Marcel van Oost

Connecting the dots in FinTech...

Connecting the dots in FinTech...

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Founder

Connecting the dots in payments...

News Editor

Choice Financial

Choice Fin provides thoughtful and tailored global banking services. An accomplished BaaS sponsor bank since 2017, Choice Fin provides a wide array of financial and technological solutions guided by a #PeopleFirst mission. 

Choice Fin is a part of Choice Bank, a community bank dedicated to enhancing the quality of life and economic viability of families and businesses.

Advisory Board Member

Treinta

Investor

Mozper

Lana

Sokin

Penta Network

Advisor

Nufi (Techstars Western Union 2021)

Advisor and Investor

SproutFi (YC S21)

What do I want to become when I grow up? That's a question I asked myself for a long time. My childhood dream, playing for Ajax, was soon out of the question (I wasn’t even close…). So what's next? 

I studied Communication & Media, dropped out, and started working at an Acquiring Bank.

After these first steps in the Payments Industry I founded a Payments consultancy business, followed by a Collecting Payment Service Provider, with an exit in 2017. 

Nowadays I'm back in (FinTech-) Media, and invest as an Angel Investor in FinTech startups on the side.

I share the latest FinTech Industry trends and news updates here on Linkedin, and in my daily newsletter.

👉 Get the most important FinTech news and analysis in a 5 minute daily briefing you’ll actually look forward to reading, by signing up here: https://www.connectingthedotsinfin.tech

Sign up for my other channels to stay up to date:

👉 Twitter - https://twitter.com/oost_marcel

👉 Telegram - https://t.me/joinchat/AAAAAE-X6LEz9MbtL6xyaQ?mc_cid=308d7a2eee&mc_eid=a86bca48f3/

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FinTech, Financial Technology, Financial Services, Angel investing, Angel Investor, VC, Venture Capital, Payments, Online Payments, Mobile Payments, Digital Payments, Challenger Bank, Multi-Currency, Acquiring, KYC, Digital Bank, Digital Currency, Alternative Payments, Banking Technology, PSD2, PSD3, e-Wallets, Card Issuing, Debitcards, Creditcards, Prepaid Cards AML, Bankingapp , Big Data, Blockchain, CryptoCurrency, Tokenisation, Neobank, Artificial Intelligence, Digital Banking, Buy Now Pay Later, Paymentservices , Paytech , Bankingtech , Paymentsolutions , Open Banking , Bankingindustry

🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂 𝙉𝙀𝙒𝙎: Nubank is aiming to expand beyond Banking Services and plans to venture into the Telecommunications sector by launching its own Mobile Phone Network Operator company.

Nubank has been approved by Anatel, Brazil's National Telecommunications Agency, to create its own virtual network operator (MVNO). 

According to documentation reviewed by Tecnoblog, the MVNO will utilize the network infrastructure of Claro, a major telecom provider in Brazil. 

This contract has been greenlit by Anatel since January 2024, following deliberations by the agency's competition board.

Despite being less known, Nucommerce, affiliated with Nubank, plays a central role in this venture. 

Guilherme Marques do Lago, the CFO of Nubank since February 2021, is one of the registered administrators of Nucommerce, which shares the same corporate address as Nubank in São Paulo.

Nubank would not be the first financial entity to launch its own mobile operator. Banco Inter owns Inter Cel and sells mobile plans to account holders using Vivo's coverage. 

Read more in the complete source article: https://lnkd.in/e6Hfm-fM


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#nubank #neobank #digitalbanking #bankingapp #superapp #banking #bankingindustry #fintech #fintechindustry #financialtechnology #fintechnews 

What a week it was for Revolut. They truly 𝗚𝗲𝘁 (𝗦𝗵)𝗶𝘁 𝗗𝗼𝗻𝗲.

