Uber selects Adyen as global 3D Secure solution provider
The payments platform, Adyen has been selected by Uber to be its initial solutions provider for 3D Secure (3DS). Adyen provides modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers' globally preferred payment methods. Some of Adyen's other customers include Facebook, Spotify, Casper, Bonobos and L'Oreal.
Marco Mahrus, Head of Payments Partnerships, Uber, said: “Uber is excited to be expanding our payments platform with Adyen. We are focused on maintaining a seamless and rewarding payments experience for our consumers, and we chose Adyen’s 3DS solution based on the innovative product features, the ease of implementation, and the expertise of their team.”
The 3D Secure 2 (3DS 2) is a new technology standard that strengthens customer authentication, while complying with regulations such as the PSD2 in Europe. It has secure data sharing, biometric identification, and an improved mobile-friendly customer experience.
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Sam Halse, COO, Adyen said: “We look forward to expanding our partnership with Uber and becoming their first global partner for 3DS. 3DS authentication has become a top priority for all of our merchants.
“We have made a significant technology investment in our 3DS solution and merchants like Uber are leveraging our full-service capabilities to be prepared for evolving regulatory demands without sacrificing their customer experiences.”
Start-ups receive $60 billion investment, smash 2020 record
Start-ups on the continent have raised a massive 43.8 billion euros ($60.9 billion) in just the first six months of 2021, according to figures from Dealroom, surpassing the record 38.5 billion euros invested last year..
This is despite the fact that the number of venture deals signed so far is around half the amount agreed in 2020. Only about 2,700 funding rounds have been raised so far this year, compared to 5,200 last year.
Prime examples in times of change
Examples are Swedish buy-now-pay-later firm Klarna which has raised more than $1.6 billion in two financing rounds, the German stock trading app Trade Republic received $900 million in May and British payments provider Checkout.com snapped up $450 million at the start of the year.
The figures suggest that European tech firms are pulling in far larger sums of money per investment than in previous years, which defies the economic uncertainty of the pandemic and boosted online services enormously.
The CEO of Checkout.com, Guillaume Pousaz, said start-ups have often been created in times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.
He added that big transformational change was often the time when there is the emergence of a lot of new start-ups, sometimes when people are losing their jobs for associated reasons.
UK leading the charge
Scale-Up Europe, a group that includes the founders of UiPath and Wise, proposed 21 recommendations to help the region build “the next generation of tech giants.” Among the suggestions are tax credits to corporates for investing in start-ups and regulatory changes that adapt to new innovations.
Sebastian Siemiatkowski, CEO of Klarna, said the U.K. leads Europe when it comes to tech policy, and that there were a number of regulatory issues needing to be addressed before the European Union can produce tech giants of its own.
Siemiatkowski highlighted EU regulation of web cookies as an example of “poor regulation.” Yet, as the number of $1 billion start-ups in Europe continues to grow, the number of exits in the continent is also increasing.
This year has already seen some notable acquisitions, including Etsy’s $1.6 billion purchase of U.K. fashion resale app Depop and JPMorgan’s takeover of London robo-advisor Nutmeg.
As for stock market listings, a number of notable debuts have taken place in London in particular, including food delivery app Deliveroo, cybersecurity firm Darktrace and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the U.K. capital soon.