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Global FinTech News - 15th July 2022

Global FinTech News - 15th July 2022
By Holland FinTech  • Issue #159 • View online
Dear reader,
This week the euro has fallen below the dollar for the first time in nearly 20 years, partly due to fears that Russia may restrict Europe’s supplies of energy, increasing the chances of recession in the euro area.
Meanwhile, Mario Draghi, the Italian prime minister, announced he would step down on Friday after losing the support of one of his coalition partners, but the country’s president refused to accept his resignation.
In Fintech this week we see some of these layoffs hitting the industry, as well as several new partnerships and large funding rounds. You can find information about upcoming events, new investments, research and breakthroughs within the industry. In addition, find more ways to support Ukraine here. Happy reading!
From the Holland FinTech team, we wish you a great weekend.

Connect with the fintech ecosystem at some of the upcoming events.
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Holland Fintech Meetup - August 12
Save the date! Our Holland FinTech Meetups allow the international Fintech ecosystem to gather together and allow for the companies of our Network to stay at the Forefront of Innovation. This months meetup will take place in Utrecht! Stay tuned for more information to be announced.
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Fintech Summer School - Holland FinTech - 19 August
Do you want to stay up to date? Join the summer school to learn about the latest developments in Fintech. We will discuss all major topics, like open finance, Crypto and NFT, the use of AI, and much more. This half-day update is meant for all people new to the industry and is a great way to meet other members.
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Highlights from last weeks news related to fintech
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:
  • Fintech powerhouses Stripe and Revolut have joined forces, with Revolut using Stripe’s what is known as the ‘Stripe Treasury’ tool to build its market presence in a number of key areas – with Europe and parts of Latin America also expected to benefit
  • Celsius Network has revealed a $1.2bn hole in its balance sheet caused by what chief executive Alex Mashinsky called “poor” investments and other “unanticipated” losses
  • EY is driving innovation in the insurance industry with its latest cutting-edge enablement platform for technology integration, Nexu
  • The London Stock Exchange, has agreed to back a review by The Fintech Times and SkyParlour, addressing declining growth and investments into UK fintech startups
  • India’s M2P Fintech, which provides API infrastructure enabling firms to embed financial products, has acquired cloud lending platform Finflux
  • Following the reached EU agreement on a crypto regulation proposal, the Financial Stability Board recently outlined the need for international crypto regulation
  • Stripe is the latest high-profile fintech company to take a massive valuation cut as the market downturn begins to hit the sector especially hard
Read more about this week’s news here.
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The largest funding rounds we found from across the world
Besides putting quite a large amount of money into insurance, cards, credits and cyber security fintech sectors, investments this week also lead to one more fintech unicorn! Take a look at some major investments of this week:
  • European insurance tech startup Wefox (Berlin, Germany), has raised $400 million in a series D round of funding, giving the German company a post-money valuation of $4.5 billion
  • Coalition (San Francisco, CA, US) closes $250 Million in Series F funding, led by Allianz SE, Valor Equity Partners and Kinetic Partners Management, valuing The Cyber Insurance Provider At $5 Billion
  • Pune-based fintech startup OneCard has become the latest entrant to the unicorn club after it raised about $100 Mn (about INR 802 Cr) in a fresh funding round
  • Hidden Road, a British Virgin Islands-based provider of a credit network for investors, raised $50M in Series A funding
  • Creditas, São Paulo-based fintech platform for secured and specialized financial solutions, announces a US$50 million extension to its US$260 million Series-F financing round bringing the total to US$310 million
  • The new London-based investment platform Lightyear announces a $25M Series A equity round led by Lightspeed Venture Partners
  • Other interesting funding rounds this week: Griffin (London, UK) €15 million, Stableton Financial AG (Zurich, Switzerland) 15 million Series A funding round, Hero (Paris, France) raised €12.4mn and Hyperface (Bengaluru, India) closed a $9 million funding round.
Read more about this week’s funding rounds here.
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A selection of recent research reports and papers worth reading
For this week’s research article, we dive into new insights on fintech market, banking, insurance, payments, trends, diversity in fintech and more:
  • “Digital Divide Exacerbated During Recent Epidemics, Research Reveals” via (FT) - While people are significantly more likely to avoid traditional bricks-and-mortar branches during epidemics, many will later return to in-person banking, says a new study, suggesting that closing bank branches during crises could exacerbate the digital divide
  • “The Way We Buy Now: The ABCs of BNPL” via (Techopedia) - Use of BNPL has exploded, accounting for $100 billion in retail purchases in 2021, up from $24 billion in 2020, as reported in Fintech Times. The forecast for the market indicates that the trend is here to stay
  • “Women in Fintech Part 2: Is the VC ecosystem fundamentally disadvantageous to women founders?” via (Coin Geek) - According to a study by Automatic Data Processing Inc. (ADP), the finance industry in the U.S. has the second-largest pay gap. Based on ADP’s research, the average salary for women in the banking and finance sector was $27 per hour in 2019, compared to an average hourly wage of $40 for men
  • “Foreign Fintech Companies Flock to Peru” via (Fintech News) - Peru’s fintech industry is expected to get a boost this year, driven by favorable regulatory developments and rising demand for more accessible and inclusive financial services
  • “Advancing Digital Entrepreneurship and Financial Inclusion in Côte d’Ivoire” via (WorldBank) - In 2021, the World Bank conducted a study to assess the financial technology (Fintech) and digital financial services landscape in Côte d’Ivoire. The findings contributed to an acceleration of ongoing national and regional work in improving the enabling environment, as well as access to finance for Fintech companies
Read more about this week’s research pieces here.
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Background information and insights from opinion leaders and experts
And we’re kicking off the week with new details on crypto, money transfer, fintech funding, payment process, debt crisis and more:
  • “Governments May Restrict Foreign Access to Their CBDCs, Riksbank Official Says” via (Coindesk) - Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank
  • “RBI new restriction on fintechs offering credit in collaboration with non-banks will affect BNPL market in India, says GlobalData” via (Global Data) - The Reserve Bank of India’s (RBI) recent regulation barring fintech companies from loading prepaid payment instruments (PPIs) such as prepaid cards and mobile wallets using credit offered by non-bank institutions is expected to affect the existing business model of buy now pay later (BNPL)/ non-bank entities in the short-term, says GlobalData, a leading data and analytics company
  • “Crypto startup funding falls to a 1-year low” via (Businesstimes) - CRYPTO startups finally felt the effects of an economic storm that has been cooling digital currencies, public stocks and venture capital all year. Funding to private crypto companies in the second quarter fell to its lowest level in a year, according to data from the research firm PitchBook
  • “The interest-rate vibe shift hits fintech” via (Protocol) - The interest-rate vibe shift is here. For fintech companies that spent the past several years boosted by cheap funds and strong consumer spending, that means suddenly waking up to a world where everything looks different
  • “This Is When Bitcoin (BTC) Price Will Hit New ATH !” via (CoinPedia) - Kaleo, an anonymous analyst, informs his 526,200 Twitter fans that the flagship currency is expected to enter into the crab market or also known as sideways trading. This movement is expected to happen before Bitcoin hits a new all-time high which he predicts will happen in early-2024
Read more about this week’s analysis and opinion articles here.
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