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      <p>
        Mastercard has announced plans to acquire Minna Technologies, a provider of subscription management solutions, for an undisclosed amount to enhance Mastercard's technological offerings. The transaction is subject to regulatory review.
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        Based in Sweden, Minna Technologies develops solutions that enable retail banks and fintech companies to offer subscription management services to their customers directly within banking apps and websites. Its partner financial institutions include Lloyds Banking Group, Swedbank, Visa, and ING.
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        Through this acquisition, Mastercard aims to obtain Minna Technologies&rsquo; payment scheme-agnostic services, providing consumers with a single view of all their subscriptions within the banking app or website. 
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<div>
  <p>
    <a href="https://www.mastercard.com/news/perspectives/2024/sign-us-up-transforming-the-subscription-experience/">
      Press release
    </a>
  </p>
  <p>
    <a href="https://www.cnbc.com/2024/10/01/mastercard-to-buy-subscription-management-startup-minna-technologies.html">
      CNBC
    </a>
  </p>
</div>


FinTech Infrastructure

INCUMBENTS_PRESENT

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 <p>Mastercard has declared its intention to purchase Minna Technologies, a company that specialises in subscription management solutions. The acquisition is designed to improve Mastercard's technology capabilities. However, the financial details of the transaction have not been disclosed, and the acquisition is subject to regulatory inspection.</p>
 <p>Minna Technologies is headquartered in Sweden and its core service is developing solutions that allow retail banks and fintech businesses to offer subscription management services directly within their banking applications and websites. The financial companies that have partnered with Minna Technologies include Lloyds Banking Group, Swedbank, Visa, and ING, among others.</p>
 <p>Mastercard's primary goal with the purchase is to leverage Minna Technologies' payment system-neutral services. This would enable users to have a single view of all their subscriptions directly within the banking app or website.</p>
 
</div>

Mastercard to acquire Minna Technologies to enhance technological offerings

<div>

<p>The Federal Deposit Insurance Corporation (FDIC) Board of Directors has proposed a rule that would enforce stronger recordkeeping for bank deposits received from third-party non-bank companies like <a href="https://sp-edge.com/companies/271739"> Synapse </a>. These companies facilitate deposits on behalf of consumers and businesses.</p>

<p>This proposed rule would mandate FDIC-insured banks that hold certain custodial accounts to maintain accurate records to identify individual fund owners, this would include day-to-day account reconciliation.</p>

<p>The intent of this regulation revision is to mitigate risks associated with third-party banking arrangements. It aims to safeguard depositors and bolster public trust in insured deposits. Another major objective is to fortify compliance with laws pertaining to anti-money laundering and countering terrorism financing.</p>

</div>

FDIC proposes new recordkeeping rules on Banks' third-party accounts

<div>
 
 <p>Form3, a cloud-based payment processing platform, recently raised USD 60 million in a Series C extension funding round. The round was led by British Patient Capital, and saw participation from existing investors like Visa, Goldman Sachs, Mastercard and others. This funding round has raised Form3's post-money valuation to an impressive USD 570 million.</p>
 <p>The company has shared its intentions to utilize this fund to create new products and services. It also plans to aid its growth in key markets such as UK, Europe, and the US, and venture into new territories. </p>
 <p>Interestingly, Form3 is responsible for handling more than half of all non-cash payment volume in the UK. In just the past six to nine months, the company reported a 2x growth in its global processing volume. It expects to double this figure again in the coming 12 months.</p>
 
</div>

Form3 raises USD 60 million in Series C extension to support product development and expansion

PROMINENT_CATEGORY

<div>
 
 <p>Open banking payments network TrueLayer has broadened its collaboration with Stripe, a platform that offers API-based payment and subscription management. This partnership aims to power Stripe's Pay by Bank feature in the UK.</p>
 <p>Through this partnership, Stripe is able to provide its Pay by Bank feature as a novelty with Stripe Elements. It enables UK-based businesses to receive immediate bank account payments from customers. This not only simplifies the payment process but also minimizes transaction charges.</p>
 <p>Stripe's objective of eliminating obstacles in online buying and checkout procedures is backed by TrueLayer's open banking technology. It offers user-friendly, instantaneous, and SCA account-to-account payments.</p>
 
