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Hello,

This week has been and will be nothing else than interesting and important to acknowledge, to say the least. Revolut has reached 20 million customers and will keep on counting. Zip Co and Sezzle are ending their merger, Virgin Group is supporting Lightyear, British FinTech, with their new investment. And more, keep on reading!

In other news we, at C-Innovation are pleased to inform you about our next Deep-Dive report coming out later this week, it will be titled Rise and fall of Digital Disruption, and you can expect a complete and up-to-date way of how banking has changed in the new decade, how the world is adapting and several comparisons between countries, as well as banks.
 

Revolut reaches 20 million retail customers worldwide

Revolut, the global financial app, has surpassed 20 million retail customers worldwide, and is now processing over 250 million transactions a month thanks to the dozens of innovative products it offers : peer-to-peer payments, Saving Vaults, Junior, Stays, and Trading. 

On the other hand, competitors such as N26, Monzo or Chime respectively reach approximately 7 million, 5 million, and 13 million retail customers.

Both achievements come as Revolut celebrates its 7th anniversary. Revolut is continuing to expand its global workforce, topping 5,000 employees globally. Over the past year, Revolut has opened several offices in different locations across the world.

In the past few months, Revolut has launched a variety of new features including On Demand Pay in the UK, personalised Loans in Ireland, and was named as one of TIME100 Most Influential Companies. With services in 36 countries, the journey continues as Revolut looks to expand into new markets including India, Mexico and Brazil. Read more here.

You can also learn more about Revolut in our Deep-dive.




Zip Co and Sezzle terminate BNPL merger agreement 

The proposed merger of BNPL firms Zip Co and Sezzle has been terminated. The two competitors have mutually agreed to no longer pursue the script-based merger. Zip mentioned the deal was cancelled in light of current macroeconomic and market conditions.

Zip’s US rival Sezzle was valued last February at US$491 million. However, the implied value would be drastically lower now given Zip’s share price has fallen by three quarters since then. Since the termination announcement, Sezzle has lost around 82% of its value, dropping to AU$84.9 million.

Rising interest rates and declining consumerism in the retail sector has taken a toll on financial firms.

As part of the agreement to break off the merger, Zip will pay Sezzle $11 million (AUD 16 million) to cover costs associated with the deal, including legal and accounting costs, among other things. 

Therefore the firm remains well capitalised and, in line with previous guidance, expects to deliver group profitability during FY24.


Source: C-Innovation 

In recent events, another deal involving twitter and Elon Musk. Read more here.

Lightyear has been backed by Virgin Group in latest funding round

Lightyear, a UK fintech startup that promises customers commission-free trading on US and European stocks, is officially expanding into Europe.

The European challenger to trading platform Robinhood recently raised $25 million in Series A round of funding led by U.S. venture capital firm Lightspeed, with participation from other notable backers including Virgin Group, which counts Richard Branson as its sole shareholder. 

In the past year, the company has invested in several fintech companies such as Sesame, Zero Acre Farms, Wayve, and Pintify. 

Founded in London last year by Estonian entrepreneurs Martin Sokk and Mihkel Aamer, Lightyear offers commission-free trading in over 3,000 global stocks and multi-currency accounts. Sokk and Aamer previously worked at Wise, the U.K.-listed money transfer firm.

Lightyear is one of several burgeoning stock trading companies to emerge on the scene, promising an easy inroad for the general public to invest their money in some of the world’s biggest companies, from Apple and Alibaba, to Spotify and Tesla. On top of that, users can invest in what are known as exchange traded funds (ETFs).


Source : Lightyear
 

Qori launches multi-channel pay-by-bank and pay-by-crypto tech 

French Fintech start up Qori has recently announced that European customers will be able to pay in store, remotely or online with their bank or crypto wallet without having to download a proprietary app.

The Pay-by-bank and Pay-by-crypto technology is available to thousands of merchants through partnerships with European payment services providers, terminals distributors, e-commerce integrators and POS manufacturers. Qori will initially focus on France, Spain and the UK, promising a fully digital, multi-channel and cheaper alternative to card payments.

The firm has secured €1.8 million in seed funding from backers including Hottinger, Golden Record Ventures, Firestartr, Systema VC and angel investors such as former head of Stripe Europe Guillaume Princen. The funding will be used to expand Qori's development team and deploy its product at scale into the luxury, hospitality and lifestyle sectors, as well as online marketplaces.

As two fundamental trends, open banking and crypto, continue to disrupt the payments industry and challenge the central role of cards, Qori is seizing this unique opportunity to become the preferred multi-channel payment method for in-store, e-commerce and remote transactions. 


Source : Qori

Monneo launches new API

Monneo, the complete end to end payment ecosystem provider, is leading the way for Banking as a Service (BaaS) as it launches a new application programming interface (API).


Source: Monneo

The new API will allow almost instant access to all Monneo’s world leading services in a safe, secure and regulated platform. Fintechs and online businesses that would like to offer banking services to customers via open banking platforms or payment service providers can now partner with Monneo and access its extensive payment and banking network. The company is now able to fully integrate banking services for all its customers as an embedded finance digital banking provider.


The C-Innovation Team

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Javier Guevara Torres
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              Contact Javier at javierguevara@c-innovation.eu 
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