The news: Payments company Wise is exploring plans to become a full-fledged bank in the UK, per The Times. This shortly follows its application for a US banking license.
Why this matters: Fintechs are increasingly applying for US licenses, taking advantage of expedited measures that once took years. The UK is seeing a similar trend: Wise joins fintechs including Starling, Monzo, and Revolut in applying for licenses (some successfully).
Fintechs entering the traditional banking space could pressure incumbents and reshape the competitive landscape. Banking licenses would allow them to offer a more complete suite of services while maintaining their digital-first, customer-centric approach. Established players will need to adapt or risk losing a significant portion of the next generation of banking customers.
Retail media ad spending in France, Germany, and the UK continues to rise, outpacing all other ad formats. The space is developing rapidly despite fragmentation and a lack of standards.
The news: Netflix is dialing up its global ad game, with its latest UK hire signaling what鈥檚 to come next for the streaming giant. The company hired Ed Couchman, who previously served as the head of advertising sales for Spotify鈥檚 UK and Northern Europe business, to spearhead UK ad sales, per Business Insider. Couchman has served in ad sales roles at Meta, Snap, and Channel 4 in the past. Our take: Hiring Couchman is a critical step in shifting Netflix鈥檚 ad focus from the US market to reach foreign advertisers who haven鈥檛 taken advantage of its broad reach.