</div>

TrueLayer expands partnership with Stripe to power Pay by Bank feature across the UK

<div>
 
 <p>Zuora proclaimed non-GAAP EPS (Earnings Per Share) of USD 0.19 for Q2 FY2025, a figure that surpasses analyst consensus-estimated EPS of USD 0.10. In comparison, the company's EPS a year ago was USD 0.07. Furthermore, Q2 FY2025 showed a 7% YoY (Year over Year) increase in total revenue as it reached USD 115.4 million, exceeding analyst consensus estimates by 2.57%. The previous year's Q2 recorded USD 108.0 million.</p>
 <p>Zuora's customers with annual contract value equivalent to or more than USD 250,000 rose to 445, displaying an increase from last year's figure of 444. However, the second quarter of FY2025 saw a drop in the dollar-based retention rate (DBRR) as it went down to 104%, a decrement compared to the 107% in Q2 FY2024. The annual recurring revenue (ARR) in Q2 FY2025 grew by 7%, going up to USD 412.3 million from USD 384.2 million in the same quarter the previous fiscal year.</p>
 <p>The acquisition of <a href="https://sp-edge.com/companies/1751511">Sub(x)</a>, an AI-based digital publishing and media platform, was announced during the quarter. This move is expected to bolster Zuora's existing paywall offerings. The platform also added new customers including Canva, The Economist, and Dark Matter Technologies.</p>
 
</div>

Zuora Q2 FY2025 earnings beat analyst estimates; acquires Sub(x) to enhance paywall offering

<div>
 
 <p>Nymbus, a Banking-as-a-Service (BaaS) infrastructure platform, has received a strategic investment from Gesa Credit Union. The amount remains undisclosed. This investment follows a USD 70 million <a href="https://sp-edge.com/updates/18884"> Series D funding </a> raised by Nymbus the previous year.</p>
 <p>The funding will be used to further Nymbus's initiatives aimed at enabling credit unions to attain sustainable growth. The plan involves transitioning from legacy systems to modern technology. It also includes the formation of a new digital financial institution brand to be unveiled in the near future.</p>
 <p>Nymbus provides solutions to help credit unions tackle various challenges. Their services include the creation of digital credit unions customized for distinct member groups and communities, which can lead to deposit growth. They also offer a platform for credit unions serving small businesses (SMB platform) and aid in the modernization of credit union technology infrastructures through cloud-based platforms.</p>
 
</div>

Nymbus secures strategic investment from Gesa Credit Union to support growth

<div>
 
 <p>The Banking-as-a-Service (BaaS) infrastructure provider, Mbanq, is partnering with SMEApprove, a credit decisioning service provider. The aim of this collaboration is to enhance Mbanq's credit decisioning capabilities primarily for SME lending.</p>
 <p>This partnership will enable Mbanq to utilise SMEApprove's AI-powered credit decisioning platform to improve their SME credit evaluation process. The objective is to enhance accuracy, speed, and overall efficiency in credit decisioning. This move will benefit lenders with more streamlined operations and provide a faster access to capital for SMEs.</p>
 <p>SMEApprove's technology also offers a significant increase in accuracy in credit decisions, reduces the risks of defaults and complies with lending regulations. The technology further ensures high levels of explainability, thereby allowing Mbanq's compliance team to easily understand and rely on its automated credit decisions.</p>
 
