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Fintech

September 3, 2024

The FinTech Revolution Continues: Revolut Set to Shake Up Irish Mortgage Market in 2025!

Revolut, the leading digital banking platform, is gearing up to launch mortgage products in Ireland by the first half of 2025. Operating under its Lithuanian banking license, Revolut plans to offer a fully digital mortgage application process. This move follows the company’s expansion into personal loans in Ireland and reflects its strategy to disrupt traditional banking sectors by leveraging technology to provide faster and more efficient services.

July 25, 2024

Customer Complaint and Warning: The Illegal Online Casino Rolletto and its Payment Facilitator PayOp!

A customer of the illegally operating online casino Rolletto revealed a series of unauthorized transactions involving their Monzo, HSBC, and Barclays bank accounts. The transactions, which occurred between May 24 and May 25, 2024, were processed by PayOp and directed to Rolletto, a website owned by Santeda International. These transactions highlight serious breaches of anti-money laundering (AML) laws and the companies' own terms and conditions.

July 22, 2024

Surge in Fraud Reimbursement Complaints Against Revolut Despite its De-Risking Strategy!

Revolut's clients are primarily younger, tech-savvy individuals who favor online services. This demographic also faces significant risks associated with online scams, highlighting the need for ongoing education and vigilance in digital finance. According to the UK's Financial Ombudsman Service (FOS), customer complaints against Revolut for denying fraud reimbursement claims have surged by 35% in H2/2024, totaling 2,208 complaints.

June 4, 2024

FCA Drops Criminal Investigation into Monzo Over Money Laundering Failings

The UK regulator FCA concludes a two-year probe as Monzo posts its first annual profit. The FCA has dropped its criminal investigation into Monzo regarding potential anti-money laundering (AML) rule breaches but continues to investigate the matter as a civil case. This could still lead to fines. This decision of the regulator comes after a two-year inquiry that initially raised the possibility of criminal prosecutions against the app-only bank.

June 3, 2024

UK FinTech Unicorn Monzo Achieves First Full Year of Profit, Doubling Revenue!

Monzo, the UK digital challenger bank, has reported its first full year of profitability, marking a significant milestone in its financial journey. The fintech startup revealed in its annual financial results that it achieved pre-tax profits of £15.4 million ($19.6 million) in the 2023-2024 fiscal year. This is a remarkable turnaround from the previous year's substantial loss of £116.3 million.

May 8, 2024

Go West: Monzo Ramps Up Funding to $610 Million Amid Plans for U.S. Expansion and Pensions Launch

Monzo, the UK-based neobank and major Revolut competitor, has substantially increased its funding to $610 million this year, following a recent investment round that drew an additional $190 million from notable investors such as Hedosophia, CapitalG (Alphabet’s growth fund), and the Singaporean Sovereign Wealth Fund GIC. This significant boost in funding has propelled the company's valuation to approximately $5.2 billion.

April 30, 2024

Monzo Nears Completion of £500 Million Funding Round with Strategic Partnerships

Monzo, one of the fintech pioneers in the UK's digital banking sector, is on the brink of finalizing a significant funding initiative, securing £500 million through a strategic collaboration with technology investor Hedosophia. Sky News reported that Monzo has agreed terms with Hedosophia, an early backer of Airbnb and Uber, to become a bank shareholder. Another investor in this round is the Singapore Government Investment Corporation.

FinTelegram

March 5, 2024

UK FinTech Giant Monzo Secures $400 Million, Elevating Valuation to $5 Billion

In a significant development that underscores the robust health and growing investor confidence in the FinTech sector, UK-based challenger bank Monzo has announced the successful closure of a $400 million funding round. This latest injection of capital propels Monzo's valuation to an impressive $5 billion, marking a significant milestone for the digital bank in its pursuit of profitability and expansion.

June 8, 2023

Interesting: N26 Co-Founder Maximilian Tayenthal Pledget Substantial Part Of His Shares!

Founded by Austrians in Germany, the startup N26 is one of the European fintech unicorns alongside Revolut, Monzo, or Wise. 42-year-old N26 co-founder Maximilian Tayenthal is said to have pledged 3,000 no-par shares, representing 2% of the N26 share capital, in exchange for a loan from Austrian private bank Schelhammer Capital Bank reports Finance Forward. In total, Tayenthal still owns about 9.5 percent of the company.

May 19, 2023

Power Struggle: Revolut May Or May Not Be Granted A Banking Licence In The UK!

Over the last 48 hours, rumors have been circulating about granting the UK banking license to Revolut. One hears that the regulators would deny Revolut the banking license. There was also talk that Revolut had offered the regulators to withdraw the application. The Guardian reports that the UK government intervened and coordinated talks with Revolut as part of its growth strategy. Founded in 2015 by Russian-born Nik Storonsky, Revolut is the highest-valued FinTech in the UK.

May 14, 2023

Fact Check! The Ridiculous Black Banx Claim Of Being A $50-Billion FinTech Giant!

Self-proclaimed German FinTech billionaire Michael Gastauer has long suffered from an addiction to portraying himself as big and powerful. Over the past decades, he has built a payment scheme with a network of companies and brands through which funds from illegal transactions were also laundered. He is active with Black Banx, which reportedly has over 20 million customers and would be worth $50 billion. There is virtually nothing that can be verified.

Fintech

May 5, 2023

Challenger Bank Monzo Announced Milestone With 250k Business Customers!

The UK-based challenger bank Monzo has achieved a significant milestone of attracting a quarter of a million business customers, equating to one in 23 businesses in the UK using its services. Monzo was one of the earliest app-based challenger banks in the UK. It entered the business accounts market three years ago, one year after its main competitor, Starling Bank, which has 520,000 small business accounts, translating to an 8.9% market share.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.