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Slow Week in FinTech: Only 23 Deals Recorded, What’s Next?
This week, FinTech funding totaled $399 million across 23 deals, with sectors such as FinTech, CyberTech, and InsurTech seeing notable activity. European and US firms led with eight deals each. However, a recent report indicates a 62% decline in FinTech funding for 2024, with total deals dropping to 1,050 from 2,787 in 2023. Significant funding rounds included Tala’s $150 million, Peak3’s $35 million, and NymCard’s $33 million. Emerging startups like Town and ALT21 also secured investments, indicating potential growth despite the challenging funding landscape in the sector.
Phantom Secures $150M Funding to Disrupt Traditional Finance with Innovative Blockchain Solutions
Phantom, a leading digital asset wallet provider, has raised $150 million in a Series C funding round, achieving a $3 billion valuation. The round was co-led by Sequoia Capital and Paradigm, with participation from existing investors like a16z and Variant. Founded in 2021, Phantom offers a self-custody wallet enabling users to manage digital assets across blockchains, boasting 15 million monthly active users and $25 billion in assets. The funds will enhance infrastructure, support strategic acquisitions, and introduce new features for peer-to-peer payments. Recent acquisitions include Bitski and Blowfish, aimed at improving security and user experience.
Unlocking Profit: How CFOs are Leveraging Decarbonisation for Cost Savings and Revenue Growth
Decarbonisation is now a crucial element of corporate strategy, offering significant financial benefits rather than just compliance. CFOs and sustainability leaders are integrating decarbonisation to achieve cost savings, drive revenue growth, and mitigate risks. Key advantages include operational cost reductions through efficiency, enhanced market positioning due to sustainable practices, and improved financial performance linked to ESG initiatives. Companies prioritizing decarbonisation can see higher valuations and increased investor interest. To maximize ROI, businesses should incorporate decarbonisation into their strategies, capitalize on government incentives, and leverage robust ESG data for informed decision-making, transforming it into a competitive advantage.
FinTech Funding Surges Towards $2 Billion: A Landmark Week for the Financial Technology Sector!
This week, the FinTech sector saw nearly $2 billion in funding across 25 deals, with significant contributions from Waystar and Capital on Tap. The USA led with 13 deals, followed by the UK with 3, showcasing their dominance in financial innovation. Notable investments included Waystar’s $800 million in PayTech, Capital on Tap’s £750 million for SME lending, and Dream’s $100 million in CyberTech. Other countries like Israel, Germany, and Australia also participated in funding rounds. The investments spanned various sectors, reflecting strong investor confidence in compliance, security, lending, and digital payment technologies.
Samsung Wallet Teams Up with Green Dot’s Arc Platform for Enhanced Digital Payment Experience
Green Dot, a leading U.S. FinTech company, has partnered with Samsung Electronics to enhance digital payments through the Samsung Wallet. This collaboration introduces features like peer-to-peer (P2P) payments and the innovative Tap to Transfer functionality, allowing users to transfer funds quickly and conveniently. Green Dot’s Arc platform supports this initiative with scalable, cloud-based financial solutions, including FDIC-insured products and fraud protection. Samsung Wallet will enable users to manage payment cards and documents securely while facilitating transfers to other digital wallets and debit cards. The partnership aims to improve user experience and redefine digital financial services in the U.S.
FMSB Unveils New Guidelines to Simplify Client Onboarding and Enhance Efficiency
The Financial Markets Standards Board (FMSB) is dedicated to improving fairness and efficiency in wholesale financial markets by promoting transparency and high standards. Recently, the FMSB released client onboarding guidelines to simplify documentation processes for financial institutions (FIs) and ensure compliance with regulatory standards. Key recommendations focus on identity, business, and structure verification, as well as mapping documents to data points. Enhanced due diligence communication templates are provided for high-risk cases. By adhering to these guidelines, FIs can improve onboarding processes, maintain data integrity, and uphold accountability in financial practices, according to Moody’s Marisol Lopez Mellado.