Fintechs paying later for early promise

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Fintech has been at an impasse this year and sentiment among start-ups must have deteriorated further Monday’s news that Apple was Entry into the buy-now-pay-later business.

Sebastian Siemiatkowski, head of leading BNPL pure play company Klarna, put on a brave face: “It’s a huge win for consumers worldwide that Apple is now embracing a better form of consumer credit,” he magnanimously tweeted.

but Sid Venkataramakrishnan and Tim Bradshaw report The arrival of a big tech player with a payments infrastructure already in place could only mean more competition for a sector already facing the threat of recession, the likelihood of higher defaults and the promise of tighter regulation.

Before Pay Later, Apple was already building an impressive array of financial services with its Apple Card credit card and Apple Pay, enabling millions of contactless payments. The company also on Monday previewed its iPhone-to-iPhone tap-and-pay service, which can eliminate the need for merchant payment terminals.

It’s not just Big Tech spilling over to the BNPL specialists. The digital bank Zopa announced its launch today a service in the UK for “BNPL 2.0”, a further development of BNPL that is to be regulated. Zopa will conduct credit and affordability checks on all of its users and will focus on high ticket priced items between £250 and £30,000.

Elsewhere. Insurtech was the hardest-hit sub-sector of fintech, with Lemonade, Hippo and Root among the top casualties of the tech stock defeat. reports our insurance correspondent Ian Smith. All three stocks are down more than 85 percent since listing after posting $1.1 billion in net losses last year.

This week’s #fintechFT newsletter says investors expect valuations and funding rounds to fall after record-breaking figures for fintech fundraising in Europe in the first quarter. Deals with blockchain and Web3 companies have boosted the numbers, but the crypto market crash is dampening even interest in this hot fintech fad.

The Internet of (Five) Things

1. Netflix de-faanged but still spending
Speaking of underperforming tech stocks, Netflix is ​​down 71 percent from its peak last year. That eclipsed the sell-offs in Apple, Alphabet, Facebook/Meta, and Amazon — aka the other Faang stocks. Lex says Cutting the content budget should help, but that risks an even greater loss of subscribers.

Lex charts show Netflix underperforming

2. Top TikTok manager replaced after Kulturkampf
The TikTok exec was at the center of a culture war involving employees of the viral video company’s UK operations replaced in its function after making comments that he “didn’t believe” in maternity leave. Joshua Ma, an executive at Chinese owner ByteDance, will “take some time off” afterwards. an FT examinationwhich Mas’ comments revealed at a dinner with staff from TikTok’s London e-commerce team.

3. Saudis embrace Embracer, Leo seeks PS5
Saudi Arabia’s sovereign wealth fund has issued 1 billion dollars on a stake into Swedish gaming company Embracer Group, which is deepening its foray into the global gaming market. The company previously acquired Modern Times Group’s esports division for $1 billion along with competitive multiplayer technology platform Faceit. Meanwhile, Leo Lewis is desperately trying to do so Purchase a PlayStation 5.

4. Make Toshiba great again
Leo also narrated the Toshiba saga in an FT video and with Kana Inagaki, Interview with CEO Taro Shimada looking for a deal that will “make the company great again.”

5. Creditors urged NSO to keep selling spyware
Credit Suisse was among creditors urging NSO Group to continue selling its Pegasus spyware to new customers just weeks after the US blacklisted the Israeli company. an FT examination has discovered.

I was a Ring video doorbell customer and Blink security camera user before they were bought by Amazon, and watched with interest how the company didn’t merge the two and instead allowed them to enter each other’s territory. So today we have the launch of the first in the UK Video doorbell flashing. I actually replaced my battery-powered ring with a wired version yesterday, so I’m interested in how Blink’s product differs.

First of all, it allows you to run it on batteries (Blink’s strong point has always been battery economy) or connect it to your system rather than offering separate products. The Blink is cheaper than most of Ring’s bells, but at £50 it’s just as expensive as Ring’s wired version. It’s missing a key accessory for me – a plug-in chime, which I use above to better hear the doorbell (though Blink says you can use its mini-camera as a plug-in chime).

Other than that, the features are similar – two-way audio, HD video, motion and bell app alerts, and Alexa activation. Tom’s Guide reviewed it when it first became available in the US and had some limitations.

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