In today’s top Europe, Middle East and Africa news, Europe is set to account for 28% of cross-border eCommerce in 2022, while French payments firm Numeral has snagged $14.7 million in its latest seed round. Plus, the United Kingdom is moving to open banking 3.0, Morningstar is set to buy Praemium’s global branches and competition is growing in the crowded European eScooter market.
Europe to Account for 28% of Cross-Border eCommerce’s Trillion-Dollar Sales in 2022
According to a recent PYMNTS report examining the latest cross-border retail payments developments, cross-border eCommerce sales are expected to continue soaring next year, reaching an estimated $1.2 trillion in 2022. Europe is expected to account for almost 28.3% ($340 billion) of the total anticipated total sales in cross-border spending.
French Payments Startup Numeral Raises $14.7M
French startup Numeral raised €13 million ($14.7 million) in a seed round led by Balderton Capital to help the company grow its 10-person team to 40, boost product development and expand its bank coverage, according to a blog post on Tuesday (Dec. 21).
Also participating in the seed funding were angel investors including Alexandre Prot of Qonto, Tom Blomfield of Monzo, Guillaume Princen of Stripe and Kima Ventures.
UK Is Moving to Open Banking 3.0 — and It May Affect £7T in Payments
Interbank payments in the U.K., such as Bacs and the Faster Payments Service (FPS), accounted for nearly £7 trillion in 2020. The U.K. is now planning to replace the underlying infrastructure for the New Payments Architecture (NPA), which may be in place by 2024.
Polish Bank Rolling Out Biometric Cards Through Thales, Fiserv and Mastercard
Technology company Thales, FinTech Fiserv and payments giant Mastercard are rolling out biometric cards across Poland, with Bank Pocztowy being the financial institution to offer the futuristic payment and identification cards to their customers, according to a report Tuesday (Dec. 21).
Bank Pocztowy began issuing the biometric cards Monday (Dec. 20), saying they offer increased security and are safer for cross-border transactions.
Independent investment research firm Morningstar has agreed to purchase wealth management platform provider Praemium Limited’s operations in the U.K., Jersey, Hong Kong and Dubai for £35 million ($46.3 million), according to a Tuesday (Dec. 21) press release. The companies expect to finalize the transaction by the third quarter of 2022.
Competition Grows in Crowded European E-Scooter Market as US Players Flood In
Competition in the European electric scooter (eScooter) space continues to grow as micromobility companies capitalize on new sustainability trends to lower greenhouse gas emissions and reduce motor traffic congestion in Europe’s densely populated cities.
The pandemic has also spurred many individuals to avoid crowded public transportation networks, further boosting the popularity of shared micro-electric vehicles across the region.
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