1. UK – FinTech
London-based banking platform provider Railsbank has agreed to purchase the technology and assets of Wirecard Card Solution, the UK arm of Germany’s Wirecard, for an undisclosed amount. AltFi reports:
“The deal, first reported in mid-August, was confirmed on Friday evening and will include “the transfer of client relationships” from Wirecard to Railsbank.
Just last week Railsbank confirmed it had won the Asia-Pacific business of former Wirecard customer Wirex, indicating that the London firm was looking to aggressively scoop up the fallen company’s customers.”
2. UK – FinTech
“American personal finance outfit NerdWallet is eyeing international expansion after acquiring UK-based comparison site Know Your Money. Financial terms were not disclosed.
Know Your Money has a 15-year history in the UK price comparison market, helping Brits find the best deals on things like loans, business bank accounts and mortgages.
NerdWallet says that the pandemic has increased the number of people turning online to access financial information and services, making it an ideal time to strike.
Know Your Money will become a NerdWallet subsidiary and all executives and employees will be staying on.”
3. UK – FinTech
Assetz Capital is reporting that its secondary market has processed around 4,000 trades totaling around £6 million in its first two weeks of operations, according to Crowdfundinsider.
“The company states that buyers took advantage of discounts and sellers took advantage of that demand to withdraw some capital quicker than was possible prior to the marketplace.
Assetz Capital adds that around 2% of investors have sold at discount to date and another 2% of investors are looking to sell at discount.
Currently, Assetz Capital “Access Accounts” offer a range of rates between 3.75% and 4.1% per annum and the limited discounts on offer effectively provide extra interest in the form of the discount.”
4. US – FinTech
Mogo Inc, one of Canada’s leading financial technology companies, has announced plans to launch a mobile peer-to-peer (P2P) payment solution that will enable users to quickly and easily make and share payments with friends and family through Mogo’s mobile app. The Company expects to launch the solution in Q1 2021.
5. International – FinTech
- DeFi analyst has revealed that lending services on these platforms have increased by 3 times (now amounts to $3.7 billion).
- Donna Redel has expressed her views regarding the DeFi and has said that DeFi is a double-edged sword and that it may be a dangerous game for investors.
- Robert Leshner also said that some DeFi platforms must stop launching petty meme games and need serious self-regulation.
“Decentralised Finance or most commonly known as DeFi has proved to be a revolutionary technology. Unlike traditional banking institutions, DeFi promises to offer users lending and staking services without the need for collaterals. DeFi’s concept of peer to peer cryptocurrency transactions has undoubtedly exploded during these months of Covid-19 crisis. Several different DeFi protocols have reached new heights and the industry has been in the headline for a couple of months now. According to DeFi Pulse, the DeFi analyst has revealed that lending services on these platforms have increased by 3 times (now amounts to $3.7 billion). This is because central banks have reduced the interest rates to cope up with the economic recession.
However, as tempting DeFi may sound there are definitely high risks that are associated with the technology. Very recently, the former chairman of Comex, Donna Redel has expressed her views regarding the DeFi and has said that DeFi is a double-edged sword and that it may be a dangerous game for investors. She said that without any proper self-regulation, the industry is a subject to regulatory examination and to some extent can hamper its reputation.”