Stay up to date with the latest news from fintech! This week, we bring you updates and developments on partnerships, lending, banking, crypto, NFT and more. Enjoy reading!
Slice rolls out UPI in big payments bet as fintech looks beyond credit (Money Control)
Tiger Global-backed fintech unicorn Slice has launched Unified Payments Interface (UPI) on its platform as it looks to tap into the trillion-dollar payments market in India, which acts as a key customer acquisition funnel. Until now, Slice only provided credit line-linked Visa cards with a focus on new to credit and subprime millennial customers. While UPI payments do not yield any revenue to fintechs as they fall under the zero-MDR policy, which mandates that merchants should not be levied any charge on accepting payments via this mode, they open up a larger customer base, which fintechs then leverage to cross sell other offerings. Read more.
FCA-regulated Fasanara Capital raises $350M crypto and fintech VC fund (Cointelegraph)
London-based asset manager Fasanara Capital has launched a $350 million investment fund to back fintech and cryptocurrency startups that can deliver new use cases for the emerging Web3 economy. The company, which manages $3.5 billion in assets, is targeting early-stage startups in the fintech and crypto spheres. It plans to establish long-term relationships with project founders and other industry veterans. This includes potentially larger equity commitments than traditional venture capital firms. Read more.
Commission welcomes political agreement on new rules on cybersecurity of network and information systems (DS EU)
The Commission welcomes the political agreement reached today between the European Parliament and EU Member States on the Directive on measures for a high common level of cybersecurity across the Union (NIS 2 Directive) proposed by the Commission in December 2020. The existing rules on the security of network and information systems (NIS Directive), have been the first piece of EU-wide legislation on cybersecurity and paved the way for a significant change in mind-set, institutional and regulatory approach to cybersecurity in many Member States. In spite of their notable achievements and positive impact, they had to be updated because of the increasing degree of digitalisation and interconnectedness of our society and the rising number of cyber malicious activities at global level. Read more.
Square acquires GoParrot (Finextra)
Square has acquired GoParrot, an all-in-one digital ordering and marketing platform for restaurants. GoParrot enables restaurants to connect more easily and directly with customers through powerful omnichannel software. As a long-time Square partner, GoParrot’s products already integrate with Square’s ecosystem of solutions. Read more.
US cyber insurance payouts increase, amid rising claims: Fitch (Reinsurance)
Analysts at Fitch Ratings have said, that cyber insurance has become the fastest growing segment for US property & casualty (P&C) insurers as evolving threats have “boosted” the demand for coverage, with insurers actively raising prices in response to rising claims. In the analysts latest report on the US cyber insurance market, it addresses how cyber incidents have continued to grow rapidly amid widespread expansion of ransomware events in the last two years. Read more.
London FinTech Ebury Expands Global Footprint with Bexs Acquisition (PYMNTS)
London financial services firm Ebury signed a deal to acquire Brazilian FinTech Bexs in a move to broaden Ebury’s offerings of global money transfer solutions for small- to medium-enterprises (SMEs). Ebury operates in 20 countries. The purchase of Bexs includes businesses Bexs Banco for foreign exchange and Bexs Pay for payments, according to a press release on Wednesday (May 11). The comingled business will facilitate the opening of accounts in other countries, which will enable SMEs to transact directly in a market’s local currency. Read more.
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