Fintech Friday: Klarna launches physical credit card in UK

Fintech Friday is our regular check-in here at Spreckley, where we share all the most interesting and useful financial services and financial technology news, innovations and trends. 

This week we consider how the UK could well become the “home of crypto and fintech” (according to Matt Hancock), how Brazilian fintech Creditas hit a $4.8bn valuation after its latest funding round and Klarna’s latest move, launching a physical card in the UK.

UK can be home of crypto and fintech, says Matt Hancock

“The UK can be the home of cryptocurrency,” according to Matt Hancock, reports City AM this week, as watchdogs scramble to regulate the emerging digital asset.

Speaking in the Commons, the minister hailed the UK’s blossoming fintech industry, urging that it can be a sector in which the UK is a world leader. “These innovations have the potential to disrupt finance, just as social media has disrupted communications or online shopping has changed retail,” said Hancock.

More over at City AM here. 

Brazilian fintech Creditas hits $4.8bn valuation after funding round

Elsewhere in the Fintech scene, as reported by the Financial Times, the Brazilian lending start-up, Creditas, backed by SoftBank has reached a valuation of $4.8bn following its latest funding round, as investors continue to bet on Latin America’s growing financial technology sector.

“We want to continue growing fast. And that means that we need to invest in bringing in customers, so that over time, those customers generate the revenues in the recurring model we have,” said Spanish founder and chief executive Sergio Furio.

More over on the FT’s website here.

Klarna launches a physical card in the UK

Lastly, Klarna is set to launch a physical card in the UK through Visa, according to a report on ChargedRetail.co.uk.

“The card utilises the company’s buy now, pay later product and lets users defer payments on their purchases both in-store and online. The Swedish fintech giant already rolled the card out in Germany and Sweden, where it is currently used by over 800,000 people, the company said.”