Here are the Top 10 BIG News Updates from Revolut this week:

First; Schroders revised the value of their Revolut stake to £7.8m (🆚 £5.4m last year) - implying a 𝗻𝗲𝘄 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 $𝟮𝟱.𝟳𝗯𝗻 (🆚$17.7 billion last year). ➡️ https://bit.ly/3JKcgRL 

Also, Revolut shared a ‘Statement of capital following an allotment of shares' on Monday. The reason for this could be the issuing of new shares as part of a fund raise or either consolidating and/or splitting of shares into a new class. ➡️ https://bit.ly/4d6Q5Cr

🇷🇴 Revolut now has 3.5 million clients in Romania out of the 40 million globally, and announced it launched the refinancing facility in the country, which is also a Global Premiere. ➡️ https://bit.ly/3w90jS9 

🇵🇹 Revolut which has just established itself with a new office in Lisbon, is close to reaching the 1,300,000 customer mark, with the goal of ending the year at 1.5 million. Personal credit will be available in the next semester. According to Rúben Germano

🇮🇪 After 2.5 years of work - Revolut is close to launching mortgages in Lithuania - with Ireland following shortly after. 
Maurice Murphy also confirmed they currently have 2.8m users in Ireland. ➡️ https://bit.ly/4aFBe0i

🇧🇷 In Brazil, Revolut began operations just over a year ago and has been aggressively promoting offers to attract new users. Now it’s launching an interesting new campaign according to Glauber Mota: ➡️ https://bit.ly/3xJMWIN 

🇲🇽 Last week it became Official. The Governing Board of the CNBV granted a Banking License for Revolut in Mexico. ➡️ https://bit.ly/3U2Otkt 

Revolut expects strong growth prospects in Mexico where it aims to dedicate/invest more than $𝟭𝟬𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 this year according to Mexico Chief Executive Officer Juan Miguel Guerra Dávila ➡️ https://bit.ly/4d0C5dB 

🇮🇳 Revolut India CEO Paroma Chatterjee confirmed it has received the PPI license from RBI and is planning to launch its app soon. ➡️https://bit.ly/3xHJdLL 

🇪🇸 In Spain, Revolut announced that they have reached 3 million Revolut customers and they have chosen Barcelona as the first location to open an inaugural Revolut Tech Hub. Revolut already has over 750 employees in Spain. ➡️ https://bit.ly/3xHJ76R  


Did I miss a big update? Drop it in the comments below👇

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#revolut #neobank #challengerbank #digitalbanking #bankingapp #fintech #fintechindustry #banking #bankingindustry #fintechnews 

How does Payment Tokenization work?

The diagram below shows the tokenization process in Apple Pay:

Here is another amazing explainer from Hua Li :

The PCI Council defines tokenization as "a process by which the primary account number (PAN) is replaced with a surrogate value called a token. 

The key is that only trusted parties know the true PAN of the client. Other parties, including the merchants, PSPs, and Apple, don’t know client-sensitive information.

► Add a Card to Wallet

Steps ⓵-⓷ A user adds a credit card to Apple Wallet. The card details including PAN are sent to the Apple Pay server. Apple Pay identifies the issuing bank from PAN and sends card details to the issuing bank.

Step ⓸ The issuing bank requests a Payment Token from TSP (Token Service Provider). A TSP is an entity that registers with EMVCo.

Step ⓹ The TSP validates PAN and generates Payment Token, Payment-Token-Key (public key). It also vaults PAN for lookups.

Steps ⓺ - ⓼ The issuing bank receives tokens from TSP and generates CVV-key. These keys are returned to the Apple Pay server, and then to the Apple Wallet.

Step ⓽ Apple Pay provisions the tokens onto the SE (Secure Element), which is a secure chip on iPhone to store sensitive client information. The Payment Token stored on SE is called DAN (Device Account Number).

► Pay with the Card

Step ⓵ Merchat setup - The merchant that supports Apple Pay gets certificates from payment processors.

Step ⓶ The user authenticates themselves using biometrics.

Step ⓷ When the user pays for a product, the information stored in SE is sent to the merchant’s PoS.

Steps ⓸ - ⓺ The transaction is sent to the payment processors with an encrypted Payment Token. The payment processors decrypt the information and send it to the acquiring bank, which then sends it to the card network.

Step ⓻ The card network looks up PAN in the PAN vault, and decrypts dynamic cryptogram.

Step ⓼ The card network sends PAN, dynamic CVV, and the transaction to the issuing bank.

Steps ⓽ - 10 The issuing bank validates and authorizes the transaction, and sends the authorized response to the card network.

