The London-based cross-border payments company Wise (LSE: WISE), reported continued growth in its customer base and transaction volumes for the second quarter of fiscal year 2025, while also reducing fees for its users. Wise Reports Strong Customer Growth, Reduced Fees in Q2 FY25 The number of active customers using Wise's services grew by 23% year-over-year (YoY) to 8.9 million in Q2, driven primarily by existing customers recommending the platform. This user growth contributed to a 20% increase in cross-border transaction volume, which reached £35.2 billion for the quarter. The headline numb ..read more

eToro introduced a new feature that enables users to trade in their local currencies, GBP and EUR, eliminating the need for conversion fees. This change promises to help investors save on fees and have better control over their currency exposure. Currency Management Previously, the comapany's users had to convert their local currency into USD to trade in UK and European stocks, a process that often resulted in additional conversion costs. With this new feature, users can now trade directly in GBP or EUR, allowing them to avoid conversion fees when investing in locally-listed stocks. Speaking a ..read more

Most companies mention “we offer competitive salary” when recruiting for a new role. But what is a “competitive salary”? And how much are people getting paid in the fintech, tech, finance, and iGaming industries today? Finance Magnates gained exclusive access to a report by Emerald Zebra that revealed salaries across Cyprus-based roles in these industries. CFDs Is an Industry in Itself in Cyprus Cyprus has a massive retail trading industry, which is locally termed “forex” (although it is technically much more than trading forex instruments). Thus, the island has a significant demand for tradin ..read more

Polish fintech Conotoxia Sp. z o.o., operating the currency exchange brand Cinkciarz.pl, is contesting a decision by the Polish Financial Supervision Authority (KNF) to revoke its payment services license. It is alleging procedural irregularities and harmful impacts on customers. Polish Fintech Conotoxia Challenges Regulator's Decision to Revoke License The KNF announced on October 2 that it had unanimously revoked Conotoxia's license, citing concerns about the company's management of payment services. However, Conotoxia claims it was not properly notified of the decision or given an opportuni ..read more

Stripe has partnered with FreedomPay to offer more flexibility in enterprise-level payments. While many businesses already use Stripe’s Terminal with custom point-of-sale (POS) apps, larger companies often prefer their existing systems. Unified Commerce Solutions Launched FreedomPay offers a range of commerce solutions, integrating POS systems, payment providers, and loyalty programs. The collaboration with Stripe will enable businesses to use Stripe's services, including fraud protection and payment optimizations, alongside more than 1,000 POS systems and third-party card readers supported by ..read more

Payment Service Providers (PSPs) face significant challenges in their relationships with traditional banks. A recent report by fintech firm Neo showed that 95% of PSPs have had their banking accounts closed or restricted, often with little to no explanation. Amid limited banking options, many PSPs are now turning to fintech solutions. Banking for PSPs The report presented findings from a survey involving 100 C-suite executives at European PSPs. A concerning 71% of these professionals noted that their accounts were closed without transparency from their banking partners. Relying on a small numb ..read more

Wirex Pay has launched early access to its new app for select whitelisted users. The app is part of Wirex’s decentralized payment network, aiming to update the use of digital assets in everyday payments. This early phase allows users to test the system before a broader rollout. Direct Crypto Payments Worldwide Wirex Pay is designed to give users complete control over their digital assets through a non-custodial wallet. It offers crypto payment capabilities for both online and in-store purchases across over 200 countries. The app is structured to eliminate the need for intermediaries, giving us ..read more

Polish currency exchange platform Cinkciarz.pl announced plans to sue six major banks operating in Poland, seeking at least 3 billion zlotys ($750 million) in damages for alleged collusion to restrict its access to the foreign exchange market. Earlier this week, the popular fintech announced its intention to sue two other banks for 2 billion zlotys ($500 million), following the revocation of its payment license by the national financial supervision authority, KNF. Polish Fintech Cinkciarz.pl to Sue Six Banks for Alleged Cartel Behavior The company claims Bank BPS, BOŚ Bank, Credit Agricole, IN ..read more

British fintech company Revolut announced today (Tuesday) that it has applied for a banking license to operate in Colombia. This move comes as the firm seeks to strengthen its presence in Latin America. It follows its entry into Brazil last year and the acquisition of a banking license in Mexico in April. Diego Caicedo, the Head of Revolut in Colombia, stated that the roll-out in the country is expected to take under two years. In an interview prior to the announcement, he noted: “Now we're working with the Colombian regulator.” He emphasized that the company aims to bring its services online ..read more

Cybersecurity is the most significant driver of fintech development globally, accounting for 63% of its influence. This is according to a recent study by UnaFinancial. The research discovered that the fintech space is flourishing as countries strengthen their digital defenses. This highlights the fact that security is both a technical requirement and the key to financial innovation. The Force Driving Fintech The global fintech space is increasingly defined by its reliance on cybersecurity, with the new study showing a strong correlation between cybersecurity market size and fintech growth. Una ..read more