Regulators find flaws in an audit of Revolut; & more!

Sign up for my Daily Fintech or Daily Digital Banking Newsletters here. Check out my latest podcast episode below: This podcast episode is sponsored by Klarna Kosma. Klarna Kosma can supercharge your business by providing essential connectivity to a growing network of more than 15,000 banks in 26 countries through a single Open Banking API. With Klarna Kosma, you have everything you need to create payment services and new user experiences your customers will love. Check out how we can make your game-changing ideas powerfully real with Open Banking. Visit kosma.com today! Welcome to your daily FinTech news! In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here. NEWS HIGHLIGHT Regulators find flaws in an audit of Revolut. UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement.” The watchdog also highlighted deficiencies in how Revolut’s payment processes were tested by BDO. Link here. FINTECH NEWS #CreditScoring Credit Karma has been fined £3 million by the US consumer watchdog for misleading claims that people have been or are likely to be approved for credit or loans. According to the Federal Trade Commission, the credit services company had deployed ‘dark patterns’ to misrepresent consumers ‘pre-approved’ for credit card offers. Link here #Insights Digital banking and Insurtech growing fast in LatAm. Looking at the industry's growth over the past years, IDB notes that the number of FinTechs in the region more than doubled. Link here German FinTech funding to reach $4.2B in 2022, a 34% drop from 2021. Deal activity in the country is also on track to fall, although by a less significant 7% to 272 deals for 2022. Link here