhance its international payroll capabilities.

Plaid partnered with Prism Data*, which was spun out of credit card fintech Petal last year and has been powering credit products since 2018, to launch a new product to take cash flow underwriting mainstream.

Indian corporate banking SaaS provider iBind partnered with Google Cloud to simplify the bank onboarding experience.

CLEAR, the secure identity company, and Public, the multi-asset investing platform, announced a new partnership to give members the option to verify their identity with CLEAR when opening an investment account.

Franklin Templeton partnered with ZeroHash to enable USDC payments.

Climate-focused neobank Aspiration partnered with veritree to let users round up their purchases to plant trees.

👎 The Bad News

LoanSnap, an AI-driven mortgage platform which has raised around $100 million, was evicted from its Socal office, faces lawsuits from creditors, and has been fined by state and federal agencies.

For three weeks, 85,000 Yotta customers with a combined $112 million in savings have been locked out of their accounts due to the Synapse BaaS failure.

Small business lender Funding Circle will cut 120 jobs.

Klarna’s CEO is (for some reason?) under fire for talking about how his marketing team can do even more at half its size thanks to AI.

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