<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        Revolut, a UK-based neobank serving B2C and B2B segments, has secured a UK banking license from the Prudential Regulation Authority (PRA), allowing it to accept customer deposits and issue loans and credit cards. It applied for the license back in 2021.
      </p>
    </li>
    <li>
      <p>
        Revolut is now in the &quot;Authorisation with Restrictions&quot; stage. Revolut will finalize its UK banking operations during this period before launching in the market. Customers will have no effect and can use their Revolut e-money account as usual.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake:</b>
         It took three years for Revolut to obtain the UK banking license owing to multiple issues related to the company&rsquo;s share structure being inconsistent with the PRA&rsquo;s rules, lack of internal controls, accounting issues, and EU regulatory breaches. The banking license will be a key driver for Revolut&rsquo;s next phase of growth, allowing it to offer a full range of banking products and services. This news also follows Revolut securing a 
        <a href="https://sp-edge.com/updates/28502">
          Mexican banking license
        </a>
         in April this year.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.revolut.com/news/revolut_receives_uk_banking_licence/">
      Press release
    </a>
  </p>
</div>


Neobanks

ANALYST_QUICK_TAKE

<div>
 
 <p>Revolut, a neobank based in the UK that caters to B2C and B2B sectors, has secured a banking license from the Prudential Regulation Authority (PRA) in the UK. This license allows it to now accept customer deposits, and to issue loans and credit cards. The application for this license was made in 2021.</p>
 <p>Presently, Revolut is in a phase referred to as "Authorisation with Restrictions". During this stage, Revolut will perfect its UK banking operations prior to its official market launch. This stage will have no impact on customers who can carry on using their Revolut e-money account as they normally would.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> It took three years for Revolut to obtain the UK banking license owing to multiple issues related to the company’s share structure being inconsistent with the PRA’s rules, lack of internal controls, accounting issues, and EU regulatory breaches. The banking license will be a key driver for Revolut’s next phase of growth, allowing it to offer a full range of banking products and services. This news also follows Revolut securing a <a href="https:<br>
//sp-edge.com/updates/28502"> Mexican banking license </a> in April this year.</p>

Revolut secures UK banking license

Technologies bringing about a new reality

Extended Reality

INCUMBENTS_PRESENT

<div>
 <p>Snap has introduced its latest Spectacles AR glasses in Germany, France, Italy, the Netherlands, Austria, and Spain. These fifth-generation glasses are equipped with four tracking cameras, a proprietary optical system that uses LCoS micro-projectors, two Snapdragon processors, and a battery that lasts 45 minutes. Unique to these glasses is a 46-degree field of view and a resolution that compares to viewing a 100-inch display from three meters away. </p>
 <p>Unlike other AR glasses, this does not require a smartphone to function. It operates using Snap OS which is conducive to hand gestures and voice controls. When used, menus will be visible in the user's hand itself. </p>
 <p>The Spectacles Developer Program is offered at a monthly subscription of EUR 110 (USD 119) for at least a year. This includes the AR glasses and accessibility to the Spectacles Team. Reportedly, shipping is anticipated to commence in the next few weeks, expanding into other markets by 2025.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> Snap has partnered with companies such as <a href="https:<br>
//sp-edge.com/updates/33644"> OpenAI </a> and Lego to develop the first applications for the Spectacles, which include using AI models for object recognition. Expanding its developer program is expected to lead to further collaborations to develop applications for its latest AR glasses.</p>

Snap launches its fifth-gen spectacles AR glasses in six European countries

Tech solutions for achieving global anti-wastage targets

Food Waste

<div>
 <p>Foodsi, a food surplus marketplace based in Poland, has secured an additional EUR 1.2 million (~USD 1.3 million) in a seed funding extension round. This funding was raised from investors like Satus Starter, AC/VC Impact Fund, and AIP Seed. Consequently, the total value of the seed round has increased to over EUR 2.5 million (~USD 2.7 million).</p>
 <p> The funds raised will be channeled towards facilitating the company's growth, broadening its product and sales teams, enhancing operational efficiency, and preparing for an upcoming Series A funding round.</p>
 <p>Currently, Foodsi operates its platform across many major cities in Poland. It has strategic partnerships with over 6,000 venues, including large chains like Carrefour, Wedel, and Etno Cafe. The company's app boasts close to 2 million users who have collectively saved nearly 5 million food packages since its launch. These savings translate into tens of millions of euros.</p>
</div>

