Feb 17, 2019

Banq statement - Issue #2

By Gertjan De Wilde • Issue #2 • View online

This is the second edition of our weekly digest with the latest news and trends in banking and fintech.

In short

Open Banking - Yolt moves into B2B, Lunar Way raises €13m, and BNP Paribas Fortis launches account aggregator
Challenger banks - Starling raises £75m, Tandem credit card racks £100m in transactions and Meridian introduces Motusbank
Funding - Nav $45m, Rapyd $40m, Mojo £7m, Chainalysis $30m, and SendFriend $1.7m
Crypto - JPMorgan Chase Moves to Be First Big U.S. Bank With Its Own Cryptocurrency
M&A - Ellie Mae $3.7b, WorldFirst $700m, Solium Capital $900m, and Shoplo undisclosed
Interesting reads - Why the Pay Later API Standard Could be a Turning Point in Banks’ Digital Strategies, API strategy crucial for banks looking to meet GDPR rules, and Swift to open KYC Registry to corporates

Quote of the week by David Andrzejek from Apigee

Virtually every industry is increasingly dominated by software platforms and the ecosystems that surround them.

Open Banking

Yolt opens up to businesses

Money management app Yolt is moving beyond consumers, bringing its open banking API to businesses across Europe.

www.finextra.com • Share

Nordic banking app Lunar Way raises €13M

Lunar Way, the Nordic banking app that’s riding new EU regulation to help inject more competition into the region, has raised €13 million in new funding.

techcrunch.com • Share

Belgium’s BNP Paribas Fortis unleashes bank account aggregator – FinTech Futures

Belgium-based BNP Paribas Fortis, a subsidiary of BNP Paribas, has launched the multi-banking version of its Easy Banking App for iPhone and Android smartphones.

www.bankingtech.com • Share

Challenger banks

Starling Bank, now with 460K consumer accounts, raises £75M more for European expansion – TechCrunch

Starling Bank, founded by banking veteran Anne Boden, has raised £75 million (~$97 million) in further funding.

techcrunch.com • Share

Tandem credit card racks up £100 million in transactions in first year

Today, Tandem announce that in total customers have spent over £100 million on their credit cards and has paid £500,000 in cashback to its cus…

www.finextra.com • Share

Canadian challenger Motusbank moves in – FinTech Futures

Ontario credit union Meridian has unleashed its digital entity Motusbank as it hunts for a place in the Canadian market.

www.bankingtech.com • Share

UK trade finance challenger bank Diaspora preps for flight – FinTech Futures

London-based Diaspora is getting ready to spread its wings with the launch of its trade finance challenger bank.

www.bankingtech.com • Share

TymeBank times South African launch for this month – FinTech Futures

South African challenger TymeBank will go live on a limited basis next week in preparation for a formal launch later this month.

www.bankingtech.com • Share

Funding

Goldman Sachs leads $45m funding round for business credit startup Nav

Nav, a business financial management app that helps small firms get better financing by giving them free access to credit reports, has raised $44.8 mill…

www.finextra.com • Share

Rapyd nabs $40M led by Stripe and GC for ‘fintech as a service,’ a single API for payments, money transfer and more – TechCrunch

As ever more transactions move onto digital platforms, a startup that is building a Swiss army knife of financial services.

techcrunch.com • Share

Crypto compliance provider Chainalysis collects $30m funding – FinTech Futures

Chainalysis, a provider of cryptocurrency compliance and investigation solutions, has secured $30 million Series B financing led by Accel.

www.bankingtech.com • Share

Online mortgage broker Mojo raises £7m

UK online mortgage broker Mojo Mortgages has raised £7 million in a Series A funding round joined by NVM Private Equity and Maven Capital Partners.

www.finextra.com • Share

Barclays, Ripple and Mastercard Foundation join SendFriend financing round

Barclays, the Mastercard Foundation and Ripple have joined in a $1.7 million funding round for overseas remittance startup SendFriend.

www.finextra.com • Share

UK retains top three spot for fintech investment

UK fintech investment increased by 18% to $3.3 billion in 2018, retaining the country’s top three profile for deal-making behind the US and China.

www.finextra.com • Share

Rabobank puts EUR80m into tech venture fund

Rabobank is pumping another EUR80 million into its venture fund investing in early-stage fintech and agritech companies.

www.finextra.com • Share

M&A

Ellie Mae goes under the hammer for $3.7 billion

Mortgage finance software house Ellie Mae is to be acquired by private equity firm Thoma Bravo for $3.7 billion.

www.finextra.com • Share

Alibaba’s Ant Financial buys UK currency exchange giant WorldFirst reportedly for around $700M – TechCrunch

Ant Financial, the financial services behemoth affiliated with Chinese e-commerce giant Alibaba, has made its first big move into Europe.

techcrunch.com • Share

Morgan Stanley agrees to pay $900m for employee stock plan manager

Morgan Stanley has struck a $900 million cash deal to buy Solium Capital, a Canadian provider of cloud-enabled share plan administration services.

www.finextra.com • Share

SumUp acquires ‘multi-channel’ e-commerce platform Shoplo – TechCrunch

SumUp has acquired “multi-channel” e-commerce platform Shoplo.

techcrunch.com • Share

Crypto

JPMorgan Chase Moves to Be First Big U.S. Bank With Its Own Cryptocurrency - The New York Times

The firm’s new digital token, JPM Coin, is another step in Wall Street’s evolving approach to using blockchain, the technology behind digital currencies.

www.nytimes.com • Share

Partnerships

China’s Alipay digital wallet is entering 7,000 Walgreens stores – TechCrunch

China’s payments heavyweights have been following tourists abroad as their home market gets crowded.

techcrunch.com • Share

Big banks bond with CommonBond for $750m lending spree – FinTech Futures

New York-based CommonBond has signed $750 million in lending capacity from Goldman Sachs, Citibank, Barclays, BMO, and ING.

www.bankingtech.com • Share

Santander strikes $700m IBM deal to support biz transformation programme

IBM continues to rack up the financial services contract wins, scoring a huge $700 million global deal with Banco Santander, as well as agreements with…

www.finextra.com • Share

Barclaycard partners with SAP to simplify corporate payments

Barclaycard Commercial Payments is integrating its business-to-business product, Precisionpay, into SAP Ariba, a B2B marketplace.

www.finextra.com • Share

Canadian banks back new market data hub

Canada’s big six banks are teaming up with local online exchange CanDeal to build a fixed income and derivatives market data hub.

www.finextra.com • Share

Interesting reads

Why the Pay Later API Standard Could be a Turning Point in Banks’ Digital Strategies

In January, SWIFT*, a global supplier of financial messaging services, announced the “Pay Later” API specification. “Pay Later” enables merchants to offer consumers financing via banks at the point…

medium.com • Share

API strategy crucial for banks looking to meet GDPR rules – IBS Intelligence

API strategy crucial for banks looking to meet GDPR rules

ibsintelligence.com • Share

Swift to open KYC Registry to corporates

Interbank messaging network Swift is to open its KYC Registry to corporates, providing a central hub for document exchange with multiple banking partner…

www.finextra.com • Share

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Have a great weekend!

-The Banq team

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By Gertjan De Wilde

A weekly digest of the latest news in banking and fintech

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