Your Daily FinTech News - August 4th, 2022

Welcome to?your?daily?FinTech?news!

NEWS HIGHLIGHT

New marketing rules are set to be introduced by the UK’s financial regulator to reduce the number of consumers making “high-risk investments” that are not in line with their risk tolerance. The Financial Conduct Authority (FCA) yesterday set out rules that will impact the peer-to-peer lending and equity crowdfunding sectors, including clearer risk warnings and banning some incentives to invest, like refer a friend bonuses. Link here .

FINTECH?NEWS

#donedeal

• Tabby secured debt financing worth $150 million from two US-based investors, in what the company said is the largest credit facility for a fintech firm in the Gulf region. While concerns over inflation and a looming recession have hurt such companies in developed markets, Dubai-based buy now, pay later startup Tabby expects demand to continue rising in the Gulf where access to credit is scarce. Link here .
• Raincoat raises US$4.5 Million in a seed round led by Anthemis. With the new round, the company will have around US$4,650 in funding. Raincoat is a Puerto Rico-based startup that provides insurance solutions for weather-related disasters. Link here .
• Cred finalises acquisition of smallcase for $400m. Cred is an Indian FinTech unicorn based in Bengaluru that provides a member-only credit card management and bill payments platform. Link here .
• Savana has closed a $45 million Series A round led by Canadian growth-stage investor Georgian. US banking tech heavyweight Fiserv also participated in the round and intends to expand its existing reseller agreement with Savana. Link here .
• Kenyan insurtech Lami raises $3.7M seed extension led by Harlem Capital. Speaking to Techcrunch, Lami’s founder and CEO Jihan Abass further announced plans to offer additional insurance product lines, while also revealing that the startup has made an entry into Egypt and Nigeria. Link here .
• BNPL startup OPENULL raises a Pre-A round of funding for further growth in Korea. The company plans to use the proceeds to hire new talents to accelerate its technology and boost its user base on its platform. Link here .
• Parafin raised $60 million in its second funding round. GIC Pte , Singapore’s sovereign wealth fund, led the fundraising, Parafin said in a statement. GIC joined existing investors including Thrive and Ribbit Capital to value the company at $520 million, and bring its total equity funding to $94 million. Link here .
• Mudafy raised $10 million in a Series A round of funding led by San Francisco-based Founders Fund. Founded in mid-2019, Mudafy operates with a typical digital brokerage model — aiming to make it easier for people to buy and sell their homes and serve as a “one-stop shop” in the process. Link here .

#stockmarket

• PayPal shares shot up nearly 12% after it also announced a slew of moves including appointing Blake Jorgensen as the new chief financial officer and a $15 billion repurchase program. Link here .

#india

• Investors are awaiting the outcome of Reserve Bank of India's (RBI) monetary policy meeting expected later this week, with the three-day meeting set to begin on Wednesday. Link here .

#fintechinnovation

• CabbagePay has officially launched in major US cities with its goal to redefine the way money moves for all businesses as it continues to penetrate brands, stores, websites, and apps. Link here .
• Splitit shifts global headquarters to Atlanta putting the company in the heart of the payments processing center of the world. Link here .

#defi

• Ethereum’s final testnet merge has been scheduled to occur in early August. The new testnet comes shortly after the Sepolia testnet successfully activated its Proof-of-Stake (PoS) consensus mechanism and will precede the mainnet Merge. The move is expected to reduce Ethereum’s energy consumption by 99.95%. Link here .
• Miami’s Mayor Francis X. Suarez plans to release 5,000 Ethereum NFTs later this year. Miami is partnering with TIME magazine publisher Time USA, Mastercard, and Salesforce to make it happen. The NFTs —unique blockchain tokens that signify ownership—are being designed by 56 different Miami artists “representing the city’s 56 square mile area,” according to a city press release . Link here .
• VCs are pouring money into crypto and blockchain startups at a pace that's set to outstrip last year's record. In the first half of the year, VCs bet $17.5 billion on such firms, according to data from PitchBook. That puts investment on course to top the record $26.9 billion raised last year, a warmer and happier time for bitcoin and co. Link here .
• El Salvador's adoption of bitcoin as legal tender is working despite the over 50% losses the government has incurred on its purchases, the country's finance minister Alejandro Zelaya said. Furthermore, he stated that adopting bitcoin has benefited El Salvador's unbanked population and attracted tourism and investments. Link here .?

DIGITAL BANKING?NEWS

#crypto

• Revolut adds 22 new cryptocurrencies to its roster to customers in the UK and EEA, taking the number of tokens available well above 40. This marks the fintech giant's third major addition of cryptocurrencies for sale on its platform since it decided to allow bitcoin purchases in 2017. Link here .

#latam

• Bnext pauses its efforts in Mexico. It arrived in 2020 with the promise of revolutionizing banking in Mexico. After two years of operation, the financial services technology firm Bnext of Spanish origin decided to pause its adventure in the country after regulatory complications. Link here .
• BBVA has been named the best digital bank in Europe and LATAM in The Banker’s Innovation in Digital Banking Awards. The British specialized magazine The Banker is part of the Financial Times Group. The publication also granted the third prize in this edition for the best Bank/Fintech Partnership, specifically to Veridas' biometric solution for BBVA Mexico's pensioner customers. Link here .

#bankingsolutions

• Alif announced “a record 150%+ year-on-year revenue growth in the 12 months leading to June 2022.” During the same period, the total number of Alif users “has surpassed 1 million, marking a 66% year-on-year increase in customers.” Link here .
• SC Ventures launched Appro, a fintech start-up that digitises the retail banking user journey, in the United Arab Emirates. The bank-agnostic platform is designed to reduce application times for retail banking products such as credit cards and personal loans from several hours to three minutes, SC Ventures claims. Link here .

#partnerships

• Avant partnered with Major League Soccer. Cardholders will “have access to benefits including ticket pre-sales, express entry to select major events, and merchandise.” Link here .

#acquisitions

• Conta Simples acquired Hackr Ads , a platform for intelligence and management of online ads on the Internet, this is the first purchase after receiving a contribution of R$ 121 million for its Series A. The transaction amounts were not disclosed. 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! ???