In today’s top Europe, Middle East and Africa news, Visa’s Currencycloud launched its Weekend FX tool, while Berlin-based FinTech Kadmos closed an $9.1 million seed funding round.
Plus, seven teenagers were arrested in London in connection with the Lapsus$ hacking spree, the Bank of England said a legal framework to regulate crypto assets is needed and Dutch payments service provider Mollie signed a multi-year agreement with Mazda Motor Europe.
Currencycloud Debuts Tool for off-Hour FX
Currencycloud, a London-based, Visa-owned cross-border payments platform, has launched a tool called Weekend FX, designed to give clients a way to offer competitive foreign exchange rates after markets close.
“With an increasingly global business culture, companies and retailers often work outside of traditional operating hours and days of the week,” the company said in its announcement. In the past, overcoming this option meant businesses either losing to competitors or building their after-hours trading solution, which comes with a great deal of risk and cost.
German FinTech Kadmos Closes $9.1M Seed Round
Berlin-based FinTech Kadmos has closed an €8.3 million ($9.1 million) seed funding round, which it plans to use to hire staff, expand across industries and accelerate product development.
With its focus on migrant workers and a base in the shipping industry, the startup said it also plans to move into the construction, healthcare and hospitality sectors.
London Cops Nab Seven Teens in Connection with Lapsus$ Hacks
Police in London have arrested seven teenagers in connection with the recent hacking spree conducted by the Lapsus$ cyber-crime gang that recently infiltrated Microsoft, Okta, Samsung, Ubisoft and Nvidia.
“Seven people between the ages of 16 and 21 have been arrested in connection with an investigation into a hacking group,” police said, according to the BBC. “They have all been released under investigation. Our inquiries remain ongoing.”
Bank of England Brings Prospects of Stablecoin Regulation
In a report published Thursday (March 24), The Bank of England (BoE) said a legal framework to regulate crypto assets is needed to bring stablecoins under the Bank’s control to avoid systemic risks.
The BoE described the role of crypto assets and decentralized finance (DeFi) in the financial system, adding that while these assets are still too small to cause any financial market disruption, their growth suggests that legal frameworks should be in place to mitigate potential risks.
Fed, Bank of England Lead Charge for Global DeFi Regulations
At the Bank for International Settlements’ Innovation Summit, both Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey alleged that decentralized finance (DeFi) is a growing threat to economic stability
Powell and Bailey argued that it should be reined in and regulated by international cooperation. Bailey added that regulation must happen “quickly,” warning, “If we try to do it within our own locations, we’re going to fail because it will escape us … it’ll always be somewhere else.”
Mollie Partners with Mazda on Simplified Payments
Mollie, a Dutch payments service provider, has signed a multi-year agreement with Mazda Motor Europe to deliver frictionless payments for its new marketplace platform. The platform is focused on improving customers’ digital and eCommerce experiences, according to the company announcement.
Meanwhile, Mollie’s Connect for Platforms portal helps Software-as-a-Service (SaaS), marketplace and other platform businesses to facilitate payments between buyers and sellers. Mazda is tapping on Connect for Platforms to create a marketplace, scale new products and ensure that payments are sent to the right dealer.
Nigeria’s Kwik Raises $2M to Fuel Its Last-Mile Delivery Offerings
Kwik, a provider of logistics services to business-to-business (B2B) merchants, has raised $2 million in Series A funding.
The Nigerian and French-based startup plans to use the latest infusion of cash to fund customer acquisition, finance expanded operations in Nigeria and increase the number of merchants on its network to 800,000 by the end of the year.
Apple’s Latest Acquisition Hints at a Bite of BNPL and Cards Across the Pond
Apple has bought U.K. open banking startup Credit Kudos in a $150 million deal that closed earlier this week.
For Apple, the tech giant’s latest acquisition represents a move across the pond to embrace buy now, pay later (BNPL), open banking and put a tailwind under its Apple Pay.
Digital Bank Chetwood Acquires Yobota to Expand BaaS
On Thursday (March 24), digital bank Chetwood Financial announced it had acquired London-based core banking provider Yobota in a bid to expand its Banking-as-a-Service (BaaS) operations.
Yobota, which was founded alongside Chetwood in 2016 and has developed as its own entity, has a cloud-native core banking platform that lets companies create, run and manage financial products.
European Central Bank to Phase Out Temporary Easy Collateral Terms
The European Central Bank (ECB) has plans to end easy collateral terms that commenced at the start of COVID-19 and tighten banks’ access to liquidity.
On Thursday (March 24), the bank said the pandemic collateral easing measures that were introduced nearly two years ago will be phased out in three steps between July 2022 and March 2024.
Car Subscription Platform FINN Expands in US
FINN, a Munich-based European car subscription platform, is continuing its U.S. expansion by introducing services to Western Pennsylvania, Massachusetts, Connecticut and Washington, D.C.
FINN initially launched in the U.S. in December, and launched in Eastern Pennsylvania and New Jersey at the end of last year. The company plans to continue its expansion to additional markets throughout 2022.
Crypto Promotions in the UK Will Be Harder To Get Approved
Regulators in the U.K. have said that as cryptocurrency advertisements are largely unregulated, the lack of specific rules in the space could ultimately harm retail investors unaware of the risks associated with crypto.
However, the Financial Conduct Authority is proposing to apply the same financial promotion rules to crypto assets as to other high‑risk investments, categorized as “Restricted Mass Market Investments.”
Ultrafast Delivery Model Creates New Opportunities for On-Demand Services in MENA
The pandemic helped drive the rapid growth of quick commerce, and consumers’ appetites for faster delivery options have offered a huge boost to companies in the ultrafast grocery delivery market.
However, in the Middle East and North Africa (MENA), the instant delivery model — particularly same-day delivery options for items other than food products — is still new. On-demand logistics and delivery startup Yalla Fel Sekka is looking to change that, co-founders Yasmine Abdel Karim and Khashayar Mahdavi told PYMNTS in a recent interview.
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