Bunq has achieved its second major win against De Nederlandsche Bank (DNB)

Bunq has achieved its second major win against De Nederlandsche Bank (DNB)

Terrific Thursday FinTech Fanatic,

Flutterwave, the leading startup in Africa, has reportedly planned to further its initial public offering (IPO) after achieving a significant milestone in obtaining its operational licence in Kenya by getting first-name approval.

The intended IPO underscores the company’s dedication to expanding its reach and influence in the African market by attracting big and reputable clients. To do so, it’s of strategic importance of gaining approval for operations in Kenya.

During an interview with Bloomberg, Olugbenga Agboola, the founder behind Flutterwave, confirmed that the USD 3 billion payment startup has concrete plans to go public.

In that same interview Agboola was cited to have brushed accusations that it had refused to honour former employees’ stock rights and that the staff experienced harassment, naming these as ‘very isolated’ cases that would not affect the planned share sale.

The timing of an IPO depends on several factors, as besides obtaining the right license(s), stable market conditions within the African FinTech scene are also crucial. We'll be observing how this unfolds in the coming period!

Bunq has achieved its second major win against De Nederlandsche Bank (DNB)

Meanwhile, a bit closer to home, Amsterdam-based neobank Bunq achieved its second major win against the De Nederlandsche Bank (DNB) over anti-money laundering (AML) controls.

The Rotterdam court significantly reduced two fines imposed on Bunq by the DNB.

Originally, after a previous ruling, DNB had decreased the fines from €900,000 to €375,000. However, Bunq disputed this, and the court further reduced it to just over €100,000.

The bank faced these penalties because it allegedly inadequately monitored the ownership structures of charities and did not rigorously scrutinize politically prominent individuals.

It's rare for banks to challenge the regulator in court, but Bunq did and achieved a favorable outcome.

Onwards to the other FinTech news!


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