In today’s FinTech news, Lunar digital bank eyes growth in the Nordic region, while Brazil’s central bank hands down new FinTech regulations. Plus, Revolut’s CRO resigned to launch a cryptocurrency startup.
Digital Bank Lunar Raises $76M
Digital bank Lunar secured $76 million in funding to continue expanding across the Scandinavian region. The company recently launched a blockchain division and crypto platform for its Nordic customers and enabled card payment acceptance for business clients.
Brazil Imposes Stricter FinTech Rules
New FinTech regulations being imposed by Brazil’s central bank will subject digital platform banks to rules that are similar to those followed by traditional financial institutions. The updated laws are expected to start being introduced as law beginning January 2023, with full implementation by January 2025.
Denmark’s FinTech Cardlay Closes $6M Financing Deal
Danish FinTech B2B firm Cardlay is using a $6 million investment boost from current backers to hire additional talent and expand the capabilities of its payments platform and customer reach. To support its growing business, Cardlay hired a chief technology officer to further develop the technical aspects of the firm.
Revolut CRO Alan Chang Leaving to Start Crypto Platform
Alan Chang resigned last month as the chief revenue officer of Revolut to reportedly launch a cryptocurrency platform. U.K. filings show Chang registered as the director of a new company effective March 1. He is reportedly looking to raise $100 million and 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’s part of a three-year startup accelerator designed to focus on building solutions for a more inclusive and accessible financial system in Latin America. The program is the result of partnership among the Stellar Development Foundation, MoneyGram and Techstars.
UK Banks, FinTechs Team up to Bring Belated Tech Boost to Loyalty Industry
Loyalty program startup Bink is partnering with banks to offer a digital solution that links a customer’s bank cards to their loyalty programs. Since all details are integrated into the Bink app, customers won’t have to carry multiple loyalty cards. With Bink’s Payment Linked Loyalty, merchants get actionable shopping data to give customers personalized offers.
Banking as a Service Paves Way for New Revenue Streams, Financial Super Apps
Every firm should consider adopting banking-as-a-service (BaaS) platforms to offer financial services to their customers, i2c President Jim McCarthy told PYMNTS’ Karen Webster. McCarthy said he believes that once the fragmented BaaS space naturally gives way to consolidation, super apps will emerge.
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