► Security

- Apple Pay doesn’t store PAN on iPhone or Apple Pay servers.
- DAN (Payment Token) only resides on SE.
- Only the TSPs know about the mapping from Payment Token to PAN.

I highly recommend following Hua Li for more great updates like this one👌


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#tokenization #payments #paytech #digitalpayments #fintech 

🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: It's Official. The Governing Board of the CNBV has granted a Banking License for Revolut in Mexico 🇲🇽

With over 40 million customers worldwide, about 50 regulatory permissions in different countries, and a banking license to operate in the European Economic Area, the British unicorn Revolut has received approval from the National Banking and Securities Commission (CNBV) to establish itself as a bank in Mexico.

Now, the new bank in the country, led by Juan Miguel Guerra Dávila, must comply with the required criteria to begin operations. 

Thus, the British startup's subsidiary will join Mexico's digital neobank offerings with its flagship product: international transfers.

Revolut’s decision to become a bank in Mexico follows a strategic shift from its initial plan to operate as an Electronic Funds Institution, focusing instead on leveraging its global platform to offer reduced costs and diversified financial products. 

This approach distinguishes Revolut from competitors by avoiding reliance on interest charges for revenue, betting instead on fee-based income and operational efficiency due to shared global infrastructure costs.

In an interview with elEconomista — weeks before the CNBV's governing board gave the green light for the bank's establishment — Guerra Dávila detailed that although Revolut is present in about 40 countries with various licenses and financial services, obtaining a banking license in Mexico places the country in the select group of jurisdictions where the startup, officially valued at $33 billion, operates as a bank, alongside the European Union.

Read more in this (Spanish-) source article: https://lnkd.in/e_PP_Y9X


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Get the most important FinTech news and analysis in a 5 minute daily briefing you’ll actually look forward to reading. Sign up now: https://lnkd.in/eiQBxdTW

#bankingapp #neobank #challengerbank #revolut #mexico #banking #bankingindustry #digitalbanking #fintech #fintechindustry #financialtechnology #fintechnews

Open Banking 🆚 Card Payments

The diagram below by Hua Li shows the differences: 

Will open banking replace card payments?

The diagram below compares the information flows of the two and imagines a simplified payment model with open banking.

First, 𝗖𝗮𝗿𝗱𝘀.

A typical 4-party card model works like this:

Step 1️⃣ - The customer swipes the credit card in a merchant’s shop.

Steps 2️⃣ and 3️⃣ - The transaction is sent to the acquiring bank and then to the card scheme (Visa, Mastercard).

Steps 4️⃣ and 5️⃣ - The transaction is sent to the issuing bank for approval. Upon approval, the money in the customer’s account is frozen and the approval is sent back to the card scheme.

Steps 6️⃣ and 7️⃣ - The approval is sent back to the acquiring bank and then to the merchant.

In this workflow, the merchant is charged with a service fee, which is allocated between the acquirer, card scheme, and issuer who contribute a significant amount of effort in the process.

Second, 𝗢𝗽𝗲𝗻 𝗕𝗮𝗻𝗸𝗶𝗻𝗴.

What does open banking bring to this model? 

Open banking allows us to access the customer’s bank account with the customer’s consent. It might not be necessary for the transactions to go through the acquirers and the card scheme. 

This could fundamentally change the value chain of card payments. Payment companies can offer PISP (Payment Initiation Service Provider) services, which bypass card schemes.

However, the reality is, that the card scheme does more than settlement. It also clears massive amounts of transactions. So PISP eventually will settle among banks in batches too.

I highly recommend following Hua Li for more insightful updates like this one👌


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🚨 𝗡𝗲𝘄𝘀 𝗙𝗹𝗮𝘀𝗵: Schroders have just revised the value of their Revolut stake to £7.8m (🆚 £5.4m last year) - implying a 𝗻𝗲𝘄 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 $𝟮𝟱.𝟳𝗯𝗻 (🆚$17.7 billion last year).

The Schroders fund said in its annual report that Revolut had made “solid progress” in the last year and credited the company with continuing an ambitious international expansion of its services as it explained the reasons for its revaluation of the stake.

