Uber Introduces Uber Money – Look through this article to know the purpose of launching it

Uber Introduces Uber Money – Look through this article to know the purpose of launching it

This week (October 28 – November 1) was exciting and really exciting in the world of tech. Uber Introduces Uber Money and Their Deep Strategy in Financial Services, Cryptocurrency Trading Platform Bucket Preparing to Test the Consumer App for Digital Assets with Starbucks Early next year, Sterling Bank Has issued a dual currency debit card that allows customers to pay for purchases. Either the pound or the euro, and more.

Without further ado, let’s look at what has happened in the financial technology sector this week.

Nordea Goes Live with Digital Receipts in Finland

Nordea Finland is adding digital receipts to its purse app in conjunction with the Tech Tech ReciptHero.

nordea goes live with digital receipts

ReciptHero sends real-time receipts to the Nordea Wallet app when a customer pays with any Nordea bank card to any retail partner of Receipt Hero, including hundreds of merchants, restaurants and cafes across Finland so far.

Later this year, Nordea corporate customers will first get access to this feature, with retail customers soon to follow.

Nordea Bank senior business developer, Tomi Hakari, commented:

We think the ability to digitise your receipts, as provided by ReceiptHero, will give our customers greater insight into their spending, and a less cluttered financial life. Having ReceiptHero join us to build out this proposition is an exciting step into the future of finance. Our goal is to scale eReceipt use to same levels that cashless payments are today in Finland.

Greensill Lands $655M Investment & Acquires UK FinTech FreeUp

Greensill, an alternative supply chain finance provider in the UK, has received a follow-on investment of $ 655 million from the Softbank Bank Vision Fund.

Just five months after the soft bank fund raised $ 800 million in the firm, its value doubled to $ 3.5 billion, a new installment of the capital came out. In the past 14 months, Greensill has raised more than $ 1.7 billion.

greensill lands

Founded in 2011 by American investment banker Lex Greensill, the firm says it will use the funds to accelerate its international expansion plans and fund strategic acquisitions.

The first of these acquisitions is FreeHelp, a London-based company that is developing technology to pay workers early, but without paying, employees at zero cost.

CEO Lex Greensill says that although supply chain finance programs already allow a company’s suppliers to receive payments quickly, FreeUp’s technology allows Greensill to expand its services to company workers.

He added that the pilot of the new product will start immediately, with a full launch in the next few months.

Koyo Raises £3.8M for Open Banking Loan Platform

The UK’s open banking-based online lender, Koyo, is set to launch at the end of the year following the rise in debt and equity funds.

This platform provides an opportunity for those without credit history or new to the UK to access low-interest loans and credit cards. The quotient will be the only lender to provide competitive pricing for interest rates without any guarantees, all customers must complete an open banking application.

Lack of historical credit data is one of the leading causes of low credit scores across the UK, where between 6 and 8 million people currently lack the necessary credit history information to consider traditional credit options.

Data obtained through open banking will enable Koyo to access current information about potential lenders’ payment history, meaning that attractive lending opportunities are extended to a market that offers payday lenders. Is severely curtailed or targeted by lenders.

The founder of Koyo, Thomas Olszewski said:

Koyo was built to give people who have historically been taken advantage of, an opportunity to access credit at a competitive rate and build credit history…When I moved to the UK from the USA my credit history did not come with me. 

This made getting a credit card or loan difficult, if not impossible. I realized this is a problem that affected millions of people who are new to the country, but also people who have not built a credit history in the UK more generally.

The funding round was led by Forward Partners, which also included Sidcamp, Christian Phase (Land Invest) and Charlie Dealingpool (Compley Advantage).

Starbucks to Test Digital Asset App from Bakkt

Cryptocurrency trading platform Bakkt is preparing to test the consumer app for digital assets with Starbucks early next year.

Bakkt, a subsidiary of Intercontinental Exchange, is leveraging Microsoft Cloud to create an open and regular, global ecosystem for digital assets.

starbucks to test digital asset app

Mike Blandina, Chief Product Officer at Bakkt, said:

Bakkt’s approach to secure technology, privacy and innovation means that we are an advocate for consumers who have yet to enter the digital asset space, and for merchants who want to accept new, efficient forms of payments without increasing risks.

Linkup with Starbucks has been in the works for over a year.

Addressing the launch of bakkt in August 2018, Maria Smith, starbucks contribution and payment VP, said:

As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.

It is important to note that Starbucks will not accept bitcoin in exchange for a lamb cappuccino, but will use this app to convert bitcoin to US dollars.

It is expected to be the first test of this system in the first half of next year.

Uber Launches Uber Money

Riding Healing giant Uber is deepening its financial services with the launch of a new division, Uber Money.

The Uber Money team has been charged with providing new financial products and technologies, including mobile financial accounts, digital wallets and upgraded credit and debit cards.

The first out-of-the-hatch product will give Uber drivers and couriers access to their earnings through virtually any Uber debit account after each trip, which will be run in conjunction with Green Dot. The refreshed Uber debit card will launch with a cashback of up to 6 on gas starting at 3 at the Uber Pro drivers level.