Foodsi raises EUR 1.2 million in seed funding extension to expand operations

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

<div>
 <p>Rayonier Advanced Materials (RYAM), a tech company specialized in cellulose, has secured a term loan financing of USD 700 million. The funding round was led by Oaktree Capital Management and included contributions from Silver Point Capital and Blue Torch Capital.</p>
 <p>This financing is intended to be used for the redemption and purchase of RYAM's current 2026 senior secured notes, the repayment of its 2027 secured term loan financing, and to cover any related costs and fees. The new term loan is expected to mature in five years, with an initial interest rate composed of three months Term SOFR plus a 7% spread.</p>
 <p>RYAM operates manufacturing facilities across the US, Canada, and France. It produces biofuels, bioelectricity, and other biomaterials including bioethanol and tall oils. Aside from these, the company also manufactures products applicable for the packaging and paper markets.</p>
</div>

RYAM raises USD 700 million in debt financing from Oaktree Capital Management

Bringing the benefits of blockchain to the enterprise

Enterprise Blockchain Solutions

<div>
 
 <p>Blockchain infrastructure provider, Consensys, is reducing its workforce by 20% due to economic and regulatory challenges, including a legal battle with the SEC over allegations of unregistered brokering and illegal securities offerings. The job cuts will affect 163 employees from all departments who will receive severance packages, extended stock options and continued healthcare benefits.</p>
 <p>Going forward, Consensys will focus primarily on its core products like MetaMask, Ethereum's layer-2 network Linea and, according to CEO Joe Lubin, will be transitioning to a decentralized "Network State" operational model. The strategy aims to make the company more agile and AI-driven in order to maintain competitive advantage.</p>  
 
</div>

Consensys conducts layoffs citing regulatory battles and market pressure

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

<div>
 
 <p>Blockchain infrastructure and developer tools provider, Consensys, declared a 20% cut in its workforce due to macroeconomic conditions, regulatory ambiguity, and ongoing legal issues with the Security and Exchange Commission (SEC). The SEC has accused Consensys of functioning as an unlicensed broker via its MetaMask services and being involved in illicit securities offerings through staking features.</p>
 <p>This reduction affects 163 employees across all areas. The impacted personnel will be getting severance packages, prolonged stock option periods, and continued healthcare benefits in related jurisdictions.</p>
 <p>Consensys aims to narrow its concentration on central products like MetaMask and the Ethereum layer-2 network, Linea. Moreover, CEO Joe Lubin revealed that the firm would adopt a decentralized "Network State" model which operates as a self-sovereign collective. This shift aims to make the company more agile and AI-efficient to maintain competitiveness.</p>
 
</div>

InsurTech: Infrastructure

<div>
 
 <p>HOMEE, a property insurance repair management platform that uses AI, recently secured $12 million in Series C funding. The funding round was led by W.R. Berkley Corporation and saw participation from entities like The Institutes, Sure Inc., and existing investors such as State Farm, Liberty Mutual, The Hartford, and Desjardins. The total funds raised by HOMEE so far cross the $75 million mark.</p>
 
 <p>The newly acquired funds will be used to further enhance the company's AI Smart-Claim management platform. The goal of this platform is to directly connect carriers to its carefully selected direct repair network across the United States.</p>
 
 <p>For the fifth consecutive quarter in Q3 2024, HOMEE reported growth. The company saw a revenue increase of 15% and a rise in claim assignments by 14%. Its repair coverage has expanded to cover over 7 million homes across 38 states, which marks a 300% increase. Since Q1 2024, there has also been a 250% growth in claims assigned.</p>

</div>

HOMEE raises USD 12 million in Series C funding to develop smart claims management platform

Giving creators the power of content monetization and audience engagement.

