In today’s top Europe, Middle East and Africa news, Swedish startup Material Exchange raised €25 million in a Series A funding round, and the U.K. Online Safety Bill was introduced in the U.K. Parliament to curb online harms.
Plus, Europe is preparing for a digital euro and evaluating the European payment system, do-it-yourself wealth-building app Wealthyhood raised €630,000 and London real estate firm Canopy and Fronted signed a partnership deal.
Sustainability-Focused Startup Material Exchange Notches Series A
Material Exchange, a Swedish Software-as-a-Service (SaaS) company helping brands like H&M and Ugg source more sustainable materials, raised €25 million ($27 million) in a Series A funding round.
The startup connects fabric suppliers with buyers and has raised more than $35 million since 2017. The fresh infusion of capital will go towards helping Material Exchange reach new markets and power the growth of its product suite.
UK Online Safety Bill Can Reduce Authorized Push Payment Fraud
In March, the U.K. Online Safety Bill was introduced into Parliament to help curb online harms by increasing social media firms’ and search engines’ responsibility to monitor content posted on their platforms.
That extends to fraudulent advertisements appearing on those platforms, and the measure would impose an online duty of care on platforms. That would require the removal of illegal content and “high-risk, high-reach” services, which may be lawful but still harmful.
European Commission’s Consultation on Digital Euro Goes Beyond CBDC
As Europe prepares for the possibility of a digital euro, it is also evaluating the whole European payment system and how a central bank digital currency (CBDC) would fit into that.
While the European Central Bank (ECB) is leading the efforts to create a CBDC, the European Commission has launched a public consultation to gather information about the digital currency and explore how it could impact users in various industries.
DIY Investment App Wealthyhood Funding Round Brings Total Above $900K
London-based Wealthyhood, a do-it-yourself wealth-building app for investors, has raised €630,000 euros ($682,492) in a round led by Singapore venture capital firm Genesis Ventures.
Wealthyhood said the funding will be used to expand the mobile app and shift from the web platform, hire staff, grow its presence in Europe and further develop the product.
London Real Estate Startups Canopy and Fronted Partner to Launch Lifetime Deposit
London-based startups Canopy and Fronted have signed a partnership deal designed to make life easier for renters.
Through the partnership, tenants can transfer their deposits from one property to another, providing a solution to one of the biggest challenges leaseholders face. Landlords and estate agents are not required to make any changes to their usual workflows, further streamlining the process.
Revolut Partners With Cross River Bank to Offer Financial Services in US
FinTech Revolut, which is headquartered in London, has partnered with Cross River Bank, a technology infrastructure provider offering embedded financial solutions.
The partnership aims to help build and scale the Revolut business in the United States, leveraging Cross River’s tech and regulatory infrastructure.
US Proposed Antitrust Bills and EU’s Digital Markets Act Have Clear Differences
Digital platforms are under scrutiny in many jurisdictions. In the U.S. and the European Union, there are significant bill projects that will regulate how platforms interact with their competitors.
In the EU, the Digital Markets Act (DMA) is moving toward final approval, while in the U.S., the bill projects that are being considered are still far from becoming law.
