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UK fintech VibePay launches business accounts

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VibePay, a UK social payments fintech, has launched a business account offering. It’s designed for Gen Zers who earn money through social channels or platforms like Depop.

VibePay logo

VibePay has 50,000 users

The fintech – which launched last October – has also integrated with a host of new banks, including Starling, Capital One and Tesco. This puts its bank partner list at 24.

New business offering

Its new business offering, which works similarly to its consumer-facing app, claims to have no fees. The main difference is that small businesses will get access to a transaction dashboard to track their cashflow.

VibePay has 50,000 users, many of whom are consumers turned social entrepreneurs. Developing a business offering was a natural progression for the fintech.

App updates

VibePay is also revealing a new version of its app. It will allow all users to send personalised payment URLs called “Vibe.me” links.

The start-up has also launched Vibe ID, which acts like an online passport to link users’ different bank accounts when they’re spending online.

QR codes are live in the app too, and VibeTickets has been fully integrated with the app. This is part of the fintech’s migration of its sister company’s 80,000 users, following the redirection of VibeGroup from tickets to payments.

VibePay advert

Gen-Zers use VibePay over PayPal to avoid excessive fees and delays in receiving funds

Founder and CEO Luke Massie says the “new app is the culmination of months of work”.

VibePay’s niche in the market

VibePay is – put simply – designed for those who want to get paid. Massie calls them ‘insta-preneurs’ – those that might have a day job, but also make up extra cash with side hustles.

These insta-preneurs use VibePay over PayPal to avoid excessive fees and delays in receiving funds.

Because VibePay uses open banking, users can get paid instantly whilst avoiding fees which cut into their margins. “We don’t care who you bank with,” Massie told FinTech Futures in May.

VibePay charges companies who use its business-to-business (B2B) offering, rather than direct users. Those businesses get a payment solution and “targeted” insights into Generation Z.

Future plans

Looking ahead, the fintech wants to build out its merchant offering, hoping to land a heavyweight investor like Octopus Ventures in its imminent Series A.

Octopus Ventures led Depop’s last funding round, and could open up some big doors for the start-up.

It is also looking at the world of gaming as a means for expansion, a space fellow challengers abroad have invested in to boost user engagement.

Read next: How VibePay is quietly changing the UK fintech Twitter game

Source: https://www.fintechfutures.com/2020/08/uk-fintech-vibepay-launches-business-accounts/

Fintech

Venture capital helps ‘buy now, pay later’ fintech business Affirm to $500m investment round

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Affirm, a buy-now-pay-later tech startup, has closed its Series G round on $500m.
The investment was led by GIC and Dura

Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/venture-capital-helps-buy-now-pay-later-fintech-business-affirm-to-500m-investment-round.html

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Payments

Here’s how Nasdaq-listed MicroStrategy went about buying $175m in Bitcoin

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MicroStrategy has become the poster child of mainstream Bitcoin adoption amongst corporations. It is the only publicly listed company to turn towards BTC as a reserve asset to store their capital in.

Their announcement last month regarding their decision to ditch the US Dollar in favor of BTC to store their capital was a big one, because it showed that the benchmark digital asset is gaining utility as a store of value.

For a company with hundreds of millions of dollars in cash, the decision makes sense, as the crypto’s scarcity allows them to avoid the massive losses that would otherwise be incurred due to inflation.

Acquiring this much BTC without going through over the counter (OTC) venues is no easy task, however, and the company’s CEO explained in a recent tweet how they went about doing this.

MicroStrategy now holds 38,250 Bitcoin 

Earlier this week, Microstrategy CEO Michael Saylor announced that his company had doubled down on their Bitcoin bet, adding $175m worth of the digital asset to their holdings.

This massive purchase came about just weeks after the company had revealed its plans to switch to an alternative Bitcoin-focused financial strategy. They now intend to hold their entire capital reserves in BTC to avoid inflation and devaluation of the US Dollar, which is being printed at unprecedented rates.

This strategy is unprecedented and was kicked off by the purchase of a whopping $250m worth of the digital asset.

The company revealed on September 15th that they were buying even more BTC, conducting a $175 million purchase via the spot retail markets. This may have caused Bitcoin’s price to rally to $10,900 while the rest of the market trended lower.

Their total holdings now stack up to 38,250 Bitcoin, with an aggregated purchase price of $425 million.

Here’s how MicroStrategy market-bought 16,796 BTC

During their latest bout of purchasing, MicroStrategy used the retail market to acquire their crypto, with the company’s CEO explaining that they purchased 16,796 BTC throughout 74 hours of continuous trading.

“To acquire 16,796 BTC (disclosed  9/14/20), we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each 3 seconds. ~$39,414 in BTC per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike.”

The massive amount of capital that was introduced into the market as a result of these 74 hours of continuous trading likely had lasting impacts that may still be influencing Bitcoin.

Bitcoin, currently ranked #1 by market cap, is down 0.45% over the past 24 hours. BTC has a market cap of $202.22B with a 24 hour volume of $26.08B.

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Source: https://cryptoslate.com/heres-how-nasdaq-listed-microstrategy-went-about-buying-175m-in-bitcoin/

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CoinTelegraph

EU to see comprehensive crypto regulation by 2024

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The European Union, or EU, plans to incorporate crypto and blockchain technology into its main processes by 2024. 

Over the next four years, the economic union aims to firm up fresh regulations that will promote blockchain and digital asset usage for international money transfers, according to internal documents that Reuters reported on Friday. 

The documents detailed:

“By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector […] It should also address the risks associated with these technologies.”

Finding that almost 80% of its population transacts in paper money, the European Commission, the union’s governing entity, wants to see digital payments become more common, while aiming for immediate transaction times, Reuters explained.

The commission’s reported aims include a desire for increased data access, financial activities availability — all while aiming for increased efficiency. “By 2024, the principle of passporting and a one-stop shop licensing should apply in all areas which hold strong potential for digital finance,” the documents noted. Over the next year, fast transaction avenues will likely take over, Reuters added. 

Although the COVID-19 pandemic may have expedited the desire for digital payments across the globe, blockchain and crypto assets have been the talk of the regulatory town, with many countries looking toward central bank digital currencies to streamline their payments infrastructures. 

UPDATE Sept. 18, 21:00 UTC: This article has been updated. 

Source: https://cointelegraph.com/news/eu-to-see-comprehensive-crypto-regulation-by-2024

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