Read more: https://lnkd.in/ecgJp39W


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I probably have to hold my breath to zip up, but I will proudly wear these strong colors soon David Vélez. Thanks for this amazing gift!
Nubank 💜 

💳 Navigating the Complex World of Tokenization in Retail Payments.

Tokens can vary in format but generally they fall into 3️⃣ categories:

1️⃣ Non-Format Preserving: 

The token doesn't look like the original data. For instance, a social security number could be represented as "T@%3N5."

2️⃣ Format Preserving: 

The token retains the format of the original data but scrambles the numbers.

3️⃣ Selective Masking: 

A hybrid approach, some original numbers are left unchanged for verification purposes, such as the last four digits of a credit card.

𝗦𝗶𝗻𝗴𝗹𝗲-𝘂𝘀𝗲 𝘃𝘀. 𝗠𝘂𝗹𝘁𝗶-𝘂𝘀𝗲 𝗧𝗼𝗸𝗲𝗻𝘀

Tokens can be transient or enduring. Single-use tokens expire after a single transaction, whereas multi-use tokens can be used for multiple transactions over an extended period.

𝗦𝗮𝗳𝗲𝘁𝘆 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗧𝗼𝗸𝗲𝗻𝘀

Tokens are secure because they're infeasible to reverse-engineer. 

Even if a data breach occurs, what is stolen are merely tokens, which are useless without access to the token vault. Industry standards like point-to-point encryption (P2PE) and PCI DSS guidelines add an extra layer of security.

𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝘃𝘀. 𝗘𝗻𝗰𝗿𝘆𝗽𝘁𝗶𝗼𝗻

While both methods aim to protect data, tokenization offers an edge in compliance and security. If sensitive information is encrypted rather than tokenized, the data could potentially be decrypted, bringing it back into the PCI DSS scope and increasing risks.

𝗧𝘆𝗽𝗲𝘀 𝗼𝗳 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗧𝗼𝗸𝗲𝗻𝘀:

‣ 𝗔𝗰𝗾𝘂𝗶𝗿𝗲𝗿 𝗧𝗼𝗸𝗲𝗻𝘀: Generated by transaction processors, usually restricted to specific merchants.

‣ 𝗜𝘀𝘀𝘂𝗲𝗿 𝗧𝗼𝗸𝗲𝗻𝘀: Created by card issuers, like Visa or Mastercard, often for digital wallets such as Apple Pay or Google Pay.

‣ 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗧𝗼𝗸𝗲𝗻𝘀: Produced by credit card networks themselves, not bound to specific issuers.

‣ 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗧𝗼𝗸𝗲𝗻𝘀: A newer category generated on behalf of issuers and merchants, usable across multiple locations.

‣ 𝗠𝗲𝗿𝗰𝗵𝗮𝗻𝘁 𝗧𝗼𝗸𝗲𝗻𝘀: Tailored for individual merchants, these can be integrated into a merchant's specific customer journey and can link to multiple other types of tokens.

Source: ACI Worldwide ➡️ Checkout this complete masterpiece by Terry Rourke for more info on this topic: https://lnkd.in/eheQKTTN


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#tokenization #payments #paytech #digitalpayments #paymentindustry #fintech #financialtechnology #fintechindustry 

What are the benefits of tokenization over encryption?

What are the characteristics of payment token types?

🚨 𝗡𝗲𝘄𝘀 𝗙𝗹𝗮𝘀𝗵: The Governing Board of the CNBV has officially granted the license for Revolut. Revolut Mexico 🇲🇽  joins the roster of authorized and regulated neobanks in the country.

More info in the (Spanish-) source article: https://lnkd.in/eZHz4aNg


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#revolut #neobank #bankingapp #banking #bankingindustry #digitalbanking #challengerbank #fintech #fintechindustry #financialtechnology #fintechnews #mexico 

🚨𝘽𝙄𝙂 𝙉𝙀𝙒𝙎: Nubank Ultravioleta enters the travel segment with the launch of Global Accounts for (high-income-) customers, in partnership with Wise. 
 
This new service, initially available to its high-income Ultravioleta segment customers, aims to offer lower fees and overseas internet service. 

The global banking account will be introduced with a pre-registration phase for these select customers, focusing initially on travel purposes and the allocation of funds in dollars or euros, without any current plans for overseas investments announced.

