Revolut Generates $2Bn in Revenues, Adds 40m Clients Globally LeapRate

December 20, 2023 BY Simon Mugo

Revolut Generates $2Bn in Revenues, Adds 40m Clients Globally

Despite a challenging year for fintech companies, Revolut has experienced substantial growth, driven by an influx of new customers. The startup attracts nearly 300,000 users weekly, expanding its global customer base to nearly 40 million. This impressive growth comes amidst stiff competition from traditional banks and other fintech startups. The latest financial developments offer reassurance…

December 19, 2023 BY Nick Ranga

Google to pay $700m settlement to customers for unlawful app store fees

According to Yahoo!Finance, Google is expected to pay out $70m to a state fund which includes all 50 states, Puerto Rico, the Virgin Islands and the District of Columbia. Google is also set to pay $630m into a consumer settlement fund which will then send $2 minimum to eligible customers based on their Google Play…

December 18, 2023 BY Simon Mugo

ESMA Report Indicates Investing Costs Fell Across the Eurozone

According to the ESMA's findings, there was a noticeable reduction in the average cost of investing in these products compared to the previous year. However, the report emphasises the ongoing disparity in costs among different EU countries. Enhanced transparency and potentially reduced expenses are attributed to more explicit fee information, a requirement under EU regulations.…

December 18, 2023 BY Simon Mugo

Zenfinex Raises $15 Million for Its Proprietary Trading Tech

Now operating its consumer services under the Taurex brand and its business-to-business services as Zenfinex, the group is planning a significant investment in its own technological developments following the recent influx of funds. The investments include the development of a new mobile app and an enhanced web platform, as shared with Finance Magnates. The launch…

December 15, 2023 BY Simon Mugo

eToro Adds Almost 700 US Stocks to Its Tradable Assets Portfolio

The expansion not only offers a broader range of stock options to eToro's users but also aligns with the company's mission to provide cost-effective trading solutions. The users now have the chance to diversify their investment portfolios more robustly by adding these stocks. The expansion covers a variety of new stocks, thus broadening investment choices…

December 14, 2023 BY Simon Mugo

BidX Markets Offer Interest on Cash Holdings of up to 5.1%

This announcement from BidX Markets follows shortly after a warning issued by the UK’s Financial Conduct Authority (FCA) against investment platforms engaging in "double dipping" – a practice where platforms retain a portion of interest on client cash balances while charging an additional fee for cash management. Simon Blackledge, the CEO of BidX Markets, said:…

December 14, 2023 BY Simon Mugo

TMX Group Acquires Remaining 78% Stake in VettaFi for $848 Million

Valued at 15.4 times its projected 2024 adjusted EBITDA, VettaFi boasts over 80% recurring revenue. TMX Group expects the acquisition to positively impact its adjusted earnings per share within the first year. The deal, financed through $1 billion in bank debt, is anticipated to be finalised in January 2024. John McKenzie, the CEO of TMX…

December 14, 2023 BY Elizabeth Anderson

Uruguay to see offshore hydrocarbon exploration with ANCAP

In a press statement, Alejandro Stipanicic, President of ANCAP, emphasised that it is the first time all offshore areas will have active contracts. The imminent signing of the OFF-3 area contract with Challenger Energy is anticipated in the coming weeks, pending approval by the executive branch of the ANCAP. The renewed interest in offshore exploration…

December 13, 2023 BY Simon Mugo

oneZero’s CEO Announces Plan To Launch Innovative Tools in 2024

Andrew Ralich, the CEO of oneZero, highlights that these developments are part of four key themes planned for the next year. These include advancements in artificial intelligence (AI) for analysing foreign exchange (FX) data, strategies to capitalise on market flow, and adapting to the T+1 settlement shift in North America. Ralich emphasises the importance of…

December 12, 2023 BY Simon Mugo

FCA Instructs Investment Firms To Stop “Double Dipping” by February

This concern emerged following an FCA survey involving 42 investment platforms, which revealed that a majority retain a portion of the interest accrued on customer cash balances. The FCA's findings indicate that 71% of these platforms keep some of the interest, with retention rates ranging from 10% to 100%, averaging around 50%. Additionally, 61% of…

Category: Financial Services