1.UK – FinTech
“Banking challenger Revolut has made a number of changes to its trading business including an increase in custody fees and a reduction in the number of free trades it offers users.
Its custody fee will change from 0.01 per cent of asset value per annum to 0.12 per cent of asset value per annum.
Revolut's free trading will also see changes. Standard users, who do not pay to use the bank, will receive one commission free trade per month, whereas previously they received three.
Plus users, who pay £2.99 per month, will continue to receive three commission free trades per month. It's Premium users, paying £6.99 per month, will receive five commission-free trades per month. they previously received eight. Metal users, who pay £12.99 per month, will continue to receive unlimited commission-free trading.
The banking challenger, which recently announced a move to permanent flexible working for its 2,000-strong workforce, has been on a push for profit since the pandemic shifted a number of its core revenue streams.”
2. US – FinTech
“Cryptocurrency wallet provider Blockchain.com has raised $120 million in funding from a host of macro investors, including Google Ventures.
Moore Strategic Ventures, Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, Lakestar, and Eldridge all joined the round.
In a blog, Blockchain.com CEO Peter Smith says the firm has now seen over 65 million crypto wallets created in more than 200 countries. "And," he claims "28% of all Bitcoin transactions since 2012 have occurred via Blockchain.com, representing billions in transaction volume".
With bitcoin smashing through the $50,000 barrier this week, Smith says there is currently "immense optimism about cryptocurrency from serious, institutional investors".
At the same time, he claims that wider public support is down to unprecedented distrust in traditional financial institutions and that: "More than ever before, crypto begins to seem like the real Robin Hood of finance."
Concludes Smith: "It’s time to bring billions of people into crypto and millions of institutions around the world. It’s time to build a financial system for the internet."
3. US – FinTech
“Bison Trails, an established blockchain infrastructure platform-as-a-service firm that will be acquired by Coinbase, has announced the launch of its Global Blockchain Sync (GBS) feature.
The Global Blockchain Sync aims to expand the functionality of the Bison Trails platform by making it faster and a lot easier for clients to set up new nodes across various protocols, as well as for Bison Trails to “respond to potential adverse events like a Cloud provider outage.”
4. International – FinTech
As a reminder, Cape is planning on launching an SME credit card in early 2021 which will combine credit with expense management, helping small businesses to manage their working capital better.
Pakrashi joined Funding Circle as its first risk hire back in 2012 and grew the team over six years as CRO, he later moved to MarketFinance where he oversaw the lending platform’s integration with Barclays.”
5. International – FinTech
“Open API card issuing and processing platform Marqeta has filed confidentially with US regulators for a proposed initial public offering, according to Reuters.
The firm is hoping to go public as early as April at a $10 billion valuation, says Reuters, citing a person familiar with the matter.
Founded in 2010, Marqeta is gunning for the centre of a multi-trillion dollar card issuing market that is changing fast as new entrants disrupt the dominance of big banks.
Its platform and Just-In-Time Funding feature allows companies of all sizes to authorise their own card transactions, fundamentally changing how they engage with issuing and processing. Developers on Marqeta’s platform can sign up for a sandbox in under a minute and then leverage a set of card controls and configurations to get a fully funded card programme to market in a matter of days.
The firm counts Visa, Mastecard and Goldman Sachs among its investors and last May raised $150 million at a $4.3 billion valuation.”