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        France-based Qonto, offering digital banking products to SMEs and freelancers, has announced a partnership with Coinhouse, a French crypto exchange, to enable its clients to invest in crypto assets.
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        The partnership will initially benefit customers in France, who will be able to subscribe to Coinhouse Pro for free for a year and pay lower transaction fees (2.49% vs 2.99%), while Coinhouse clients opening a Qonto account will receive a EUR 29 discount for three months.
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  <p>
    <a href="https://www.finextra.com/pressarticle/92979/qonto-and-coinhouse-join-forces--to-open-up-crypto-to-businesses?utm_medium=rssfinextra&utm_source=finextrafeed">
      Finextra
    </a>
  </p>
  <p>
    <a href="https://hitechwiki.com/qonto-is-opening-up-to-cryptos-heres-what-customers-can-do/">
      HiTech Wiki
    </a>
  </p>
</div>


Neobanks

Qonto and Coinhouse partner to enable customers to invest in crypto assets

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 <p>CapWay, a digital banking solutions company serving underserved communities, has ended its operations. The closure was a result of increased banking partner requirements, fundraising difficulties, and the damaged reputation of the FinTech industry following recent events.</p>
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CapWay shuts down operations

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 <p>UK-based neobank, Zopa Bank is partnering with John Lewis Money to offer personal loans to the latter's clients. This partnership will allow John Lewis customers to get Zopa Bank personal loans from GBP 1,000 to GBP 35,000, via the John Lewis Money website. Loan terms range from one to seven years.</p>
 <p>This collaboration offers customers an advantage to receive a personalized quote within three minutes without it affecting their credit scores. Additionally, most approved loans are funded within just two hours.</p>
 
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Zopa Bank partners with John Lewis Money to offer personal loans to customers

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 <p>Digital banking solutions provider, Emerge, has secured NZD 12 million (~USD 7.3 million) in a Series A funding round. Altered Capital led the round, with contributions from Icehouse Ventures, K1W1, NZ Fintech Fund, and US VC Hard Yaka.</p>
 <p>The raised funds will be used to develop a Neobank, expand the team with marketing, sales, and product experts, and boost its go-to-market strategy, specifically targeting startups for banking services.</p>
 <p>Based in New Zealand, Emerge provides business accounts and cards primarily to businesses and startups. EmergePay, the company's main product, is a mobile application allowing businesses to open accounts immediately and produce new cards with centralized limitations, regulation, and real-time notification systems.</p>
 
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Emerge raises NZD 12 million in Series A funding to build neobank

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 <p>Revolut, a company from the UK, has announced the Revolut Terminal, a device for handling payments in the UK and Ireland. The terminal is highlighted by features such as 99.9% uptime, connections via Wi-Fi and SIM, and long-lasting battery life. It functions with Revolut Pay, which lets users pay through the app and earn rewards. The terminal is also integrated with Revolut Business, providing features like analytics, table mapping, management of multiple locations, and customer catalogs.</p>
 <p>The company communicates that this terminal will enable businesses to process payments promptly, access their money within a day, and benefit from low transaction fees of 0.5%. As of November 2024, UK and Ireland customers can pre-order the terminal.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> This news aligns with the company's July securing of a <a href="https:<br>
//sp-edge.com/updates/34024"> UK banking license </a> from the Prudential Regulation Authority (PRA) . The license permits Revolut to accept customer deposits and issue loans and credit cards.</p>

Revolut launches Revolut Terminal in UK and Ireland

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<p>Monzo, a UK digital bank, achieved a USD 5.9 billion valuation through a secondary market share sale to existing investors like Singapore's sovereign wealth fund (GIC) and StepStone Group. This sale was conducted to provide liquidity for Monzo's employees and reward them for the company's progress without needing a public offering.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> This news follows the company's two funding rounds earlier this year. In March, it secured <a href="https:<br>
//sp-edge.com/updates/27295"> USD 430 million at a post-money valuation </a> of USD 5 billion. Subsequently, the company raised an <a href="https:<br>
//sp-edge.com/updates/29274"> additional USD 190 million </a> in venture funding, bringing its total funding to USD 1.7 billion.</p>

Monzo reaches USD 5.9 billion valuation through secondary market sale

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 <p>Pockit, a UK digital bank serving underserved audiences, plans to buy Monese, a UK neobank that serves both B2C and B2B segments, for an undisclosed sum. This acquisition is part of Pockit's strategy to consolidate its role, providing financial services to underserved and lower-middle-income consumers in the UK and Europe. The combined entity will reportedly serve approximately 3 million customers and generate nearly GBP 30 million (roughly USD 39.1 million) in annualized revenue.</p>
 <p>For the integration and future expansion of the business, Pockit and its shareholders plan to inject up to GBP 15 million (approximately USD 19.6 million) in equity capital. The two companies will continue to operate separately after the transaction is completed. </p>
 <p>Upon acquisition, Pockit intends to launch new services by tapping into Monese's regulatory infrastructure, operational synergies, and complementary product offerings. These go from multi-currency accounts to salary advance offerings.</p>
 
