Regulators find flaws in an audit of Revolut; & more!

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NEWS HIGHLIGHT

Regulators find flaws in an audit of Revolut. UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement.” The watchdog also highlighted deficiencies in how Revolut’s payment processes were tested by BDO. Link here.

FINTECH NEWS

#CreditScoring

• Credit Karma has been fined £3 million by the US consumer watchdog for misleading claims that people have been or are likely to be approved for credit or loans. According to the Federal Trade Commission, the credit services company had deployed ‘dark patterns’ to misrepresent consumers ‘pre-approved’ for credit card offers. Link here

#Insights

• Digital banking and Insurtech growing fast in LatAm. Looking at the industry's growth over the past years, IDB notes that the number of FinTechs in the region more than doubled. Link here


• German FinTech funding to reach $4.2B in 2022, a 34% drop from 2021. Deal activity in the country is also on track to fall, although by a less significant 7% to 272 deals for 2022. Link here