The unique features of Nubank's global account include offering 10 GB of free internet for 30 days in over 40 countries through a virtual SIM (eSIM). A service Revolut recently launched in UK/Europe. 

The partnership with Wise, known for charging a minimum of 0.82% for dollar conversions, involves the Wise Platform service. 

Additionally, the account comes with a debit card usable in over 200 countries and territories, without issuance, opening, or maintenance fees for Ultravioleta clients.

The global account market has seen increasing interest from fintechs, neobanks, and traditional banks in recent years, with pioneers like Avenue leading the way since 2018.

Nubank's entry into this market signals its strategic focus on catering to high-income clients, a segment that has seen rapid growth. 

The bank has segmented its high-income base into two categories: 

► Super Core, with monthly incomes between R$5,000 and R$12,000.

► High Income, with incomes above R$12,000, capturing 70% and 60% of each segment's clients, respectively. 

Nubank aims to deepen its relationship with these clients, highlighting the concept of "principal banking." 

This strategy has already shown significant progress, with credit card purchase volumes and the number of Ultravioleta clients doubling over the past year, alongside a substantial improvement in the bank's perception among high-income consumers.

“The Global Account at Nubank Ultravioleta comes to meet the growing demand from high-income customers for international financial solutions that are flexible and advantageous. The travel segment is a priority for this audience and we enter it with the Ultravioleta differentials that customers already know – a product developed specifically for their needs, with a 100% integrated experience in our app, which can be used anywhere in the world, with special conditions and unique benefits, such as better conversion rates, as well as free internet included,” says Nubank CEO Livia Chanes.

More info: https://lnkd.in/e2_u2yTv


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𝗛𝗼𝘄 𝗱𝗼𝗲𝘀 𝗩𝗜𝗦𝗔/𝗠𝗮𝘀𝘁𝗲𝗿𝗰𝗮𝗿𝗱 𝗺𝗮𝗸𝗲 𝗺𝗼𝗻𝗲𝘆? This 6-step diagram shows the economics of the credit card payment flow:

1️⃣ The cardholder pays a merchant $100 to buy a product. 

2️⃣ The merchant benefits from the use of the credit card with higher sales volume, and needs to compensate the issuer and the card network for providing the payment service. 

The acquiring bank sets a fee with the merchant, called the “𝐦𝐞𝐫𝐜𝐡𝐚𝐧𝐭 𝐝𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐟𝐞𝐞.” 

3️⃣-4️⃣ The acquiring bank keeps $0.25 as the 𝐚𝐜𝐪𝐮𝐢𝐫𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐮𝐩, and $1.75 is paid to the issuing bank as the 𝐢𝐧𝐭𝐞𝐫𝐜𝐡𝐚𝐧𝐠𝐞 𝐟𝐞𝐞. 

The merchant discount fee should cover the interchange fee. 

The interchange fee is set by the card network because it is less efficient for each issuing bank to negotiate fees with each merchant. 

5️⃣ The card network sets up the 𝐧𝐞𝐭𝐰𝐨𝐫𝐤 𝐚𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐟𝐞𝐞𝐬 with each bank, which pays the card network for its services every month. 

For example, VISA charges a 0.11% assessment, plus a $0.0195 usage fee, for every swipe. 

6️⃣ The cardholder pays the issuing bank for its services. 

Why should the issuing bank be compensated? 

► The issuer pays the merchant even if the cardholder fails to pay the issuer. 
► The issuer pays the merchant before the cardholder pays the issuer. 
► The issuer has other operating costs, including managing customer accounts, providing statements, fraud detection, risk management, clearing & settlement, etc. 

Source: Alex Xu from ByteByteGo ➡️ Follow these accounts for more amazing updates like this one👌 


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#payments #paytech #digitalpayments #fintech #financialtechnology #fintechindustry #paymentindustry #creditcard #mastercard #digitalbanking #bankingindustry #creditcards 

Uber introduced “Pay by Bank” as a Payment Option (by Stripe), and they are pro-actively incentivising users if they choose it over Cards and Wallet. Here is more info about "Link Payments" from yesterdays Stripe Sessions: 

London-based Checkout.com, which was valued at $40bn in 2022, is planning to expand in China 🇨🇳 
China is the world’s largest digital payments market:

The country processed $33tn in digital payments in 2023, a number that is expected to cross $52tn by 2028, according to Statista  data.🤯

Checkout is planning to grow its China office (Shanghai) by hiring for roughly a dozen roles.

