Card Giants under fire: Visa & Mastercard face £4B lawsuit over "illegal" fees 😳💳; Revolut is aggressively expanding its B2B offerings 💸🚀
FinTech is Eating the World, 4 September
Hey Everyone,
Good morning from a hot Dubai 🇦🇪! Due to travels, the publishing schedule is a bit messy now but I really hope it’s still worth the wait 🙏 Today we’re looking at card giants Visa and Mastercard that are facing a massive lawsuit over illegal fees (what it’s all about, why it matters & what’s next + a bonus deep dive in both Visa & Mastercard), and Revolut that’s doubling down on its B2B proposition (what’s the latest B2B push is all about & why it matters + some bonus dives into Revolut inside). So let’s just jump straight into the cool stuff 🌶️
Card Giants under fire: Visa and Mastercard face £4 billion lawsuit over "illegal" fees 😳💳
The news 🗞️ Finance giants Mastercard MA 0.00%↑ and Visa V 0.00%↑ are facing a massive £4 billion class action lawsuit in the UK over alleged illegal interchange fees imposed on businesses.
The UK's Competition Appeals Tribunal has given the green light for the case to proceed, dismissing objections from the card giants.
Let’s take a quick look at this, see what it’s all about and what’s next.