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In 2024, the fintech industry continues to revolutionize financial services. The top 30 updates highlight the advancements in blockchain, AI-driven financial solutions, and digital banking, showcasing the industry’s dynamic growth and impact on global finance. As we explore the top 30 fintech updates of 2024, we have tried covering the 360-degree world of the Fintech domain like banking, payments, InsurTech, crypto, investments, financial tools, and digital assets.
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“McKinsey’s research shows that revenues in the fintech industry are expected to grow almost three times faster than those in the traditional banking sector between 2023 and 2028.”
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1. Celigo helps GoCardless increase indirect client acquisition globally.
To grow indirectly, GoCardless partnered with the integration and automation platform Celigo. GoCardless will integrate its payment platform with enterprise back-end systems using Celigo’s iPaaS. This will enable consumer acquisition in all markets without specialized integrations into hundreds of platforms.
2. Marqeta and OakNorth Bank launch new partnership to enhance UK SME banking
Modern card issuance platform Marqeta supports varied enterprises’ innovation demands with embedded financial solutions worldwide. In contrast, OakNorth Bank, a digital bank for entrepreneurs, provides commercial banking services for UK SMEs with turnovers between 12,87,710USD and 1,28,771,000USD to help them grow and prosper. This collaboration aims to fill the funding and banking service gap faced by UK SMEs. Marqeta and OakNorth Bank’s alliance introduces a bespoke commercial card to help SMEs manage finances and expand throughout economic uncertainty.
3. Accenture and Oracle Partnership revolutionizes banking with generative AI.
Accenture, a global professional services company, has partnered with Oracle, a leading enterprise AI and data management provider, to use generative AI to transform financial planning and analysis to optimize operations and foster growth for their clients. Talent- and innovation-led Accenture provides technology, cloud, data, and AI solutions to over 120 countries with 742,000 workers.
4. Apple Shuts Down Pay Later Feature
Last year, Apple debuted Apple Pay Later in the US, a “buy now, pay later” service. The service will end for new loans immediately. Current Apple Pay Later users can manage their loans in Wallet. Instead of Apple Pay Later, Apple Pay is getting worldwide functionality. Later this year, consumers can use approved credit or debit cards and Affirm to get installment loans.
5. bunq became the first bank in Europe to leverage AI in Open Banking with Mastercard
bunq, in partnership with Mastercard, offers to provide a complete financial perspective to 12.5 million European users. The first European bank to use AI in Open Banking with Mastercard is Bunq. Mastercard’s Open Banking platform lets bunq app users add accounts from any bank.
6. Starling Bank Investor Eyes 12 Billion USD Valuation with Global Software Expansion
Chrysalis, Starling’s second-largest investor, said the bank’s “Engine” service, which lets companies create digital banking products, could boost revenue and value the bank near £10bn within a few years. Chrysalis co-manager Richard Watts said Engine might help Starling develop by opening a worldwide banking infrastructure market. He predicted Engine could reach 40-50 clients and generate significant annual revenue.
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7. Turkish Neobank Papara Acquires Sadapay
The Turkish neobank Papara has confirmed its acquisition of Pakistani FinTech startup Sadapay, three months after initially agreeing. Since February, the central bank had to approve the months-long accord. Sources say the all-stock deal is about $30 million, much less than Sadapay’s recent estimate of around $100 million.
8. SEC Clears Path for Ether ETFs Amidst Crypto Boom
The SEC approved a regulation modification allowing ETFs to invest in ether, a major cryptocurrency. Bitcoin ETFs were approved by the SEC less than six months prior. Bitcoin funds have been a hit, with FactSet reporting net inflows above $12 billion. Since the SEC had to rule on the VanEck Ethereum ETF in late May, ether funds were expected to make a decision.
9. New Google Pay Features Improve Security and Flexibility
Smart Checkout Benefits: American Express and Capital One card benefits now appear during Chrome desktop checkout, letting users choose the best card for their purchases. Google Pay now allows users to link existing BNPL accounts or sign up for new ones directly in the app, expanding its “buy now, pay later” (BNPL) options. Biometric Authentication: Fingerprint, face scan, and PIN auto-filling card details improve security and simplicity by eliminating the need to manually enter security codes.
10. Stripe Launches New Financial Tools in UK
Payments Giant Stripe has released new UK payment tools and finance solutions to improve capital access and business growth. New features include Stripe Capital business funding, affordable open banking payments, and speedier UK company payouts. Only 50% of UK small business bank loan applications were approved last year, down from 80% in 2018. Stripe noted that small firms often lack funding to expand or survive.
