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Global FinTech News - 29th October 2021

Global FinTech News - 29th October 2021
By Holland FinTech  • Issue #122 • View online
Dear reader,
All societies are struggling to make the required “transformational change” to avert the most disastrous consequences of the climate crisis, according to a major new global analysis, published in advance of the global climate summit in Glasgow.
Meanwhile, Facebook has made a bold move by changing its name to “Meta”, and according to Mark Zuckerberg, his company will henceforth be known as Meta Platforms Inc, or Meta for short, to reflect its commitment to developing the immersive digital world known as the metaverse.
We are focused on the developments in fintech for you, exploring the latest news, investments, reports and opinions on fintech, cybersecurity, crypto, banking, partnerships, payments and more! In any case be sure to check out the event section - at the top today.
From the Holland FinTech team, we wish you a great weekend!

Connect with the fintech ecosystem at some of the upcoming events
Join our Holland FinTech Meetups, where the international Fintech ecosystem gathers online or in Amsterdam if possible. Get energized with latest tech updates, new startup projects, recent insights and exquisite networking! We are very excited to meeting you there!
Register HERE.
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Events | Open Banking Expo
On 4 November 2021, the UK’s Open Banking and Open Finance community will reunite, and what a show it will be! Alongside four stages of must-see content, we have countless opportunities to get back networking with colleagues, industry friends and build new relationships. As we anticipate change in Open Banking governance, never has it been more important to get back together. We can’t wait to welcome you!
Register HERE.
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FinTech Conference London November - Homepage - Fintech Talents
A hybrid fintech event featuring 3,000 festival-goers + rockstar speakers & steering committee members + over 100 hours of content sessions + game changing tech companies + tech partnerships + craft beer and live music sessions.
Register HERE.
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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 payments, banking, partnerships, restrictions, blockchain and more:
  • Mastercard and Bakkt announced a multifaceted partnership at Money20/20 to enable merchants, banks and fintechs in the U.S. to offer cryptocurrency solutions and services
  • A Chinese central banker warned that online brokerages not licensed in China are acting illegally if they serve Chinese clients via the Internet, sending shares of Futu Holdings Ltd and UP Fintech Holding sharply lower
  • Stripe said it has agreed a strategic partnership with Klarna to offer the Swedish firm’s buy now, pay later payment method to its merchants
  • The U.S. Justice Department is probing Visa Inc’s relationships with large fintech companies as part of its antitrust investigation of the card giant
  • London-listed Kaspi.kz is poised to acquire the Ukrainian subsidiary of BTA Bank, a sign that Kazakhstan’s fintech giant plans to expand into new markets
  • Pawn store operator FirstCash Inc said it will acquire financial technology firm American First Finance Inc in a $1.17 billion deal, to enter the buy-now-pay-later business
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 prominent fundings are shared by multiple sectors, including payments, fintech, security, crypto, crowdfunding and more:
  • Invicti Security (Austin, Texas and Boston, MA, US), an application security testing company, received a $625m (€536.4m) investment
  • FTX (Nassau), a cryptocurrency exchange says it has raised $420 million (€360.4m) in a new round of funding
  • Brex (San-Francisco, CA, US), a fast-growing fintech, has raised $300 million (€257.4m) in funding that propels it to decacorn status
  • Rippling just closed on $250 million (€214.5m) in fresh funding led by Sequoia Capital Global Equities and Global Growth
  • Reuters – India’s Groww said recently, it had raised $251 million (€215.4m) in a new funding round
  • Aura, a Burlington, Mass.-based provider of all-in-one digital security for consumers, raised $200m (€171.6m) in Series F funding
  • Other interesting rounds this week: Republic $150m (€128.7m), Tala $145m (€124.4m), ClearTax $75m (€64.3m), Hash $40m (€34.3m), Swap $25m (€21.6m)
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 human errors, insurtech, business activity, payments, funding and SMEs:
  • “Understand the mistakes that compromise your company’s security”(Tessian) - This report by Tessian explains how by learning the psychology behind human error, businesses can better understand how to prevent mistakes from happening before they turn into breaches
  • “Investment pours in for biometric startups developing new services” (Biometric Update) - This work highlights Biometrics firms Smile Identity, Zenus and OneWave, which are reporting successful funding rounds for products ranging from ‘ethical facial recognition’ to smartcards with inbuilt fingerprint readers
  • “YEARBOOK OF EUROPEAN SECURITY 2021” (ISS Europa) - This publication presents the 2021 Yearbook of European Security, which provides an overview of events in 2020 that were significant for European security and it charts major developments in the EU’s external action and security and defence policy
  • “EIF Working Paper 2021/074: EIF Venture Capital Survey 2021: Market sentiment” (EIF) - The EIF VC Survey, the EIF Private Equity Mid-Market Survey, and the EIF Business Angels Survey (the largest combined regular survey exercises among GPs and Business Angels on a pan-European level) provide an opportunity to retrieve unique market insights
  • “ESG reporting for growth companies” (Venture-Network) - This report highlights the fact that Sustainable finance is playing an increasingly important role on the capital market – both for companies and for investors
Read more about this week’s research HERE.
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Background information and insights from opinion leaders and experts
And we’re finishing off the week with new details on cyber security, taxes, BNPL, cryptocurrency, banking and cloud technology.
  • “Carbon taxation and inflation: Evidence from Europe and Canada” via (VOXeu) - Maximilian Konradt and Beatrice Weder di Mauro from VOXeu, analyze model-based studies on the effect of carbon taxation point to sizeable inflationary effects
  • “BNPL: The now and the later” via (Fintech Futures) - Dave Wallace, analyst at Fintech Futures, analyzes a report from the Citizens Advice (CA) bureau about BNPL in the UK
  • “Silicon Valley entrepreneur Sam Altman wants to scan your eyes in exchange for free cryptocurrency” via (CNBC) - Ryan Browne, analyst at CNBC, explores a new orb-shaped devices to scan people’s eyes in exchange for free cryptocurrency, from a new start-up Worldcoin
  • “Collaboration and the reinvention of banking and financial services” via (Fintech Futures) - Sanjay Deshpande, EVP and Head of Banking and Financial Services, Americas, Virtusa, highlights the fact that banking and financial services companies have seen the writing on the wall for some time now
  • “How ‘Stablecoins’ Could Unleash Chaos” via (Yale) - Gary B. Gorton, highlights on dollar-pegged cryptocurrencies like Tether, Paxos, and Facebook’s Diem. Tether, with a market cap approaching $70 billion, is now the third-largest cryptocurrency in the world
  • “Meeting Backup Requirements for Cyber Insurance Coverage” via (Security Week) - Gordon Lawson, writer at Security Week, explores the fact that many companies wrongly assume that having backups in the cloud can prevent or reduce the impacts of a ransomware attack
  • “Blog from Valerie Nowak: Why this Maestro is retiring after 30 years” via (Mastercard) - In 1991, Tim Berners-Lee flipped the switch on what he had initially described as “a large hypertext database with typed links” in a proposal to his bosses at Switzerland’s famed research laboratory CERN
Read more about this week’s research HERE.
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