SumUp copies Block's playbook. Now or never? 🤔; FinTech-as-a-Service will be one of the key pillars of the future of FinTech 💸; Alloy bumps its valuation proving RegTech is still hot🔥

Good Morning FinTech, 2 September

Good evening Everyone,

And happy Friday! Today’s issue is coming in late but it’s definitely worth the wait. We’ll be looking at SumUp copying Block's playbook (it’s brilliant, but isn’t it too late?), FinTech-as-a-Service as one of the key pillars of the future of FinTech (it’s a huge opportunity!), and Alloy bumping its valuation and proving RegTech is still hot (& should only get hotter!). Let’s jump straight into the interesting stuff:

SumUp copies Block's playbook. Now or never? 🤔

The launch 🚀 Payments FinTech SumUp is expanding into business-to-consumer (B2C ) services with its first direct-to-consumer (D2C) product, a digital wallet.

The USP 🥊 In short, it’s pretty much the same as every other digital wallet out there. Here’s the SumUp Pay app in a nutshell:

• It includes a virtual Mastercard - which can be topped up using a saved card or via bank transfer - allowing users to make remote or in-person purchases enabled by Google Pay and Apple Pay, transfers, and withdrawals.

• The app has an integrated loyalty scheme focused on supporting local businesses. Points are earned on all transactions and can then be redeemed at any local business collecting payments with SumUp.

• Other features include QR code-based payments and the ability to send and request money from friends.

• The free app is now available in the UK, Germany, and Italy via Apple’s App Store and the Google Play Store, with new customers entitled to receive a £10 points bonus.

In short, SumUp just literally copied the Block’s (formerly Square) playbook (which is brilliant). The key question though is whether it’s not too late? Here’s the takeaway: