As the trusted and proven PayTech Pioneer™ uniquely focused on supporting the growth journeys of our customers, nothing gets us more excited than when we see our customers and partners dominating the payments news agenda 🚀
That’s why each month we update our ‘Making Headlines’ blog series to bring you some of the highlights from our customers and partners in the last month, from acquisitions to significant customer milestones, right through to innovative features and strategic partnerships.
However, before we kick things off, we wanted to highlight some of the exciting things that are happening in the coming month for GPS: our CEO, Joanne Dewar, has once again been shortlisted for the Payments Power 10 alongside leaders from NatWest, Barclays, Starling Bank and Revolut amongst many other companies 👏 The Payments Power 10 are voted for by their industry peers and recognise leaders with an ongoing commitment to pushing boundaries in the payments sector. Don’t forget to vote for Joanne HERE before the 17th of September!
GPS will also be a Platinum Sponsor of the upcoming Seamless Middle East event taking place from the 29th – 30th of September at the Dubai World Trade Centre, where our Head of MENA, Arnav Rath, will be speaking on a panel and our CEO, Joanne Dewar, will be delivering a keynote presentation 🎤 They will be joined by the rest of the MENA team at our stand at the heart of the event. Please do come by and say hello if you are attending too!
💸 Fast finance
GPS customers and partners continue to make their mark in the fintech investment world, having secured an incredible $12.53 billion in the first half of this year, which accounts for more than a tenth (13%) of the reported $98 billion that poured into the industry! Closer to home, GPS customers and partners raked in almost half (49%) of UK fintech investment.
GPS is also now a member of the two of the most prominent fintech organisations in the Asia Pacific region, including the Singapore Fintech Association and Fintech Australia, and we look forward to a bright future ahead in both countries.
The fintech investment train continues to chug along at breath-taking speed, with PayPal announcing that it has acquired GPS customer and Japanese BNPL leader Paidy for a whopping $2.7 billion. The acquisition will expand the US payment giant’s capabilities in the Japanese payments market, the third-largest e-commerce market in the world, and complement its existing cross-border e-commerce business in the Land of the Rising Sun.
Razer Inc. reported a record high revenue of $752m with an incredible 68% year-on-year growth, demonstrating its command of market share in the hardware business. Meanwhile, its services segment, Razer Gold and Razer Fintech, both showed continued revenue growth, with Razer Fintech reporting a 79.5% year-on-year growth and the overall business recording a significant improvement in profitability.
Successful German entrepreneur and billionaire businessman, Carsten Maschmeyer, has reportedly invested in pliant, the fintech offering modern corporate credit cards, through the Munich-based venture capital fund ALSTIN Capital. This follows the launch of pliant’s corporate card for carbon neutral travel, the pliant earth credit card, which comes with an app that calculates CO2 offsets for travel.
🤝 Partnerships and innovation
Fintech unicorn Revolut has revealed that it is joining the red-hot Buy Now Pay Later (BNPL) market and is in the very early stages of developing its own BNPL product which will be trialled in several European markets next year. Britain’s most valuable private tech company also revealed that it is seeking an Australian banking licence to enable it to take customer deposits. This is following Revolut’s successful bid to obtain a financial licence for its subsidiary in Australia, with over 100,000 people signing up for its service. With 16 million customers globally, Revolut is forging ahead on its quest to become the leading international financial super app.
Instarem, the digital cross-border payments arm of Singapore-based GPS customer, Nium, has launched Amaze, a card that allows users to link up to five other bank cards. The Amaze card can be used to make online and offline payments without the need for top-ups. Whilst currently only available in Singapore, Instarem plans to launch Amaze in other Southeast Asian countries in the near future. Nium also recently announced that it has completed the acquisition of ixaris, which was made public in June this year.
The days are numbered for the iconic magnetic stripe found on the back of Mastercard credit and debit cards. For decades, this enduring fintech innovation superseded flatbed imprinting machines that transferred information to carbon paper. With most in-person transactions now using the safer EMV chip, Mastercard will start phasing out mag stripes in Europe first during this end-of-era moment for payments.
In another significant advancement, ANNA Money has partnered with Currencycloud to offer customers international banking connected to their ANNA Money account. The multi-currency account gives customers the ability to pay and receive in GBP, Euros and USD thanks to the Currencycloud Spark integration. Meanwhile, Currencycloud has announced the appointment of two new executives to its C-suite: Neil Drennan, Chief Technology Officer, and Mark Ledsham, Chief Operations Officer, who both arrive from XE.com and 10x Future Technologies respectively. This follows news of Visa’s definitive agreement to acquire Currencycloud, valuing the latter at £700 million.
👩💼 Talking talent
Lithuania is home to innovation-friendly regulation and a thriving fintech community – combined with an attractive banking landscape, this makes Lithuania the ideal destination for Curve, which recently announced the appointment of Renata Sumskaite as CEO and head of Curve Lithuania. Sumskaite brings a wealth of experience in the Lithuanian fintech industry and will help Curve grow its product footprint in Europe, with the fintech already operating in 31 markets across the UK and European Economic Area (EEA).
Last, but by no means least, is Paysafe which has hired Chirag Patel, a 20-year payments veteran who was formerly Santander Group's global head of payments and Amazon's head of payments. Patel will lead Paysafe’s digital wallets offerings, including Neteller and Skrill, which are used by 3.5 million consumers globally and generated $20.4 billion in payments volume last year.