FinTech Futures: Top five stories of the week – 18 March 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
HSBC to shutter 69 UK branches as more customers move online
HSBC UK is to close 69 branches across the country as more customers continue to switch to mobile and online banking.
The bank says the closures will allow it to divert investment towards its digital and mobile offering, while it also plans to refurbish branches in key locations and offer new integrated deposit and withdrawal cash machines. HSBC says no planned closures are the last bank branch in town.
It says that less than 50% of its customers now actively use its branch network, with average footfall declining more than 50% since 2017, faster than any point in the last decade.
CEO of UK challenger bank Recognise leaves
Jason Oakley, co-founder and CEO of Recognise, a UK-based challenger bank for SMEs, has stepped down.
“All I can say is building from scratch and leading Recognise Bank has been the highlight (so far!) of a 37-year career,” he writes on LinkedIn.
Recognise co-founder and deputy CEO Bryce Glover has been appointed interim CEO, while the search is underway for Oakley’s replacement.
Blockchain firm ConsenSys lands $450m Series D funding
US blockchain technology company ConsenSys has closed a $450 million Series D financing round, valuing the firm at more than $7 billion.
The round was led by ParaFi Capital, which participated in ConsenSys’ Series C round in November. New investors included Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures and C Ventures.
The new funding will also support the rapid expansion of ConsenSys’ crypto wallet and blockchain gateway MetaMask, with a major redesign scheduled for release later in 2022.
Three de novo banks in US select Jack Henry’s tech
Jack Henry & Associates, a US-based banking technology heavyweight, has added three new clients: Bank of Burlington, RockPoint Bank, and Moultrie Bank & Trust.
All three are start-up community banks and have opted for a broad suite of front-to-back office solutions from Jack Henry, including the Symitar core, Banno Digital Platform for digital channels, and LoanVantage lendtech.
Green paytech ReforestPay to launch in UK and EU
ReforestPay, a new sustainability focused paytech that intends to plant a tree for every transaction the firm processes, is set to launch for merchants in the UK and EU this year.
ReforestPay has partnered with Eden Reforestation Projects and intends to plant one million trees in the next five years.