Global Fintech Trends - 25th July, 2024

Risevest to enter Kenya by acquiring fintech company Hisa

TechCabal reported that the deal, which began in late 2023, is still an ongoing conversation. When the publication contacted the fintech for comments about the acquisition, Eke Urum, Founder and CEO of Risevest stated that the startup is always looking to get into talks with other companies, including Hisa, to find “potential alignments.”?

However, Urum noted that no agreement has been reached yet with Hisa. Hisa, on the other hand, has yet to issue any statement.?

Risevest, backed by Ventures Platform and Techstars, is believed to have about 600,000 users on its platform.

Hisa was valued at $5 million post-money, following $250,000 in pre-seed funding in 2022 from several angel investors .

Read more here: https://techpoint.africa/2024/07/24/risevest-to-expand-to-kenya/ ?

Changelabs launches flagship MENA fintech-focused accelerator in Egypt

Entrepreneurship support organisation Changelabs has launched its flagship Fintech for a Future accelerator in Egypt, aiming to help fintech startups develop their products and raise funding.

Changelabs runs innovative and cutting-edge impact entrepreneurship programmes in the Middle East and Africa, as well as industry events for startups, funds, and entrepreneurs, in partnership with leading governments, development organisations, and private sector players.

Its Fintech for a Future Accelerator is launching in Egypt in partnership with SANAD Entrepreneurship Academy, FMO, Disruptech Ventures, and InDrive New Ventures, and will provide a dynamic platform for early-stage ventures to scale their innovative financial solutions that empower individuals and businesses across Egypt.

Read more here: https://disruptafrica.com/2024/07/24/changelabs-launches-flagship-mena-fintech-focused-accelerator-in-egypt/ ?

Raenest Secures IMTO licence from Central Bank of Nigeria as International Money Transfer Operator

Raenest , a fintech that helps African businesses manage global expenses and receive money efficiently with US business bank accounts, corporate cards, and a multi-currency wallet system, is proud to announce that it has received official approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO).

This significant milestone marks a new chapter for Raenest as it expands its services to facilitate seamless international money transfers for its growing base of customers. The IMTO licence authorises Raenest to provide efficient, secure, and cost-effective cross-border payment solutions, further enhancing its commitment to financial inclusion and economic growth across Africa.

“We are thrilled to have received the IMTO licence from the Central Bank of Nigeria,” said Victor Alade, CEO and Co-founder of Raenest. “This approval underscores our dedication to providing innovative financial services that meet the needs of businesses and individuals in Africa. With this licence, we can now offer an even broader range of solutions to help our customers on Raenest and Geegpay navigate the global financial landscape with ease.”

Read more here: https://techpoint.africa/2024/07/24/raenest-secures-imto-licence-from-central-bank-of-nigeria-as-international-money-transfer-operator/ ?

Minka: A Fintech’s Story From Latin America to Africa

Minka, a Colombian fintech that recently announced operations in East and Southern Africa, is trying to resolve the complexities of interbank transactions, which can be costly and less time consuming because of the meticulous processes that accompany ensuring that the ledgers of both institutions’ correspond.

• When moving money from one bank to another, it is very easy to get things wrong and record errors that could be detrimental to business operations.?
• Minka is launching its services in parts of Africa to solve many of the same payment problems as in its native Latin America.
• They have confirmed ongoing conversations have begun in Eastern & Southern Africa as well as Nigeria.

This B2B product, founded in 2016, intends to help local banks establish a common communication infrastructure that will enable them and other financial institutions to account for transactions made between different platforms.?

Read more here: https://kenyanwallstreet.com/minka-fintech-latin-america-africa/ ?

The next fintech to go public may not be the one you expected

SMB-focused 401k provider Human Interest last week announced a $267 million funding round , further paving the way for a public market listing. No timeline has been given. CFO Tripp Faix told TechCrunch: “We are looking to become a public company when the time is right.” It’s been wild watching this company grow. I first covered Human Interest when it raised a $40 million Series C in March 2020. It raised a few more rounds before BlackRock acquired a minority stake in the company in January 2023. Impressively, the company says it is “approaching cash flow break-even and has enough cash on the balance sheet to fund continued 70%+ year-over-year growth without additional capital.” Fun fact: Layoffs.fyi founder Roger Lee co-founded Human Interest in 2015 and remains a director on its board.

Read more here: https://techcrunch.com/2024/07/23/the-next-fintech-to-go-public-may-not-be-the-one-you-expected/ ?

BSP Reports Philippines Exceeds 50% Digital Payment Transactions Target

The Bangko Sentral ng Pilipinas (BSP) has reported a significant rise in the share of digital payment transactions to total monthly retail payments in the Philippines, increasing from 42.1% in 2022 to 52.8% in 2023, according to its 2023 Report on E-Payments Measurement.

This growth in digital transactions aligns with the BSP goal of digitalising 50% of payment volumes under its Digital Payments Transformation Roadmap 2018-2023.

read more here: https://fintechnews.ph/63680/digital-payments/bsp-reports-philippines-exceeds-50-digital-payment-transactions-target/ ?

Kenya’s Diamond Trust Bank taps Network International for digital payment solutions

Kenya’s Diamond Trust Bank (DTB) has partnered with Network International, a digital payments company serving the Middle East and Africa (MEA) region, as the bank looks to “reinforce” its digital-first strategy by expanding its digital payment product range.

The new collaboration will see Network International provide DTB with a suite of digital payment solutions backed by a range of “robust security protocols”, including fraud prevention and 3D Secure authentication.

The bank will also utilise Network International’s platform for debit, credit and prepaid card hosting and processing

Read more here: https://www.fintechfutures.com/2024/07/kenyas-diamond-trust-bank-taps-network-international-for-digital-payment-solutions/ ?

UK Embraces Digital Payments While Digital Banking Adoption Lags Behind

The UK appears to be more welcoming of a digital future according to research from Marqeta, the global modern card issuing platform powering embedded finance solutions.?

In its fifth annual report , titled The 2024 State of Payments Report, Marqeta revealed that UK consumers are very quickly embracing a digital payment society. Fifty per cent of respondents said they were feeling positive about the changes with a further 50 per cent saying they had decreased their cash spending in the past year. This was considerably more than their US counterparts (31 per cent).

UK approves of contactless and digital wallets?

Breaking down the different types of digital payments preferred in the UK and US, Marqeta found that 80 per cent of respondents are using contactless at checkout. This is almost double the US customers’ usage (41 per cent).

Read more here: https://thefintechtimes.com/uk-embraces-digital-payments-while-digital-banking-adoption-lags-behind/ ?