The Weekly Wrap: all you need to know by Friday COB | February 24th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

The number of consumers and SMEs actively using Open Banking powered services in the UK has reached 7 million for the first time in January. Open Banking Limited (OBL) reported the addition of 1.2 million first-time users, bringing the total number of consumers and small and medium-sized businesses (SMBs) using Open Banking to the landmark figure of 7 million.

The user numbers were reported to OBL by the CMA9, and the banks and building societies mandated under the CMA Order to implement Open Banking in the United Kingdom.

Henk Van Hulle, Chief Executive Officer of OBL, said, “I am delighted that we have now reached 7 million active Open Banking users in the UK. It is significant that 1.2 million of these are first-time users. From access to cost-effective credit, building a regular savings habit, or making more informed financial decisions – OBL is delivering the means for our citizens to improve their financial well-being.”

The upward trend comes just one month after the completion of the CMA Roadmap and five years after open banking was made a regulatory requirement in the U.K. by the Second Payment Services Directive (PSD2).

Marion King, Chair and Trustee of OBL, said, “OBL is good for the nation, increasing competition and allowing consumers and SMEs to benefit from new and innovative ways to manage their financial lives. It is encouraging to see that 7 million people have been empowered to take advantage of the benefits of OBL.

Deals of the week

• Mintoak raises a $20m Series A Funding round
• HDFC Bank partners with Lulu Exchange to boost cross-border payments
• GIMO hits first close of Series A at $5.1m led by TNB Aura
• AdalFi raises $7.5m in funding round to power loans across Pakistan
• Send Payments oversubscribes their Series B funding to $11.5m
• LoanKuber raises $2m led by Inflection Point Ventures
• Comun raises $4.5m to promote financial inclusion for Latinos
• Zopa acquires BNPL firm DivideBuy in embedded finance push
• Wolters Kluwer forms new division: Corporate Performance & ESG
• BNP Paribas and Lemonade team to offer online renters insurance
• India and Singapore link UPI and PayNow to boost cross border payments

Be on the lookout for

The Reserve Bank of India (RBI) is hosting its second worldwide hackathon in an effort to generate creative solutions to current problems outlined in problem statements. According to the RBI, the much-anticipated fintech event HARBINGER 2023 has finally arrived. The successful hackathon event hosted by RBI, HARBINGER 2021, is followed by this international edition, named “HARBINGER 2023 – Innovation for Transformation.” However, HARBINGER 2023 has a new theme, “Inclusive Digital Services,” and this time around, it has a new set of problem statements.

India is making an ongoing effort to compete on a global scale by hosting various fintech events to shape the future of digital fiscal services in India. As a result, the nation has witnessed the development of the fintech sector by providing financial services that are secure and easily accessible.