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Fintech

November 19, 2024

Revolut Hits 50M Customers Milestone, Eyes Global Banking Domination

TThe UK-based fintech giant Revolut celebrates reaching 50 million global customers, solidifying its position as a fintech powerhouse. This remarkable growth includes 10 million new customers registered in 2024 alone, demonstrating the company's rapid expansion. In Italy, Revolut has approximately 2 million users and plans to inaugurate a new branch by the end of the year.

September 13, 2024

Revolut Founder and CEO Offloads Shares Worth Between $200 to $300 Million!

Revolut founder and CEO Nik Storonsky offloaded a significant portion of his shares in the fintech giant during a secondary offering in August, raising between $200 million and $300 million. This sale still leaves him with a majority stake valued at $8 billion. As Revolut continues to post strong financial results and expand its services, all eyes are on the company’s next move, with an IPO potentially on the horizon.

September 12, 2024

Starscream Casinos: Offshore Casino Operator, Potential Regulatory Evasion, Payment Facilitators, and More Cyprus Connections!

Online casinos are easily transferable digital assets. The transfer of Gammix Ltd's casinos to offshore operator Starscream Ltd raises serious questions about the continued illegal gambling activities in Europe. Despite massive penalties from the Dutch regulator KSA, Gammix appears to have simply shifted its operations offshore, where it continues to flout regulatory oversight facilitated by regulated payment processors.

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

Finally: Revolut Secures UK Banking Licence After Lengthy Wait!

The UK regulators did not make it easy for Revolut, which was founded in 2015 by Nik Storonsky and Vlad Yatsenko, then Russian citizens. The UK's most valuable fintech firm has finally secured a UK banking license with certain restrictions, following a three-year application process. This milestone will enable Revolut to hold customer deposits and offer own-branded loans, including mortgages, setting the stage for its eventual stock market listing.

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.

July 3, 2024

Revolut’s Strong 2023 Results Lead to Confirmed Green Ratings from PayRate42

In a year marked by remarkable financial achievements, Revolut has reported record profits for 2023, prompting cyberfinance rating agency PayRate42 to reaffirm its Green Compliance and Green Risk ratings for the London-based fintech giant. PayRate42 positions itself as a private extension of state financial regulators and aims to inform and protect investors and customers of cyberfinance institutions through its rigorous assessments.

June 21, 2024

Revolut: PayRate42 Explains the Reasons for the Still Missing UK Banking License.

FinTelegram recently reported that Revolut, the leading UK fintech, was allegedly valued at $40 billion. An impressive number, especially before the background of the still missing UK banking license. Revolut remains entangled in its prolonged quest for a UK banking license. Revolut's struggle to secure this license highlights deeper operational and regulatory challenges. Cyberfinance rating agency PayRate42 explains the situation.

June 21, 2024

FinTech Pioneer Revolut Targets $40 Billion Valuation in Employee Share Sale Despite Missing Bank License!

According to a recent Financial Times report, the UK fintech giant Revolut is aiming for a valuation exceeding $40 billion in an upcoming share sale, according to insiders. This move would solidify its status as Europe’s most valuable startup. The high rating is somewhat surprising given the fact that the UK regulators have so far refused to grant Revolut the requested banking license. Its competitors, Monzo and Starling, have secured banking licensesw a few years ago already.

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.

PayRate42

May 26, 2024

Elevate Your Business Visibility with PayRate42 – The CyberFinance Rating Agency!

In the rapidly evolving world of cyber finance, where the boundaries of traditional financial regulation blur, our partner, PayRate42, emerges as a trusted rating agency. Payrate42 is not just a benchmark for quality and trust; it's a beacon guiding merchants and consumers through the dynamic landscape of neobanks, fintechs, paytechs, and crypto service providers. List your business today!

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.

Gemini Trust Slapped with $5 Million Penalty for Misleading CFTC

The U.S. Commodity Futures Trading Commission (CFTC) has issued a $5 million fine to Gemini Trust Company LLC for making false or misleading statements during a 2017 bitcoin futures contract certification process. The order stems from the CFTC’s July 2, 2022, complaint against Gemini Trust. The case highlights the importance of truthfulness in regulatory disclosures.

Crypto Fraud Unveiled: Mosaic Exchange and CEO Hit with $1.1M Penalty for Crypto Scheme

The U.S. Commodity Futures Trading Commission (CFTC) has secured a $1.1M judgment against Mosaic Exchange Ltd. and its CEO, Sean Michael, for running a fraudulent digital asset scheme that targeted 18 victims globally. The judgment exposes their misuse of funds, false profit claims, and deceptive practices. The orders stem from the CFTC’s three-count fraud complaint filed Sept. 26, 2023.

Attention: The MoonPay Acquisition of Helio May Trigger a Merger and Take-Over Wave in the Crypto Space.

MoonPay, a leading U.S. crypto payments platform focused on high-risk sectors, has acquired Helio, a Solana-based blockchain payment processor, for $175 million, marking the start of what could be a series of strategic mergers in the digital asset space. This acquisition, MoonPay's largest to date, aims to enhance its payment infrastructure and expand its services in the rapidly evolving cryptocurrency payments sector.

Investor Briefing: The Bear in Crypto Town – Potential Crypto Sector Crash Analysis

The crypto market has entered a period of heightened volatility and uncertainty in recent weeks. Despite a brief recovery at the beginning of this week, the overall trend remains bearish, with Bitcoin and other major cryptocurrencies experiencing significant price fluctuations. As the Fed has been warned of a looming crisis, bitcoin and crypto traders are nervously watching for whether the combined crypto market will drop below the key $3.2 trillion level.

The Clock is Ticking for TikTok: Can the App Dodge a U.S. Ban?

The US is edging closer to a definitive ban on TikTok, the Chinese-owned social media app that has dominated global digital culture. Despite a surprising show of goodwill from incoming President Donald Trump, the odds on prediction markets like Polymarket suggest a 67% likelihood of a ban before May 2025. This looming threat raises urgent questions.