11. Mastercard and Visa under fire from Payment Systems Regulator
The UK Payment Systems Regulator (PSR) released a preliminary report on Mastercard and Visa card systems and processing fees. The PSR wants feedback on its provisional findings for its final report. Mastercard and Visa lead the market in basic schemes, processing, and optional services, according to the PSR’s interim assessment. Other suppliers can’t match these titans’ broad offers.
12. Visa Introduces 7 New Payment Features
- For easier shopping, Visa Payment Passkey Service authorizes online purchases with face or fingerprint scans instead of passwords.
- Flexible Credentials: A single digital card can switch between debit, credit, and BNPL payment methods, letting consumers tailor payments.
- To validate identification for online purchasing, card provisioning, and peer-to-peer payments, tap the card on a mobile device.
- Pay By Bank: Simplifies direct payments and maintains consumer-biller relationships by linking bank accounts.
- Visa Protect Expansion: Enriches real-time transaction data to highlight account-to-account fraud.
- Data Tokens: Allows users to restrict payment data access for targeted offers and data privacy.
- Future AI-powered tokens will automate and streamline payment options, improving consumer experience and boosting innovation.
Read: Intent Latest Whitepaper
13. Nubank hits 100 million customers
Nubank is the first digital banking platform outside Asia to reach 100 million customers in Brazil, Mexico, and Colombia. Nubank’s business model is robust, efficient, and scalable, as shown by its record 2023 financial performance of over US$1 billion in net profit and over US$8 billion in revenues. Nubank has record customer satisfaction with over 92 million Brazilian, 7 million Mexican, and 1 million Colombian customers.
14. Visa and J.P. Morgan partner to drive faster domestic payments in the US
JP and Visa. Morgan Payments announced a collaborative partnership to improve merchant experiences, empower cardholders, and innovate US domestic payments. To speed up US domestic payments, Visa Direct’s real-time bank account access and J.P. Money movement solutions from Morgan Payments. The change should improve liquidity management, payment operations, and customer ease.
15. US Klarna surpasses 100,000 subscribers
According to a recent press release, Klarna Plus, the $7.99 monthly program with special deals and lower costs, has over 100,000 US subscribers. The typical Klarna member saved $18 in their first month. They also said Plus users will soon receive cash-back benefits. Gaining 100,000 Plus customers in five months is great, but it doesn’t necessarily reflect consumer demand. Klarna has 8 million US monthly active users in 2023. (2024 data on monthly active users by geography is unavailable.) Only 1.25% of Klarna’s active monthly users—loyal, reliable customers—have joined Plus.
16. Ushur launches AI-powered self-service solution for financial institutions
Ushur, a leader in AI-powered Customer Experience Automation (CXA), launched a self-service solution for financial institutions to automate KYC and paperless enrolment. The shift from paper-based to digital operations in financial institutions has rendered traditional consumer consent costly. Ushur’s novel technology solves these problems by enabling seamless customer detail gathering and consent for proactive digital interactions at scale.
17.BlackRock leads $47m funding round for blockchain leader Securitize
The pioneer of tokenizing real-world assets, Securitize, secured a $47m strategic fundraising round. Hamilton Lane, ParaFi Capital, and Tradeweb Markets joined BlackRock in the round. BlackRock Global Head of Strategic Ecosystem Partnerships Joseph Chalom will join Securitize’s Board of Directors, demonstrating their commitment. BlackRock’s first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUILD), launched on Ethereum and provides subscribers with a new investing option through Securitize.
18. Simplifai launches claims processing solution powered by InsuranceGPT
Simplifai, a prominent AI-powered solutions company, launched a new product to streamline insurance claims processing. Simplified Claims Processing, powered by InsuranceGPT, will help organizations process more clients without increasing expenses or wait times. The solution meets the insurance industry’s growing need for modern technology to improve operational efficiency and client satisfaction.
19. InsurTech MGA Loadsure enters European market
Loadsure, an international InsurTech MGA and Lloyd’s cover holder, launched in Europe. The Captive Insurance Times reports that the company would focus on Benelux, Germany, France, Denmark, Norway, Finland, and Sweden. Loadsure uses high-resolution data, AI, and automation to revolutionize freight insurance and insight pricing.
20. TaxBit bolsters digital asset compliance efforts with investment
TaxBit received a strategic investment from IQT, a U.S. national security and allied investor. The company raised an unknown amount from IQT to meet worldwide demand for expanding use cases and digital asset compliance solutions. TaxBit specializes in digital asset tax and accounting compliance. IQT’s strategic investment will advance TaxBit’s commercial and government accounting solutions and digital asset technology.
