1.UK – FinTech
“The Bank of London, which launched a year and a half ago as the UK’s sixth principal clearing bank, is making a multi-million-pound investment in Belfast.
It is expanding its UK presence with a new “centre of excellence” creating 232 new jobs by 2026.
The bank currently has 34 new employees, consisting of payments leaders, software engineers and operations among others, with 54 roles being advertised at the moment.
The company, valued at $1.1bn, says it is expected to generate around £20m worth of annual salaries for the local economy when all the roles are in place.
“To build the future of finance, we need to be where the future is,” Bank of London founder and CEO Anthony Watson said.
“Belfast is now the UK’s gateway city to the European Union, and this coupled with Belfast’s exceptional FinTech talent across multiple disciplines, makes it the logical choice for The Bank of London’s Centre of Excellence to power our UK expansion.”
According to the bank, opening the new centre in Belfast brings access to a new strong talent pool, excellent academic institutions and a growing technology sector.”
2. International – FinTech
“Formance, a French fintech startup that offers businesses a 'low-code' template for tracking payment flows in real time, has raised $3.1m from Hoxton Ventures, Frst, Y Combinator and several business angels.
Founded in 2021 by Clément Salaün and Anne-Sybille Pradelles, Fomance offers pre-built, fully customizable use-case templates for the tracking of the payment flows between pay-ins and payouts.
The package, which features an open source modelling language and ledger and a library of pre-built use cases, is designed to help growing businesses keep track of increasing volumes of money flows and pivot to take advantage of new business opportunities as they arise.
The company also offers a suite of subscription-based real-time transaction tracking tools for finance and operations teams that enable the reconciliation of pay-ins and payouts, and the identification of issues related to transactions.”
3. International – FinTech
“Tap Payments signs two new partnerships to consolidate the Middle East and North Africa’s (MENA) fragmented local payments system.
Despite the fact that, according to a recent Kearney report, e-commerce in the Gulf Cooperation Council (GCC) region has jumped from $5billion in 2015 to over $24billion today, the region’s international markets continue to be stumped by local disparities in its payment methods.
Current figures show how a mere eight per cent of GCC households shop online, which is considerably less than global markets such as the US, China and Germany, where adoption is much higher at 16 to 25 per cent.
Every country across MENA operates very independently, with unique local payment methods that differ from country to country, fragmenting the payment landscape significantly.”
4. International - FinTech
“A payments app developed by Ireland’s high street banks to compete with the likes of Revolut has been given the all-clear by the Competition & Consumer Protection Commission (CCPC).
The money-transfer app, called Yippay, was developed by a joint venture, Synch Payments, set up by AIB, Bank of Ireland, KBC Ireland and Permanent TSB.
Having pumped several million euros into the project, the partners saw their original submission to the CCPC rejected in January 2021 for a lack of detail.
The commission then launched a full investigation over concerns that the JV could be a means of preventing potential new competitors from entering the market and that it could stifle mobile payments innovation.”
5. International – FinTech
“Bits of Stock, the stock rewards platform, recently secured $4.4 million in seed funding from Keen Venture Partners and Yellow Accelerator by Snap Inc.
On a mission to “reverse” wealth inequality, Bits of Stock intends to use the proceeds “to double its size and onboard more than 200 brands in the next 12 months.”
Ultimately, “to give more wealth back to customers while driving brand loyalty.” The new funding “gives Bits of Stock a competitive edge in the embedded finance industry, a disruptive market projected to grow to $7.2 trillion by 2030.”