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We know it took us longer than expected, but here it is, our weekly newsletter! With all the news and information you need to keep up with the FinTech industry, neo-banking, banking and much more...

HSBC invests $35 million in Monese

Mobile-banking startup Monese has recently secured a $35 million investment from HSBC to support its move into the banking-as-a-service space.

London and Tallinn-based Monese targets expats and immigrants who typically struggle to get a traditional bank account.

The latest investment brings the total raised by Monese to $208 million and comes on the heels of a September deal and investment from Investec, which intends to adopt Monese's new BaaS platform to deliver its digital current account offering in the UK. Read more here.

This new partnership is a key step towards delivering digital wealth and banking tools at pace and scale, combining Monese’s fintech credentials with HSBC’s global wealth and banking capabilities.

Zip to be added to PPRO digital payments infrastructure

PPRO merchants will soon have the ability to integrate buy now, pay later services from Australian provider Zip at the point of checkout.

Zip, which includes Zip Pay and Zip Money, becomes the first Australian BNPL method to be added to PPRO’s digital payments infrastructure and sits alongside other Australian local payment methods.

The new integration allows PPRO’s global partners and their merchants to offer Australian consumers a way to pay with their preferred checkout option when they shop online.

Earlier this year, PPRO acquired Alpha Fintech in a deal that will strengthen its presence in Asia Pacific and enable it to offer a plug-and-play orchestration layer that will let its customers integrate products and services faster and at scale. Read more here.

For Zip, which is looking for a buyer for its UK subsidiary and recently nixed a deal to acquire US-based Sezzle, the agreement opens up access to PPRO's ecosystem of cross-border payment services providers and merchants.

Learn more about BNPL in our blog post.

Source: C-innovation

Goldman Sachs partners with Modern Treasury

Goldman Sachs is joining forces with fintech Modern Treasury to bring embedded payments to corporate customers.

The partners say they will help joint customers seamlessly embed and scale domestic and international payments into their products.

Modern Treasury’s payment operations software platform will provide mutual clients with an integrated money movement solution, with payments powered by Goldman Sachs Transaction Banking (TxB).

In addition, clients can open virtual accounts, leverage wire drawdowns through the joint solution, and access more support services needed to support today’s high-growth companies.

Embedding payments into software products is increasingly the trajectory of commerce, and by partnering with Modern Treasury, clients can seamlessly leverage their payment capabilities within their own platforms.

Learn more about Mergers and Acquisitions in our blogpost.

Source : C-innovation

Ethic raises $50 million in recent series C

UBS has joined a $50 million round in tech-driven asset management platform Ethic.

Ethic’s platform helps financial intermediaries meet the demand for personalised investment services, delivering custom equity portfolios that can be tailored to end clients’ individual sustainability, financial, charitable giving and tax management preferences.

The $50 million Series C funding round was led by the Jordan Park Group, with participation from UBS Next as well as from existing investors including Oak HC/FT, Nyca Partners, Sound Ventures, Urban Innovation Fund and Kapor Capital.

Defying market turbulence, Ethic has grown rapidly since its Series B raise in 2021, surpassing $2 billion in assets and expanding its team headcount by more than 70%.

The new capital will be used to support expansion into new markets and products, and continued R&D investment.


Learn more about Deposit strategy in our blog post.

Source: C-innovation


BNPL to be regulated by CFPB

The Consumer Financial Protection Bureau (CFPB) is planning to tighten up regulation of BNPL firms, bringing in the same baseline consumer protections that already exist for credit cards. With BNPL usage booming, last year the CFPB launched an inquiry into the market amid concerns about accumulating debt levels and data harvesting by vendors.

The watchdog submitted a series of orders to Affirm, Afterpay, Klarna, PayPal, and Zip to hand over information about their business models and customers' shopping behaviour when using their products. The report found that the five firms originated a combined 180 million loans in 2021, totalling $24.2 billion, an increase of more than 200% from 2019.

In addition, the CFPB is looking into data surveillance practices, specifically some of the types of demographic, transactional, and behavioural data that is collected for uses outside of the lending transaction.

This is linked to a separate CFPB inquiry into the move of Big Tech into payments, with some players - most notably Apple - looking to enter the BNPL arena.

Learn more about BNPL in our blog post.

Source: C-innovation

The C-Innovation Team

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