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Hi,
This week we start with something that we can only expect to see more from in the near future, regulations on cryptocurrencies, the EU finally came to a consensus about how to respond to what is today part of reality. 
Revolut and Stripe are in a new partnership in the UK, Starling Bank is reaching milestone after milestone and more, keep reading!
 

EU reaches agreement on crypto regulation framework

The new regulation will help protect investors from and preserve financial stability whilst also allowing for continued innovation within the crypto sector. It is intended to provide more clarity to EU member states which have so far had no specific EU-wide regulatory framework to follow, forcing many to adopt their own national legislation and leading to differing rules across countries.

The ‘markets in crypto-assets’ (MiCA) proposal will cover issuers of unbacked crypto-assets (stablecoins) as well as the trading venues and wallets where crypto-assets are held. 

MiCA will better protect Europeans who have invested in these assets, and prevent the misuse of crypto-assets, while being innovation-friendly to maintain the EU’s attractiveness.

Non-fungible tokens (NFTs) have been left out of the proposal except if they fall under existing crypto-asset categories. Read more here.

GoHenry acquires French Fintech Pixpay

GoHenry, the prepaid debit card and financial education app for kids aged 6-18, has acquired French FinTech Pixpay in a deal that will see the financial education pioneer expand into Europe for the first time.

Ten years after it launched in the UK creating a new category in financial services, this new deal will enable GoHenry to rapidly expand its two million plus UK and US member base and accelerate growth across Europe as the company seeks to deliver on its mission to make every kid smart with money.

Having more than doubled its revenue during the pandemic to $42M in 2021, the acquisition follows a successful $40 million fund raise in 2020 to accelerate its leadership position in the UK and expansion into the US. Investors include French entrepreneurial growth equity investment fund Revaia, US growth-equity fund Edison Partners, Citi Ventures, and Muse Capital. Read more about GoHenry’s latest fundraising here.



Revolut will use Stripe in UK and Europe

Stripe, a financial infrastructure platform for businesses, today announced that Revolut will use Stripe to support payments in the UK and Europe and accelerate its expansion into new markets.

Revolut builds seamless solutions for its customers which means access to quick and easy payments. The collaboration with Stripe will help to facilitate that. Revolut and Stripe share a common vision about global expansion which will allow them to explore opportunities deepening their collaboration and delivering innovative new payments products. 

Revolut has ambitious growth plans through the current slowdown and will soon launch in Mexico and Brazil. The Neo-bank will leverage Stripe’s infrastructure and international footprint to enter these and other new markets more efficiently, and offer its customers a seamless payment experience that matches their local payment preferences



Starling launches budgeting tools for small businesses 

Starling banks has recently released their Bills manager feature to assist over 460,000 small businesses manage their budgets. The feature will help small businesses budget, forecast, and control running costs.


Accounting softwares Xero, FreeAgent, and Starling’s ToolKit are integrated into Bills Manager. These tools place business’ incoming transactions, outgoing transactions, and VAT in one location.The request to have a bill manager came from small business customers. It will help hundreds of thousands of small businesses to better manage their money. 

Starling also recently passed a milestone in reaching over 3 million current accounts.

Sonovate close £165M deal with BNP Paribas and M&G Investments

UK Fintech Sonovate has recently announced a substantial securitisation deal with BNP Paribas and M&G Investments, adding £165 million to its funding.

Capital fintech Demica will be assisting Sonovate and BNP Paribas on the transaction. The funding partner of Sonovate, M&G Investments, also invested £15 million as part of the agreement. Sonovate is moving towards reaching its £1.3 billion target funding goal this year, with a £2 billion goal set for 2023. 

The company specialises in embedded finance and payment-focused technology to cater to the online workplace and plans to channel the new capital into widening its customer outreach to more businesses and improving on export financing services. This securitisation is designed to support the new world of flexible working.

Plum partnerships with Railsr to launch debut card 

Plum has announced the launch of its degradable debit card, consolidating its position as a comprehensive money app. The card is designed to round out Plum’s budgeting features and help customers track their spending. Initially ‘Plum Ultra’s customers will be the first to have access to the card at no additional cost.

The card itself is being provided by Railsr and manufactured by Allpay, and will be ‘eco degradable’: composed of 57% sea salt and 43% crude oil, with an additive which accelerates degradation. The move into a debit card is just the latest in a new raft of features to be released in 2022, following its commissions-free stock investment platform it launched in May.



The C-Innovation Team

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