Hello TWIF UK & Europe friends,

We are on the lookout for a top BD/Partnerships talent with an interest in fintech to help scale our sponsorship efforts in Europe.

Please reach out if you are interested or know of someone that might be interested in joining the TWIF team!

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

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Funding 💸

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

🇪🇺 Financial management platform Finom raised a €50m Series B led by General Catalyst and Northzone.

🇪🇺 SaaS spend management solution Xensam raised a $40m round from Expedition Growth Capital.

🇪🇺 Property finance solution Nordkap raised SEK 10m.

🇪🇺 Property crowdfunding marketplace Kameo raised a SEK 30m round from Incore Invest.

🇬🇧 Payment orchestrator Navro (formerly Paytrix) raised a $14m Series A from Bain Capital, Motive Partners and Unusual Ventures.

🇬🇧 Accounting startup FlowFi raised a $9m seed round led by Blumberg Capital.

🌍 AI powered Loan Origination System Cascading AI raised a $3.9m round.

🌍 Investment research AI solution Sibli raised a $4.5m seed round.

🌍 MENA Accounts receivable solution Kema raised a $2m pre-seed round led by SpeedInvest.

🌍 LATAM payment fintech Bold raised a $50m Series C led by General Atlantic.

₿ Wallet-as-a-service solution Fordefi raised a $10m seed extension round.

Challenger Banking 🚀

🇬🇧 Revolut has launched an e-sim offering to help UK customers fight against data roaming bills. It also launched an anti-scam feature to decline payments it believes is part of a scam.

🇬🇧 Investment app Nosso is shutting down.

🇬🇧 Neobank Monzo has hit 9 million customers and is the 7th largest retail bank in the UK by that metric.

🇬🇧 Virgin Money has taken full control of its digital wealth platform, buying out Abrdn for £20m.

🇬🇧 Digital wealth app Wealthify has launched a savings all powered by ClearBank.

🌍 US consumers lost $10bn to fraud last year with investment scams nearly 50% of the losses.

🌍 Cash App has launched a high yield savings account offering up to 4.5%.

Digital Assets ₿

🇪🇺 The ECB has said that it will only use European suppliers in its digital euro project.

🌍 The New York AG has expanded its lawsuit to seek $3bn rather than the original $1bn.

🌍 Treasury Secretary Yellen has called on Congress to provide legislation for stablecoin and digital assets.

🌍 Ripple is to acquire Standard Custody to secure a NY trust charter after it pulled out of acquiring Fortress last year.

🌍 Crypto infrastructure provider Fireblocks made 3% of its staff redundant as part of a restructuring.

🌍 RockWallet has acquired the customer base of crypto payment firm Wyre.

🌍 Coinbase reported strong fourth quarter earnings, with revenue +41% qoq.

🌍 JPMorgan has said that the OFAC can exert some control over Tether despite it not being a US entity.

Traditional Banking 🏦

🇪🇺 Commerzbank is working with Surecomp to automate its trade finance back office.

🌍 Engineers at ANZ Bank said they saw notable productivity boosts when using GitHub Copilot.

🌍 Customers of BofA have been hit with a data hack at one of the banks IT providers, Infosys McCamish Systems. The bank also partnered with Starbucks to launch a new loyalty offering.

🌍 PNC Bank is investing $1bn in its branch network to renovate and expand its locations.

🌍 Citigroup is monitoring the frequency of calls its private banks have with clients.

🌍 US Bank has partnered with Pagaya Technologies to power a secondary review for personal loans using the latters AI-powered credit decisioning.

Fintech Infrastructure 🚧

🇪🇺 Core banking provider Temenos was on the receiving end of a report alleging "accounting irregularities". Its stock plummeted on the news.

🇬🇧 Identity platform Trulioo is to provide identity verification to EQ Bank.

🇬🇧 Fraud prevention solution Accertify is to partner with UK retailer Asda.

Payments 💰

🇪🇺 Klarna has rolled out Sign-in With Klarna", the autofilling of consumer verification data to make the checkout process quicker.

🇬🇧 PSP Checkout.com reported $126m in losses, a 5x increase while revenue remained fairly stagnant at $246m.

🇬🇧 Open banking payment provider Banked is partnering with FIS to offer pay-by-bank solutions.

🌍 Visa is allowing FIs to add virtual cards to employee digital wallets through a partnership with Conferma Pay.

🌍 Apple has enabled Apple Cash customers to create virtual card numbers with its new update.

Longer reads 📜

• UK and European banks and EMIs: friends or foes? - ClearBank
• Apple opens NFC to developers due to EU pressure - Tom Noyes
• New York State of Mind and Funding Mr Bates - Marc Rubinstein
• The Unrelenting Ambition of Airwallex - Mario Gabriele

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See you next week!