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Global FinTech News - 22 July 2022

Global FinTech News - 22 July 2022
By Holland FinTech  • Issue #160 • View online
Dear reader,
This week Ukraine, Turkey and UN signed an agreement on the export of grain, Russia will also sign a mirror document with these countries. Control of Odesa, Chornomorsk and Pivdenny ports remain with Ukrainian side.
Meanwhile, sweltering temperatures hit much of Western Europe as a ferocious heatwave headed north. Extreme heat warnings were issued in France and record July temperatures were reported in the Netherlands.
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.
🔔Become a part of Amsterdam Fintech week by joining us as a sponsor!🔔
As a XFW22 sponsor, you’ll benefit from invite only events such as sponsor drinks, online or self-hosted event slots, conference space marketing, social media promotion and more. To get more updates and register for this event click here or contact us directly at [email protected].
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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:
  • French Bank BNP Paribas is entering the cryptocurrency custody space via a partnerships with Swiss digital asset safekeeping firm Metaco
  • Deutsche Bank has partnered with wealthtech Abbove to utilize its wealth planning platform for clients in Belgium
  • India’s finance minister Nirmala Sitharaman stated that the country’s central bank wants cryptocurrencies to be prohibited
  • The Council of the European Union formally approved the accession of Croatia to the euro area on 1 January 2023 and determined a Croatian kuna conversion rate of 7.53450 per euro
  • New data on the BNPL market suggests mergers and acquisitions will increase as companies shrink in the current economic climate
  • British digital bank Starling is ending its bid to obtain a European banking license, dealing a significant setback to the company’s international expansion ambitions
  • Payments giant Visa Inc. is in talks to join an extension of the fintech startup Airwallex’s latest funding round, according to people familiar with the matter
  • The United Kingdom regulator will propose using stablecoin– cryptocurrencies whose prices are pegged to another asset– for payment in the Parliament
  • A French conglomerate plans to enter the customer identity and access management market through its purchase of an emerging European CIAM player OneWelcome, that was formed last year through a merger
Read more about this week’s news here.
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The largest funding rounds we found from across the world
This week’s funding highlights cover credit cards, blockchain, investment, crypto and fintech accomplishments. Take a look at some major investments of this week:
  • Pico, a New York-based provider of mission-critical technology services, software, data and analytics for the financial community, has secured $200m (195,5m EUR) in strategic investment from the Golden Gate Capital.
  • Blockchain start-up 5ire said it raised $100 million (97.7m EUR) in Series A funding from UK-based conglomerate SRAM & MRAM, making it the 105th unicorn in India and the 20th this year.
  • The Stori – Mexican fintech startup, which offers credit cards to underserved populations in Mexico, has raised an additional $50 million (48.9m EUR) in equity at a $1.2 billion valuation and has become a new fintech unicorn!
  • London CIBC Innovation Banking is pleased to announce £40 million (39.1m EUR) of growth financing for London-based Smart, a leading retirement technology provider.
  • US-based Zebedee’s announced a $35 million (34.2m EUR) Series B funding round led by Kingsway Capital
  • Australian payments fintech mx51 has raised $32.5 million (31.7m EUR) in a Series B
  • Other notable funding include: X1 Card, the Fastest Growing Challenger Credit Card of All Time, Raises $25M (24.4m EUR) Ahead of Opening to the Public and Amsterdam-based Carbon Equity secured €1.8M
Read more about this week’s funding 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 crypto, fintech regulations, embedded finance and more.
  • “Are Blockchains Decentralized? Unintended Centralities in Distributed Ledgers” via (Tails of Bits) - Cryptocurrencies and public blockchains, including Bitcoin and Ethereum, are not quite delivering on their promises and are seeing a concentration of power in the hands of a few players.
  • “The early bird catches the worm: The role of regulatory uncertainty in early adoption of blockchain’s cryptocurrency by fintech ventures” - The latest University of Groningen research article published by the Journal of Small Business Management investigates whether regulatory uncertainty enabled or inhibited 108 fintech ventures in adopting blockchain’s core application, cryptocurrency, at a time when governments were still considering potential regulation.
  • “The Creation Of Ecosystems as a Mean for Business Model Adaptation. How Banks Chose to Respond to The Rise of Fintech Startups” via (Journal of Business Models) - Institut Polytechnique de Paris researchers publish a paper which provides a first integration of the process of business model adaptation in the context of coopetitive settings involving small and young firms.
  • “Research on the Influence of Fintech Development on the Operating Benefit of Banks” via (JRACR) - This paper first theoretically analyzes the influence of the development of Fintech on the operating benefit of banks from the perspective of competition and diminishing marginal benefit.
  • “The Flywheel Effect: How Embedded Finance Can Help Brands Generate Millions In Revenue And Increase Customer Loyalty” via (PRNewswire) The embedded finance platform Bond Financial Technologies Inc. together with a consulting firm Cornerstone Advisors published study that examines what consumers want from embedded finance.
Read more about this week’s research here.
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Background information and insights from opinion leaders and experts
We’re ending the week with new details on crypto, money transfer, fintech funding, payment process, debt crisis and more:
  • “How Fintech Can Deliver on Its Social Impact Promises” via (HBR) - FinTech companies are seeing enormous investor interest on the back of promises of providing services to the financially underserved.
  • “How Singapore survived the global fintech funding fall” via (Singapore Business Review) - Whilst most markets across the globe are seeing a fall in investment in their respective fintech sectors, Singapore has stood strong and was able to weather the current market condition.
  • “Payments innovation is stifled by a lack of regulation, writes Coadec’s Charlie Mercer” via (altfi) - Over the last 10 years, the volume of debit card payments has increased by over 200 per cent in the same time.
  • “Is Ethical Banking Changing How the Whole Industry Operates?” (The Fintech Times) via - Sustainability isn’t a trend – it’s here to stay.
  • “A Cashless Future: Can Big Data Change How We Pay?” via (PaymentsJournal) - With 70% of UK-based respondents now opting to pay with a card over cash, the evolution of online banking has continued to transform how we move money in 2022.
Read more about this week’s analysis and opinion here.
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