FinTech Matters newsletter | September 2021
- Erlang Solutions Team
- 17th Sep 2021
- 9 min of reading time
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Read on to discover what really matters for tech in financial services right now for the Erlang ecosystem and beyond.
It’s back to school season following what was a disrupted summer for most, but one where the FinTech world has continued to innovate and grow – global investment in H1 reached $98bn (£18bn in the UK) and Revolut raised a funding round of $800m at a valuation of $33bn.
Michael Jaiyeola, FinTech Marketing Lead
The top stories right now
Study to investigate the impact Of open source software On the EU economy
This detailed report from the EU examines the technological independence, competitiveness and innovation around open source software. The main breakthrough of the study is described as being the ‘identification of open source as a public good’. The value of open source technologies for many modern industries is well recognised but financial services have lagged behind somewhat. It is true that in highly regulated industries the compliance requirements may require some extra work when it comes to open source, but the idea that to be successful you must build using proprietary technology is finally being dispelled. A report at the beginning of the year by ResearchAndMarkets.com forecast The Open Source Service Market to grow by 24 % by 2025.
Communities like those of Erlang and Elixir offer collaboration and information sharing to raise standards for all – it’s not about free software. Where financial services infrastructure leverages open source technology that meets shared requirements then individual companies can focus on adding differential value to their products and services. For FinTech faster innovations while driving down development costs and speed to market is the holy trinity and open source technology enables this in the right use cases where being agile, responsive and scalable will determine competitiveness and success.
Solarisbank raises $224M at a $1.65B valuation
Solarisbank, the tech company with a banking license, (whose platform is built using Erlang and Elixir) will use the new funding to acquire Contis and expand API-based embedded banking tech in Europe. Solaris was one of the first to be a fully-fledged bank that offers Banking-as-a-Service which is one of the FinTech segments (along with embedded finance) that has thrived over the pandemic period.
FCA loses £300k worth of electronic devices
In a do as I say not as I do comedy own goal, the FCA has misplaced a total of 323 electronic devices (estimated worth £310,600) over the past three years, according to a freedom of information request. The devices are predominantly made up of hundreds of laptops, tablets, desktops and mobile phones reported lost or stolen by FCA employees. Unsurprisingly, this raises questions about data protection standards at the industry regulator.
Verizon and Mastercard partner to bring 5G capabilities to payments
The strategic aim is to integrate 5G into payments focusing on contactless shopping, checkout automation and Point of Sale (POS) experience solutions. It is stated that this will be achieved by harnessing the latest in IoT technology alongside real-time edge computing.
More content from us
Kivra – Nordic FinTech case study for digital document sending platform
Memo Bank’s story – How they used Elixir to build a bank from scratch
State of play in FinTech – I take a high-level look at some of the industry trends of 2021 so far
Kim Kardashian’s cryptocurrency Instagram post – the ‘financial promotion with the single biggest audience reach in history’!
When ultra influential influencers meet newly developed tokens, what could possibly go wrong? Well potentially plenty according to the head of the FCA, Charles Randell, who called Ethereum Max (nothing to do with the Ethereum platform) ‘a speculative digital token created a month before by unknown developers’. Read more
One in four UK financial services workers want to work from home full-time
A new survey from Accenture has found 24 per cent of the UK’s 1m financial services workers “would prefer to work entirely from home once a full return to office is possible”. Read more
Klarna joins leading climate change programmes
The Swedish BNPL unicorn is the first FinTech to sign up for The Climate Change Pledge and the Race to Zero campaign. Read more
Erlang Solutions byte size
Did you miss joining our livestream of “What’s Next for Blockchain in Financial Services’ during FinTech Week London? Well, don’t worry you can get exclusive early access to the full video of the panel debate here.
Code BEAM America – Created for developers, by developers, the conference is dedicated to bringing the best minds in the Erlang and Elixir communities together to SHARE. LEARN. INSPIRE. over two days November 4-5
Trifork Group (our parent company) reports revenue growth of 55% in Q2 and 46% in H1 2021. The Q2-2021 Interim Report can be downloaded here. In Q2, Trifork Labs continued its active investment strategy and increased investments in the new Fintech startups Kashet, a new mobile-first challenger bank in Switzerland, as well as in a joint-venture Fintech startup (Money), co-owned by three mid-sized banks. Trifork has entered an integration partnership with Modularbank, a cloud-native core banking as a service solution.
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