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Global: UK Payments Initiative launches to challenge Visa and Mastercard dominance. A new industry-backed payments initiative has officially launched in the United Kingdom, aiming to challenge the longstanding dominance of Visa and Mastercard by accelerating the adoption of account-to-account (A2A) payments powered by open banking. Backed by some of the UK's largest financial institutions, including Barclays, NatWest, Lloyds, and HSBC, the Financial Conduct Authority (FCA)-regulated scheme seeks to create a scalable alternative to card-based payments by enabling consumers and businesses to move money directly between bank accounts. The launch follows an agreement reached in May by a coalition of 31 fintech firms, high street banks, challenger banks, and payment providers to provide initial funding for the new entity, which will be fully owned and governed by industry participants. Other organisations participating in the initiative include Nationwide, Monzo, Revolut, Starling Bank, Santander, GoCardless, and Wise, signalling broad industry support for the effort. The development comes amid growing scrutiny across Europe over heavy dependence on US-controlled payment infrastructure. Visa and Mastercard currently process an estimated 95 per cent of card transactions in the UK, reflecting a level of market concentration that policymakers and financial institutions increasingly view as a strategic vulnerability. The initiative also arrives as "Pay by Bank" services continue gaining momentum across Europe. Industry data shows account-to-account payments now account for as much as 17 per cent of European e-commerce transaction value, with major platforms such as Amazon and eBay recently adopting the payment option. However, the widespread use of pay-by-bank systems has largely been limited to one-time transactions, restricting their ability to compete directly with card schemes in areas such as subscriptions, recurring billing, and frictionless checkout experiences. The UK Payments Initiative (UKPI) aims to address these limitations by introducing a common commercial framework, operational standards, and industry-wide rules that enable flexible, automated, and recurring account-to-account payments. The framework is designed to support modern digital payment experiences while reducing reliance on card networks. Commenting on the launch, Managing Director of the UK Payments Initiative, Richard Koch, described the development as a major milestone for the future of payments in the country. "This marks a defining moment for the next evolution of payments in the United Kingdom," Koch said. "This is about creating a payment model that works better for everyone, giving people more control and reducing friction for businesses. Our commercial approach will allow us to develop from these first customer journeys to subscription models and wider ecommerce." In a major early rollout tied to the initiative, open banking payments provider TrueLayer announced the launch of Bank on File, a new product enabling UK consumers to authorise recurring payments directly from their bank accounts. The solution is designed to serve as an alternative to card-on-file billing and direct debit systems, supporting payments for subscriptions, recurring purchases, household bills, and one-click checkout experiences. By linking recurring payments directly to bank accounts, Bank on File seeks to address common payment friction points, including failed transactions caused by expired cards, fraud linked to stolen card details, and customer churn resulting from payment disruptions. Several organisations, including Trading 212, IG Group, InvestEngine, and East Lothian Housing Association, are among the first businesses to adopt the new payment capability. Industry observers say the launch represents an important test of whether open banking infrastructure can evolve beyond one-time payments into a full-scale competitor to traditional card schemes. The first phase of adoption will focus on recurring payment use cases, while future rollouts are expected to expand into subscriptions, memberships, and frictionless e-commerce checkout experiences. If successful, the initiative could accelerate the transition of pay-by-bank from a niche payment option into a mainstream payment network capable of reshaping digital commerce in the UK and beyond.

