Welcome to the news highlights of the last few weeks. Let’s get in sync with the WealthTech world.
In this digest: possible reasons for Apple to acquire a UK Fintech, big numbers and names behind Tangany’s and Udaan’s funding rounds, Zopa hitting profitability, and “Juice funds.”
Business logic: Why has Apple acquired a UK Fintech?
A $150 million dollar acquisition of a UK open-banking start-up caught headlines on March 23. Apple’s new gain helps lenders make quick and informed decisions by using the data retrieved from the UK’s Open Banking platform via the product’s API.
This puzzling move has split the expert opinion, evoking multiple thoughts as to why Apple is treading the Fintech ground in the UK.
Below is a breakdown of the perspectives gathered by International Banker:
- Apple could be setting up the bases to launch Apple Card in the UK. However, Apple would need a partnership with a financial institution to provide credit models for such an offering. Since there’s no evidence of such a partner (yet), some deem the UK Apple Card launch unlikely.
- The company might be working on decreasing its dependence on external partners through coming up with in-house technology and framework for financial products.
- This move might be a part of a bigger puzzle. With the two mentioned reasons in mind, Apple might also pursue better local integration, improved customer experience, reduced network costs and wider outreach.
Funding rounds: Plus €7M for Tangany, Microsoft adds to Udaan’s $275M total
Tangany, a Munich-based provider of custody solutions for digital assets and crypto, raised €7 million in a seed funding round led by a European VC specialist Nauta Capital. Adding 25 new clients over the last year and holding a €400 million worth of digital assets, the startup is seeing a growing global acknowledgement.
Meanwhile, Udaan’s latest debt financing round has attracted Microsoft. A Bengaluru-based B2B e-commerce platform has received $25 million from the tech giant. By May 2023, the startup plans to go public.