“The Asia Pacific [region] continues to offer a great opportunity for expansion for our merchants,” Brian Sze 施伯雄, China head and senior vice-president for Apac at Checkout, told Financial News.

Checkout’s biggest competitor, Stripe, valued at $65bn, does not have an office in China.

The FinTech has already partnered with the likes of Alibaba and Xiaomi to grow its business in the region.

More info here: https://lnkd.in/e9aVN9X7


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🚨𝘽𝙄𝙂 𝙉𝙀𝙒𝙎: Stripe announced that it will be de-coupling payments — the jewel in its crown — from the rest of its financial services stack. 
𝗕𝘂𝘁 𝘄𝗮𝗶𝘁, 𝘁𝗵𝗲𝗿𝗲 𝗶𝘀 𝗺𝗼𝗿𝗲:

This is a big change, considering that in the past, even as Stripe grew its list of services, it required businesses to be payments customers in order to use any of the rest. 

It signifies a shift in how Stripe views its wider platform: In the past it took the approach that the launch of other services could help lure users to taking its payment services; now it appears to be willing to explore how it can sell some of those other, non-payments services on their own.

Alongside this, the company is adding in a number of new embedded finance features and a new wave of AI tools.

The updates were unveiled at Sessions, Stripe’s big developer event in San Francisco, where the company said it would be announcing more than 50 (❗️) new features on its platform, part of a slate of more than 250 (❗️) that have been announced so far this year. 

“Our mission is to grow the GDP of the internet. Our strategy is to listen carefully to the needs of the most sophisticated and innovative businesses in the world,” said Patrick Collison, the CEO and co-founder of the company, at the event. 

“This year, because of our scale, Stripe is well positioned to help our users deal with the increasingly complex payments landscape and put AI to work to drive growth. We’re also making Stripe more modular, so companies can use just the parts of Stripe most useful to them.”

Check out the video below for the Opening keynote by the Collison brothers, and William Gaybrick, where they explain more👇

Also, more info here: https://lnkd.in/eiUDjeV5 

And here is a roundup of the Stripe Sessions event product announcements: https://lnkd.in/gUwbznRH


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#payments #paytech #digitalpayments #stripe #paymentindustry #fintech #fintechindustry #financialtechnology #fintechnews John Collison

🚨𝗕𝗥𝗘𝗔𝗞𝗜𝗡𝗚 𝗡𝗘𝗪𝗦: Nubank now allows customers to deposit and withdraw Bitcoin.

Source: https://lnkd.in/eHAQ8n4m 

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What a week it was for Nubank 🤯 

Here are the TOP 5 BIG News updates from Nubank this week:

Let’s start with BIG NEWS on Nubank’s global ambitions: Nubank Ultravioleta enters the travel segment with the launch of Global Accounts for (high-income-) customers, in partnership with Wise, according to Livia Chanes ➡️ https://lnkd.in/ejKfzG2C 

🇧🇷 The most 𝗕𝗥𝗘𝗔𝗞𝗜𝗡𝗚 𝗡𝗘𝗪𝗦 of the week in Brazil this week: Nubank is aiming to expand beyond Banking Services and plans to venture into the Telecommunications sector by launching its own Mobile Phone Network Operator company. ➡️ https://lnkd.in/efZD9-mc

🇧🇷 As another reinforcement for the Security of its customers, Nubank announced the launch of Verified Call: a new tool for over 90 million people who use the app in Brazil, according to Fabiola Marchiori ➡️ https://lnkd.in/e733KKaQ 

🇲🇽 Nubank announced that it will increase Nu Mexico’s equity capitalization by 𝗨𝗦$𝟭𝟬𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻, raising its investment in the country to over 𝗨𝗦$𝟭.𝟰 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗱𝗼𝗹𝗹𝗮𝗿𝘀. according to Ivan Canales ➡️ https://lnkd.in/eFFsgVJc

🇨🇴 The US government’s Development Finance Corporation (DFC) approved plans to lend $𝟭𝟱𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 to Nubank to fund its growth in Colombia as part of a package of new financing for businesses in developing countries. ➡️ https://lnkd.in/eWQxempn 

And finally, I personally can’t thank David Vélez enough for sending me this amazing gift (see picture below👇).

