Sweden calls on EU to end Bitcoin mining

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In today’s top news in Europe, Middle East & Africa, UK Freetrade investment app exceeds funding target by 800%; Sweden calls on Europe to end bitcoin mining. Additionally, Kenyan FinTech Asilimia closes $ 2 million pre-seed funding, pan-African company M-KOPA’s pay-as-you-go model and UK lawmaker calls for urgent BNPL regulation.

UK Investing App Freetrade Surpasses 800% Fundraising Target on Day 1 of Crowdfunding

UK investment app Freetrade surpassed its fundraising target by over 800% in its first seven days of fundraising on the crowdcube crowdfunding platform, grossing over £ 8.1million ( $ 10.8 million), according to Freetrade’s investment page. More than 6,100 investors have contributed investments, according to Crowdcube. Freetrade, a commission-free investing app, has over 1 million users and £ 1 billion in client assets, according to the company’s crowdfunding video.

Sweden calls on Europe to end Bitcoin mining

Swedish finance and environmental regulators have called on the European Union to end proof-of-work bitcoin mining due to the negative impact on the environment, according to multiple reports. Erik Thedéen, chief executive of the Financial Services Authority of Sweden, and Bjorn Risinger, chief executive of the Swedish Environmental Protection Agency, both fear that cryptocurrency mining is preventing the country from meeting its climate obligations.

FinTech Asilimia secures $ 2 million pre-seed funding to expand beyond Kenya

FinTech start-up Asilimia raised $ 2 million in a pre-seed funding round, including $ 1 million from a wide range of European angel investors and $ 1 million in a funding round including Bpifrance and GreenTec Capital Partners, according to reports. The Kenyan startup said the pre-seed funding would support the team’s growth and expansion, while the debt financing would allow Asilimia to extend credit to micro, small and medium enterprises (MSMEs).

Pan-African asset finance model changes lender, consumer economics of pay-as-you-go plans

Mayur Patel, Commercial Director of M-KOPA, told PYMNTS that the pay-as-you-go model used by the company to fund products that improve the lives of underserved customers in sub-Saharan Africa is more inclusive than the BNPL service provided in more mature credit markets.

UK lawmaker calls for urgent regulation of buy-it-now and on-payment providers

Use of Buy Now, Pay Later (BNPL) in the UK nearly quadrupled in 2020 to £ 2.7bn (around $ 3.6bn) in transactions, official data from the Financial shows. Conduct Authority (FCA). Stella Creasy, a UK MP, once again made an urgent call for BNPL regulations that will prevent consumers, especially young people, from taking on more debt than they can afford.

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NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

By the way: It’s almost time for the holiday shopping season, and nearly 90% of U.S. consumers plan to do at least some of their purchases online – 13% more than in 2020. On the 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers. to find out what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.

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