Weekly News Highlights – 19 November 2020

For this week’s news piece, we have explored the fintech industry to offer you the hottest insights, trends and developments. We take a closer look at Wirecard’s assets sale, find new opportunities in terms of fintech new partnerships between Nutmeg & JP Morgan, check the new Google Pay App version, the Daylight LGTBQ+ Financial Platform, Nasdaq’s new acquisition, BBVA plans to sell its US business, Nexi Italian Bank buying Nets payments provider, and Ascent announcing partnership with Munich Re Group. Happy reading!

Banco Santander SA acquires assets from Wirecard

Banco Santander SA announced the intention to buy the highly specialized technology assets of Wirecard, in order to further develop their global payment platform. No Wirecard companies were included in the transaction, and terms weren’t disclosed. Read more

Fintech Nutmeg and JP Morgan Asset Management join forces

Nutmeg, an online discretionary investment management company, has formed a partnership with JP Morgan Asset Management in order to launch Smart Alpha portfolios. The new joint product was created with the goal of achieving alpha (returns above the market) for clients, by using JP Morgan Asset Management’s multi-asset specialists, providing clients flexible long-term asset allocation, and adding smart security selections within active exchange-traded funds (ETFs). Read more

Daylight LGTBQ+ Financial Platform

Daylight, a digital banking platform aimed at US clients that identify as LGBT+, has announced a partnership with Visa and Marqeta. The company plans to begin a beta phase with a few hundred customers in December before expanding across the US. Daylight will provide clients with a Visa prepaid card in their preferred name, allow access to customized financial tools and goals in apps that can be shared with the member community, offer personalized expert advice, and also have the opportunity to make direct donations to their LGBT+ charities of choice. Read more

Google announces new version for Google Pay App

Google announced a redesigned version for the Google Pay App, which helps them move forward onto the fintech market. The new app, available for Android and iOS, will focus on uniting people and businesses, helping clients to have a better overview on their spending behavior and also finding new ways to save money. Integrated with multiple security layers, Google plans for the app to further offer customers the chance to apply for a new kind of digital bank account with trusted financial institutions by 2021. Read more

Finndon Neobank lands E-money License

Finndon, a UK neobank, has landed its e-money licence from the Financial Conduct Authority (FCA). The start-up, aiming to launch in 2021, plans on offering customers with a range of budgeting tools in order to help them save money and have a better overview on their financial management. As technology collaborations, Finndon currently works with Modulr, Global Payment Services (GPS), Allpay Cards and Transaction Payments. Read more

Nasdaq plans to purchase financial fraud detection firm Verafin

Nasdaq announced earlier this week its new plans to buy Verafin, a company focused on providing anti-financial crime software, for $2.75 billion in cash. With this new acquisition, the technology stock exchange is aiming to expand into RegTech, and provide Verafin’s technology to over 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory authorities. Read more

BBVA aims to sell its US business to Financial Services Group PNC 

BBVA, plans to sell its US business to Financial Services Group PNC  for $11.6 billion in cash, which makes this bank deal one of the biggest in 2020. With this setting, BBVA will consolidate its power in the US banking industry, and also is expected to use the new cash injection to start acquiring competitors in its domestic market. This decision comes as a consequence of BBVA’s poor performance stock on the US market. Read more

Nexi is buying Nets Nordic Payments Provider

Nexi Italian Bank is buying Nets, a Nordic payments provider, for $9.2 billion. This acquisition comes shortly after the recent purchase of SIA, a rival Italian payments company, for $5.4 billion. Nexi is well on its way to create a paytech leader in Europe. Read more

Ascent announced partnership with Munich Re Group

Ascent, an AI-driven platform that identifies businesses’ regulatory obligations and keeps them updated as rules change, announced a recent partnership with Munich Re Group, a reinsurance company. With this new collaboration, Ascent clients will benefit from insurance solutions, being covered for regulatory risks. Banks and financial institutions will have the opportunity to reduce their regulatory and reputational risk, and avoid fines. Read more

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