Wise Plans London IPO, China Destroys Crypto, JP Morgan Buys Nutmeg, UK Govt Helps Fintech & More




Happy Tuesday!



In this edition:


  • Fintech firm Wise confirms plans for London stock market float

  • Beijing doubles down on rooting out crypto in China

  • $5.5 billion fintech firm Revolut’s losses mounted in 2020 but crypto gave it a big boost

  • JPMorgan buys investment platform Nutmeg in UK retail push

  • Government pledges support for UK fintech.






Fintech firm Wise confirms plans for London stock market float.



Fintech favourite Wise has confirmed plans to go public in what will be the first direct listing of a tech firm in London.


The payments group, formerly known as Transferwise, said it has been profitable since 2017 and sales hit £421m this year. In 2021 the app moved £54.4bn across borders for 6m customers.


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Beijing doubles down on rooting out crypto in China.



China's central bank said on Monday it had urged some banks and payment firms to crack down harder on cryptocurrency trading, in the latest move by Chinese authorities to stem the use of digital coins. The People's Bank of China's statement sent bitcoin tumbling to a two-week low and ether to a more than five-week low. On Tuesday, prices of major cryptocurrencies stabilised.

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$5.5 billion fintech firm Revolut’s losses mounted in 2020 but crypto gave it a big boost.



British fintech start-up Revolut saw slower growth in revenues and mounting losses last year as the coronavirus pandemic hit payment volumes, though an increase in the value of cryptocurrencies gave the company a big boost.


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JPMorgan buys investment platform Nutmeg in UK retail push.



JPMorgan Chase has bought British digital wealth manager Nutmeg as part of the U.S. bank's expansion into the UK retail banking and investment market.


The U.S. bank is looking to take on established British retail banking rivals and a growing band of fintechs with plans to become a full-service retail bank under its Chase brand.

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Government pledges support for UK fintech.



The economic secretary to the Treasury has said the UK would be missing a trick if it did not support the fintech industry and firms in this space.


Speaking at City & Financial Global’s City Week 2021: Financing A Sustainable Global Recovery conference today (June 21), MP John Glen discussed the government’s vision for the future and said the Treasury had plans to support a more technologically advanced financial services industry.

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Fasanara Fintech Weekly