Focused Energy raises $240 million, TrueLayer acquires In3 and London regains top spot. This week, the European tech landscape has experienced a significant surge in activity with over 60 technology financing agreements amounting to more than 3.1 billion euros. Additionally, there have been more than 5 exits, M&A transactions, rumors, and related news across Europe. If you prefer to receive updates via email, consider subscribing to its newsletter for a more comprehensive summary delivered directly to your inbox. Anyway, let's get you up to speed. Notable and important funding rounds. The European tech sector has seen impressive funding rounds this week, signaling robust investor confidence and growth potential: 🇩🇪 Focused Energy has successfully raised $240 million to advance its innovative energy solutions, showcasing Germany's commitment to sustainable technologies. 🇫🇷 IQE plc has secured £81 million, underlining France's position as a hub for semiconductor growth and development. 🇮🇹 WeRoad landed $58 million to enhance real-world travel experiences, further strengthening Italy's travel tech industry. Remarkable acquisitions and mergers. Mergers and acquisitions continue to reshape the tech landscape in Europe: 🇳🇱 TrueLayer's acquisition of Dutch fintech In3 aims to expand its offerings by integrating credit at checkout, enhancing user experience. 🇩🇰 Finnish company Grundium has acquired Danish Visiopharm to create an end-to-end AI precision pathology platform, marking a significant step in healthcare technology. Interesting moves from investors. Investor activities this week highlight strategic expansions and new ventures: Gary Lineker's Goalhanger ventures into the venture capital space, diversifying its investment portfolio. Marvelous and the Joachim Herz Foundation have launched a €20 million deeptech fund to address Germany's commercialization gap, fostering innovation and commercialization. Adorable Owner has raised 1.4 billion in new funds, indicating a strong market presence and growth strategy. SwissVC is repositioning itself as a peer network for active venture capitalists, enhancing collaboration and investment opportunities. Transition Ventures has unveiled a $150 million fund to support game-changing founders, driving innovation and entrepreneurship. In other (important) news. The European tech scene is witnessing noteworthy developments: 🇫🇷 London has overtaken Paris to regain its position as the leading European tech hub, highlighting the dynamic nature of tech leadership in Europe. 🇪🇸 ICEX has launched Desafía Ciencia to boost the internationalization of UK science spin-offs, fostering cross-border collaboration and innovation. Nearly a third of European founders are considering relocating their headquarters to the United States, reflecting the global aspirations and challenges of European startups. Recommended reading and listening. Here are some insightful resources and stories to explore: 🇺🇦 Discover how Glovo developed one of its fastest-growing markets in wartime Ukraine, exemplifying resilience and strategic growth. InRento crosses €100 million funding as European property developers look beyond banks for financing, showcasing alternative funding avenues. Explore the top 10 telecom companies that raised the most in 2025, providing a glimpse into the future of telecommunications. Read an interview with Oliver Prill, CEO of London fintech unicorn Tide, to gain insights into the fintech industry's evolution. European tech startups to watch. Here are some promising startups making waves in the European tech scene: 🇱🇹 Kopa.ai has raised €2 million to create AI agents for end-to-end e-commerce operations, highlighting Lithuania's growing tech ecosystem. 🇩🇰 Perplant has secured 1 million euros to equip tractors with AI "eyes" to reduce herbicide use and increase farmers' profits, promoting sustainable agriculture. 🇪🇸 Publicit is mobilizing €700,000 to reinvent programmatic advertising, showcasing innovation in digital marketing strategies. 🇫🇷 Voxmind has raised £546,000 in pre-seed funding as cloud giants exit the voice biometrics market, capturing opportunities in voice tech. 🇫🇷 Atheni has secured £350,000 to help teams use AI more effectively, fostering collaboration and efficiency in AI applications. For more details and updates, check out the full article here.

TrueLayer, a UK payments fintech backed by Stripe and Tiger Global, has acquired Dutch fintech In3 to expand into credit products. The deal enables TrueLayer to offer both debit and credit options at checkout, making it the only pay by bank network in Europe to provide this combination. In3, a 20-person company specialising in consumer credit via bank payments, will help TrueLayer launch a Buy Now Pay Later product, with longer-duration credit products following later this year. TrueLayer leverages open banking technology for account-to-account payments, positioning itself as an alternative to card networks Visa and MasterCard. The company operates across 22 countries and processes over $150 billion in annualised payment volume. Pay by bank transactions now account for up to 17% of European e-commerce transaction value.