Latest Financial Technology Updates for August

In the dynamic world of finance, the European fintech landscape continues to evolve at a rapid pace. Here's a summary of some key developments that have taken place recently:

EURAU Stablecoin Now Tradable on Bitpanda

AllUnity's regulated, fully euro-based stablecoin EURAU has made its way onto European crypto platform Bitpanda, offering users another avenue for digital currency trading.

Raisin Bank Faces Regulatory Action

Berlin-based fintech Raisin's subsidiary, Raisin Bank, has been issued remedial orders at the end of 2023. The orders affect risk analysis, customer evaluation, and control systems within the institution, following serious deficiencies in its anti-money laundering prevention measures identified by the financial supervisory authority.

NAO Launches Savings Plans for Private Investors

Berlin-based fintech NAO is shaking up the investment landscape by launching savings plans that allow private investors to invest in alternatives such as private equity, infrastructure, or venture capital for as little as one euro.

Sub Capitals Focuses on Selected Reference Customers

AI Fintech startup Sub Capitals, which was recently taken over by Orca Capital AG after insolvency, is now focusing on selected reference customers in asset management. Orca Capital will continue Sub Capitals as an independent subsidiary with a reduced team.

PayPal Payments Halted Due to Security Issues

German banks have temporarily halted PayPal payments due to serious security issues, causing billions of euros in payments to be blocked.

Leadership Changes at N26

Andreas Dombret, a former Bundesbank board member, is set to become the new chair of N26's supervisory board, replacing Marcus Mosen who is moving from the chair of N26's supervisory board to the management board and co-CEO role. Andreas Dombret will officially become chairman in October, pending formal approval by the financial supervisory authority and the formal resolution at an extraordinary general meeting called by the company.

TWINT Reaches 6 Million Active Users

Swiss digital payment service TWINT has reached a new milestone, boasting over 6 million active users in the country.

New Players in the German Fintech Scene

Jochen Siegert, Co-Founder of Payment & Banking and an experienced expert in digital transformation, is making his mark in the German fintech scene. Stripe is also expanding its presence in Germany, establishing a new location in Berlin to offer open banking payments, growth capital via Stripe Capital, and improved fraud detection for SEPA transactions.

dwpbank Acquires Lemon Markets

Volks- and Sparkassen-owned bank dwpbank has acquired Lemon Markets to build a platform for Brokerage-as-a-Service (BaaS).

Klarna Considering US IPO

Buy now, pay later giant Klarna is reportedly considering an IPO in the US, with plans to go public in September.

André M. Bajorat and Andréas Dombret: Fintech Pioneers

Notable figures in the German digital economy include André M. Bajorat, who has been active for nearly 30 years, holding positions at SK Online, Star Finanz, giropay, figo, Deutsche Bank group, and a German asset manager. He is also the founder and publisher of a fintech-focused website and a podcaster. Andréas Dombret, a former Bundesbank board member, is another prominent figure, having recently been appointed as the new chair of N26's supervisory board.