Back at Money20/20 Europe in June 2019, the last live version of the European event, the hottest areas were payment processing, AML/KYC “AI” and banking/payments as a service. Two years on, whilst processing and X-as-a-service is still hot, a few other areas are coming into focus.
- Everyone wants to build a better, faster, cheaper, dis-intermediated set of rails (maybe using the blockchain, maybe not)
- Open banking is surging with various products and companies are leveraging the capabilities (we’ll share our discussion with the CEO of TrueLayer, the UK’s biggest player, next week).
- Partnerships. The sector is definitely maturing and whilst partnerships was a new tone two years ago, it’s the go-to-market strategy now for many banks and fintechs.
We’ve also seen a slew of announcements to coincide with the event. Here’s a few noteworthy ones we’ve picked out:
- Arcopay launched a payment initiator across its European markets that enables cardless account-to-account PSD2 payments.
- Comma, a bulk payment system for SMEs, launched at the event. It claims to be the first of its kind in the UK.
- dLocal launched Direct Issuing, a service to enable merchants to issue their own branded prepaid cards for online and in-store shopping. It is designed in particular for use in emerging markets
- TerraPay announced several partnerships to expand its digital commerce platform globally, namely with Network International in the UAE and MOVii in Colombia.
- TrueLayer announced a $130m raiseat the event, bringing the open banking company’s valuation to over $1bn. Investment was led by Tiger Global Management, with Stripe among the other investors contributing to the round.
Overall, kudos to all the team at Money20/20 for managing to put on a live event. Most players have ducked out of them this year and it’s clear that while is Zoom meetings can be efficient, you can’t replace person-to-person interactions.