Hello TWIF UK & Europe friends,

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

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Tweet of the week 🦉🏆

The deadline for European banks to provide Open Banking interfaces was in September 2019. It took 5 years for Worldline $WLN.PA to launch account-to-account payments. However, better late than never!👏🏻 pic.twitter.com/i11s3P3aT6

— Jevgenijs Kazanins (@jevgenijs) October 22, 2024

Why is it always “Stripe is going to help stablecoins go mainstream” and never “stablecoins are going to help Stripe go public”?!

— Jareau (@jkwade) October 18, 2024

Funding 💸

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

🇪🇺 B2B lender Fiduciam Nominees raised a £100m round

🇪🇺 Neobank Tomorrow raised a €5m round from Abacon Capital, ETF Partners, Kopa Ventures and Innovationsstarter Fonds.

🇬🇧B2B lender YouLend has secured a three-year financing facility with Castlelake.

🇬🇧 Moneybox raised a £70m round at a £550m valuation from investors including Breega, Fidelity International Strategic Ventures, Oxford Capital and more.

🇬🇧 The Electric Car Scheme raised  an undisclosed round from Seedcamp, 13books Capital, Triple Point Ventures and others.

🌍 Payment processor Finix has raised a $75m Series C led by Acrew Capital.

🌍 EWA solution DailyPay secured a $100m credit commitment from Citi.

Challenger Banking 🚀

🇪🇺 Neobank Lunar has said its AI powered voice assistant will handle 75% of customer calls over time.

🇬🇧 US neobroker Robinhood has launched delayed margin trading in the UK.

🇬🇧 US B2B lender Pipe has partnered with GoCardless

🇬🇧 B2B neobank Tide has acquired a payroll provider, Onfolk.

🇬🇧 Moneybox and GoCardless have joined Revolut and Monzo in enabling secondary share sales.

🇬🇧 B2B lender Capital on Tap has launched a premium tier for £299 per year with travel benefits.

🌍 Neobank Mercury has partnered with API first bank Column.

Digital Assets ₿

🇪🇺 Eurex Clearing completed a DLT-based cash settlement trial with Banque de France

🇪🇺 Denmark plans to tax unrealised crypto gains.

🇬🇧 Pension giant L&G is looking to join the tokenization race with fund tokenization.

🌍 BlackRock is pushing for its BUIDL token to be used as collateral on Binance, OKX and Deribit. The news sent Ondo's governance token up 8%.

🌍 Crypto custodian Komainu acquired APAC competitor Propine.

🌍 Kraken is set to launch a L2 on Ethereum in a similar move to Coinbase.

Traditional Banking 🏦

🇪🇺 Santander is launching Openbank, its consumer neobank in the US.

🇪🇺 25% of European banks are not ready to comply with EU instant payment deadline according to Intix.

🇬🇧 HSBC has launched a cross-border virtual account solution for banks.

🌍 Capital One has integrated Minna Technologies subscription management tools into its banking app.

🌍 BaaS partner bank Evolve said it will be disbursing frozen Synapse funds soon.

Fintech Infrastructure 🚧

🇪🇺 Open banking platform Neonomics has secured PFM Frid as a customer for its transaction categorisation solution.

🇬🇧 CRA Experian has partnered with digital identity provider OneID to streamline customer onboarding.

🇬🇧 Credit decisioning platform Taktile has added Bloom Credit as a partner.

🌍 Open banking provider MX has integrated Atomic's account switching.

🌍 Card issuing platform Marqeta has launched new program management tools.

Payments 💰

🇪🇺 Open banking payment solution Trustly revealed it is on track for $100bn in TPV in 2024.

🇪🇺 Klarna has launched a BNPL giftcard store powered by Blackhawk Network. It is also looking to build out a stock trading tool to compete with Robinhood.

🇬🇧 Cross-border payments provider Wise has been approved for direct access to Japan's clearing network.

🇬🇧 Payment provider Tribe has opened a Singapore office as it expands into APAC.

🌍 Cash App partnered with Lyft to give riders more flexibility when paying.

🌍 Visa has combined four different products; Visa B2B Connect, Currencycloud, YellowPepper and Visa Direct, into one solution called Visa Direct.

🌍 The CFPB released its final 1033 open banking rules. Banks have already sued over it.

🌍 Payment solution Dwolla has expanded its partnership with Plaid to include its instant account verification and risk assessment tools.

🌍 PayPal has signed up Global Payments to sell its Fastlane product. It also launched PayPal Ads, a business selling digital ads using its user data.

🌍 Apple and Goldman Sachs were fined $89m for mismanagement of the Apple Card. Goldman Sachs was also banned from offering a consumer credit card

🌍American Express is to acquire UBS's 50% stake in Swisscard to become its sole owner.

Regulatory Corner 🔎

🇬🇧 The FCA has interviewed 20 "finfluencers" in a crackdown on financial product promotions.

💡

Have a thought/question/comment about anything we covered?

‌Start a discussion in the comments section below!

Longer reads/listens 📜

• Stablecoins 2.0 - Giorgio Giuliani
• Electronic Money Tokens, Stablecoins, and the Future of Payments - Nyca Partners
• Gresham’s New Law - Marc Rubinstein
• My predictions for the 2024 election - Tangle

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