The Weekly Wrap: all you need to know by Friday COB | August 12th

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

A strategic working group has been established by UK authorities to map out the future of open banking. The Joint Regulatory Oversight Committee (JROC), a cross-authority taskforce convened by the Competition and Markets Authority was formed earlier in the year to build on the progress of open banking under a new regulatory regime.

The Open Banking Implementation Entity (OBIE) will be substituted by a new body, with a more broadly-based funding and governance mode. But the Financial Conduct Authority and the Payment Systems Regulator have tasked the OBIE with supporting the establishment of the strategic working group by securing the necessary funding from its existing transition budget.

“As the Open Banking Implementation Entity prepare’ s for transition to a future state, it will be important for both me as Trustee, and the OBIE, to work closely with JROC to define and deliver a future entity that not only meets the ongoing requirements of the CMA Order, but the priorities outlined in your Joint Regulatory Statement published in March,” stated OBIE’s Head Charlotte Crosswell.

Deals of the week

• Finix raises an additional $30 million, bringing the company’s total funding to $133m
• CIBC Innovation Banking provides €35 million in growth capital financing to Ageras
• Forage raises $22 million Series A
• auxmoney secured €500 million in funding to invest in consumer loans
• Appital secures an additional £1.7 million investment led by Frontline Ventures
• Airswift raises $2 million in pre-seed funding to build Web 3.0 Native Payment Infrastructure
• Give A Little announced reaching £10 million in cashless donation revenues

Be on the lookout for

A Plaid-Wise partnership will enable 13 million customers access to thousands of apps. Thanks to Plaid’s open finance tool Core Exchange, customers are now able to directly connect their US Wise accounts to more than 6000 apps, including Venmo, Robinhood, Truebill and Chime.

Events & Appointments

• IBS Intelligence is a proud Media Partner at the 4th annual Digital Transformation in Banking (EU) Summit. The Summit is a live, in-person event in Amsterdam on 16th September and offers you a chance to meet 30 thought-provoking presenters from leading Banks and selected FinTechs who are at the forefront in creating the banking of the future. Register today and save 25% on your delegate pass!
• We are also partnering with the world’s longest-running AI show series, World Cyber Security Summit. The Summit will be held from 15th to 16th August at The Ritz-Carlton, Jordan.