Fintech is a wide ranging, multi sector, global industry, whose growth influences not only the banking world, but society at large. Our deep dives, interviews and coverage looking at the evolution of payments, finance and banking are fuelled by constant updates, news and commentary on deals, funding rounds, and partnerships.
This week there were, of course, partnerships, some awards, a relocation and banking licence revoked.
First up – fintech partnership!
LHV Bank selected by Montonio for API-driven enhancements to e-commerce payments
LHV Bank, which provides banking services to fintech companies, has been selected by Montonio, an e-commerce checkout solution provider, to enhance its merchant services. LHV Bank’s API-driven infrastructure will serve as the backbone for Montonio’s enhanced customer experience.
With LHV Bank’s suite of services, Montonio can provide key improvements such as a streamlined refund process, the establishment of merchant accounts under respective merchants’ names, and improved efficiency of instant EUR payments. Furthermore, the ability to securely segregate client funds using safeguarding accounts and the provision of virtual IBANs (vIBANs) for merchant settlement accounts are crucial steps towards optimising Montonio’s merchant solutions.
Through these integrated services, Montonio will simplify its payment process from end users to merchants, improving trust and user experience. A notable improvement is the introduction of a two-click merchant refund mechanism – an operational requirement often stipulated by larger e-commerce merchants. This feature enables Montonio to extend its reach to these businesses, positioning itself well for growth.
What’s a week without some award winners… congrats!
Fintech Awards London 2023 Winners
Zopa, Banked and Smart Pension are among the winners at the Fintech Awards London 2023, an annual celebration of fintech professionals and companies in London.
Part of Fintech Week London, the annual awards recognise the significant contribution made by the fintech sector to London and across the UK.
Peer-to-peer lending service Zopa, which launched in 2005 and gained a full banking licence in 2020, took home the award for Fintech Company of the Year, while London-based account-to-account payment software platform Banked was awarded Fintech Startup of the Year.
Highland fling for fintech
Fintech start-up Zipzero relocates to Aberdeen seeking “most fertile land for UK tech”
UK fintech start-up Zipzero has relocated its head offices from London to Aberdeen, Scotland, in a bid to accelerate its growth. Zipzero crowdsources paper and digital receipts from consenting consumers to helps consumers optimise their spending and lower their household bills. It also offers marketers an advanced AI tool that identifies target consumers and informs marketing strategy.
Zipzero has positioned itself at One Tech Hub in Aberdeen, the Techscaler hub for north-east Scotland. One Tech Hub is one of Opportunity North East’s (One) transformational projects, designed to bring together entrepreneurs, founders, innovative businesses and support organisations so that they may learn, work and grow together.
After relocating to Aberdeen, Zipzero showcased the first commercial application of its AI-powered consumer data platform – a live insights dashboard for the retail sector. This comes as it has successfully been accepted to the Google Startups programme.
“Scotland is the most fertile land for UK tech. There are a number of programmes driving growth in the tech sector, and the connection between industry innovators and academia is particularly strong. This has all helped to create a thriving tech community; ideas are easy to share, inspiration is readily found, and people are excited by the prospects of innovation – we’re very excited to be here,” says Mohsin Rashid, CEO, Zipzero.
FinTech Scotland has recorded a 27% increase in the number of fintech companies operating from the country since 2021.
Growth in Scotland’s tech sector has been supported by the Scottish government, which has invested £60m into its tech ecosystem, including a £42m award to Edinburgh-based company Codebase to establish seven new tech scale-up hubs across Scotland.
While Scotland is bonny, Lithuania lays down the law…
Bank of Lithuania revokes licence of former Railsr subsidiary
The Bank of Lithuania has revoked the licence of UAB PayRNet, a former subsidiary of failed embedded banking platform Railsr over “serious violations” of AML and payments laws.
UAB PayRNet has been told to return funds to clients, while the central bank is set to initiate bankruptcy proceedings against the firm.
An investigation has found “gross, systematic and multiple violations” of laws, prompting the decision to revoke PayRNet’s licence.
In March, Railsr was saved from collapse after agreeing a sale to a consortium of investors. That rescue deal did not include this Lithuanian business.