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Pockit to acquire Monese for undisclosed amount to consolidate position as leading FinTech for underserved consumers

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 <p>Canadian neobank, KOHO has successfully raised funding worth CAD 190 million (approx. USD 141 million). This sum comprises CAD 40 million (roughly USD 29.6 million) in equity and CAD 150 million (around USD 111 million) in debt. The fundraising initiative was led by PROPELR Growth and saw participation from Rockefeller Capital, Drive Capital, TTV, and BDC. The total funds now owned by KOHO sum up to USD 547.5 million.</p>
 <p>The recently acquired funds will be channeled towards expanding KOHO's lending services, enhancing its product portfolio, and aiding the progress in obtaining a Schedule 1 bank license in Canada.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> The company secured an additional CAD 86 million in <a href="https:<br>
//sp-edge.com/updates/24758"> December 2023 </a> as an extension to its Series D funding round, which began in <a href="https:<br>
//sp-edge.com/updates/8192"> February 2022. </a> The capital was utilized to expand its product portfolio.</p>

KOHO raises CAD 190 million in equity and debt funding to pursue bank license

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<p>UK-based neobank, Starling Bank, has been fined GBP 29 million (~USD 39 million) by the Financial Conduct Authority (FCA) due to having inadequate financial crime controls in place between 2021 and 2023. The bank was serving both B2C and B2B segments.</p>

<p>According to the FCA, the bank's anti-money laundering procedures were insufficient. This resulted in around 54,000 high-risk customers opening accounts despite being previously instructed against doing so. The imposed fine was reduced by 30% due to the bank's full cooperation throughout the investigation. </p>

<p>In response to the issues highlighted by the FCA, Starling Bank has committed to enhancing its board governance and capabilities.</p>

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Starling Bank fined USD 39 million for inadequate financial crime controls

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 <p>Digital lending solutions provider, Lendistry, has secured a USD 5 million investment from City National Bank. The investment is intended to support small businesses in California.</p>
 <p>Lendistry plans on putting the funding towards providing individual loans below USD 100,000. These loans are aimed at small businesses in the state, particularly minority- and women-owned businesses in low-income neighborhoods.</p>
 <p>As a minority-led FinTech and Community Development Financial Institution, Lendistry is also an approved California Capital Access Program (CalCAP) lender. The services they offer include term loans, non-revolving lines of credit, commercial real estate loans, and SBA 7(a) loans.&nbsp;</p>
 
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Lendistry receives USD 5 million in investment from City National Bank

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 <p>Propel Holdings, a provider of lending services, has raised around USD 74 million through a bought deal offering of subscription receipts, each priced at approximately USD 20. The offering was led by Canaccord Genuity and Scotia Capital, and with an over-allotment option, the total funds raised could potentially reach up to USD 85 million.</p>
 <p>These funds will largely be used for the acquisition of QuidMarket, a UK-based digital lender, which is pending regulatory approval and expected to be closed between Q4 2024 and early Q1 2025.</p>
 <p>This acquisition is a significant part of Propel’s strategy to expand globally, being its first entry into the UK market. Propel plans to utilize its AI capabilities, financial expertise and capital to support QuidMarket's growth and improve its product offerings for UK consumers.</p>
 <p>QuidMarket, established in 2011, is a specialist in credit for underserved consumers and has originated over 310,000 loans. It recorded revenue of approximately USD 27.7 million and a net income of USD 9.6 million at the end of June 2024.</p>
 <p>Propel Holdings, also established in 2011, is a FinTech firm that offers innovative credit solutions for underserved consumers via its AI-enabled online lending platform, analyzing over 5,000 data points to evaluate a consumer's financial status.</p>
 
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All Updates

Qonto and Coinhouse partner to enable customers to invest in crypto assets

CapWay shuts down operations

Zopa Bank partners with John Lewis Money to offer personal loans to customers

Emerge raises NZD 12 million in Series A funding to build neobank

Revolut launches Revolut Terminal in UK and Ireland

Monzo reaches USD 5.9 billion valuation through secondary market sale

Pockit to acquire Monese for undisclosed amount to consolidate position as leading FinTech for underserved consumers

KOHO raises CAD 190 million in equity and debt funding to pursue bank license

Starling Bank fined USD 39 million for inadequate financial crime controls

Lendistry receives USD 5 million in investment from City National Bank

Propel Holdings to acquire QuidMarket for USD 71 million; raises CAD 100 million through bought deal equity offering of subscription receipts

Neobanks

Qonto and Coinhouse partner to enable customers to invest in crypto assets

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