Top 10 FinTech offers for February 2021 (UK and Europe version)
By Megha Bhattacharya
The COVID-19 pandemic has accelerated the process of digitizing the financial services industry. Amid unprecedented market volatility, the industry’s appetite for digital technology has increased. The new year has seen significant transactions made by FinTech companies.
Check out the best FinTech deals that took place in February 2021 (UK & Europe):
UK app-based bank Atom recently announced a collaboration with the Open Finance Plaid platform to drive the launch of open banking services to its clients as well as a simplified loan application process and faster decision making. The collaboration will allow Plaid customers to share their bank details securely with Atom.
According to Atom, Plaid will work with him in the business loan process for both CBILS and non-CBILS applications. The app-based bank will use Plaid’s payment initiation capabilities to streamline fee payments.
Atom Bank was one of the first banks in the UK to be designed for smartphone or tablet, with no branches, and the first digital-only challenger bank to obtain a full UK regulatory license. He is based in Durham, in the North East of England.
European FinTechs N26 and Raisin have expanded their collaboration to solve the problem of low interest rates in the German market. The partnership allows N26 to expand its product portfolio with the sight deposit provider EasyFlex Savings, with an interest rate of 0.21% pa. Norwegian Komplett Bank, with a minimum investment of € 500.
Previously, Aviva had partnered with the Raisin UK savings platform, enabling it to offer its clients a selection of term savings accounts with several banks. FinTech Raisin leveraged its Savings as a Service technology to launch Aviva Save, allowing the pension and investment specialist to enter the UK cash savings market for the first time.
N26 also recently extended its Allianz Assistance travel insurance included with N26 You, N26 Business You, N26 Metal and N26 Business Metal to cover claims related to epidemics and pandemics. The company said travel starting Jan. 19 or later will cover cancellations as well as emergency hospitalizations or overseas medical treatment, repatriation assistance, and canceled / interrupted trips.
BBVA, in February, entered into a collaboration with Google Cloud to transform its security strategy with the optimization of its security infrastructure. BBVA said it will use the partnership to develop new AI and ML models to predict and prevent cyber attacks on its banking infrastructure. The Bank should implement the AI capabilities of Google Cloud in its security strategy.
The collaboration will see its Chronicle combine with BBVA’s security operations departments to prevent cyber attacks.
Last year, Deutsche Bank and Google Cloud signed a multi-year partnership to accelerate the bank’s transition to the cloud and the ability to co-innovate new products and services. The agreement enables the Bank to improve the way products and services are designed and delivered.
Recently, Klarna announced a collaboration with Ingenico, a subsidiary of Worldline, with the aim of making Klarna’s online payment solution accessible to European merchants. The collaboration is expected to strengthen Klarna’s base of potential merchants and the consumer brand. The expansion is based on a successful first deployment in the Nordic countries, Germany, Austria and Switzerland.
The company has also partnered with Swedish cryptocurrency broker Safello to bring its open banking service to the latter’s platform for cryptocurrency trading. Safello deployed Klarna Open Banking with the aim of strengthening its position in the market and enriching its range of payment options. The partnership will allow around 180,000 Safello users to purchase cryptocurrencies directly from their bank accounts, using that of Klarna secure payment solution.
Founded in 2005, Klarna is a Swedish FinTech company that provides online financial services such as online storefront payments, direct payments, and post-purchase payments.
The digital identity company Signicat has partnered with the SaaS banking platform Mambu with the aim of helping banks, FinTechs and financial service providers increase customer acquisition, improve customer experience and reduce time to market. The collaboration is expected to see the integration of Signicat’s identity platform with Mambu through a single API.
According to Signicat, the partnership enables financial service providers across Europe to digitally onboard customers, perform web identity authentication and use electronic signatures. It should also give financial service providers tools to reduce the abandonment rate and increase customer acquisition.
Recently, Mambu announced a funding round of 110 million euros, bringing the total valuation of FinTech to more than 1.7 billion euros. The latest round was led by TCV, the growth stage investor who has already invested in Netflix, RELEX, Spotify and WorldRemit, with additional investments from Tiger Global and Arena Holdings.
Money transfer company TransferGo announced a partnership with a core banking technology company Thought machine with the aim of accelerating its expansion into new markets. The collaboration enables the money transfer company to leverage Thought Machine’s main Vault banking platform to enhance their customer experience through the delivery of advanced platform capabilities. It will also be able to expand its real-time payment platform, create products quickly, and launch future card and account capabilities without delay.
According to TransferGo, Vault will allow it to build and deliver payment services as well as improve its digital payment service for the migrant worker community. Recently, TransferGo and Mastercard have teamed up to facilitate international money transfers for customers in 20 European countries. Transfers can be made from any payment card or bank account directly to a Mastercard debit or credit card.
Provider of cloud banking and digital transformation solutions nCino said its banking operating system has been uploaded to UK-based SME bank, Recognize. The collaboration is expected to provide Recognize with a scalable platform to manage specific customer needs and improve customer service.
According to nCino, its workflow mirrors the loan journey, allowing requests – from request or recommendation through loan withdrawal – to be processed quickly on a single end-to-end platform. Cloud-based technology also helps financial institutions meet various compliance obligations while providing valuable and rapid automation instead of tedious manual tasks.
Reconnaissance recently received Restricted Clearance (AwR) from the PRA / FCA. The purpose of the PRA / FCA banking license is to address the service application to SMEs and allow Recognize to meet the mobilization conditions that will lead to the removal of the deposit restriction.
European small business lender iwoca has announced a first integration in the UK with the Xero small business platform. Iwoca Bill Payments – iwocaPay will be integrated with Xero’s platform to enable small businesses to offer a Pay Later option to their business customers. The collaboration will allow iwocaPay to be directly accessible in Xero.
According to FinTech, iwocaPay is a new bill payment product that aims to help SMEs and their customers manage their cash flow. The tool allows SMEs to be paid immediately while offering customers the option of prepaying or spreading costs over the next 3 months. The company launched its invoicing product in June 2020 with the aim of reducing payment term risk and encouraging SMEs to offer trade credit.
The international operations subsidiary of JCB Co. Ltd. based in Japan – JCB International Co. Ltd. announced the expansion of its partnership with Worldline. The collaboration is expected to strengthen the growth of JCB’s contactless activation across Europe.
The partnership will allow Worldline merchants to accept face-to-face contactless payments in other European markets from Q2 2021 and also accommodate online transactions from JCB card members. , merchants will also benefit from 24/7 e-commerce authorization, manual and contactless transactions, centralized billing for debit and credit cards, and a secure billing process.
Recently, ACI Worldwide, a global provider of real-time digital payment software and solutions, and JCB International announced that JCB has successfully completed the global deployment of its JCB Web API service, including its litigation-based litigation function. ‘Web API.
Deposit solutions recently announced a partnership with Crédit Agricole Consumer Finance to enable the French bank to offer savings products in Germany, starting with term deposits offered via the ZINSPILOT portal. The collaboration will also allow Crédit Agricole Consumer Finance to use the Hamburg-based network of FinTech distribution partners.
According to Deposit Solutions, financial institutions can connect to its platform and offer their products to customers of the company’s distribution partners, including Deutsche Bank, Hamburger Sparkasse, Deposit Solutions’ own distribution channel ZINSPILOT, and many more. ‘others. To date, Deposit Solutions has transmitted more than 30 billion euros through its platform.