Today in FinTech: Brazil Unveils FinTech Regulations
In today’s FinTech news, digital bank Lunar eyes growth in the Nordic region, while Brazil’s central bank imposes new FinTech regulations. Additionally, Revolut’s CRO quit to launch a cryptocurrency startup.
Lunar digital bank raises $76 million
Digital bank Lunar secured $76 million in funding to continue its expansion in the Scandinavian region. The company recently launched a blockchain division and crypto platform for its Nordic customers and enabled card payment acceptance for business customers.
Brazil imposes stricter FinTech rules
New FinTech regulations imposed by Brazil’s central bank will subject digital platform banks to rules similar to those followed by traditional financial institutions. The updated laws are expected to start being introduced as law from January 2023, with full implementation by January 2025.
Danish fintech Cardlay closes $6 million funding deal
Danish FinTech B2B company Cardlay is using a $6 million investment from current backers to hire additional talent and expand its payments platform capabilities and customer base. To support its growing business, Cardlay hired a Chief Technology Officer to further develop the technical aspects of the business.
Revolut CRO Alan Chang leaves to start crypto platform
Alan Chang resigned last month as Revolut’s chief revenue officer to apparently launch a cryptocurrency platform. Documents filed in the UK show Chang registered as a director of a new company as of March 1. He is reportedly looking to raise $100 million and has already invested millions of his own money.
MoneyGram, Stellar Foundation Team with Techstars on a LatAm Blockchain Accelerator
Up to 12 FinTech startups will be chosen to participate in a 13-week immersion program that is part of a three-year startup accelerator designed to focus on building solutions for a more inclusive and accessible financial system in America. Latin. The program is the result of a partnership between the Stellar Development Foundation, MoneyGram and Techstars.
UK banks and FinTechs team up to deliver a late tech boost to the loyalty industry
Loyalty program startup Bink is partnering with banks to deliver a digital solution that links a customer’s bank cards to their loyalty programs. Since all the details are integrated into the Bink app, customers won’t have to carry around multiple loyalty cards. With Bink’s Payment Linked Loyalty, merchants gain actionable purchase data to provide customers with personalized offers.
Banking as a service paves the way for new revenue streams and great financial apps
Every business should consider adopting banking-as-a-service (BaaS) platforms to offer financial services to its customers, i2c President Jim McCarthy told Karen Webster of PYMNTS. McCarthy said he believes once the fragmented BaaS space naturally gives way to consolidation, great apps will emerge.