Initially being introduced to drivers in the US, the company plans to export the system globally in the coming months.

In addition to the new account, Uber will also create a digital wallet, which allows users to track their earnings and spend history, manage and transfer their money, and discover new Uber financial products.

In partnership with the firm Barclays, Uber is also re-launching its credit card, offering up to five percent return on spending across the Uber platform in Uber Cash.

uber launches uber money

The loss-making firm is pulling out a leaflet of competitive ride-hailing apps in Asia, such as Garib and Gojic, which have successfully achieved new revenue streams through a branch of financial services.

In July, Uber joined forces with BBVA in Mexico to provide banking services to consumers, using real-time payments and debits in their app using Spanish Bank’s Open API. Allowed to access things like card costs.

The firm says the lessons learned in partnership with BBVA have been included in its plans.

The launch of the new division is the answer to the problems facing drivers and others in the solid economy around access to financial services, says Uber Money boss Peter Hazel Hurst.

For example, Hazel Hurst said what they found with BBVA in Mexico is that 35 percent of their drivers have never had access to banking services before.

However, once they started using the application as a banking platform, they also began to bring money from elsewhere.

Confluence Buys StatPro for £161.1M

Confluence, a US investment data management organization, has signed a deal to buy UK portfolio analytics company StatePro for $ 161.1 million.

Established in 1994, StatePro has 10 global offices serving more than 450 clients in 37 countries.

Confluence says the acquisition will increase its market presence in the UK, continental Europe, Asia and South Africa.

Mark Evans, Founder and CEO of Confluence commented:

StatPro’s performance and attribution, portfolio analysis and other data and risk support services are deeply complementary to Confluence’s offerings and will allow us to better help our clients achieve their goals. By acquiring StatPro, we will accelerate our plans to migrate Confluence’s performance solutions into the cloud.

The agreement is supported by Confluence’s private equity backer TA Associate.


Starling Issues Dual Currency Debit Card

Sterling Bank has issued a dual currency debit card that allows customers to pay in pounds or euros.

Sterling launched its Business Euro Account as well as the app linked card feature on the same day.

With a new account, clients can transfer money from their business account to their Euro account through a tap in the app. Account holders will be charged a flat fee of £ 2 monthly. The account will be charged at the current exchange rate, plus 0.4% fee on the transaction value.

Businesses and personal users need to open a euro account to start using a double currency card. Depending on the currency of the transaction, their existing debit card can be turned on (in-app) to run in pounds or euros.

Annie Boden, CEO and founder of Sterling Bank said:

A single card that can buy things in both euros and pounds is long overdue and something that we know our customers will value both in their personal and business lives. 

Businesses of all sizes have customers and suppliers spread across different countries. Our new Business Euro Account will make a huge difference to these kinds of business customers, who are regularly carrying out international transactions whilst operating on a tight budget.

Walmart and Green Dot Establish Shopping and FinTech Accelerator

Walmart and Green Dot create an accelerator for startups at the crossroads of retail shopping and consumer financial services.

Fintech Accelerator, a Walmart majority-owned subsidiary of Tailfin Labs, intends to further expand retailers’ existing omnichannel retail shopping tools by tapping Fintech innovations built on Green Dot’s banking-as-a-service-platform Holds

The news comes as the US retail company has expanded its tenure with Green Dot as a Walmart mini-card issuing bank and program manager for seven more years.

The Walmart Money Card was created in 2006 by WalMart and Green Dot, and in many ways can be seen as a forerunner to the ongoing trend of the neo bank. It offers cashback rewards on Walmart purchases, as well as initial direct deposit, online bill payment, savings, and almost all the features you would expect from a traditional checking account.

Daniel Eckert, SVP, Walmart Services and Digital Acceleration, said:

With this expanded relationship, and by leveraging Walmart’s footprint and existing offerings with Green Dot’s cutting-edge capabilities, we’ll be uniquely positioned to offer an unmatched set of customer experiences that sit at the nexus of omni-channel retail and tech-enabled financial services.


Modulr Invests £20M in Scottish FinTech

SME payments organization Modulr is to invest in the best part of £20M in the Scottish art tech industry, creating 53 new jobs and nurturing innovative technology capabilities in the process.

The money comes from a $ 10 million grant funded through a match with the RBS Bailout Fund, which aims to promote competitiveness in the SME banking sector.

With 53 new jobs, Modler has also pledged to hire undergraduate graduates from Scottish universities for the next five years.

Modular CEO Miles Stephenson commented:

Scotland is packed with fantastic technology talent, world-renowned universities and businesses…our base here will be absolutely critical as we work to drive innovation and competition in our sector, and to make money flow more efficiently through the economy.

Recently ranked second only to London, Edinburgh’s tech sector contributed nearly $ 4 billion to the economy in 2018 and employs 60,000 people.

As a service API platform empowers people like Sage, Revolut, and Paxport, and since its inception in 2016, has raised a total of $ 35 million in funding.


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