Author: hjenkins42

Utility data aggregator Urjanet has been acquired by energy technology company Arcadia. Urjanet made its Finovate debut last fall at FinovateSpring 2021. Terms of the deal were not disclosed. Atlanta, Georgia-based Urjanet facilitates access to data from more than 6,500 utility, telecom, and cable providers around the world. Here’s some big news from a Finovate…

Klarna Bank AB’s valuation has been slashed to $6.7 billion in its latest funding round, in a dramatic reversal for one of Europe’s most high-profile startups. The buy-now-pay-later giant said it raised $800 million from new and existing investors, according to a statement Monday. Its new valuation is down from the $45.6 billion it achieved…

Society is becoming digital and we are on our way to becoming a multiplanetary species, that vacations and lives on other planets. “A lot has changed in the past three hundred years. People are no longer obsessed with the accumulation of things …the economics of the future are somewhat different. You see, money doesn’t exist…

Banks are better positioned to handle federal Paycheck Protection Program (PPP) loan forgiveness applications as Second Draw PPP loan forgiveness deadlines approach. The Second Draw PPP loans were available to small businesses that previously received First Draw PPP loans, had no more than 300 employees and could prove at least a 25% reduction in gross…

Rogers Communications Inc. is experiencing a widespread network failure in its wireless and internet services, causing payment systems and automated teller machines at banks to go down. Reports of problems with the Rogers network began early Friday and have reached tens of thousands of complaints, according to the tracking site Downdetector.ca. Royal Bank of Canada…

YAP, a United Arab Emirates-based digital bank, has raised $41 million in funding, the company announced Monday. The bank plans to complete its series A by yearend. Investors include Saudi Arabia-based Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. “The interest that we have received from investors shows that there is a strong…

This week’s edition of Finovate Global takes a look at recent developments in the fintech industry in India. Has a “fintech reckoning” come to India? That’s the take shared by the Wall Street Journal recently, which suggested that many of the country’s fintech startups are facing new regulatory scrutiny. TechCrunch joined the alarm, looking specifically…

Following an initial consultation last summer, the Basel Committee on Banking Supervision (BCBS) has published draft international standards for the prudential treatment of cryptoassets. These standards go well beyond the treatment of unbacked cryptoassets like Bitcoin, and could potentially determine the economic viability of a broad range of digitalisation projects. The BCBS has been receptive…

Are Equity Release Rate rises really necessary? Interest rates are on the rise everywhere as inflation sweeps through Western economies to the seeming surprise of everyone from the great and good. In the UK equity release is big business largely because of the meteoric rise in property values and successive governments ridiculous refusal to address…

Reliability in financial systems, and ergo financial products and apps, is essential to delivering the user experiences and reliability needed for commercial success. If we look at this underlying technology that is hidden away from the end user’s interactions, it’s a critical factor in enabling growth and gaining a competitive advantage. I will outline four…