Future of Fintech | Edition #65 – April 2023
Summary of fintech news from 11th to 17th April
Ahoy, fintech fans! It's Tuesday Tea time! 👋
Get ready to indulge in the hottest Fintech scoop of the week! Our newest edition of the Future of Fintech newsletter is brewed brilliantly to blissful perfection, blending six irresistible domains into one daring and delectable fusion. From cutting-edge partnerships to innovative investment intel, our newsletter has it all! So, pour yourself a cuppa and get ready to sip on the sensational flavours of our Fintech Fusion!💡
Looking to stay ahead of the game in the fast-paced world of fintech? So, why wait? Join the club and pour yourself a steaming cup of fintech goodness today!
Our latest fintech bulletin saw major fintech buzz in the bustling tech scenes of the UK and the US, but it didn't end there. We've also got the scoop from the far-reaching corners of the UAE and Australia because - fintech ain't just local fam – it's global! The digital finance sector was straight-up fire, with industry heavyweights making serious waves with their moves. So, grab a cuppa and get ready to be wowed by this week's fintech updates.
Like the ever-evolving world of fintech, we at WhiteSight are constantly growing and adapting. We've learned that change is the name of the game in the past few years. So, we've decided to shake things up with a rebrand that's the epitome of cool! As we've expanded and our ideas have soared to new heights, we've realised that our vision has broadened too. That's why our new identity is all about capturing where we are today and where we're headed in the future. Curious to see our fresh new vibe? Check out our New Look, Same WhiteSight and join us on this exciting journey! 🚀
Get ready to feast your eyes on #Edition 65 – our latest edition is a flavour-packed experience of all things innovation and fintech that's bound to leave you hungry for more.
Here's the TL;DR
Making many powerful movements – Plaid launched a new feature to provide real-time bank transfers. It also joined forces with Monzo to open access for US customers.
Industry heavyweights stirred things up – Revolut introduced Joint Accounts and Group Chats across Europe, and Mastercard launched NFTs that grant access to the Mastercard Artist Accelerator program, designed to support emerging musicians.
Fintech's footprint reached far-flung financial fields as Hong Kong’s ZA Bank started to offer crypto conversions and serve crypto startups. And, Affirm and Stripe expanded their partnership for merchant revenue growth in Canada.
To grasp greater ground, Equifax partnered with Spear Technologies to responsibly onboard more customers using data and technology. Citi invested in Built Technologies through its SPRINT program to gain traction among US financial institutions in the real estate industry.
Dedicated to serving diverse segments, Square launched a suite of small business automation tools, offering sellers a way to enhance their revenue. At the same time, Finastra incorporated Alygne's ESG data into Fusion Invest, enabling informed ESG investments.
For the longer read, let's get going
The Open finance sphere unlocked new possibilities as companies collaborated cleverly, crafting creative solutions for consumers.
Ecospend joined the Pimfa WealthTech programme to provide its members with a proof of concept “Pay-by-Bank” solution, allowing customers to make payments directly to their accounts more easily and securely without needing cards.
Sensedia introduced SPIN, a global distributor partnership programme to facilitate the sustainable and profitable growth of firms seeking to diversify their offerings and opportunities.
Fintech firms fueled the Digital finance frontier with partnerships to bank the unbanked while money flowed to keep the fintech frenzy flourishing.
Bluevine joined hands with Wise to enable US SMEs to access a bill pay solution that spans twenty-six countries and eight currencies, with more to come.
Hakbah, the Saudi-based fintech savings platform, closed a $2M pre-Series A funding round. The company aims to use the funds to accelerate its presence in Saudi Arabia, improve the user journey, and enhance its savings engine algorithm.
The Embedded finance frontier was busy with strategic manoeuvres aimed at augmenting trust, amplifying legal acceptance, and enhancing scalability.
European paytech firm Paynetics secured an electronic money institution (EMI) licence from the Financial Conduct Authority, allowing it to offer a wider range of products.
Digital River joined hands with Afterpay and Clearpay to address growing consumer interest in buy-now-pay-later (BNPL) options and grant added flexibility to consumers navigating economic headwinds.
The Fintech infrastructure realm saw a plethora of firms partner up to produce pioneering products, paving the path towards financial services that are seamless, swift, and secure.
Georgia United Credit Union tapped Jack Henry & Associates for a new digital banking platform to work on customised solutions more easily and efficiently.
Capital Bank went live with Finastra to streamline banking services for corporates in Jordan, Iraq and Saudi Arabia, enabling the bank to digitise manual tasks, process lending operations quicker and at a lower cost, and much more.
In the luscious pastures of Green finance, the mighty tech giants went green with glowing initiatives, revealing resolute actions to reinforce their respective ESG ambitions.
American Express announced a series of new climate initiatives, including the expansion of its Carbon Footprint Tool for select corporate clients and a digital pilot to help the US Consumer and Small Business Card Members understand their estimated carbon footprint.
Visa, in partnership with ecolytiq, launched the ‘Visa Eco Benefits’ and its Sustainability-as-a-Service solution in the UAE to drive sustainable commerce.
The DeFi domain was abuzz with new inventions as established players and new entrants alike experimented with cutting-edge offerings.
SureX launched a simple and easy-to-use one-stop platform for making DeFi investments and managing money.
The Central Bank of Montenegro (CBCG) signed an agreement with crypto and blockchain solutions provider Ripple to develop a digital currency strategy and pilot. Ripple will launch Montenegro’s first digital currency in the form of a Central Bank Digital Currency (CBDC) or national stablecoin.
Some other happenings in the fintech universe 🪐
Savour a steaming cup of fintech tea while snacking on these scrumptious bite-sized headlines.:
Credit card start-up Yonder bagged $68M in equity and debt funding to expand its team and credit rewards offering to new verticals such as sports, fitness, and theatre.
Lithuania-based SME Finance received $109M in a credit facility from Fasanara Capital to create an EU-wide fintech marketplace for traditional business loans, as well as new models of lending.
European fintech platform Prestatech secured a $4.4M round to launch new integrated finance products.
And that's a wrap 👋
We hope you enjoyed this edition of the Weekly Fintech Brew!
If you're hungry for more FinTech insights, check out some of our other work at WhiteSight.
Our latest publications include –
Fintech Ecosystem Ripples: Analysing the Echoes of SVB's Collapse
J.P. Morgan's Fintech Frontier: Collaboration, Diversification, and Innovation
If you're someone who likes to read think pieces, you will likely love our monthly blog, Fintersections, where our team members analyse the convergence of FinTech with the world.
FinTech research is in the WhiteSight DNA, so if you'd like to get in touch for features, sponsorships, and content marketing services, reach out to us at email@example.com.
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