Analysis

It’s been another busy month in payments. Gloomy forecasts were balanced with interesting new fundraises, continued investment in European payment sovereignty, strong growth (but little revenue) in Open Banking and pretty much every PSP launching merchant cash advance (MCA). The Payments business Are the good times over? The consultants certainly think so. BCG’s latest predictions for… Continue reading Newsletter – October 2026 →

Truelayer, the London-based open banking vendor, reported continued strong growth and firm cost control in 2025 but remains a long way from profitability. The business hasn’t yet convinced that A2A payments alone can support a viable business model. Founded by Franceso Simoneschi in 2016, Truelayer is backed by a stellar roster of investors including Stripe, Tiger Global… Continue reading TrueLayer: there’s not much money in moving money →

Lloyds Cardnet, the bank’s merchant services joint venture with Fiserv, returned to growth in 2025 although the recovery came at a price. Volume grew for the first time since 2020, cashflow was strong and the business was able to pay a dividend to its parents. But income per transaction fell sharply.  Cardnet is owned 51%… Continue reading Lloyds Cardnet returns to growth →

Business of Payments – September 2026 It’s been a busy summer in the payment business as the major players gave their first half updates. They are telling a consistent story. Modern PSPs with developer-friendly technology are attracting the best, fastest-growing customers. The incumbents are left servicing the old economy and growing slowly, if at all.… Continue reading Newsletter – September 2026 →

Flatpay, the hyper-aggressive SME payment unicorn from Denmark, has published its 2025 annual report which shows fast growing revenues and widening operating losses.  Founded in 2022, Flatpay claims to be the fastest growing payment business ever and might be right. In June 2026, the business said it had reached €20bn annual volume at €100m annualised… Continue reading Flatpay: Growing fast, burning faster →