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We are in the middle of the week and the world keeps moving as quickly as always. From the UK Challenger Dozens closing its doors to Nuri, the German crypto bank filing for insolvency and Revolut attracting more and more clients with their crypto courses.

That and much more is happening all around us, keep on reading!

UK Challenger Dozens set to close

Banking app Dozens is to wind up its consumer operations, citing the domino effect of the Covid-19 pandemic and funding constraints. Launched in 2019, Dozens offered users a slew of budgeting and analytics tools to help them save and invest more efficiently.

The firm claims to have some 60,000 customers using its app, and has raised £28 million from Hong Kong-based backers, as well as a £3.5 million crowdfunding round on Seedrs.

The company informed customers of the decision to shut down in June, giving them two months to transfer their cash to an alternative provider. 

In a statement, the firm says that Covid-19 came during the company’s early days which led to loss in both investment and B2B deals worth millions of pounds.The company struggled on through 2020 and 2021, migrating many of its services over to a brand new tech stack and new partners like ClearBank, Marqeta and Visa.

The FinTech says it will now refocus its efforts on building a B2B-based business, thanks to the foundations they’ve laid over the past 3.5 years.

Source : Dozens

Ex-chancellor Lord Hammond enlisted to back a new £1 billion FinTech fund in the UK

A group of senior industry figures are leading plans to create a new £1 billion FinTech fund to accelerate the growth of promising UK scale-ups. Lord Hammond, chancellor of the British exchequer until 2019 and politician, has been enlisted to back the venture, which has been provisionally named the FinTech Growth Fund. Hammond already acts as an advisor to UK crypto startup Copper and challenger OakNorth Bank

The fund would seek to raise capital from institutional investors and be independent of the government. Companies including Barclays, London Stock Exchange Group and Mastercard are said to have been approached about providing small amounts of seed funding to get the new vehicle operational.

The fund’s aim is to fill a ‘gap’ in funding identified by Ron Kalifa as part of his Government-backed review into UK FinTech, and serve to to provide funding to companies as they progress beyond the Series B stage of capital raising, better catering to Start-ups looking to scale. 

Source: Fintech Global

German Crypto Bank Nuri files for insolvency

Crypto-focused digital bank Nuri has filed for insolvency, blaming macroeconomic headwinds and the crypto markets downturn. The firm, formerly known as Bitwala, filed for insolvency in a Berlin court on Tuesday, weeks after it said it would lay off 20% of its workforce in a drive to reach profitability.

The German mobile bank leans on Solarisbank for licensing and regulatory requirements, offering customers saving and crypto investment products. The company currently counts half a million customers and saw a quadrupling of revenue over the course of 2021.

However, the Covid-19 pandemic and Russian invasion of Ukraine have contributed to a cooling down of public and private capital markets - major cryptocurrency sell-offs, the implosion of the Luna/Terra protocol, the insolvency of Celsius and other major crypto funds have damaged Nuri's business model.

Read more here.


Source: Nuri

Plaid launches Open Finance Agreement with Wise

Through an open finance agreement with Plaid, Wise’s 13 million customers will now be able to connect their accounts to thousands of apps. Based on Plaid's open finance tool Core Exchange, the arrangement means that people can connect their Wise USD local account to thousands of other apps, including Venmo, Truebill and Chime, to easily move money back and forth.

The integration is already live and being used for things such as P2P payments and investment platforms. Business customers in the US are using it to send funds to payroll companies, and firms globally are using it to connect to Neo-banks, as well as pay credit card bills and tax.

The partnership allows Wise customers to connect their accounts to the apps and services they know and love in the US instantly and without hidden fees as part of their goal to offer a “money without borders” service.

Source: Plaid

Upper90 closes a $180 million fund

Upper90, a hybrid fund that provides tailored credit and equity to e-commerce, FinTech, and supply chain finance Start-ups, has raised $180 million in a capped initial closing for its third fund.

The firm was founded in 2018 by executives from Seamless-GrubHub and Goldman Sachs. 

Since raising Fund I in 2018, Upper90 manages and has syndicated over $2.2 billion across 43 portfolio companies, including the likes of Octane, Crusoe Energy, Thrasio, Filmrise, Clutch, Karat, Beacon and Settle.

The new fund was sourced from an investor base of 300 entrepreneurs to help founders scale with less dilution. 

Revolut’s crypto courses attract 1.5 million users

Almost 1.5 million people from 32 different countries have completed Revolut’s crypto education course in the first month since its launch, demonstrating a public appetite for the speculative asset class during times of rampant inflation. Revolut’s new in app ‘Learn & Earn’ courses reward customers with Dot tokens for improving their knowledge of cryptocurrencies and related topics, including blockchain and Web3.

Revolut customers can invest in more than 80 cryptocurrencies on the Revolut app, with stop or limit orders. The app also offers and recurring buy and spare change roundups.

As Revolut still awaits regulatory approval for its crypto offering in the UK, it is careful to stress that customers should consider their personal circumstances when buying or selling crypto as their funds are not protected, and prices are extremely volatile.

To learn more about Revolut, check out our deep-dive.


Source: C-Innovation Revolut Deep-Dive

The C-Innovation Team

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Take a look at our latest report on Starling Bank 
Starling Bank: Money-making In Digital Banking

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