EMEA Daily: Amazon UK Changes Course, Decides to Accept Visa After All; UK’s FCA Issued $775M in Fines in 2021

In today’s top Europe, Middle East and Africa news, Amazon U.K. is changing course and has decided to accept Visa after all, and the U.K.’s Financial Conduct Authority issued $775 million in fines last year.

Plus, the Netherlands-based FinTech Blender has purchased a Lithuanian credit union, WealthKernel raised $7 million to expand to Europe and Swiss National Bank completed its wholesale CBDC transactions with five commercial banks.

Amazon UK Changes Course, Decides to Accept Visa After All

Amazon has reversed its decision to drop Visa as a payment option in the U.K. effective Wednesday (Jan. 19). On Monday (Jan. 17), the eCommerce giant emailed customers to announce that the ban has been reversed, according to multiple news outlets.

Amazon had said it was making the move due to the high fees charged by the payment processor. Visa’s pushback runs parallel to a series of merchants’ rebuttals regarding payment networks’ transaction fees.

UK’s FCA Issued $775M in Fines in 2021

Financial crime fueled by COVID-19 led the U.K.’s Financial Conduct Authority to issue £568 million ($775 million) in fines last year, according to a Monday (Jan. 17) press release emailed to PYMNTS.

The total is comprised of fines against major banks, as well as levies against people for insider dealing, non-financial misconduct and carrying out regulated activities with no authorization, the release said.

Juro Raises $23m in Series B Funding

The contract automation platform Juro has raised $23 million in Series B funding, boosting its market valuation by more than five times, the London-based company announced Monday (Jan. 17).

The company provides an automated all-in-one contract platform that allows attorneys and law firms to manage contracts in a single web browser. Juro said it will use the proceeds to improve the platform’s customer experience and expand into the United States and Europe.

Software Acts as Digital Lawyer in Helping EU Firms Comply With GDPR

Europe is an active market for legal tech, with the European B2B legal tech market expected to generate revenues of nearly $6 billion by 2025, according to data from Statista.

The region is governed by the General Data Protection Regulation (GDPR), one of the toughest data privacy laws in the world. European Union-based and U.S. companies that handle EU personal data must comply with the regulations, which can be expensive for many small- to medium-sized businesses (SMBs), but legal software can help.

The Swiss National Bank Completes Wholesale CBDC Transactions With Five Commercial Banks

Switzerland’s National Bank (SNB) has approved a wide swath of transactions involving central bank digital currency (CBDC), the country’s monetary authority announced.

The Zurich-based regulator said the digital tokens were integrated into back-office systems and processes for five commercial banks during the second phase of Project Helvetia.

The multi-phase initiative by the SNB, the BIS Innovation Hub and SIX was created to explore how central banks could offer settlement in central bank money with tokenized financial assets.

Demand for Faster Payouts Drives Digitization in Europe’s Insurance Space

The COVID-induced digital shift has forced payment providers to improve their payout processes as consumers seek faster payouts and streamlined digital experiences, and the insurance industry is working quickly to modernize operations.

A poll has revealed that nearly 90% of respondents have undergone a digitization initiative to enhance the customer experience and make it easier for digital-first consumers to process claims and manage documents, according to a survey of European insurance firms featured in a recent PYMNTS report.

Revolut Intros Savings Vault with 0.7% Interest to Advance Consumers’ Goals

London-based challenger bank Revolut is launching Savings Vault to provide Revolut Metal customers with a savings product that offers a 0.7% interest rate and help customers reach their financial goals, the company said on Monday (Jan. 17).

The global FinTech startup has 18 million customers. With Savings Vault, Revolut offers people flexibility with no minimum deposit amount, anytime withdrawals and annual interest paid daily.

Exotec Raises $335M to Streamline Robotics Supply Chain

Global warehouse robotics company Exotec has closed a Series D funding round for $335 million at a $2 billion valuation. It plans to use the capital to launch large-scale deployments in North America, Europe and Asia for a number of global brands, the company announced in a press release Monday (Jan. 17).

Exotec also said it is planning to hire 500 new research and development engineers by 2025 to work on enhancements to its warehouse automation technology.

Blender Buys a Lithuanian Credit Union for $5.8M, Eyes Digital Bank Status

Netherlands-based FinTech Blender has purchased Lithuanian credit union for NIS 18 million ($5.8 million). Under the terms of the deal, Blender will own 77% of Šeimos Kredito Unija, a credit union that specializes in mortgages.

With the purchase, Blender said it hopes to become a pan-European digital bank that specializes in real estate-backed and consumer credit.

WealthKernel Raises $7M to Expand Into Europe, Bolster API Investment Infrastructure

WealthKernel, a provider of digital investment services, announced a $7 million Series A+ funding round on Monday (Jan. 17).

The London-based company said the funds will allow it to expand its investing infrastructure to include intraday trading and expand its services into Europe.

7bridges Raises $17M Series A to Transform Supply Chains With AI

The artificial intelligence (AI) powered logistics platform 7bridges has raised $17 million to help transform supply chains, the U.K.-based company wrote on its blog Monday, (Jan. 17).

The investment will allow 7bridges to assist companies enhance their supply chains.

Barcelona-Based Payflow Closes $9.1M Funding Round

Payflow, the Spanish neobank, has closed on an 8 million euros ($9.1 million) financing round to continue its growth in Spain and around the world, the company announced Monday (Jan. 17).

The FinTech’s financial platform allows employees to get paid anytime. Following the most recent round, Payflow has raised more 12 million euros ($13.7 million).