In today’s top Europe, Middle East and Africa news, German digital bank N26 is shutting down U.S. operations, and a Visa-Amazon U.K. spat puts interchange rates back in the spotlight. Plus, Dutch firm Nedap launches a cloud-based loss prevention tool, Kohl’s partnership with Sephora starts bearing financial fruit, and Adobe and Mastercard team up to speed up digital payouts.
German digital bank N26 will close its U.S. operations as of Jan. 11, 2022, less than three years after it debuted in America and attracted 500,000 customers, according to a company statement reported by CNBC Thursday (Nov. 18).
The Berlin-based bank is planning to focus more on its European business, leading to the shuttering of its U.S. arm, according to the CNBC report. The company was valued at $9 billion after $900 million fundraising round last month.
Some battles seem eternal, destined to be waged again and again, and sometimes with predictable outcomes. Within payments, and within commerce in general, interchange fees continue to pit retailers and payment networks against one another.
Dutch radio frequency identification (RFID) firm Nedap has debuted its iD Cloud Loss Prevention, a cloud-based software-as-a-service (SaaS) program that enables merchants to recognize, assess and prevent merchandise losses. According to a Thursday (Nov. 18) press release, the integrated suite aims to create flawless inventory visibility.
Less than one year into a partnership between U.S. department store retail chain Kohl’s and French beauty retailer Sephora, Kohl’s leadership says the arrangement is one of the drivers in the company’s third quarter (Q3) revenue growth.
Kohl’s revenue jumped 15.6% in Q3 2021 from the same time one year earlier, going from just under $4 billion in 2020 to $4.6 billion in the three-month period that ended Oct. 31.
On Thursday (Nov. 18), Adobe announced an integrated solution that combines eSignature workflows, powered by Adobe Sign, with instant payments across the U.S. and around the world through Mastercard Send.
The collaboration offers an end-to-end digital document workflow with secure online forms, identity verification, automated document routing for approvals, instant payments and more.
Read More: Germany’s N26 Shutting Down US Operations