Today in FinTech: Bloom Raises $376M; Competition Experts Weigh In; Klarna Shifts Game Plan

In today’s FinTech news, Bloom raises money to fund digital startups, while experts weigh in on the disruption of cryptocurrencies. Plus, Klarna is eyeing short-term profits over company growth.

Growth Capital Funding Startup Bloom Raises £300M

Bloom Group S.A. raised £300 million (roughly $376 million) to grow its business across Europe as it aims to become a leading provider of revenue-based lending for digital startups. The company’s model offers a la carte pricing and a variety of product features, including revolving credit with cost predictability and transparency.

Competition Experts Worldwide Discuss Crypto, Antitrust Strategies

FinTech’s disruption of existing financial markets has hit a nerve with lawmakers around the world, particularly antitrust regulators, and cryptocurrency is the most troublesome aspect, according to experts in the June 2022 issue of Competition Policy International, a media company focusing on antitrust reporting. 

Klarna Shifts Gameplan to Profits Over Growth

Buy now pay later (BNPL) FinTech Klarna is pivoting from growth to short-term profits after an estimated $689 million in net losses in 2021. Klarna laid off 10% of its staff of about 7,000 people due to the effects of inflation and the Russia-Ukraine war. CEO Sebastian Siemiatkowski said the company is also seeking new funding. 

10x, Westpac Unveil Transaction Banking Platform

FinTech 10x Banking is expanding its partnership with Westpac and launching a transaction banking platform for the bank’s institutional clients. 10x Banking will use its technology to underpin the new platform in its move to cloud-native technology. Westpac is aiming to give its clients access to real-time data across multiple structures.

FinTech IPOs Mixed as Month Draws to Close

PYMNTS IPO Index is off more than 8% this month with limited trading days left in May. Some players were up 2.1% in the past week. Alkami surged 25% through the past several days, rebounding off of earnings results from earlier in the month. dLocal was up 18% through the week, while Affirm sank nearly 6%.