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Tag Archives: FinTech News

Wyre Announces Closure of Platform and Winding Down Next Month

According to reports, problems began at Wyre when it set withdrawal limits for user accounts, claiming the community’s best interests. Wyre, a prominent payments firm in the crypto industry, has recently planned toward the closure of its business as it plans to cease operations by the end of next month. As highlighted in a tweet, the company attributed this move to protecting the best interests of its key stakeholders and customers, citing market conditions as the primary motivator....

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Fintech Unicorn Zepz Eyes Expansion via Mergers and Acquisitions

Zepz CEO revealed that the company is preparing to introduce its first digital wallet, with a focus on meeting the requirements of migrant communities that frequently send money home. In the fast-paced world of financial technology, staying ahead of the competition often necessitates bold and clever initiatives. with Zepz targeting expansion through Mergers and Acquisitions (M&A). The CEO of Zepz, Mark Lenhard, recently shared this exciting development in an interview with CNBC. While...

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Nasdaq Inks $10.5B Deal to Acquire Software Firm Adenza

For Adenza, the acquisition represents a significant milestone in the company’s growth trajectory. Just recently, Nasdaq Inc (NASDAQ: NDAQ), the leading US-based technology firm serving the global financial system announced the acquisition of Adenza, a software application provider. The deal, which is valued at $10.5 billion in cash and common stock, will see the complete takeover of the firm by Nasdaq from Thoma Bravo, an American private equity and growth capital firm. Interestingly, the...

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Stripe, Ripple, Blockchain.com, OpenSea Lead Way for Top 10 US Fintech Companies

Top crypto companies rank amongst the largest Fintech companies in America despite market challenges. Forbes has released its annual list of the top ten largest fintech companies in the US, providing insights into the dynamic landscape of the financial technology industry. However, this year’s list includes a disclaimer due to the market downturn’s impact on fintech valuations. First on the list was payment processing giant Stripe. The crypto-friendly firm, founded by Irish brothers...

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UK Neobank Monzo Attains First-Time Monthly Profitability Following Lending Surge

Monzo hit profitability after its lending volume for the period ending February 2023 ballooned to £759.7 million. British neobank Monzo Bank has revealed it attained monthly profitability for the first time in 2023 following a lending surge. In its annual report for the year ending February 2023, the online bank said it became profitable two months into the year. Monzo said it earned a 382% increase in net interest income which amounted to £164.2 million, driven by a surge in lending...

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Klarna Halves Q1 Net Loss and ‘On Track to Achieve Profitability This Year’

Swedish fintech mainstay Klarna cut its Q1 net loss to $120.7 million while boosting operating income by 22% YoY. Klarna Bank AB significantly improved its Q1 bottom line after halving the net loss sustained for the period compared with last year. For the first quarter of the year, the Swedish fintech giant posted a net deficit of 1.3 billion Swedish krona ($120.7 million). This reverse is down 50% from Klarna’s year-ago outing as the company looks ahead toward profitability. In Q1 2022,...

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Starling Bank CEO to Step Down on June 30th after 10 Years in Charge

Starling CEO Anne Boden agrees to step down from the role at the British neobank next month over ‘conflict of interest’ concerns.  According to reports, Starling Bank co-founder and CEO Anne Boden will step down at the end of next month. Chief operating officer John Mountain is replacing Boden at the helm of the British digital bank. The CFO has been with Starling since 2015. Boden co-founded Starling in 2014 and grew the neobank’s profile and business visibility to become a leading UK...

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Revolut UK Banking License Application Faces Rejection by Bank of England

Amid financial scrutiny, UK fintech giant Revolut faces rejection for its long-running banking license application.  Revolut is facing a possible rejection of its UK banking license application submitted to the Bank of England (BoE). The British neobank’s long-standing application for a UK banking license appears to be in jeopardy and could cause a big blow to the company’s operational growth plans. Revolut has been campaigning for a license for two years, with high-ranking executives...

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Revolut Launches Business Offering in Australia, Seeking Banking License

Revolut believes that license would help to ensure higher consumer confidence. Crypto-friendly fintech company Revolut has introduced an international payment-targeted business account for customers in Australia, as it is allegedly operating to safeguard a banking license. The London-based company provides a wide range of fiat payment services for customers in Europe and Australia. It also rolls out crypto services like purchasing and selling a specific number of crypto assets that also...

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Fintech Group Zepz Lays Off 420 Employees to Restructure Its Business

Zepz, however, noted that it is hiring more than 200 new roles including software developers, managerial positions and marketing roles, among many others. In a bid to streamline its business structure for future growth prospects, Zepz,  a London-headquartered money transfer platform, has announced the reduction of its workforce by about 26 percent. In a report by CNBC, it is said that Zepz has sent home 420 of its employees but not due to macroeconomic pressure. As a result, Zepz has been...

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