Here’s our pick of five of the top news stories from the world of fintech this week, featuring Solaris, Sixth Street, Temenos and more.Wise fined by US CFPB for allegedly advertising inaccurate feesWise fined by US CFPBGlobal money transfer firm Wise has been ordered to pay a $2.025 million civil money penalty by the US Consumer Financial Protection Bureau (CFPB) for allegedly “advertising inaccurate fees and failing to properly disclose exchange rates and other costs”.Announcing the decision in a post on its website, the CFPB alleges that Wise “misled customers in the United States about its ATM fees and failed to properly disclose other fees”, and has ordered the firm “to pay approximately $450,000 in redress to harmed consumers”.In a statement sent to FinTech Futures, Wise states that it “cooperated fully with the CFPB and immediately worked to address all identified issues”, with the “majority resolved by November 2022”.Read more hereSolaris secures €140m Series G funding, SBI Group becomes majority shareholderJapanese financial heavyweight SBI Group has become the majority shareholder of German embedded finance firm Solaris after co-leading its latest €140 million Series G funding round alongside German exchange group Börse Stuttgart.The share acquisition was completed by SBI Ventures Two, with the group saying it plans to make Solaris “a consolidated subsidiary” to “enable maximisation of synergies and further enhancement of corporate value of both companies”.Carsten Höltkemeyer, CEO of Solaris, says the company’s latest cash injection will “not only support our operations until we reach profitability but will also accelerate our ability to seize market opportunities and build a strong core capital base”.Read more hereScott Bessent named as acting director of CFPB as Rohit Chopra departsChopra has led the CFPB since 2021 (Image: LinkedIn)US President Donald Trump has appointed Secretary of the Treasury Scott Bessent as acting director of the Consumer Financial Protection Bureau (CFPB), the regulator announced this week.In a statement on his appointment, Bessent says he will work with the CFPB to “advance President Trump’s agenda to lower costs for the American people and accelerate economic growth”.Bessent will succeed outgoing CFPB director Rohit Chopra, who revealed in a letter addressed to Trump and shared on social media platform X over the weekend that his term as CFPB director “has concluded”.Chopra, who has led the CFPB since 2021, states in his letter: “I know the CFPB is ready to work with you and the next confirmed director.”Read more hereUK private equity firm Montagu buys Temenos’ fund accounting software business Multifonds for around $400mMontagu, a UK-based mid-market private equity firm with over €14 billion in assets under management, has acquired Temenos’ fund accounting software business Multifonds in a deal worth around $400 million.Acquired by Temenos a dec
Sab. Feb 8th, 2025
