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REPORT

The banking industry continues to witness a costly combination of labor cost increases and branch traffic declines.

This #fintechreport highlights how institutions can maximize workforce optimization and reduce operating costs.

REPORT

When evaluating competitive threats over the next few years, there were slight upticks in the percentage of bank and credit union executives that consider Big Tech companies and megabanks to be significant threats over the remainder of this decade.

The biggest change in perspective, however, was the respondents’ view of challenger banks as threats.

REPORT

Check out this great Fintech Business Weekly Research report by Jason Mikula:

2023 Market Analysis of Banking-as-a-Service, Partner Banks👇

This 30+ page research report covers the origins of the partner banking model, what drove the explosion of what we now call “banking-as-a-service.”

Subscribe now

👀 NEWS HIGHLIGHT

Enfuce has been selected by Starcart to offer its retailers and shoppers the speed, security and convenience of embedded virtual card payments.

The partnership is set to transform the way in which consumers shop online, by combining Enfuce’s stand-out embedded payments strengths with Starcart’s unique business model that sets it apart from marketplaces and other e-commerce platforms.

😎 SPONSORED CONTENT

At Klarna Kosma, we want to make accessing open banking solutions as smoooth as possible for our potential partners. So, we’ve brought everything you need to start plugging into the power of open banking together in one place.

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📰 ARTICLE

Nubank saw an increase in default rates of more than 90 days in the fourth quarter of 2022, from 4.7% in the previous quarter to 5.2%, but the digital bank’s earnings report was still better than analysts expected, and it plans to accelerate personal lending this year after tempering its credit offering in 2022.

👨 💻 BLOG

Take a look at Klarna Kosma guide to open banking lingo to learn more about the power of open banking and how Klarna Kosma can help you take full advantage of this transformative technology and supercharge your business 🚀

🧐 ANALYSIS

Nubank released its Q4 2022 Earnings Presentation with some very impressive numbers🚀

NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS

🔦 DIGITAL BANKING HIGHLIGHTS

⭐️ Marcus Braun rejected all charges at his trial connected to the collapse of the German payments giant.

⭐️ Railsr´s PayRNet is being investigated by the Bank of Lithuania.

⭐️ Revolut is rolling out credit cards to existing customers in Ireland.

⭐️ Zopa snapped up buy now, pay later outfit DivideBuy, its first acquisition from a $75 million war chest raised earlier this year.

⭐️ Goldman Sachs Group is pausing its efforts to acquire new credit-card programs.

⭐️ Starling Bank now offers a one-year fixed saver product for its SME customers.

⭐️ Solaris will face a "permission proviso" with the German regulator, BaFin.

⭐️ Wirex signed a long-term strategic global partnership with Visa.

FinTech Meetup in Vegas is just around the corner and I will start and close it with a bang. Join me and let's do this together!

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🌎 REGIONAL HIGHLIGHTS

UK 🇬🇧

NatWest acquired Cushon for £144m.

Akoni Hub partnered with Gatehouse Bank to make its savings products available on Akoni’s cash management platform.

Finastra could be ready to sell its universal banking business for up to $7 billion.

Atom Bank boss Mark Mullen offered a clear indication that the fintech is sticking with London for its highly anticipated IPO, likely to take place this year.

Revolut expects to sign off on its financial accounts after months of delays in finalising the figures as auditors put pressure to improve its internal controls.

Monzo is launching its first instant access savings pot with 3% interest rate, the new offering was developed directly with customer feedback.

EUROPE 🇪🇺

Visa, Froda and Lunar are announcing a global partnership and launching a new, innovative technology aimed at resolving these issues.

Saldo Bank launches banking operations in Lithuania.

indó selected Lucinity as its AML compliance software, including its Transaction Monitoring and Case Manager solutions.

N26 blows off a major acquisition of Dutch securities trader BUX

Holvi reported a record result for January and confirms it is on track to double revenue in 2023.

Bank Frick is now offering clients staking as a service for digital assets.

Soldo selected Form3 to provide SEPA Credit Transfer and Instant connectivity.

USA 🇺🇸

ModernFi raised $4.5 million in seed funding from Andreessen Horowitz and founders from JPMorgan Chase, AWS, Coinbase, Q2 and BlackRock.

Zelle announced that more than 1,800 financial institutions are part of the Zelle Network.

MoneyLion partners with Column Tax to offer customers free tax services.

CANADA

Royal Bank of Canada acquired the Canadian operations of OJO.

Laurentian Bank launched a new line of credit cards in partnership with Brim Financial.

Chase to expand rewards programme with monthly cashback offer and introduction of interest on current account balances

LATAM

Qredo announced its partnership with DitoBanx.

Comun closed a $4.5M seed round led by Costanoa Ventures with participation from South Park Commons and FJ Labs.

Ualá will begin offering credit cards in Mexico through its alliance with ABC Capital.

ASIA

The Indian government revealed its plans to introduce a digital credit framework regulated by the Reserve Bank of India.

Shopee broadened its range of digital financial services to incorporate a personal loan product named SLoan.

Green Link Digital Bank is looking to tap China’s micro, small and medium-sized enterprise market.

AUSTRALIA 🇦🇺

Westpac developed a novel twist on the BNPL concept, giving credit card customers the opportunity to pay off their bills in four instalments.

Up now has 613,000 customers and $1.3 billion in deposits at the end of the half.

MIDDLE EAST

Purpl and MENA announced a partnership to democratize cross-border money transfer flows and enable financial access to all.

AFRICA

Copal unveiled the country's first payments and expenses management app for families.

MOVERS AND SHAKERS

The Bank of London announced the appointment of Norbert Becker as Chair of the EU region for the firm.