Open banking

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Italy's illimity buys 50% stake in Banca Sella's open banking unit

/retail

Italy's illimity buys 50% stake in Banca Sella's open banking unit

Italian digital bank illimity has reached an agreement to buy a 50% stake in Hype, the open banking outfit owned by Banca Sella.

Investors to increase allocation to crypto assets

/crypto

Investors to increase allocation to crypto assets

The growing number of startups offering crypto investment services will be buoyed by news that institutional investors are set to increase the amount of capital they spend on crypto assets.

ClearBank dances on the cloud’s silver lining thanks to Covid-19

/payments

ClearBank dances on the cloud’s silver lining thanks to Covid-19

For the latest feather in its cap, the cloud-based ClearBank became the first clearing bank to offer multi-currency bank accounts via API. Partnering with JP Morgan, ClearBank will offer clients the ability to move funds between accounts through an API-based connection to JPMorgan, but this is just one step in what promises to be a period of strong growth for the firm.

Finastra to prioritise tackling financial exclusion and SME funding issues

/inclusion

Finastra to prioritise tackling financial exclusion and SME funding issues

As part of its accelerated innovation mission and open cloud platform strategy, Finastra has set forth a plan to support nine million lives around the world and focus on resolving the SME funding gap, inequality in financial services and financial exclusion.

TrueLayer raises $25m

/startups

TrueLayer raises $25m

UK Open Banking startup TrueLayer has raised $25 million in a Series C funding round joined by Anthemis, Connect Ventures, Northzone and Temasek.

Tink selects OpenWrks aggregation platform

/retail

Tink selects OpenWrks aggregation platform

Swedish open banking outfit Tink has purchased the aggregation platform of UK firm OpenWrks in a bid to further expand its European presence.

The fintech barbarians are no longer at the gate - they’ve been invited inside

/wholesale

The fintech barbarians are no longer at the gate - they’ve been invited inside

The paradigm of challengers and incumbents should be revisited in the light of widespread collaboration between the two, according to Tony McLaughlin of Citi and Mike Massaro, CEO of Flywire.

Aussie startup unveils open banking-powered corporate credit card

/startups

Aussie startup unveils open banking-powered corporate credit card

Australian working capital startup Cape is preparing to launch a corporate credit card powered by Open Banking technology early next year.

Open banking regtech Konsentus closes funding round

/regulation

Open banking regtech Konsentus closes funding round

Konsentus, a UK regtech startup focused on helping financial institutions be compliant with open banking requirements, has closed a multi-million pound pre-Series A investment round led by Conviction Investment Partners.

Lagarde makes case for digital euro

/crypto

Lagarde makes case for digital euro

The president of the European Central Bank, Christine Lagarde, has suggested that the Euro Zone's central bankers are close to making a decision on whether to press ahead with the development of a central bank digital currency (CBDC).

Monzo, Starling and the lessons for challengers post-Covid

/retail

Monzo, Starling and the lessons for challengers post-Covid

Recent weeks have brought news of differing fortunes for two of the UK’s flagship digital challenger banks. With Starling confidently announcing it would break even by the end of 2020, Monzo has described “the significant doubt” that Covid-19 had cast on the bank’s ability to continue.

Neobank for landlords Hammock raises £1 million funding

/startups

Neobank for landlords Hammock raises £1 million funding

Hammock, a new neobank built specifically for landlords, has raised £1 million in seed investment from Fuel Ventures and Ascension Ventures, ahead of the planned launch of its current account in the coming weeks.

Brazilian microlending fintech SuperSim secures $5.6m funding

/startups

Brazilian microlending fintech SuperSim secures $5.6m funding

SuperSim, a São Paulo-based microlending startup, has secured $5.6 million in Series B funding through debt financing.

BMO builds API portal for QuickBooks data sharing

/retail

BMO builds API portal for QuickBooks data sharing

The Bank of Montreal (BMO) has developed an API portal to let small business customers easily share their data with Intuit's QuickBooks accounting software.

Big banks back Canadian launch of Financial Data Exchange

/retail

Big banks back Canadian launch of Financial Data Exchange

Canada's big five banks are among 31 organisations onboard for the launch of Financial Data Exchange (FDX) in the country, vowing to work together to promote Open Banking through the development of a secure, common, interoperable, flexible and royalty-free industry standard for financial data sharing.

Coordinating ESG solution ideation for investment and asset management

/sustainable

Coordinating ESG solution ideation for investment and asset management

In June 2020, Finextra Research welcomed industry experts to Sustainable Finance Live, the first virtual interactive workshop to discuss how financial services firms and technology companies can achieve the UN’s Sustainable Development Goals (SDGs) by 2030.

UK fintech funding slows amid pandemic

/covid-19

UK fintech funding slows amid pandemic

The first half of 2020 has seen investment in the UK's fintech sector slow by more than a third as venture capitalists (VCs) chose to either keep hold of the money or invest in more established companies amid the global pandemic.

Revolut nets £63m from share sale

/startups

Revolut nets £63m from share sale

Digital banking app Revolut has netted £63m ($80m) from US private equity firm TSG Consumer Partners in its latest funding round.

Scaling in London during Covid-19: What to know and how to leverage it

/covid-19

Scaling in London during Covid-19: What to know and how to leverage it

The work has only just begun. Newfound’s inaugural Market Missions (virtual) event delved into the reality and opportunities faced by fintechs attempting to scale in the UK during Covid-19.

HSBC backs Hong Kong open banking initiative

/startups

HSBC backs Hong Kong open banking initiative

HSBC has teamed up with Hong Kong Science and Technology Parks Corporation (HKSTP) to help startups drive open banking innovation on the island.

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