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- 📈 London’s BVNK Cracks America with £50M Boost
📈 London’s BVNK Cracks America with £50M Boost
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This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes
In today’s stories:
London’s BVNK Cracks America with £50M Boost
Honda and Nissan Plot Electric Revolution Merger
HS2 Delays: Taxpayer’s Ticket to Chaos
The summary: BVNK’s £50M funding, US expansion, and cutting-edge stablecoin tech are turbocharging global payments, proving the future of finance is fast, seamless, and downright unstoppable.
The details:
BVNK Bags the Big Bucks: London’s BVNK has secured a hefty $50 million in Series B funding, led by Haun Ventures, with Coinbase Ventures and others joining the party. The cash injection fuels their expansion stateside, with new hubs in San Francisco and New York City.
Stablecoins: Payments with Pizzazz: Faster, more efficient, and reliable, stablecoins are revolutionizing global payroll, merchant settlements, and marketplace payouts. Think Deel zipping payments to contractors in minutes or Visa banishing cross-border delays.
Building a Payment Powerhouse: Founded in 2021 by entrepreneurial and fintech heavyweights, BVNK is creating a seamless bridge between stablecoins and fiat, offering businesses a slick way to move money globally with fewer barriers.
Backing the Future of Finance: Investors are all-in on stablecoins as the “internet of money.” BVNK’s mission? To supercharge payments for the modern economy, redefining speed and efficiency on a global scale.
Why it matters: Stablecoins are giving the creaky old financial system a much-needed upgrade, making global payments as swift and seamless as sending an email. BVNK’s expansion into the US and hefty backing from big-name investors signal that businesses are waking up to this game-changing tech. In a world where time is money, BVNK is positioning itself as the plumber of the digital economy—fixing leaks, unclogging bottlenecks, and keeping the money flowing.
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The summary: Honda and Nissan are revving up for a potential merger to outpace fierce EV competition, reshape the auto game, and prove the old guard can still take pole position in the electric revolution.
The details:
Merging minds to outpace EV rivals: Honda and Nissan, Japan’s second- and third-largest carmakers, are eyeing a merger to take on surging competition from Chinese EV giants like BYD and Li Auto. Together, they sold 7.4m vehicles in 2023 but are feeling the heat.
Single holding, big ambitions: Talks hint at operating under a single holding company, potentially pulling in Mitsubishi Motors too. Details on stakes and structure remain TBD, but this could rival the $52bn Stellantis merger of 2021.
EV dreams and daring declarations: Both firms are doubling down on electric vehicle development, with Nissan’s CEO declaring old-school thinking won’t cut it against "aggressive" emerging players.
Industry woes loom large: Falling profits, job cuts, and plant closures haunt major automakers across Europe, with the UK’s zero-emission mandate and sluggish economy adding extra turbulence.
Why it matters: Honda and Nissan teaming up is like two runners sharing a baton to avoid being lapped by faster, bolder rivals—especially the electric ones from China. It signals a reshaping of the auto industry as old giants scramble to keep up with the EV revolution and its cutthroat pace. For the UK and Europe, it’s yet another nudge that adapting to the green transition is no longer optional—it’s survival of the quickest.
The summary: HS2’s ballooning costs, a £100m bat shed, and leadership shake-ups might be giving taxpayers heartburn, but at least it’s keeping us entertained as the government tries to build the country’s most expensive railway.
The details:
HS2’s Pricey Leap: The cost of HS2 has jumped 15% in a year, with inflation-adjusted estimates now a whopping £67bn-£81.7bn, including a £5bn slice just for Euston station.
Leadership Shuffles and Batty Expenses: HS2’s chair, Sir Jon Thompson, will step down in spring, leaving behind a £100m “bat shed” and a new chief exec, Mark Wild, to sort the spiraling budget mess.
North-South Split: While the northern leg was axed by Rishi Sunak last year, Labour’s backing the southern tunneling to Euston, hoping to keep London connected.
Government Reassurances: The DfT insists outdated estimates don’t reflect Sunak’s cost-cutting or the push for private funding. The new chief exec’s mission? Slash costs and deliver—preferably under £80bn.
Why it matters: HS2’s runaway costs are a stark reminder that Britain’s big-ticket infrastructure projects often feel like blank cheques written in invisible ink. With the northern leg scrapped and budgets ballooning, it highlights the government’s struggle to deliver on promises while keeping taxpayers on side. Meanwhile, £100m bat sheds and political squabbles ensure this saga stays a headline-grabber, much to the delight of rail skeptics and tabloid editors alike.
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