In today’s FinTech news, Bloom is raising money to fund digital startups, as experts weigh in on the disruption of cryptocurrencies. Additionally, Klarna is eyeing short-term profits rather than business growth.
Growth capital funding startup Bloom raises £300m
Bloom Group SA has raised £300m (about $376m) to expand its business across Europe as it aims to become a leading provider of revenue-based loans for digital startups. The company’s model offers pay-as-you-go pricing and a variety of product features, including revolving credit with cost predictability and transparency.
Competition experts from around the world discuss crypto and antitrust strategies
FinTech’s disruption of existing financial markets has affected lawmakers around the world, especially antitrust regulators, and cryptocurrency is the most troublesome aspect, according to experts in the June 2022 issue of Competition Policy International, a media company specializing in antitrust reporting.
Klarna is changing its game plan to prioritize profits over growth
Buy now, pay later (BNPL) FinTech Klarna shifts from growth to short-term profits after estimated net losses of $689 million in 2021. Klarna has laid off 10% of its staff of around 7,000 people due effects of inflation and Russia. – Ukrainian War. CEO Sebastian Siemiatkowski said the company is also looking for new funding.
10x, Westpac unveils its banking transaction platform
FinTech 10x Banking expands its partnership with Westpac and launches a transaction banking platform for the bank’s institutional clients. 10x Banking will use its technology to support the new platform in its move to cloud-native technology. Westpac aims to give its customers access to real-time data across multiple structures.
FinTech IPOs mix at the end of the month
The PYMNTS IPO index is down more than 8% this month with limited trading days in May. Some players were up 2.1% last week. Alkami has jumped 25% in the past few days, bouncing off earnings results from earlier this month. dLocal was up 18% over the week, while Affirm fell nearly 6%.