Welcome to your daily FinTech news!
In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.
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