PUBLISHED: 1 NOVEMBER 2019 AUTHOR: FINTECH CIRCLE

Modulr invests £20m in Scottish fintech

The API platform for SME payments Modulr is to invest the best part of £20m into Scottish fintech while creating 53 new jobs and new technology talent. The funds comes from a match-funded £10 million grant from the RBS bail-out fund intended to increase competition in the SME banking industry. Myles Stephenson, CEO, Modulr, said: “Scotland is packed with fantastic technology talent, world-renowned universities and businesses our base here will be absolutely critical as we work to drive innovation and competition in our sector, and to make money flow more efficiently through the economy.” Read more

German banks call for digital euro

The Association of German Private Banks has released a paper supporting the establishment of a European digital currency and a common identity standard throughout the Eurozone. “There can be no question that responsibility for the monetary system lies, and will continue to lie, with sovereign national states,” the paper posits. “Any currency provided either by banks or by other private companies must therefore fit into the state-determined system. Anything else would ultimately lead to chaos and instability.” The paper states “The user of a digital euro – whether man or machine – must be clearly identifiable.” Read more

HSBC-backed fintech Bud to re-focus product stream after restructuring

Open Banking data firm Bud will now make its platform open to businesses from all sectors including banking. “Over the last four years we’ve been working with some of the largest banks in the world, and [the dismissals] were kind of understanding what teams and skill-sets are required to deliver to those people,” said Ed Maslaveckas “It’s a new opportunity for growth, and we’d be remiss if we had those opportunities in front of us and we didn’t take advantage of them.” Read more

London Fintech TrueLayer partners with Visa

London based startup TrueLayer is collaborating with Visa which has a minority stake as part of a $35 million Series C round. Francesco Simoneschi, CEO and co-founder, said: “We want to scale open banking to a level where it manifestly impacts every aspect of financial services for consumers,” adding “Our view is that any initiative that enables more businesses to embrace open banking is good for everybody involved — from fintechs to consumers.” SVP of open banking at Visa Mark Nelsen, said: “As a global leader in payments, we continue to explore new opportunities for our clients and for the network. Our partnership with TrueLayer is another example of how we’re investing in companies that offer next-generation services, enabling innovation and convenience for clients and consumers alike,” Read more

Walmart and Green Dot to jointly establish a new fintech accelerator, Tailfin Labs

Walmart announced the continuation of its partnership with financial services firm Green Dot as the issuing bank and program manager for the Walmart MoneyCard program. The two companies are also launching a new accelerator called Tailfin Labs which will help startups develop solutions that integrate omni-channel shopping and fintech. “Green Dot is extremely proud and honoured to both extend our MoneyCard partnership for many years and to additionally enter into an entirely new equity partnership with Walmart in the creation of a fintech accelerator,” said Steve Streit, founder and CEO, Green Dot. Read more For the latest fintech news and events sent straight to you inbox sign up to the FINTECH Circle newsletter