Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, LatAm digital bank Nubank is embarking on a significant expansion in the US, Worldpay has launched another embedded finance tool, while Airwallex continues to support multiple currencies across Europe.
Nubank looking to challenge US market
Nubank, the largest digital-first bank across Latin America, announced its intentions on September 30 to expand into the US for the first time.
The neobank applied for a national bank charter with the US Office of the Comptroller of the Currency (OCC) to “unlock new possibilities within the US financial landscape”.
A national bank charter from the OCC will support Nubank’s ability to scale in the US by offering deposit accounts, credit cards, lending and digital asset custody, with a compliance-first strategy it has already conducted in Brazil, Mexico and Colombia.
“Today, our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion. At the same time, applying for a U.S. national charter helps us better serve our existing customers based in the country and, in the future, connect with those who share similar financial needs and could benefit from our products and services,” said David Vélez, Founder and CEO of Nu Holdings.
Worldpay continues to dive deeper into embedded finance
Worldpay launched its new Embedded Finance Engine to provide financial service products to clients to help drive higher retention and unlock new revenue streams.
The service is available to partners integrated with Worldpay for Platforms and includes embedded lending, banking and commercial card issuing products. Worldpay’s pre-built embedded finance components seek to make it fast and easy for software platforms to deliver market-leading financial services directly from their business management applications.
“Our goal is to empower partners to become the everything platform for their users. We are helping them move beyond payments to solutions like the Embedded Finance Engine. By providing partners with purpose-built and easy-to-use technology with simple integrations, we help them unlock new opportunities and deliver greater value to their customers,” said Matt Downs, President of Worldpay for Platforms.
Airwallex to support Nordic currencies
Airwallex confirmed on September 30 it will be expanding its financial platform service to countries in the Nordic region to support relevant currencies.
Airwallex customers based in the EU will be able to transact in Danish Krone (DKK), Norwegian Krone (NOK) and Swedish Krona (SEK), as well as Polish Zloty (PLN), which will be debited directly from multi-currency wallets, removing foreign exchange conversions and providing cost savings for customers.
“By enabling direct billing in Nordic currencies, we’re removing friction, reducing costs and making our product more local and relevant for businesses operating in the region and wanting to operate globally,” said Or Liban, Vice President, Benelux & Middle East at Airwallex.
BVNK credits US growth for $20bn annual processing volume
Stablecoin infrastructure firm BVNK announced on October 2 it has surpassed $20bn annualised processing volume, only four years after launching.
BVNK provides stablecoin infrastructure for customers including Worldpay, Deel, Highnote, Rapyd, Bitso and dLocal. The company supports payments for more than 130 countries and has recently expanded in the US.
“Our rapid growth, particularly in the US, reflects both rising demand and our operational strength. Reaching $20bn in volume is a landmark moment that underscores the strength of our product, the dedication of our team, and the trust of our customers,” said Jesse Hemson-Struthers, CEO of BVNK.
New head at helm for SumUp in UK
SumUp announced on October 2 Luke Griffiths will lead the company’s operations in the UK after taking on the role of UK CEO.
Griffiths joined SumUp in October 2023, where he has helped scale the company’s multi-product offerings and expanded its global footprint. He will oversee UK operations and support the continued growth of services such as SumUp Terminal and its proprietary in-app call feature for UK merchants.
“As UK CEO, I am committed to unlocking fresh growth opportunities, particularly in enterprise and hospitality, while continuing to serve our valued existing merchants with market-leading solutions,” said Griffiths.
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