The novel Coronavirus pandemic has put the banking system under stress. There is a need for personalizing digital solutions, a strong capital foundation, and visionary leadership to keep the businesses running.
A German fintech once backed by PayPal investor Peter Thiel, has filed for bankruptcy after failing to recover from the economic effects of the Coronavirus pandemic.
IDnow, a leading Identity verification specialist, welcomes that Germany’s 16 states have agreed to a transition period incorporating the new and upcoming legal framework by October 15th. This transition clarifies existing and new mandates including, and importantly, age verification requirements for online gambling. The new regime officially enters into effect in July of next year.
Klarna, the leading global payments and shopping service, is pleased to announce it has raised $650 million in an equity funding round, at a post money valuation of $10.65 billion, which ranks Klarna as the highest-valued private fintech in Europe and now the 4th highest worldwide.
Leading figures from the fintech industry have today launched an initiative aimed at tackling harassment and promoting diversity within the sector.
Europe’s fintech startups have continued raising vast amounts of capital over the lockdown period, attracting around €2.86bn ($3.4bn) in investment between March and mid-August, according to Dealroom data.
Venmo has become popular among peer-to-peer payment apps, mostly for its ease of use and the way it has smartly positioned itself on social media. The app publishes a record of transactions to its social feeds, making splitting dinner bills or evenings out with friends a fun experience. Venmo also makes it easy to move money into or out of your bank to pay friends or deposit funds.
Swedish payments firm Klarna is in talks with investors for a new round of funding which would value it at more than $10 billion, three sources said, as it attempts to expand its business in the United States.
The fintech industry has been growing steadily in Vietnam, fueled by increasing smartphone and Internet penetration, the country’s young population, and its rising middle class.
Dutch fintech Ohpen has acquired cross-border loan and mortgages Software as a Service (SaaS) provider Davinci.
Fintech savings app Chip is aiming to become the UK’s next unicorn as it heads for its Series A, including a £10m crowdfunding round. Chip raised £7m back in November 2019. Since then it has boomed thanks in part to a higher demand for savings and investment services during lockdown.
Who doesn’t fancy the idea of having access to your own money as soon as you’ve earned it, rather than waiting until the end of the month? That’s the bet that an increasing number of European startups are making.
A NEW Chartered FinTech Professional (CFtP) qualification will be introduced to develop fintech professionals in Singapore and China, and build a sustainable pipeline of international fintech talent.
Although digital technology was permeating the payments space prior to the pandemic, few would contend that changes haven’t now been accelerated.
The ability of incumbents to innovate with the agility of disruptors has long been perceived as an uphill battle with unmatched opponents clambering to take lead position. Alex Bannister, director of strategic partnering at Nationwide Building Society, argues that rather than being borne strictly out of competition, the best innovation comes from looking to where demand lies and acting upon that need.
Using data-driven insights to ensure creditworthiness, Asia’s emerging fintech startups are upending traditional loans to empower SMBs.
In this day and age, there is literally a digital tool for everything. But when you’re a startup with limited resources, you need to choose the right tools—the ones that improve your productivity and maximize your growth.
Fintechs may be transforming financial services in terms of tech, but the sector’s progress is distinctly less notable when it comes to tackling gender equality. In fact, the lack of diversity at C-suite level is arguably as archaic as the legacy systems the industry seeks to disrupt.