In today’s top FinTech news, the U.K. and Ireland swept up private equity deals last year, while SoFi got the green light to become a bank — with the caveat that cryptocurrency is off-limits. Meanwhile, U.K. challenger bank Revolut launched a commission-free stock trading platform, and Downstream Casino is launching cashless options for in-person gaming.
UK, Ireland Lead Record-Setting 2021 for Private Equity Deals
Europe broke records in annual private equity (PE) deals last year, totaling 7,200 deals closed valued at a total of €754.5 billion ($856 billion), according to Pitchbook data.
The previous record for the number of deals closed was in 2019 with 4,566, and the previous record for the value of deals was in 2018, totaling €498.2 billion ($565 billion).
The U.K. and Ireland pulled in the highest amount of capital in the region, with a 4x increase in deal value compared to 2012. Together, the U.K. and Ireland accounted for more than €1 billion ($1.13 billion) in transaction value in 2021.
Tribal Casino Downstream Collabs with Global Payments for Cashless Gaming
Casino Downstream, one of four properties owned by the Quapaw Tribe of Oklahoma, is partnering with Global Payments Gaming Solutions and its VIP Mobility tool to offer cashless payment options for in-person gaming.
The mobile solution is a digital alternative to traditional forms of wagering, allowing customers to sidestep lines for cash and remain in their seats while funding gameplay. According to a report by the American Gaming Association, high rollers who drop $500 per visit are looking for alternatives to cash when it comes to payment options.
Revolut Rolls Out Stock Trading Platform
Financial super app Revolut is rolling out a commission-free stock trading platform with over 1,100 securities, including more than 200 exchange-traded funds on the New York Stock Exchange and Nasdaq.
The platform gives users the ability to trade full and fractional shares by placing market, limit or stop-limit orders. Queue orders are available during off-trading hours. Revolut is also offering traders market and security information to assist them in making investment decisions that are better informed.
The trading platform follows the launch of Revolut’s Savings Vault, which offers Revolut Metal users a savings interest rate of 0.7%.
Silicon Valley digital finance startup SoFi Technologies is launching a bank after being granted approval for a charter by both the Office of the Comptroller of the Currency and the Federal Reserve.
SoFi Bank, National Association is expected to launch next month, pending SoFi’s acquisition of Golden Pacific Bancorp (GPB). With a national bank charter, SoFi expects to boost savings interest rates for its customers and expand new product offerings.
SoFi’s bank charter journey began in 2021 when its subsidiary, Social Finance, moved to acquire GPB. SoFi is backing the deal with $750 million and will support GPB’s business, including its three physical branches.
In SoFi Bank Charter Ruling, OCC’s Hsu Signals Crypto Remains off Limits
Although SoFi got the bank charter blessing from major U.S. monetary regulatory authorities, the decision came with strings attached — SoFi must stop offering trading services for the 30 cryptocurrencies it supports.
The Office of the Comptroller of the Currency’s approval of its purchase of California’s Golden Pacific Bancorp is contingent upon SoFi dropping all interaction with cryptocurrency activities or services.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More