In the main news from Europe, the Middle East and Africa (EMEA), the British startup FinTech Thought Machine raises $ 200 million for a valuation of $ 1 billion; Flutterwave launches a new market; the UK’s Financial Conduct Authority (FCA) is proposing changes to EU regulations; inflation and the pandemic are damaging the confidence of European consumers; Saudi British Bank unveils trade finance tool; and more.
UK FinTech Thought Machine Raises $ 200 Million at $ 1 Billion Valuation
British FinTech startup Thought Machine raised $ 200 million in a Series C funding round at an estimated valuation of over $ 1 billion to bring legacy banks around the world to the cloud. The company plans to use the new capital injection to continue to develop and expand its vault and universal product engine, as well as increase its international reach, support its five global offices and target new markets. .
Flutterwave Marketplace helps African small businesses reach new buyers
As small and medium-sized enterprises (SMEs) grow, Flutterwave, an African payment technology company, announced the launch of a new e-commerce service, Flutterwave Market. An extension of the company’s Flutterwave Store service launched in April 2020, the new marketplace will bring together more than 30,000 merchant stores in one location, making it easier for consumers to discover and purchase products from different companies, while helping online merchants find new customers and markets to drive sales and revenue.
FCA proposes changes that remove ‘barriers’ to growth and innovation in UK payments
Earlier this year, the FCA launched an open consultation proposing changes to SCA-RTS, the European Banking Authority (EBA) Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and Communication secure. The EU regulation aims to control the type of access payment service providers (PSPs) have to customer payment account data held by account manager payment service providers (ASPSP).
Inflation and COVID hurt European consumer confidence
Inflation and the increase in new cases of COVID-19 have led to lower consumer confidence in the EU, the European Commission reported on Monday (November 29th). The commission sentiment index for November fell to 117.5 from 118.6 in October. This was the lowest level in seven months, an indication of consumers’ sour outlook on their current and future financial situation, their ability to make big purchases and their feelings about the economy in general.
Saudi British Bank unveils trade finance tool
Saudi British Bank (SABB) has unveiled a Sharia-compliant supply chain finance tool, touted as the first of its kind in Saudi Arabia. The launch aligns with the Saudi Vision 2030 program to increase financing for SMEs. Supply chain finance, or “debt finance,” is a buyer’s risk-based system, in which the seller bears the cost of the discount. This tool allows suppliers to access financing based on the creditworthiness of buyers, without having to resort to their own lines of credit.
Lightning-fast grocery delivery services compete globally for on-demand loyalty
As the super-fast grocery delivery space begins to consolidate, leading services are beginning to expand their reach beyond the grocery category. On Monday, November 29, for example, Yango Deli, the 15-minute grocery delivery arm of Russian tech giant Yandex, announced the launch of Christmas tree delivery.
New UK bill seeks to crack down on data breaches and cyber theft from connected devices
The UK seeks to crack down on cybercrime related to connected devices with the introduction of a new law. Building on previous reforms to the UK’s Electronic Communications Code, the proposed new bill, known as the Product Safety and Telecommunications Infrastructure Bill, consists of three parts that require new controls at different levels of the connected device supply chain.