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The Monday Roundup: what we are watching this week | October 3rd

By Puja Sharma

October 03, 2022

  • Bank of England
  • Credit
  • digital payment
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MondayThe Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

The big revelation in credit and regulations space

In the wake of the Bank of England’s Money & Credit Report, published monthly to highlight statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses, Alastair Douglas, CEO of the credit app TotallyMoney, said: “There’s no doubt about it, the financial news at the moment makes for grim reading. Mortgage lenders pulling out, the prospect of an emergency increase in interest rates, and a falling pound which will further stretch everyday spending. It is understandably scary for those who were already facing a tough winter. While the mini-budget introduced some measures to help vulnerable households, there is rightful criticism that it will do very little for the country’s lowest earners.”

  Alien Monster All online and mobile payments would be required to be reimbursed “except in exceptional circumstances” under the latest proposals from the PSR. Banks and building societies should also be incentivised to prevent APP scams by improving the level of protection for APP scam victims. The PSR wants mandatory reimbursements for consumers “as soon as possible” following the passage of the Government’s Financial Services and Markets Bill.

According to PSR managing director Chris Hemsley, “App scams continue to devastate the lives of innocent victims. We want to see all banks, building societies, and other payment providers doing more to prevent APP scams from occurring in the first place. These proposals will mean everyone has more protection from scams. Our proposed rules will see everyone benefitting from strong protections, regardless of who they bank with.”

Last week’s funding rounds

Signzy, a digital banking infrastructure enabler, raised $26 million from Gaja Capital and its existing investors: Vertex Ventures and Arkam Ventures. Using proceeds from the sale, the company plans to improve its no-code workflow digitalisation platform and solutions as it seeks clients in the global banking and financial services sectors. The company will use proceeds to improve its ‘no-code workflow digitalization’ platform and solutions as it eyes onboard global banking and financial services as clients, it said in a press statement.

Established in 2012, Acorns is a financial technology and financial services company. As a result, it has been able to raise more than 300 million dollars in March 2022, which speaks volumes about the overall condition of the market. However, experts were hoping that Acorns would generate even higher numbers after announcing a SPAC deal last year. Acorns would receive nearly $450 million from this deal, bringing its total value to $2.2 billion.

Where is the buzz

Despite the combined effects of expansionary monetary policy, geopolitical instability, pandemic-driven supply chain shocks, and a macroeconomic environment characterised by high inflation and rising energy costs, global payments revenues are likely to rise year-on-year by nearly 9.5% in 2022 and ride a positive trajectory for the next decade, according to a new report by Boston Consulting Group (BCG). The report, titled Global Payments 2022: The New Growth Game.

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