Global FinTech News - 24th of July

The European Commission is being urged to use its ESFs to provide loans. The digital finance platform MoneyLion announced its RoarMoney launch, a demand deposit account powered by MetaBank. BUX, the Amsterdam fintech, gains the top position for largest European neobroker. Finastra and Microsoft collaborate on a cloud agreement. WhatsApp’s new plans for the Indian market include insurance and pensions products for low-income individuals. Tide, the financial technology company providing mobile-first banking services for SMEs, partnered with Mastercard to further enhance its banking services.

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UiPath sees a $225 million (€194m) Series E funding. Bolt online payment platform received funds from WestCap’s Laurence Tosi and InsurTech Hippo obtained a $150m (€129m) funding and also reached unicorn status. Other funds were received by cloud-based financial planning software Jirav, investment management company Scalable Capital, Plum money management app, financial crime fighting platform Quantexa, African payment startup Chipper Cash, digital business lender Selina Finance, Episode Six, Branch, Bond and Meemo.

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The report by Temenous explores the need for an AI regulatory guidance post Covid-19. Very few bank executives believe digital banks to be a competitive threat, according to a research by Cornerstone Advisors. The US sees a sharp and fast economic downturn, explored by the Hamilton Project. New surges and growths are emphasized by the Bank for International Settlements in their study. Other findings include recession risks brought by Norton Rose Fulbright, key elements for the venture capital market by KPMG, new developments in open banking rules for Latin America by Mercado Pago and latest world wealth figures by Capgemini. Interestingly, DealStreetAsia finds that start-up investments have spiked in the April-June quarter.

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We have conducted an extensive member survey in collaboration with FinTech Aera to measure and validate the current market pulse. This research was done just before and during the peak of the Corona outbreak and gives nice insights into the market’s opportunities and challenges.

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For banks, Temenous argues that saving SMEs can be done by implementing AI technology. Yolt Technology Services shows that improvements are happening for APIs connecting to accounts that realise the regulators’ vision. DeFi has gained more popularity for investors according to OKEx. Financial services see improvements and solutions from fintech, such as automation and machine learning, explored by FINSYNC and Cloudera. Further improvements and recommendations for banks are brought by Simon Wilson from Icon Solutions. For InsurTech, Novarica and BNamericas highlight new successful start-ups entries on the market and the role of exponential technologies. Gabrielle Thomas from BlackFin Capital Partners presents an overview with the ultimate fintech names mapping.

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