Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the week in a TOP 5 list!
Santander is about to launch its own transfer platform PagoFX, China’s Ant financial took minor stake at Klarna, Monese turning its employees to millionaires. Public app raises money from celebrities and coronavirus is pushing digital banking development in terms of contact-free banking. Enjoy our exclusive summary with more info about these issues and links to the full articles!
Europe’s largest traditional bank Santander is within weeks of launching its fintech transfer rival, PagoFX, according to several people briefed on the plans.
PagoFX presents fresh competition to rapidly-growing fintech, such as TransferWise, which since 2011 has seen explosive growth offering cheaper and faster currency transfers than traditional banks or Western Union.
Klarna, Europe’s most valuable fintech company, said on Wednesday that China’s Ant Financial Services Group had taken a small stake in it as the two strengthen their online shopping partnership. Ant Monetary is a cost affiliate of Chinese language e-commerce Alibaba.
The investment by Ant, which will not have any operational influence on Klarna, was via a mix of new and existing shares, according to people familiar with the deal. The transaction valued the group at slightly more than $5.5bn, they added. Ant Financial made its biggest push into western markets last year with the $700m acquisition of UK payments group World First.
Monese, a digital banking app for immigrants, is expecting to turn 30 employees into paper millionaires after its next fundraiser, which will reportedly value the company at £1bn.
Chief executive Norris Koppel declined to comment on the alleged valuation but said that Monese’s staff equity scheme had already minted over 20 paper millionaires – with several more expected at the next round.
Public.com, an early-stage, commission-free social investing company whose founders say they want to democratize stock investing, has brought some notable Hollywood, media and sports figures on board as part owners.
The New York-based startup, founded in 2017, announced a $15 million Series B round of funding. The round was co-led by venture-capital firms Accel and Greycroft, with participation from Dreamers VC, founded by Will Smith and Japanese soccer star Keisuke Honda; NFL star J.J. Watt; Shari Redstone’s Advancit Capital; Sophia Amoruso, founder, and CEO of Girlboss
DBS unveiled the second round of relief measures on Wednesday (Feb 26) to help businesses in Singapore cope amid the virus outbreak, in a move that pushes companies to go digital at the same time.
These measures include financial relief packages and digital initiatives for companies to fast-track their digital adoption to carry out transactions online instead of relying on physical processes.
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