</div>

Mbanq partners with SMEApprove to enhance credit decisioning for SME lending

<div>
 
 <p>ClearBank, a UK-based banking-as-a-service (BaaS) infrastructure provider, has obtained a credit institution license from the European Central Bank (ECB). This approval, supervised by De Nederlandsche Bank, is part of ClearBank's expansion strategy into Europe.</p>
 <p>With this license, ClearBank can offer euro accounts and payment services, adding to its existing portfolio of pounds sterling-based services. This also enables ClearBank to access European payment systems such as TARGET2 (T2), SEPA Credit Transfer, and SEPA Instant Credit Transfer.</p>
 <p>The European expansion plan will be spearheaded by Rintse Zijlstra, the CEO of ClearBank Europe. The focus will be on providing banks with the necessary technological infrastructure changes to comply with evolving banking regulations across Europe.</p>
 
</div>

ClearBank secures credit institution license from the ECB; supports European expansion

<div>
 
 <p>Marqeta delivered strong Q2 2024 results with an earnings per share (EPS) of USD 0.23, exceeding the previous year’s loss per share of USD 0.11 and outperforming analyst predictions of USD 0.19 EPS. The company saw a decline of 46% in net revenue from USD 231.1 million in Q2 2023 to USD 125.3 million in Q2 2024. However, this figure still surpassed analyst projections of USD 119.8 million for this quarter.</p>
 <p>The decline in net revenue occurred partly due to revenue presentation changes resulting from the company's new Cash App contract which impacted growth negatively by 60%. Despite this, Marqeta reported a 32% year-on-year (YoY) growth in total processing volume (TPV) increasing from USD 53.6 billion in Q2 2023 to USD 70.6 billion in Q1 2024. The GAAP net income reported for Q2 2024 was USD 119.1 million. However, the firm’s adjusted EBITDA was a loss of USD 1.8 million, equating to an adjusted EBITDA margin of -1%.</p>
 <p>In Q2 2024, Marqeta’s latest business moves included forming partnerships with <a href="https://sp-edge.com/updates/32035"> Visa and Affirm </a> to facilitate Visa Flexible Credential, signing a five-year agreement with <a href="https://sp-edge.com/companies/385793"> Varo Bank </a> to serve as its issuer processor, and teaming up with <a href="https://sp-edge.com/companies/2"> Zoho </a> to provide over 700,000 businesses with expense management and embedded finance solutions.</p>
 
</div>

Marqeta beats Q2 earnings and revenue estimates; reports 32% YoY growth in total processing volumes

<div>
 
 <p>The cloud-native core banking solution provider based in UK, 10x Banking, has established a partnership with Zafin, a provider of digital banking solutions. Their aim is to upgrade the core banking systems of global banks and financial institutions.</p>
 <p>By integrating Zafin's product and pricing functionalities into the core banking platform of 10x, the collaboration plans to enhance the core banking systems of banking and financial entities. This integration will potentially lead a reduction in risks and costs in case of large-scale changes.</p>
 <p>The cooperative offering enables an institution to manage multiple core systems through a single optimal interface. This not only facilitates easier handling of product and pricing aspects across various platforms but also provides the ability to tailor the system according to specific organizational requirements using polyglot coding options.</p>
 
</div>

All Updates

Mastercard to acquire Minna Technologies to enhance technological offerings

FDIC proposes new recordkeeping rules on Banks' third-party accounts

Form3 raises USD 60 million in Series C extension to support product development and expansion

TrueLayer expands partnership with Stripe to power Pay by Bank feature across the UK

Zuora Q2 FY2025 earnings beat analyst estimates; acquires Sub(x) to enhance paywall offering

Nymbus secures strategic investment from Gesa Credit Union to support growth

Mbanq partners with SMEApprove to enhance credit decisioning for SME lending

ClearBank secures credit institution license from the ECB; supports European expansion

Marqeta beats Q2 earnings and revenue estimates; reports 32% YoY growth in total processing volumes

10x Banking collaborates with Zafin to enhance core banking system

FinTech Infrastructure

Mastercard to acquire Minna Technologies to enhance technological offerings

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