Klarna Expands into the US Subscription Market with Klarna Plus Launch

Klarna, the global payments network and shopping assistant, has expanded its services with the introduction of Klarna Plus, a premium subscription model available to eligible US consumers through the Klarna app for a monthly fee of $7.99. With a focus on enhancing the shopping experience for its 37 million loyal users, Klarna Plus offers exclusive benefits such as double rewards points, waived service fees on Klarna’s One Time Card, and special deals with popular brands like Nike, COACH, and Macy’s. The move into the subscription market reflects Klarna's commitment to diversifying its portfolio and engaging with consumers in a rapidly growing market projected to reach $2419.69 billion by 2028. The launch comes amidst Klarna's significant growth in the US, with a 32% increase in its customer base over the past year, highlighting the company's evolution into a comprehensive shopping and payments ecosystem beyond Buy Now, Pay Later.

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Source: Klarna

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Tink Unveils Risk Signals for Instant Payment Experiences

Tink, the open banking market leader, introduces 'Risk Signals,' a rules-based risk engine facilitating instant payment experiences across Europe while mitigating risks. Traditionally, bank transfers in some European markets take up to three days, causing delays for consumers and challenges for businesses. With Risk Signals, businesses can now offer quick checkouts without compromising on risk reduction. The tool uses account data shared by the payer to assess transactions in seconds, minimizing fraud risk in the background. Available in Germany initially, with Adyen already utilizing it, Risk Signals provides secure, fast payment methods, especially in markets without real-time settlements. Customizable risk checks include live balances, transaction history, and velocity checks. Tink's Risk Signals takes just a week to implement and requires no customer integration. Dirk Jan Meijers of Adyen praises the enhancement to the open banking payment landscape, particularly in Germany. Tom Pope, SVP of Payments and Platforms at Tink, emphasizes the balance between fast checkouts and risk reduction.

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Source: Tink

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Mondu Boosts European Expansion with €30M Debt Financing

Berlin-based B2B payment solutions provider Mondu secures a €30 million debt financing deal with German bank Vereinigte Volksbank Raiffeisenbank (VVRB), increasing its credit facility to €50 million. This comes after an initial €20 million funding in October 2022. With a Series A equity funding round led by Valar Ventures, Mondu raised €39.5 million in May 2022, later extended by €11.9 million in early 2023. Founded in 2021, Mondu has accumulated over €115 million in equity and debt funding, aiming to drive its expansion across Europe. Currently offering buy now, pay later (BNPL) and digital trade accounts in six European countries, including Austria, the Netherlands, Belgium, France, and the UK, Mondu plans to utilize the latest debt financing boost to accelerate European market expansion and develop additional payment solutions. Philipp Povel, co-founder and co-CEO of Mondu, highlights the funding's significance in enabling expansion and solution development.

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Source: Fintech Futures

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Pinwheel-Jack Henry Partnership Strengthens Financial Institutions' Primacy

Pinwheel's partnership with Jack Henry enables the latter's clients to gain an edge in client acquisition, showcasing how fintechs can swiftly expand in a competitive landscape. Through this collaboration, Pinwheel's direct deposit-switching solution is integrated into Jack Henry's digital banking platform, utilizing the Banno Digital Toolkit for seamless embedding into community and regional financial institutions' digital offerings. This service is now accessible to nearly 1,000 fintechs and 7,500 financial institutions. Covering 100% of the American workforce, Pinwheel's direct deposit-switching solution facilitates quick transfers. The Jack Henry alliance complements Pinwheel's efforts to establish a payroll partner network, including companies like OneSource Virtual. It streamlines the identification and authentication of U.S. workers' payroll records within the bank account application workflow, eliminating the need for consumers to enter credentials. The collaboration exemplifies fintech agility in expanding reach and enhancing user experience.

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Source: Fintech Nexus

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Sygnum Secures $41M for Crypto Expansion

Crypto bank Sygnum AG secures 35 million Swiss francs ($41 million) in funding to support its expansion and acquisition endeavors. The investment, led by asset manager Azimut Holding, values Sygnum at approximately 725 million Swiss francs, similar to the valuation in a previous round in January 2022, according to co-founder and CEO Gerald Goh. Sygnum aims to enter one more European jurisdiction and one more Asian jurisdiction this year, pending necessary approvals. Despite a decline in crypto venture funding post the 2022 digital asset market downturn, Sygnum has doubled its client base to over 1,700 and increased assets under management twofold to 3.7 billion Swiss francs by the end of 2023. Operating as a digital asset bank in Switzerland and providing asset management and crypto brokerage services in Singapore, Sygnum eyes European acquisition targets offering services similar to its existing activities. Goh emphasizes that all acquisition opportunities align with Sygnum's current operations. The firm previously raised $90 million in January 2022, led by Sun Hung Kai & Co. The latest funding reflects Sygnum's resilience and continued growth amid market challenges.

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Source: The Crypto Times

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