21. National Bank of Iraq empowers digital transformation with Temenos’ core banking system
National Bank of Iraq (NBI), a major Capital Bank Group member, has teamed with Swiss banking and finance software provider Temenos. NBI and Temenos formed a strategic relationship to modernize NBI’s financial services by moving from antiquated systems to a unified core banking and payments platform. The Capital Bank Group hopes this integration will improve operations, product development, and client service.
22. Standard Chartered partners with Visa B2B Connect for streamlined cross-border payments
Standard Chartered partners with Visa B2B Connect to enhance its payment solutions. Standard Chartered and Visa B2B Connect will collaborate to improve global payment solutions, particularly cross-border transactions. The solution will launch for Singaporean clients and spread to others. API access will transmit transactions directly to Visa for processing, minimizing costs and delays.
23. Deutsche Bank invests £100m in FinTech Zilch.
Deutsche Bank arranged a £100m securitized debt financing agreement for Zilch, the first ad-subsidized payments network (ASPN). This money will help Zilch grow and deliver new goods to more customers. Deutsche Bank-led funding is projected to quadruple Zilch’s sales volume and improve capital efficiency.
24. Doha Bank and Mastercard forge strategic partnership to innovate Qatar’s payment systems
Doha Bank and Mastercard have partnered for years to improve customer service and payment options. This program is part of Doha Bank’s ‘Himma’ strategy to modernize operations and client services. This promptly concluded arrangement, one of Qatar’s largest financial agreements, shows both sides’ commitment to digital payment adoption. Doha Bank will use Mastercard’s digital solution expertise to revamp its strategy and strengthen its domestic card market dominance.
25. SmartSearch launches global ID verification solution to combat financial crime
SmartSearch, a digital compliance and AML service, launched International Individual Check. SmartSearch users may use data from over 200 global sources to verify identity in over 40 countries with this new solution.
26. Cloudflare strengthens SASE network with BastionZero acquisition
Connectivity cloud company Cloudflare acquired the zero-trust infrastructure access platform BastionZero. Cloudflare acquired BastionZero to add enhanced Zero Trust infrastructure access restrictions to Cloudflare One. This will improve Cloudflare’s secure access service edge (SASE) platform’s remote access to core IT systems.
27. Moneyhub launches Carbon Counter API to track financial carbon footprints
Moneyhub, a leading data and payments platform, launched its latest API ‘Recipe’, Carbon Counter, alongside key carbon measurement firms. This revolutionary solution lets businesses give customers real-time environmental information about their financial activities. The Carbon Counter API integrates seamlessly and cost-effectively with current systems and solutions using Moneyhub’s Open Banking and Open Finance APIs. Businesses may instantly assess their environmental impact by providing detailed information on their customers’ financial carbon footprints using the Carbon Counter API. Customers may make better carbon reduction decisions with the API’s personalized insights and coaching. Connect Earth and Cogo partnerships ensure the highest quality and accuracy in environmental impact data.
28. Cover Whale lands $27.5m investment from Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital managed $27.5 million in finance and equity for Cover Whale, an innovative InsurTech company that focuses on connected insurance for commercial vehicles. Cover Whale’s aim to improve road safety across America and revolutionize trucker insurance will be expedited by this major investment, which will also strengthen its growth trajectory. This tranche further demonstrates the faith that investors have in the company’s prospects and management team.
29. Visa partners with MoMo, VNPAY, and ZaloPay to enhance digital payments in Vietnam
Visa improves digital payments in Vietnam using MoMo, VNPAY, and ZaloPay.
Visa, a global pioneer in digital payments, has partnered with Vietnam’s top e-wallets MoMo, VNPAY, and ZaloPay. This agreement intends to make Visa cardholders’ payments at participating SMEs easier. This cooperation will accelerate Vietnam’s cashless transformation by providing innovative, contactless, and cashless digital payment solutions for businesses and consumers.
30.OpenPayd joins forces with Wirex to enhance payment solutions across the UK and EEA
OpenPayd, a leader in embedded finance and BaaS works with Wirex, a top Web3 money app. The cooperation will give Wirex customers virtual IBANs, making UK and European Economic Area transfers easier, faster, and safer. This effort supports Wirex’s objective to simplify digital payments and improve customer happiness.
Read More: The Role of Cybersecurity in Fintech: Safeguarding Digital Transactions
The top 30 fintech updates of 2024 from FinIntent Pub show how the industry is evolving to meet the demands of a digital world. These advancements are making financial services more accessible and secure, benefiting all. These updates signify the growing clout of the current financial technology solutions and related future innovations. The continuous growth of fintech promises even more exciting developments in the coming years. The future trends in finance look bright with such advancements.
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