Banking Technology Magazine February 2023 issue out now
Cover story: HAPPY DAZE – Banking for cannabis businesses boosted.
Welcome to the first 2023 edition of Banking Technology, bringing you the key stories of this year so far and plenty of food for thought on the variety of pertinent topics in the banking tech world.
The year has started with large-scale announcements across companies big and small, including from financial services heavyweights Capital One, Goldman Sachs, and BlackRock.
US banking and payments tech giant FIS has reportedly laid off 2,600 employees – around 2% of its workforce – as part of new CEO Stephanie Ferris’ ongoing strategic review. Ferris told investors FIS is “focused on permanently reshaping its cost structure through both cost-reduction and containment initiatives”, according to Bloomberg, and this includes “reviewing and rightsizing the current workforce”.
In the payments space, Paddle in the UK, Till Payments in Australia, and PayPal worldwide are cutting jobs, and so are lenders Upstart and LendingClub, crypto firms Luno, Coinbase, and Crypto.com, fintech firm Sofi, and investment platform Clearco (see p6 for a snapshot of the latest numbers).
Tech Nation in the UK, a government-funded growth platform for tech start-ups, is ceasing operations and looking to sell its assets after losing its core government grant funding to Barclays (see p4 for further details).
But a good news story in the UK is of innovative paytech GoodBox, which recently had its administration closed by a landmark court decision, with a ruling in favour of a proposed restructuring package. GoodBox, which automates the charitable donations sector and counts the Natural History Museum, the Science Museum, The Church of England and British Red Cross on its client list, is hoping to get back on its feet with 20 angel investors, a new and independent board of directors, and a potential merger.
And there still looks to be plenty of appetite for investment into promising fintech start-ups – check out p28 for the latest funding rounds.
As always, we hope you find this edition of the magazine interesting, useful and worth your time. We will keep bringing you the top stories, expert commentary and comprehensive analysis of the latest happenings in the industry.
Click here to read the free digital edition of the Banking Technology Magazine February 2023 edition.