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Wirecard Collapse, Mastercard Acquires Finicity, $5.5bn Valuation

Hello and welcome to your weekly digest about financial technology. If you’re returning from last wee
Issue #64  •  June 29  •  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 and welcome to your weekly digest about financial technology. If you’re returning from last week, thanks! If you’re new, it’s very nice to have you! Share the love and tell your fellow fintech enthusiast friends to sign up here.
Dark days in fintech, with the fallout of Wirecard opening up a possible domino effect for various digital banks. Some already defined it the fintech’s Enron moment, which seems a pretty accurate depiction. This simple initiative, started by Claudio Wilhelmer to match Wirecard employees with potential new employers, is a good one.
Happy reading,
This Week in Fintech
Auditor EY says it found ‘clear indications of elaborate and sophisticated fraud’ at German payments company.   •   Share

The Financial Conduct Authority has told Wirecard Card Solutions to immediately halt all regulated activities and freeze customer funds.

Brazil’s Central Bank has suspended WhatsApp’s payments feature in the country to ensure competition in the payment system market. The news just over a week after the messaging service announced its launch there.

Funding, Merger & Acquisitions has achieved impressive growth over the last year, increasing transaction volumes by 250% and picking up big-name clients.   •   Share

The credit card behemoth says the nearly $1 billion acquisition will strengthen its open-banking platform.

This morning Upgrade, a credit-focused fintech startup, announced that it has raised a $40 million Series D round that the company says gives it a $1 billion valuation.   •   Share

The Los Angeles-based company is back in the news again, this time announcing a $60 million seed extension—quite uncommon for a young company in a short period of time.

Something More for You to Read
As the economy shifts from “respond” to “recover”, COVID-19 may create new opportunities for some fintechs to produce new ways of providing value.

In a bid to lessen the blow of COVID-19, the town of Tenino has started issuing its own wooden dollars that can only be spent at local businesses. Will it work?   •   Share

Uber Technologies Inc.’s financial services leader Peter Hazlehurst is calling it quits as the ride-hailing giant focuses on rides and food delivery, and ices plans to become a financial services company.

The European Union is planning new cryptocurrency regulation that could include stricter requirements for global stablecoin projects, such as Libra.

Qatar Financial Center to launch “Fintech Circle,” a co-workspace for qualifying financial technology firms free of charge for a year.
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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