Your Daily FinTech News - August 25th, 2022

Welcome to?your?daily?FinTech?news!

NEWS HIGHLIGHT

Citi Ventures invested in Belvo , the leading Open Finance API platform in Latin America. This investment will facilitate Belvo’s growth in Mexico while getting closer to Citibanamex. Link here

FINTECH?NEWS

#insights

• Half of all banks in the U.S. will disappear. Over the last 40 years, major historical events have rocked the US banking landscape, including the savings and loan crisis. Link here
• 50% of Filipinos own a financial account. This increase is the highest two-year growth since the survey began in 2015. The expansion was spurred by the COVID-19 pandemic. Link here

#openbanking

• Lean Technologies was approved by the SAMA as the first technical service provider to carry out open banking-related services within the Central Bank’s regulatory sandbox. Link here

#mena

• Tranglo opened a payout corridor to the UAE. This is part of Tranglo’s Middle East expansion programme, which focuses on infrastructural investment and network building. Link here

#fintechinnovation

• Launch of Bank for the US military community. It is currently accepting sign-ups to a waitlist for its Alpha card, a credit card that the firm claims will offer 0% interest on all purchases. Link here
• DBS Bank Hong Kong introduced LiveBetter , a one-stop digital sustainability platform in its digibank app that encourages customers to foster a more sustainable life. Link here
• Google Wallet was launched in South Africa. Storing and using payment cards with Google Wallet, the app also allows users to secure digital passes like loyalty cards and event tickets. Link here

#kyc

• Standard Chartered invests in Chekk 's KYC. The investment aims to accelerate the company’s product development and boost its sales organization. Link here

#latam

• LatAm has two new mortgage start-ups, with Toperty launching in Colombia and Saturn5 gearing up for launch in Mexico. Toperty offers to buy the new home for a customer upfront. Link here
• Tech firm Belo opened its horizons in Miami. Mexico and Brazil are the immediate investment targets of this FinTech, which has seen an astonishing expansion. Link here
• Nubank is growing fast in Mexico. Digital bank announced it had expanded its customer base sixfold in the country over the past year, reaching a total of 2.7 million customers. Link here

DIGITAL BANKING?NEWS

#breakingnews

• PayMongo ’s CEO is taking a leave of absence. Francis Plaza is stepping away from the Philippine startup for at least a week amid a company investigation into a sexual harassment allegation. Link here

#crypto

• Samsung is to launch a crypto exchange. Samsung Securities was cited in a recent report stating that it had formally submitted an application looking for primary authorization and establishment of corporations to manage an exchange. Link here
• Next phase of CBDC testing in China. Scan and pay with e-CNY is now available in multiple Chinese cities for citizens looking to ride their local buses and subways. Link here
• PayPal joins TRUST Network and crypto-heavy hitters and has stepped up its regulatory compliance. This will streamline its reporting requirements. Link here

#bankinginnovation

• Two start-ups were accepted into the Saudi sandbox. The first start-up is Lean Technologies which offers data APIs and payment solutions, and the second Fintech start-up is Mod5R . Link here

#lending

• Ramp will let firms flexibly finance bills. With the Flex feature, customers will have the option in one click to add financing to pay the money back up to 30 - 90 days later for a fee. Link here

#payments

• PayMate offers payments via app. Through the PayMate app, businesses can make payments to their vendors’ bank accounts using their commercial credit cards. Link here

#bankingsolutions

• Paysafe expands into Argentina with its market-leading eCash payment solution, paysafecard, providing a secure and easy way to pay with cash for online purchases. Link here
• Lirium to power digital asset access for Mexican digital wallet Albit, reaching more than 2M customers. Lirium already partners with companies in Argentina, Brazil, Peru, Colombia etc. Link here

#acquisitions

• The Access Group acquired Fathom to deliver insightful and fast reporting and analysis capabilities to small and medium businesses and their accounting firms. Link here
• CSI sold to two private investment firms. Centerbridge and Bridgeport in an all-cash deal worth $1.6 billion. CSI offers core processing, digital banking, and managed cybersecurity. Link here

#donedeal

• Touchstone invested in 2 startups. US$1 million each to the Credify and edtech platform Prep . The investments were announced at the VC’s Touchstone Day conference. Link here
• Muse raises $20M in debt facility. The funding will be used to support its customers in the UK further, providing them with best-in-class solutions for working capital. Link here
• Wombat raised ￡4M to fuel expansion. A four-week crowdfund also gave Wombat users and broader community access to the round and closed 300% over target. Link here
• Lean Technologies raise a $33 million Series A round funding injection from Sequoia Capital India, marking the firm’s first foray into investing in the Arab Gulf region. Link here
• Hazeltree secured a $14M investment. The investment round was led by FINTOP Capital . A venture capital firm focused on FinTech B2B SaaS companies. Link here

#newhire

• Ambreen Khasru joined Juni ’s leadership team. The neobank appointed Khasru as vice president regulatory and oversight officer as part of an effort to strengthen its compliance function. Link here

This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!

Regards,

Marcel van Oost

marcelvanoost.com

???Join our Slack Community! ???