New week, new startups covered in FinTech Wire. Today, you can read about Shares.io, a social investment platform, and W1tty, a challenger bank soon to be launched in the UK. We will also hear from their more experienced counterparts that have some exciting news to share: PayPal, Nubank, and TrueLayer.
Weekly FinTech news digest: 24—30 August 2021
PayPal users in the UK can now buy, hold and sell cryptocurrency
Cryptos available in the app include Bitcoin, Ethereum, Litecoin and Bitcoin Cash
The company announced the launch of a new service available to all customers in the UK: the possibility to purchase four cryptocurrencies (BTC, ETH, LTC, BCH) using a bank account or debit card connected to the PayPal account. It will be possible to buy crypto for as little as £1, however there will be a £15,000 limit for a single transaction, and the maximum yearly amount for purchase is £35,000. It’s worth noticing that such a service was already rolled out in the US in October 2020. After the initial phase, the transaction amounts were upped, and the yearly limit was lifted, so we may expect this to happen also in the UK.
Read more about FinTech and the cryptocurrency market
Shares.io social investment platform to launch in the UK this year
The Paris-based startup raised $10M and is ready to expand
The French startup will enter the UK market this autumn, and further rollout across Europe is planned for 2022. The investment app will bring users access to 1500 stocks with no fees and a community to engage with. The app will be available for both Android and iOS, and customers interested in using it can now join the waitlist ahead of the launch. This expansion comes after one of the largest seed rounds in Europe of $10 million. Shares.io was backed by its CEO and founder Benjamin Chemla, Peter Thiel’s Valar Ventures, and VC Singular.
Read more about FinTech mobile app development
TrueLayer launches a new European headquarters in Dublin
The company received authorisation from the Central Bank of Ireland
TrueLayer, a company with corporate headquarters in London, opens a new European base in Dublin after becoming authorised by the CBI as a payments institution. The new base will help TrueLayer accelerate its expansion across the continent. Ireland is home to numerous FinTech startups, for example, Coinbase, Remitly, Stripe, Square, Revolut and Payoneer. The Dublin headquarters will be led by Joe Morley, VP & general manager for Europe and Leigh-Anne Cotter, named COO for Europe. The CEO and co-founder Francesco Simoneachi commented on the decision: “The city has built an incredible reputation for financial services and offers the talent across engineering, product and payments that we will need to support our ambitious growth plans.”
Read more about top FinTech startups to watch
The challenger bank W1tty secures a UK license from the FCA
The launch is planned for 2022
W1tty, a new FinTech founded by Ammar Kutait that plans to launch in the UK next year, has received its electronic money institution license from the Financial Conduct Authority. The company is building a “new era financial app” targeting students and Gen Z. The planned features include engagement programs, an educational platform, rewards, cashback, and a wide range of customised cards and plans. W1tty already has an EMI license in Lithuania, which will allow it to launch in this country, as well as in Poland this year, with other European countries to follow.
Read more about Gen Z’s financial habits
Nubank to go public via an IPO in the US
The Brazilian digital bank will be valued at $55.4bn
The biggest neobank in the world, operating currently in Brazil, Mexico and Colombia, is planning its initial public offering that is rumoured to take place in late 2021 or early 2022. Sources cited by Reuters claimed that its valuation will exceed $55.4 billion, the current market cap of Brazil’s largest traditional bank Itau Unibanco Holding SA. This valuation would also make Nubank one of the largest FinTechs in the world. The latest funding round led by Warren Buffett’s Berkshire Hathaway Inc valued the digital bank at $30 billion, as reported in FinTech Wire #14. The company hasn’t confirmed the IPO valuation yet but is working with experts from Morgan Stanley, Goldman Sachs and Citigroup on the upcoming stock market debut.
Read more about digital banking
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