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The Weekly Wrap: all you need to know by Friday COB | July 26th

By Puja Sharma

July 26, 2024

  • Deals of the Week
  • Fintech funding news
  • Fintech news
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The Weekly WrapThe 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

Global FinTech Revolut has received its UK banking licence more than three years after applying to the Prudential Regulation Authority (PRA). Revolut will now enter the ‘mobilisation’ stage, sometimes referred to as ‘Authorisation with Restrictions’, a common step for many new banks in the UK.

Nothing changes for UK customers during this restricted period, during which Revolut will work on building the operations required of it as a bank before launching in the market. Until then, UK customers can continue to use their e-money account as they always have.

Nik Storonsky, CEO of Revolut, said, “We are incredibly proud to reach this important milestone in the company’s journey, and we will ensure we deliver on making Revolut the bank of choice for UK customers.”

UK CEO Francesca Carlesi said, “Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK. We will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut. This is the next phase in our journey in the UK – we can’t wait to get going.”

Deals of the week

  • Partior raises $60m+ in Series B round led by Peak XV Partners
  • Dubai FinTech Mamo secures $3.4m investment
  • Berlin FinTech bunch raises $15.5m Series A
  • UniCredit to acquire Vodeno and Aion Bank in €370m deal
  • Plum, UK’s smart money app raises £16m Series B
  • Pension FinTech Jarvis secures £1.8m funding
  • UniCredit to acquire Vodeno and Aion Bank in €370m deal
  • Cash Plus goes live with Profile Software’s Finuevo Suite
  • UK FinTech Sokin secures investment from Morgan Stanley

Be on the lookout for

The fifth edition of the Global FinTech Fest (GFF), scheduled for August 28-30, 2024, promises to be a stellar gathering of the financial technology leadership. Our mission is to establish GFF as the quintessential conference for the global fintech ecosystem, fostering collaboration and shaping the future of the industry.

This year’s theme, “Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient,” underscores our commitment to addressing the most pressing challenges and opportunities in finance. We are excited to host over 800 distinguished speakers, including policymakers, regulators, and FinTech founders from around the world, in more than 300 sessions. These will range from insightful keynotes to engaging garage sessions, alongside the GFF Expo and the Global FinTech Awards.

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July 26, 2024

PEXX raises $4.5m in Seed round from TNB Aura and EMO Capital

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