1. UK – FinTech
“Challenger banks are new UK banks and services designed to disrupt traditional banking groups and the products they offer.
- Best business bank account, as voted for by small businesses
- Best accounting software for small businesses
- Seven self-employed tax changes for 2020-21
- What type of business insurance do I need?
They usually try to do this by creating new technology, or by developing products and services that traditional banks haven’t considered.
They might also be targeted at a specific audience. Tide, for example, is a mobile-first bank for small and medium-sized businesses.
But while they have in many ways been successful, consumers don’t yet seem ready to ditch the banks they know and love.”
2. US – FinTech
“The global Fintech ecosystem is growing steadily. The financial technology sector is projected to reach $460 billion within the next five years. But financial losses due to fraudulent activities have reached $42 billion, globally, during the past two years. The billions of dollars stolen due to fraud is cash that’s taken straight from businesses’ bottom-line, the PingPong Payments team notes.
Fraudulent activities may have increased, following the COVID-19 outbreak. Many more people are conducting transactions online, during the pandemic. This change in consumer behavior may be accelerating the shift towards digital commerce and the growth of digital services.
However, the increase in the use of digital platforms may have also resulted in considerably more incidents involving payment fraud. According to PingPong, Coronavirus-related scams have led to more than $13 million in losses for US consumers.
PingPong references a report from Big Four auditor, PricewaterhouseCoopers (PwC), which reveals that internal and external perpetrators may be “equally responsible” for fraud. “
3. International – FinTech
“The fintech has completed a $319m secondary share sale led by new investor D1 Capital Partners and existing shareholder Lone Pine Capital.
Existing shareholders Baillie Gifford, Fidelity International and LocalGlobe all increased their holdings in the company.
TransferWise’s share sale was completed by employees and shareholders selling some of their holdings to new and existing investors.
The sale places the fintech’s valuation at $5bn, a 43 per cent increase on its last valuation from May 2019, when it first earned the label of ‘Europe’s most valuable fintech,’, a title is now held by Revolut, Checkout.com and Klarna which are all valued at $5.5bn.”
4. International – FinTech
“The fintech announced the closure of an $85m funding round, which was led by Prosus’ PayU, and which saw the fintech valued at $1.5bn yesterday afternoon.
Other existing investors in the round include, DN Capital, which has invested in fintechs such as BNext and Raisin, Generation Investment Management, of which former Vice President Al Gore is chairman of, and Stripes, which has invested in the likes of Pleo and Grubhub.
Threshold Ventures, Owl Rock Capital, Princeville Capital and Top Tier Capital Partners also participated.”