FinTech Matters newsletter | July 2021
- Erlang Solutions Team
- 7th Jun 2021
- 5 min of reading time
With most people’s summer plans thoroughly disrupted for another year, there is not much sign of winding down for holidays in the FinTech space just yet with mega investment rounds and big deals making the news. If you haven’t already subscribed for regular updates on tech innovation in the industry – click the button below.
Michael Jaiyeola, FinTech Marketing Lead
The Top Stories Right Now
Goldman Sachs starts trading on JPMorgan’s Onyx blockchain platform
Goldman Sachs Group has joined JPMorgan’s Onyx trading platform that is based on the Ethereum blockchain. They will use the platform to execute smart contracts in the repo market, a digital version of the dollar repurchase agreement. The use of blockchain technology will solve the pain points around conducting large-scale transitions in the repo market.
The UK and Nordics lead Europe’s Open Banking
A new report by Mastercard has revealed the UK and Nordic countries as being best placed to take advantage of open banking thanks to their advanced digital infrastructures, high-speed broadband accessibility and smartphone usage.
Open banking is the technology and regulation that has democratised banking data, putting consumers more in control of how they use their financial information and opening the door for innovative fintech firms to offer exciting alternative products. By early 2021, more than 3 million UK consumers and businesses used open banking products. And, most recently, we have seen global payments giant Visa acquire the Swedish open banking provider Tink in a €1.8bn deal.
Klarna raises $639M at a $45.6B valuation thanks to US growth
Klarna, the European BNPL provider, has raised fresh funding as it heads towards IPO amid “massive growth” in the US market. Klarna is now established as the highest-valued private FinTech in Europe. The increase in US users has been dramatic, growing from 10 million towards the end of 2020 to 18 million. Overall, Klarna operates in 20 countries and has more than 90 million global active users making more than 2 million transactions a day conducted on its platform.
What Else We’re Reading
5 Interesting Use Cases of Erlang and Elixir in Financial Services
Lessons FinTech Can Learn from Telecoms
We’re joining FinTech Week London on July 12 to co-present a panel discussion livestream from Barclays Rise – ‘What’s Next for Blockchain in Financial Services’. You can register for free here.
RabbitMQ Summit is happening 13-14 July – RabbitMQ is the Erlang based message broker used by many of the major global financial services firms including Goldman Sachs, Credit Suisse and JPMorgan
Trifork – our parent company has undergone a very successful IPO bringing many more new shareholders and investors to the group which will help power our continued success in the development of technologies that make people’s lives better.
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