The Weekly Wrap: all you need to know by Friday COB | July 22nd

By Gaia Lamperti

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

The Big Story

This week, legislation to enhance the competitiveness of the UK financial services sector was introduced to Parliament with the Financial Services and Markets Bill. The legislation could unlock tens of billions of pounds of investment across the UK economy and deliver a comprehensive model of regulation for the country after Brexit.

The bill aims to “establishing a coherent, agile and internationally respected approach to financial services regulation that works in the interests of British people and businesses,” read the UK government website.

“Anyone who thought that post-Brexit there would be a period of inactivity needs to change their view. The Bill is proof of the seriousness of the divergence agenda from the EU. The new powers of the regulators need to be seen in this context. All the devil will be in the detail to follow, but this is nothing less than the beginning of the development of a new UK regulatory regime,” commented  Jonathan Herbst, Global Head of Financial Services Regulation at law firm Norton Rose Fulbright.

“Financial institutions and others, such as technology companies and other critical third parties, now need to position themselves to ensure that they can operate within this new regulatory landscape,” he added.

Deals of the week

• Neon raises $80 million in its First Credit Card Investment Fund (FIDC)
• Stori raises $150 million, becoming Mexico’s newest unicorn
• TomoCredit raises $122 million funding to expand its credit offerings to immigrant communities
• Oportun prices $400 million in asset-backed securities
• Backspace Tech raises $450,000 in pre-seed round
• X1 Card raises $25 million ahead of public opening
• FairPlay raises $10 million in Series A funding to reduce bias in lending

Be on the lookout for

The new Google Wallet will soon be rolled out worldwide after it began appearing on phones in 39 countries. The tech giant is trying to reboot its mobile payments system in the face of competitors like Apple Pay. The waller will let users manage their payment cards, gift cards, rewards cards, as well as things such as event tickets, ID and more.

Events & appointments

IBS Intelligence is a proud Media Partner at India’s most-elite gathering of tech decision makers at the 10th edition of Big BFSI Future Tech Show & Awards. India’s top-notch CIOs are gathering to share best practices and knowledge as they gear up for the next phase of tech-powered growth. Book your seat now for the in-person event at Taj Land Ends, Mumbai on 27th July.