Stay up to date with the latest news from fintech! This week, we bring you updates and developments on payment, exchange, investment, partnerships, crypto and banking. Enjoy reading!
Shares Of Money-Transfer Fintech Remitly Rise 13% In IPO, Valuing It At $7.8 Billion (Forbes)
Remitly, the Seattle fintech company that competes with Western Union WU +0.7% and lets consumers make international money transfers through an app, saw its shares rise 13% on its first day as a public company. Its market value reached $7.8 billion, up from $1.5 billion when it last raised private funding in July 2020. Read more.
Deutsche Bank acquires Better Payment (Finextra)
Deutsche Bank has acquired Berlin-based payment service provider Better Payment to expand its market share in the fast growing market for online payment processing and acceptance. Better Payment operates a payments gateway that enables merchants to send and receive multiple forms of online payments and is currently installed at 1500 retailers. Read more.
Revolut, the $33 billion fintech player, is rolling out commission-free stock trading in the U.S. (CNBC)
Revolut, the global fintech player valued at $33 billion, will soon offer commission-free stock trading to U.S. customers for the first time. The start-up is set to announce this week that it secured a U.S. broker-dealer license, enabling it to compete with the likes of Robinhood and Square in the red-hot world of retail trading, according to CEO and founder Nik Storonsky. Read more.
InvestaX Gets Closer to Tokenizing the World with MAS Fintech Sandbox (Businesswire)
InvestaX launches exchange in the Monetary Authority of Singapore (MAS) sandbox, providing key infrastructure for bringing liquidity to digital securities. InvestaX is a Singapore-headquartered, MAS-licensed* online investment and trading platform for Digital Securities (DSO) and Security Tokens (STO) of global private markets deals, focusing on exciting growth industries including crypto, gaming, blockchain, digital assets, venture, private equity and real estate. Read more.
Fintech firm Wise launches feature that lets users spend money invested in stocks (CNBC)
British financial technology firm Wise debuted an investments feature this week that lets users invest in stocks through multiple currencies and spend their holdings. The new feature, called Assets, allows customers to invest in BlackRock’s iShares World Equity Index Fund, which tracks a basket of 1,557 of the world’s biggest public companies. Read more.
UK’s fintech Monneo enlists Coinbase to allow invoices to be paid in cryptocurrencies (UKTN)
Monneo, a virtual IBAN and corporate account provider, has enlisted cryptocurrency exchange Coinbase to enable payment of invoices in a range of cryptocurrencies. The new service will be available for B2B invoice settlement and supported by two of Monneo’s partner banks. Notably, Coinbase is a secure online exchange platform for buying, selling, transferring, and storing digital currencies. Read more.
Robinhood trials crypto wallet (Finextra)
Robinhood is reportedly testing a cryptocurrency wallet and transfer features. The crypto wallet, currently in beta for iOS users, allows users to store all of the digital currencies, protected by a private key. Users can send and receive the likes of bitcoin without having to convert it to fiat. Read more.
China says all cryptocurrency-related transactions are illegal and must be banned (The Techcrunch)
China’s central bank stated this that all cryptocurrency-related transactions are illegal in the country and they must be banned, citing concerns around national security and “safety of people’s assets.” The world’s most populated nation also said that foreign exchanges are banned from providing services to users in the country. In a joint statement, ten Chinese government agencies vowed to work closely to maintain a “high pressure” crackdown on trading of cryptocurrencies in the nation. Read more.
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