Visa acquires Brazilian FinTech startup Pismo in $1B blockbuster deal
Good morning,
Welcome to your daily FinTech news!
BREAKING NEWS
Visa acquires Brazilian fintech startup Pismo in $1B blockbuster deal. Credit card giant Visa has acquired Brazilian payments infrastructure startup Pismo for $1 billion in cash in what is likely one of the largest fintech M&A deals taking place this year so far. Read more
NEWS HIGHLIGHT?
FinTech giants battling in $500 million PayU bidding war. According to sources, Rapyd and Nuvei, two companies with Israeli ties, along with other contenders like Worldpay, are anticipated to join in the final stage . While the exact sale value remains undisclosed, it is estimated to exceed $500 million.
"Stablecoins: Where They Came From, Where They Are Now, Where They Are Going Next" by Future of Finance . Stablecoins may play a role in the future of finance, but absent robust regulatory frameworks, they will introduce significant risks. Download the full report here
INSIGHTS
Two thirds of banks worry about AML breach. The “worrying weight of compliance” is taking its toll on banks. Almost two thirds (60%) say they are concerned about committing an anti-money laundering (AML) breach according to a SmartSearch survey. Link here
Let’s look at a fairly “unsexy” FinTech segment: Office of the CFO. Discover the hidden potential of the CFO-focused FinTech segment, an overlooked yet highly profitable sector in B2B infrastructure. Check out Selma Ribica 's insightful article to learn more.?
Here’s a timeline of some of the largest venture deals and acquisitions in the BaaS market so far in 2023. Notably, the 8 deals listed below all occurred within a 5-month period. Read more ?
Banks and other payment companies are using a variety of social media strategies to communicate with their audiences. In this report, FXC Intelligence breaks down which social media platforms the biggest payment companies in the world are using, as well as how they are using them. Read more
The Top 10 most well-funded Neobanks in France have attracted a combined $1.19bn in funding. French neobanks may face challenges in staying competitive due to their close association with incumbent banks like Boursorama Banque and Société Générale. Link here
Check out the latest African FinTech Funding overview from Afridigest .
FINTECH NEWS
Stripe announced that it would open a new centralized operations center known as a Delivery Center in Mexico. To staff the new hub, Stripe plans to hire 100 new employees over the next 36 months in multiple areas including cybersecurity and customer service to meet local and international demand, supporting external users and internal teams.
Zipzero relocates from London to Aberdeen. The app developed to combat the cost-of-living crisis by rewarding users for sharing their receipt data, has relocated its head offices from London to Aberdeen, citing a thriving startup community in the Scottish city .
Payoneer to lay off 200 employees. The company, which has a market cap of around $1.7 billion and also has a presence in India, is mainly laying off employees from the marketing and service departments this week , reports technology news website CTech .?
Brex refocuses on startups with the hire of SVB veteran, ex-a16z operating partner. While Brex soon clarified that by smaller customers it meant small to medium-sized businesses and non-funded startups , the move still felt like a stunning reversal, considering the company had started its life as a credit card company for startups.
PalmPay celebrates 25 million user milestone in Nigeria, network of 800,000 mobile money agents and merchants. This rapid growth within just four years of its market entry in Nigeria is testament to the company's robust strategy centered on offering secure, user-friendly and inclusive financial services.
Nude is launching an AI co-pilot; automating and simplifying finance for millions who need a helping hand. No more hunching over spreadsheets or feeling overwhelmed by money = more time to enjoy life. Read more
The Swedish Work Environment Authority is demanding a sanction of SEK1.1m (€93.9k) over Klarna ’s night work policy (which has employees working between midnight and 5am, a period of rest according to the Work Environment Act), claiming the fintech didn’t apply for an exemption before scheduling the shifts .
领英推荐
DIGITAL BANKING NEWS
Nubank ’s PJ account reaches over 3 million customers. In eleven months, the number of accounts grew by one million ; by the end of the year, more than BRL 136 million will be saved by users in monthly and annual fees.
Zeller financial services gains rapid momentum as merchants demand more from their business bank. Since launching the comprehensive new financial services solution earlier this year, Zeller has seen rapid adoption with over 25,000 transaction accounts created in six months.
Sendwave launches bank account for migrants in the US. Sendwave offers select customers a FDIC-insured bank account with an accompanying debit card . They will also get up to 0.4% improvement on exchange rates and up to 25% savings on transaction fees on remittances.
UBS preparing to cut over half of Credit Suisse workforce. Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts , with almost all activities at risk, people familiar with the matter said.
BLOCKCHAIN
Spain gives Ripio greenlight to offer crypto products. Ripio has been approved to operate in Spain, a move that follows competitors including Bit2Me and Bitpanda gaining regulatory approval to set up shop within the country. Read more
PARTNERSHIPS
Mastercard and SimpliFi join forces to enable innovative B2B payment solutions across MENA and Pakistan. This strategic partnership will empower businesses to bring to market Mastercard-enabled payment products and services in record time.
Belvo and FICO partner to expand credit access in Brazil through open finance. The Belvo Open Finance Score, powered by FICO, will help lenders make more accurate and inclusive risk assessments. Read more
Zong 4G announces innovative partnership with MCB Bank , enhancing user experience through Direct Integration. This integration empowers Zong users to conveniently access and manage their mobile service bundles directly from the MCB App , eliminating the need for multiple platforms and simplifying their mobile service experience.
Pleo harnesses Yapily ’s open banking to adopt VRPs. “Partnering with Yapily has enabled us to offer our customers a frictionless user journey when loading their Pleo wallet. This means they can focus on what really matters; good cash management ,” Pleo CEO said.
Hong Leong partners with Paywatch to offer salary advances. The HLB Salary Advance Employer Solution enables employees to withdraw up to 25% of their monthly earned salaries, whenever the need arises. Read more
Bitpanda Pro spins out under Josh Barraclough , raises €30 million. The new entity will be named One Trading and according to an announcement said that it intends to operate as a MiFID Trading Venue . The pairing should allow it to offer “capital efficient spot and derivative products” for a wide range of customers.
Fivvy secures a $4M investment to begin operations in LatAm. Fivvy will primarily offer B2B solutions in Latin America . However, this will change after a successful user-focused model test with over 20K downloads in the United States.
Asaas raises $20.9M in Series B round extension. The capital injection will strengthen Asaas’ balance sheet and help maintain its growth pace in compliance with Brazil’s Central Bank. Link here
Scapia has raised $9 million in a seed round led by Matrix Partners India , with participation from Tanglin Venture Partners and Binny Bansal ’s 3STATE Ventures. The newly-launched venture will use the capital to scale operations and invest in tech capabilities. Read more
MOVERS & SHAKERS
Funding.com.au appoints Steven Brown as CTO and announces promotion of Chris Maamoun to National Sales & Partnership Lead. These strategic appointments reflect Funding’s commitment to driving technological innovation , loan book growth and fostering top talent within the organisation.
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Cheers,
Marcel van Oost
Senior Managing Director
1 年Marcel van Oost Very interesting.?Thank you for sharing.
Passionate sales leader solving B2B inside sales challenges!
1 年Very interesting to see Brex move their focus again!
Blogger at Publisher
1 年take a moment to view our information. printerdevice.blogspot.com
Thanks for including us, Marcel van Oost!
Tech Director @ Amazon Payment Services | #1 LinkedIn Arab World Creator in Management & Leadership | Follow me for Daily Insights on Leadership, Management and Career | Mentor
1 年Quite a bit happening this past week. Thanks as always for sharing Marcel! Appreciate your efforts.