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EU Digital Finance Package, Concerns Over Digital Banks’ Service Standards, Chime $14.5bn Valuation

Hello, hello! This week we look into the new digital finance package announced by the European Commis
Issue #74  •  September 28  •  View online  •  Suggest a link
Sharing with you relevant and exciting utilization of a number of innovative technologies, be it disruptive or sustaining to the existing financial services industry.
Hello, hello!
This week we look into the new digital finance package announced by the European Commission, the Revolut saga and the emerging concern over digital banks’ service standards, the new Chime’s $14.5 billion valuation, the fundamentals behind Klarna’s valuation, and much more.
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This Week in Fintech
Being repaid the £150,000 in dollars and euros that he had lent to a relative 10 years ago should have been good news for Richard Walker. Instead, it was the beginning of an eight-week nightmare this summer, when he was unable to find out why the money had not arrived in his account.   •   Share

The European Commission sets out new, ambitious approach to encourage responsible innovation to benefit consumers and businesses.   •   Share

The Swedish fintech is a darling of venture capital. But its challenge now will be convincing public investors of its valuation ahead of listing.   •   Share

Funding, Merger & Acquisitions
That lofty valuation makes Chime the most valuable American fintech startup serving retail consumers.   •   Share

Open banking platform Tink is continuing its expansion across Europe with the acquisition of the aggregation platform of OpenWrks, a leading UK-based provider of open banking applications. This move comes after Tinks also acquired, in March 2020, Madrid-based Eurobits, a leading provider of account aggregation services.

Greenlight Financial Technology, the fintech company that pitches parents on kid-friendly bank accounts, has raised $215 million in a new round of funding. The round gives the Atlanta-based startup a $1.2 billion valuation thanks to backing from Canapi Ventures, TTV  Capital, BOND, DST Global, Goodwater   •   Share

Chip, the automatic saving app offering access to market-leading returns, has raised a total of €11.5 million from the crowd and the government-backed Future Fund, as part of the company’s series A round.

Something More for You to Read
Exchange group Nasdaq said on Wednesday that it is launching AI technology to help retail and commercial banks automate anti-money laundering(AML) investigations, as it expands into the financial crime software market.   •   Share

Techstars and ABN AMRO now accepting applications from fintech startups for inaugural program

The new plan will mean that crypto-asset companies authorized by one of the 27 EU countries will be able to provide its services across all the other member states.   •   Share

CFO Matt Briers said TransferWise “could list right away,” but is in no rush for an initial public offering.   •   Share

The password manager 1Password and virtual card platform have announced an API integration that lets users create virtual cards in their browser safely when they need to make a payment.   •   Share
Techstars Startup Digest Fintech is curated by:
Alessandro Ravanetti Alessandro Ravanetti - Freelance content writer and copywriter. Working in the fintech industry since 2011, I built and managed digital companies with distributed teams and international partners, gaining experience with both startups and large corporations. I am an independent expert with the European Commission, FundingBox and the Eureka Network, and an advisory board member of SXSW.
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