Creator Economy

PROMINENT_CATEGORY

<div>
 <p>Snap has launched a simplified version of the Snapchat app. This restructured platform classifies into three main segments: communication with friends, usage of the camera, and content viewing. The revamped app is currently in its initial test phase with around 10 million users.</p>
 <p>The main aim of this simplified Snapchat is to boost user engagement and assist creators in discovering content. Preliminary results indicate an increase in content interaction, especially on Android devices.</p>
 <p>A new addition to the platform includes AI features such as AI-generated collages via Snapchat Memories, and enhanced machine-learning models responsible for superior content ranking and personalization.</p>
 <p>In addition, Snap unveiled two novel ad placements named Sponsored Snaps and Promoted Places.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> This recent development builds on the partnership formed with Google in <a href="https:<br>
//sp-edge.com/updates/33942"> September 2024 </a> to integrate Gemini AI into its My AI chatbot. The company seems to be focusing on integrating AI into its platform to enhance user experience.</p>

Snap launches simplified version of Snapchat to drive user engagement; adds new AI features

Using AI to automate, enhance and optimize marketing activities

Marketing Automation

<div>
 <p>Bloomreach, an ecommerce personalization platform, has formed a partnership with Planet, a provider of integrated payments and software platforms for retailers. The aim of this partnership is to improve personalized shopping experiences.</p>
 <p>By integrating Planet's unified commerce and order management systems with Bloomreach's AI-facilitated personalization abilities, the partnership plans to create connections for simplified unified customer and product data management. This strategy is expected to customize shopping experiences further and boost customer experiences across a broad spectrum of online and in-store channels.</p>
</div>

Bloomreach partners with Planet to offer unified commerce personalization solution

<div>
 <p>Criteo, a commerce media company, teamed up with OMS providers ADvendio, Boostr, Placements.io, Vantage, and Salesforce Media Cloud to enhance retail media network management. The integration allows retailers to control their media networks through their chosen OMS platform or Salesforce Media Cloud while having access to Criteo's Commerce Yield platform. </p>
 <p>This partnership helps retailers streamline operations, automate processes, and have better control over their media networks while connecting with Criteo's network of 2,900 global brands. The goal of this collaboration is to provide customization and flexibility to retailers in developing their media networks. It enables them to create unified omnichannel self-service front-ends linked to Criteo's services and eliminate multiple platform logins. </p>
</div> <p><b>Analyst QuickTake:<br>
 </b> This partnership aligns with Criteo’s approach of entering into strategic partnerships to enhance their product. In <a href="https:<br>
//sp-edge.com/updates/31511"> July 2024 </a> , Criteo partnered with Microsoft to bring Microsoft's demand to Criteo's network of retailers.</p>

Criteo partners with OMS providers and Salesforce to enhance retail media network solutions

Platforms, apps, and cards to keep the corporate wallet in check

Business Expense Management

<div>
 <p>Basware, an accounts payable automation and invoice processing company, has announced its new product, Basware Insights. This analytics platform, powered by GenAI, is equipped with a unique feature called the "CFO Cockpit" designed for finance teams to effectively analyze and manage accounts payable (AP) processes.</p>
 <p>Beyond the CFO Cockpit, Basware Insights also boasts of natural language processing capabilities which enables users to ask queries and obtain customised insights. The platform also features AI-driven insights shown on customizable dashboards, data-driven benchmarking catered to industry-specific insights, along with specialised reporting capabilities. Among the key metrics monitored by the CFO Cockpit are touchless invoice rates and retrospective purchase orders (POs).</p>
 <p>The company assures their new platform can aid customers to achieve a full cycle of touchless invoicing and can also address the reporting challenges typically encountered by finance leaders.</p> 
</div> <p><b>Analyst QuickTake:<br>
 </b> This product development aligns with recent trends in the business expense management industry, particularly in introducing GenAI-integrated products. In <a href="https:<br>
//sp-edge.com/updates/34077"> September 2024 </a> , Airbase launched its AI-powered Touchless AP for accounts payable automation, while Stampli <a href="https:<br>
//sp-edge.com/updates/33866"> enhanced </a> its AP automation platform with advanced AI features.</p>

All Updates

Revolut secures UK banking license

Snap launches its fifth-gen spectacles AR glasses in six European countries

Foodsi raises EUR 1.2 million in seed funding extension to expand operations

RYAM raises USD 700 million in debt financing from Oaktree Capital Management

Consensys conducts layoffs citing regulatory battles and market pressure

Consensys conducts layoffs citing regulatory battles and market pressure

HOMEE raises USD 12 million in Series C funding to develop smart claims management platform

Snap launches simplified version of Snapchat to drive user engagement; adds new AI features

Bloomreach partners with Planet to offer unified commerce personalization solution

Criteo partners with OMS providers and Salesforce to enhance retail media network solutions

Basware launches Insights platform with GenAI capabilities to enhance touchless invoicing

Neobanks

Revolut secures UK banking license

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