1.UK – FinTech
Fernandez joins as managing director to help expand the product, which will enable businesses to spread UK invoices and supplier payments over three months, with the initial payment made upfront on their behalf.
He brings more than 20 years of experience in both fintech and banking to the role, most recently building and leading product teams at Remitly and Revolut.
Prior to that, he held several commercial leadership roles at Sainsbury’s Bank and Citi.
The product will allow SMEs greater flexibility to negotiate with suppliers, handle unexpected payments and cover ad-hoc business costs, the company says.”
2. UK – FinTech
“Less than four months after reaching a milestone of 5 million open banking users, the UK has hit a new record of 6 million users.
The industry has clearly come a long way in the past few years — a big leap from taking 10 months to move from 1 to 2 million users back in 2020.
In the last month alone, 5 million open banking payments were made, and open banking payments have grown at a rate of 500 per cent year-over-year.
She said the rise in the number of payments and users is evidence of how end users are choosing to pay, and the increasing switch to a fast, frictionless, more secure way of paying.”
3. International – FinTech
“USDC issuer Circle Internet Financial is set to issue a fully-reserved, euro-pegged stablecoin from the United States called Euro Coin (EUROC).
Available from 30 June, Euro Coin will be a regulated, euro-backed stablecoin issued under the same full-reserve model as USDC, which currently has over $54 billion in circulation.
Businesses can use EUROC tokens to move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing and lending.
Circle says that Euro Coin is fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions "within the US regulatory perimeter".
Initially launching on the Ethereum blockchain, the coin will have support at launch from a number of big industry players, including Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol.”
4. International – FinTech
“SEB Venture Capital is making an SEK100 million investment in Swedish automated savings platform Lysa as part of a SEK350 million funding round
Lysa, which was founded in 2015 and currently counts 100,000 customers and 18 billion Swedish kronor in assets under management, intends to use the fresh capital to expand into new European markets.
Lysa operates an investment product under which customers set a goal and get a customised portfolio. Every deposit a customer makes is automatically invested according to this allocation.”
5. International – FinTech
“Babel Finance, a Hong Kong-based crypto firm that recently raised $80 million at a $2 billion valuation, has halted all withdrawals and redemptions according to a company statement.
Posted on the website, Babel Finance explains:
“Recently, the market has fluctuated violently, and some institutions in the industry have experienced conductive risk events. Affected by this, Babel Finance is facing greater liquidity pressure. In order to avoid further deterioration of the situation and protect customers from losses to the greatest extent, the company is closely communicating solutions with all related parties. During this period, the redemption and withdrawal functions of Babel Finance products will be suspended, and the recovery time will be notified separately. The company apologises for the inconvenience caused to customers.”