Daily Fintech Crunch: 04/03/2022

Get your Daily FinTech Crunch. A curated set of news bites about the latest updates on payments, FinTech, DeFi, Crypto, and the world beyond…

? FinTech:

• Grab, Southeast Asia’s #1 ride-hailing and food delivery app, is facing a $1 billion quarterly loss due to the number of promotional offers and driver incentives that it’s been pushing. reut.rs/3pFO35d?

• Alaan, a UAE-based corporate spend-management fintech, announced it raised $2.5 million in seed funding. The startup is the Middle East's first multi-currency spend management platform enabling SMEs to spend through corporate cards and automated invoice payments. bit.ly/3IHy7H6

• UAE-based fintech Pluto, a corporate spend management startup, raises $6 million in its seed round. bit.ly/3hzLjC6

• German banking start-up N26 will be preparing for an initial public offering by the end of 2022. cnb.cx/3HJgnKj

• Two-year-old fintech Zeller set a record for the fastest time a local company has hit a $1 billion valuation. bit.ly/3MkASjT?

• After securing $40 million in Series A funding, London-based social and investing startup Shares is launching its investment app. bit.ly/3sERj2O?

• Fintech is making moves to support inclusion in the modern world. The ease, convenience, and speed in communication in transferring money in an affordable manner make the act of borrowing, lending, investing, and seeking protection no longer difficult. bit.ly/3CfpbXh?

• Singapore-based FinTech startup Volopay has raised $29 million through debt-equity combination in a Series A funding round to fuel its expansion plans in Asia-Pacific, North Africa, and the Middle East. bit.ly/3vD8ZO4??

• Overdraft fees are among the most controversial bank fees. The practice concerns banks covering for their client's payments even in case of insufficient funds. Read more about it here: bit.ly/372J5ZY??

?? Crypto & DeFi:

• CB Insights has released the second annual Blockchain 50 showing the top 50 blockchain and crypto companies in the world. The list includes some of the top private companies applying or analyzing the technology to solve business or consumer problems across various industries bit.ly/3MgDVJQ??

?? Metaverse & NFTs:

• After NFT trading was at an all-time high in January, the NFT market slowed down in February. Ethereum trading dropped 33% and Solana dipped 61%. However, Flow and Avalanche recorded increased NFT volume in February. bit.ly/3Mq26Wv?

• The U.S. The Securities and Exchange Commission (SEC), which has taken a tough line toward cryptocurrency projects under Chairman Gary Gensler, is probing NFT creators and marketplaces for regulatory violations. https://bit.ly/35w23aL

?? Other News:

• Credit Suisse has asked hedge funds and other investors to remove records linked to its richest clients' yachts and private jets. This move comes as an attempt to prevent leaked information about a loan made to oligarchs who were later sanctioned. bit.ly/3MnQjYt?

?? Report of the Day:

• Saudi Arabia Financial Sector Development Program 2021 Annual Report. Read about what Saudi Arabia has done in the financial sector development in the past year and what they aspire to do after in this report here: https://bit.ly/3CbySpD?

??? Be the first to know what’s happening in the world of fintech by subscribing to my newsletter.

??? Don’t forget to like and share this post, and let me know in the comments if you have any questions about today’s news.