PayTech

UK-based open banking provider Ecospend has joined PIMFA WealthTech, the digital marketplace and industry network to boost collaboration and innovation within wealth management.

PSD2 compliant payments system Ryft has received an authorisation licence from the UK’s Financial Conduct Authority (FCA) allowing it to become a regulated payment facilitator.

The transaction value of recurring payments will exceed $15.4trn globally in 2027, rising from $13.2trn in 2023, according to a report from Juniper Research.

TerraPay, a global payments infrastructure business, has scored over $100m in  its Series B equity financing round.

Paytrix, a London-based FinTech building a payments ecosystem to help businesses grow, has raised $18.3m in Series A funding to drive product development and international expansion.

Salt Labs, a new loyalty and payments technology company, has raised $10m in a pre-seed funding round.

Oscilar, a startup which offers an AI-powered platform, has emerged from stealth to protect online transactions.

Last month, the UK government released a draft legislation that will crack down on buy now, pay later firms, which had previously enjoyed little regulatory hurdles. However, times are changing.

Consumers are seeking greater security and frictionless payment experiences when buying products online, according to a survey from BR-DGE.

Playbook, a California-based personal finance app focused on Gen Z and Millennials, has secured $7m in a Series A funding haul.