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Tag: Revolut

May 27, 2022

While The FinTech Sector Goes South, High-Risk Payment Processors Are Still Bullish!

If we were to look back in a year or two, we might find that the last week of May 2022 manifested the trend toward the entire tech sector's crisis, especially in the FinTech sector, which saw a C19 Pandemic-boosted hype before that. FinTech unicorns like Klarna or Bolt announced massive layoffs. Online payment pioneer PayPal as well. In contrast, the high-risk payment segment still seems to be booming. Alex Leigh, the co-founder of Total Processing, has made a job offer to the terminated Klarna people via a LinkedIn post.

December 14, 2021

Interesting! FinTech giant Revolut acquired Payvision-related Dutch Nobly POS!

FinTech giant Revolut announced that it had acquired ePOS software provider Nobly POS. The move would expand payment services for restaurants and the hospitality sector. The press release does not mention a purchase price. One of the investors of directors of Nobly POS was an investment of the collapsed ING subsidiary Payvision, founded by disgraced fintech entrepreneur Rudolf Booker. Recently, ING has announced to close Payvision. Only POS has distanced itself from Payvision and Booker.

January 29, 2021

Brazil FinTech Nubank received fresh $400M at record-breaking $25B valuation

Forget the European FinTechs like Revolut, N26, Monzo, or Starling Bank. Brazil's Nuban beats them all. The Brazilian superstar Nuban announced that it had raised a $400M, putting their total funding to $1.2B. The company received an astonishing $25 billion valuation (up from $10 billion in 2019). They have an impressive track record and managed to acquire 34 million users' customer base.

Fintech

January 28, 2021

FinTech 2021 – German unicorn N26 still on the growth track planning acquisitions

The German FinTech unicorn N26 evidently seems to be on an unstoppable growth trajectory despite high losses. N26 said net losses at its core European business came in at 110 million euros in 2020, down from €165M in 2018. N26 has plans to make acquisitions, hire more employees , and expand into Brazil.

December 17, 2020

FinTech Review – FCA-regulated Bilderlings with Latvian roots

Bilderlings Pay Limited is regulated as an authorized e-money institution under reference No 900637 since May 2018. The institution is doing business as Bilderlings (www.bilderlings.com and www.bilderlings.eu) and offers international payments with app and debit card. Like TransferWise et al. The company was founded back in December 2015 and is led by Latvians Deniss Polakovs and Andrejs Zaharovs. Until recently, Latvian Aleksandrs Peskovs was listed as the beneficial owner.

December 13, 2020

European Fintech Festivals – Tink and Solactive receive €135 Mio fresh money

The COVID pandemic seems not to want to end. The BREXIT talks still show no promising perspectives, and nobody knows where the EU, Europe, and the world will be in a few months. This seems to motivate investors to invest even more in FinTechs. Theoretically, many FinTechs should benefit from the age of the home office economy triggered by COVID-19. This week again, the two EU-Fintechs Tink and Solactive announced successful financing rounds.

December 2, 2020

UK FinTech unicorn raises £125 million amid COVID-19 pandemic

Monzo, one of the "Big 3" U.K. challenger banks aka FinTechs besides Revolut and Starling Bank with more than 4.8 million customers just closed another £60 million in funding, priced the same as its last round in June when it raised £65. The new investor valued Monzo at around £1.2 billion. It was a down round, actually. The bank received a 40% hit in its valuation compared to its June 2019-round which gave it a valuation of £2 billion.

NYDFS

October 23, 2020

Crypto adoption – PayPal receives BitLicense and starts to accept crypto as a means of payment

This may be a pivotal step for crypto mainstream adoption. Following FinTechs like Revolut, FinTech giant PayPal will embrace crypto. PayPal announced that it will allow customers to hold bitcoin and other virtual coins in their online wallets and use it to shop and pay at the 26 million merchants on its network. The new service will be operated on the regulatory grounds of a NY Bitlicense in a partnership with Paxos Trust Company.

October 12, 2020

The PayTech Papers – Regulatory Challenge in Fighting Cybercrime

The revised Payment Services Directive (PSD2) to regulate payment services throughout the EU and EEA came into force in January 2018 and officially kicked-off the “Open Banking Era” with FinTech unicorns TransferWise, Revolut, Monzo, or N26 leading the pack. The number of licensed PayTechs in the EEA exploded as a study published in July 2020 shows. Unfortunately, the number of unregulated and therefore unauthorized acting PayTechs specializing in scams and cybercrime also exploded.

Fintech

August 12, 2020

FinTech: Revolut tripled losses to almost $140 million despite strong revenue growth in 2019

After Monzo, its's UK competitor Revolut must also announce a massive increase in its losses. Revolut said its losses more than tripled in 2019, despite a surge in revenues and customer numbers. The London-based company posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018.

June 17, 2019

German fintech startup N26 blocked by traditional banks to stop online fraud

FinTelegram has repeatedly pointed out that many of the fraud cases involving illegal broker schemes would not be possible without the negligent or deliberate involvement..

startups

May 26, 2019

London payment startup TransferWise secured $292m investment at a $3.5b valuation

The London-based fintech startup TransferWise, focused on international money transfer service, disclosed last week a new $292 million secondary round at a valuation at $3.5..

Breakeing: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

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.