1. UK – FinTech
“JPMorgan Chase has partnered with 10x Banking, the UK-based cloud-native banking technology business, to create a modern technology platform that has powered Chase’s entry into the UK retail banking market.
Over the past two years, 10x and Chase have worked together to build a digital banking platform capable of delivering a seamless customer experience and differentiated product features. The platform provides a scalable architecture from which to build a wide range of banking products in the future as Chase develops its retail banking proposition for UK customers.
Chase chose 10x based on its modern scalable platform built on micro-services and accessible via APIs. 10x also helped develop Chase’s ledger infrastructure.”
2. US – FinTech
“Banking licences are famously difficult to get, particularly when you are applying for one overseas—a story Monzo only knows too well.
After conversations with the Office of the Comptroller of the Currency (OCC) Monzo has made the decision to withdraw its application for its US operations.
The decision was made after regulators told the digital bank that its application was unlikely to be approved.
The news comes a year and a half after the bank first submitted its application, which can often take up to two years to approve and is very costly.
In a statement, a spokesperson for Monzo said: “While this isn’t the outcome we initially set out to achieve, this allows us to build and scale our early-stage product offer in the US through existing partners and invest further in the UK.”
3. International – FinTech
“Japanese financial giant SBI Holdings, Switzerland’s crypto-asset bank Sygnum, and European asset management firm Azimut Group have introduced a VC fund of up to $75M that will be based in Singapore. It will focus on making investments in startups operating in the digital assets space.
This new fund, established as a Variable Capital Company, aims to bring together the collective crypto-assets experience and guidance of the founding partners to support the growth of high-potential firms operating in this space.
With SBI Ven Capital serving as the main fund manager, the fund’s investment strategy will focus on Pre-Series A and Series A firms creating blockchain or distributed ledger technology (DLT)-based infrastructure, decentralized finance (DeFi) services, as well as regulatory tech or Regtech tools and applications.
SBI Digital Asset Holdings had confirmed earlier that it would be teaming up with Switzerland’s SIX Digital Exchange in order to introduce a crypto-asset exchange based in Singapore (expected to launch by next year).”
4. International - FinTech
“Deutsche Börse has aquired a minority stake in WeMatch, a fintech company focussing on trading workflows for the wholesale derivatives industry, as part of a $19.5 million Series B equity funding round.
DB1 Ventures, the corporate venture capital arm of Deutsche Börse, leads the round, which also includes participation from Augmentum Fintech, Illuminate Financial and existing shareholder JPMorgan.
WeMatch develops web-based services to replace voice broking by automating matching, negotiation and lifecycle management for instruments such as securities borrowing and lending, total return swaps, interest rate derivatives, as well as equity derivatives.”
5. International – FinTech
“As a listed fintech fund, Augmentum Fintech keeps a keen eye on fintech trends and, with its latest investment, is jumping on one of the most popular at the moment.
Augmentum has invested $5m into capital markets trading platform Wematch as part of its $19.4m Series B funding round, which was led by Deutsche Börse and saw participation from Illuminate Financial and JP Morgan.
Wematch helps institutional investors automate and digitise the whole process from managing workflow to reporting across multiple assets and instruments.
“This is Augmentum’s first investment into the capital markets space, where we have been convinced for some time that innovative fintech solutions could improve market efficiency,” Tim Levene, CEO of Augmentum Fintech, said.
“Wematch is already active in multiple asset classes and is leveraging technology to change how market participants interact, helping reduce operational risk while controlling costs thanks to their differentiated subscription model.”
Headquartered in Tel Aviv and with offices in London and Paris, Wematch is used by 40 banks, 17 fund managers and more than 1,000 traders across Europe to streamline the trading process.”