Will FedNow revolutionize digital payments in the US🇺🇸?
Good morning,
Welcome to your daily FinTech news!
Using QR codes for payments: As consumer preferences evolve and commerce continues to be influenced by digital transformation, QR codes can be used in a merchant’s ecosystem in various ways. In this report, Deloitte explores the choices available to merchants and key considerations for a successful implementation. Download here
ARTICLE
How payments giant Mastercard is revamping its work culture to lure developers — from free days to work on passion projects to $200,000 salaries: The payments giant is actively hiring developers across its seven global technology hubs. To attract and retain top talent, the firm says it is taking steps to make its workplace and work culture a top destination for technologists. Read more
INSIGHTS
Top 10 European FinTech Funding deals for June 2023. A big shoutout to BlackFin Tech for sharing these stats. Check out the complete article here
What happened in the FinTech industry in the Nordics?
Take a look at “Nordic Fintech Snippets– June 2023” by Helsinki FinTech Farm and find the industry highlights, including funding rounds, partnerships, acquisitions, and new launches.
PODCAST
The importance of transparent pricing and building a partnership in payment services. Monika Liikamaa & Denise Johansson, Co-Founders & Co-CEOs, Enfuce, discuss the company’s achievements with Robin Amlôt of IBS Intelligence at Money 2020. Listen to the full podcast here
FINTECH NEWS
Will FedNow revolutionize digital payments in the US🇺🇸? The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Read what the experts say in this interesting analysis. Link here
PayPal launches support for Tap to Pay on Android for merchants using Venmo and Zettle in the US.This feature enables sellers to accept payments from cards or digital wallets like Apple Pay or Google Pay without any additional hardware.
Zip Co sacks staff as buy now, pay later sector struggles. Zip Co is understood to have taken the axe to its ranks in the past fortnight, with sources suggesting that up to 20 per cent of its 1500-strong workforce has been shown the door.
DIGITAL BANKING NEWS
Revolut wants to upend banking in New Zealand by offering free deposit accounts and cheaper money transfers and foreign exchange. Revolut’s standard plan would be free for all New Zealand users, attracting no monthly account fees and a $350 withdrawal limit.
Canadians unfamiliar with open banking. As Canada works towards the creation of an open banking framework, a new survey suggests that boosting awareness needs to be top of the agenda for a public largely oblivious to the concept. Read more
Recommended by LinkedIn
SoLo Funds, peer-to-peer loan platform for underserved banking consumers, is expanding to Nigeria. Expansion to Nigeria is a first step on the path to further international growth. “It is the test case. It is the template. It is the first,” founder Rodney Williams said in an interview with CNBC.
Square rounds out banking services with rewards that pay for processing. Square is adding several new features to its banking products, aiming to tie their benefits together while deepening its relationships with businesses that use its core offerings.
BLOCKCHAIN
Chile’s Bci hunts for the banking technologies of the future. Bci Labs is exploring technologies that employ artificial intelligence and synthetic humans as it envisions banking a decade from now while seeking ways to boost profitability using blockchain.
M&As
Private equity groups are exploring buying a majority stake in payments provider Worldpay from FIS at a valuation of more than $15bn in what would be one of the largest corporate carve-outs ever, according to five people familiar with the matter.
PARTNERSHIPS
Qover partners with Monzo to offer Premium users in the UK a new way to track and submit insurance claims within the Monzo app, making the insurance experience for its embedded travel protection seamless and user-friendly. Link here
Crowdcube joins team of rivals launching new retail investment platform Retailbook. The partnership aims to further the democratisation of capital markets and creates one of the largest single pools of retail investors in the UK to which a company may market their IPO.
Resistant AI extends Series A to $27.6m as the fincrime threat grows for banks and fintech. Resistant AI’s platform searches for anomalies in documents, transactions, and digital behaviours to detect threats. Read more
Sherlok raises $3.4m in a funding round to help it launch single-click refinancing this year. Link here
LendInvest scores a £500m investment boost. The investment will enable the company to provide competitive products to prospective homeowners and professional landlords nationwide.
MOVERS & SHAKERS
Paul Anthony, the cofounder of Iconiq-backed fintech Primer, is stepping down as co-CEO. The startup, founded in 2020, has raised $73 million from investors including Accel. The company's cofounder Gabriel Le Roux will assume the role of sole CEO. Read more
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost
Resident storyteller & story-seller @ Fiat Republic.
1yAbsolutely, the pace of innovation in the digital banking and FinTech landscapes is astounding! FedNow's potential to revolutionize the US payments system with real-time, 24/7 capabilities is exciting. Simultaneously, the global dynamics of the sector are evident in stories such as Primer's leadership change and SoLo Funds' expansion into Nigeria. Each piece of news paints a different facet of this versatile industry - from retail investment platforms to mobile payments - reinforcing its relentless drive towards innovation and customer-centric solutions. Your informative updates are key to staying on top of these fast-moving developments. #fintechnews #digitalpayments #fintechinnovation #openbanking #venturecapital #neobanking
Corporate Recruiter | Recruitment Consultant
1yFedNow certainly seems promising, but do we think it has the capacity to dethrone already established giants in digital payments like PayPal and Venmo? Moreover, with SoLo Funds expanding to Nigeria, how do we see Africa's financial landscape shifting in response to these emerging fintech solutions?