I will wear the ‘strong colors’ of this Nu Colombia cycling jersey on my rides around Amsterdam this summer for sure 💜


Did I miss a big update? Drop it in the comments below👇


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🚨 ChatGPT parent company OpenAI shared that the Klarna’s adoption of the technology is estimated to yield a $40 million improvement in the company’s profits this year. 

Additionally, the firm noted that the chatbot fields two-thirds of Klarna’s customer service chats, contributing to consumers resolving their issues in less than one-fifth the time it took previously, and that the technology takes on the labor of 700 full-time employees.

“The capabilities of AI technology are not only addressing existing challenges, but also rapidly advancing how we can enhance the consumer experience for the near future,” said Martin Elwin, senior director of engineering at Klarna, said in a statement.

Read more: https://lnkd.in/etb4yG8f


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🚨 Apple's offer to open its tap-and-go mobile payments system to rivals is set to be approved by EU antitrust regulators as soon as next month after it tweaked some of the terms, people familiar with the matter say.

With NFC access, banks and third-party payment apps can offer contactless payments directly on the iPhone without having to use the Wallet app or Apple Pay. 

This feature is available in the European Economic Area, and it lets EU users set a default non-Apple wallet app and default contactless payment provider that activates at tap-to-pay terminals or when the ‌iPhone‌'s side button is pressed twice.

The European Economic Area (EEA) is the only area where Apple has opened up NFC access, and developers in other countries cannot access the ‌iPhone‌'s NFC chip for tap-to-pay purposes. 

Customers will be able to use NFC-enabled apps from their banks and other payment providers with no involvement from Apple.

Apple has long limited the NFC chip in the ‌iPhone‌ and other Apple devices to ‌Apple Pay‌ payments, which has prevented banks and other financial services from providing their customers with direct contactless payment solutions on the ‌iPhone‌.

Apple first announced plans to open NFC payment technology to third-party developers in Europe in January, and Apple made the change in order to address antitrust charges it was facing from the European Commission (EC). 

The EC has accused Apple of limiting competition by preventing rival mobile wallets from accessing the NFC chip, and Apple's decision to open it up will prevent fines and other penalties.

More info: https://lnkd.in/eXPUKFme


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Stripe, which was valued at $65 billion in February, has raised $694.2 million via a stock sale, the fintech giant said in a regulatory filing with the US SEC.

Stripe said on Friday it had raised $694.2 million in a stock sale first announced in February.

The deal marks a rare bright spot in an otherwise subdued venture capital market, as investors spooked by high-interest rates have been cautious despite expectations of a soft landing for the economy.

Global venture capital investments fell to a near five-year low in the first three months of 2024, according to data from PitchBook.

Investors have been keenly waiting for years for Stripe's initial public offering. The company, however, signed a deal in February to allow employees to cash out some of their stock.

Analysts have said the agreement could potentially delay plans for an IPO and allow the company to work on further improving its finances, so that it commands a higher valuation when it goes public.

Read more: https://lnkd.in/eAdjUAwQ


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As another reinforcement for the Security of its customers, Nubank announced the launch of Verified Call: a new tool for over 90 million people who use the app in Brazil. 

Gradually available to the entire user base in the country in the coming weeks, the update allows users to check on the app’s home screen if they are indeed on a call made by Nubank when they receive a phone contact.
 
 “At Nubank, the security of our customers is our top priority, and we are always looking for innovative ways to enhance our protection measures. This new feature provides users with a real-time resource to be more protected against a scam that has unfortunately become very common in Brazil. The innovation reinforces our commitment to use technology to combat and prevent new threats, in a quick and easy-to-use manner,” said Fabiola Marchiori, VP of Engineering and General Manager of Fraud Prevention at Nubank.

Read more: https://lnkd.in/eyThXUvs 


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