Welcome to?your?daily?FinTech?news!
- Belvo
receives authorization to develop payment initiation solutions in Mexico ????. The IFPE license, under the Fintech Law in Mexico, will allow Belvo to develop its payment initiation solutions in the country – the company is also applying for a similar license to develop payment initiation solutions in Brazil. Link here
.
- Zilch
, the London-based double unicorn, announced it has secured an additional $50m in funding, taking the total raise for its Series C to $160m. The extension brings Zilch?s total funding to more than $460m in debt and equity and sees the fintech company maintain its valuation. The additional capital will be used to further fund business growth, with a focus on the US market where Zilch recently opened its Miami office and launched with more than 150,000 pre-registered customers. Link here
.
- European B2B payments major iBanFirst
has announced that it is acquiring UK cross-border payments player Cornhill. FXC Intelligence
spoke to Pierre-Antoine Dusoulier
, CEO of iBanFirst, and Vivek Savani
, Executive Director of iBanFirst and formerly Cornhill, to find out more. Article by Lucy Ingham
. Link here
.
- Currensea
, a money-saving travel card linked to existing current accounts, has surpassed its crowdfunding target in under two hours, raising ￡1.35m from over 350 investors on Seedrs
. Founded by Barclays
and J.P. Morgan
alumni in 2018, Currensea claims that card users can save at least 85% on every transaction abroad by removing the normal fees applied by banks and other card providers. Link here
.
- Debt resolution technology firm Ophelos
has raised ￡5 million in a seed funding round led by AlbionVC
. Amon Ghaiumy
, CEO, Ophelos, says: "The past year has seen the cost of living crisis reach almost unbearable levels for millions of people, and debt will inevitably impact a majority of households across the country." Link here
.
- Prague-based fintech 4Trans Factoring
, which speeds up invoicing processes for hauliers, has raised a €3m seed round from Atmos, Tera Ventures and Lighthouse Ventures. The company also raised €15m in debt as part of the round from Advance Global Capital. Link here
.
- Google
has invested in Progcap
, an Indian startup that provides working capital to small and medium-sized businesses, the firms said Tuesday, making a new push into a category that has attracted the attention of Facebook and Amazon in recent years. The investment is part of a $40 million fresh funding Progcap has raised, it said. Link here
.
- Digital insurance ecosystem Stere
has expanded its operations to the Latin America insurance market, the company announced. Based in Brazil Stere has said it will use its new presence to serve regional embedded and affinity clients such as tech platforms, banks, online marketplaces, superapps, and member-based organisations. Link here
.
- The Lithuanian identity verification and compliance company iDenfy
, joined forces with Juni, the financial management platform made for ecommerce. iDenfy’s mix of built-in identity verification and Business Verification services will protect Juni
from fraud. Link here
.
- Mastercard
and Paysafe Group
announce the integration of Mastercard Send into Paysafe’s payments platform, enhancing the payout capabilities offered to Paysafe’s merchant customers in the UK and EU. Link here
.
- Blockchain fintech firm PolySign, Inc.
has raised $53 million in a Series C funding round with participation from Cowen Digital, Brevan Howard
, GSR
and others, the company said Tuesday in a press release. Link here
.
- When Christian L.
founded Conversion Capital
in 2015, fintech was only starting to take off. But Lawless, who started the venture firm after serving in leadership positions in capital markets at Lehman Brothers and Barclays, had a vision that financial services infrastructure would be unbundled as companies moved critical operating infrastructure to the cloud. Link here
.
- With hype over the "buy now, pay later" trend fading, some investors are betting they've found the next big thing. Buy now, pay later companies like Klarna
and Affirm
, which let shoppers defer payments to a later date or break up purchases into interest-free installments, are under immense strain as consumers become more wary about spending due to the rising cost of living, and as higher interest rates push up borrowing costs. Link here
.
- Galileo Financial Technologies
, a leading financial technology company owned and operated independently by SoFi
, announced that its API-enabled financial technology powers Flyp Financial, Inc.
. Flyp is a banking app and digital wallet, with gamified rewards, challenges, and quests to attract, engage and retain customers. Link here
.?
- Gatehouse Bank plc
has launched a mobile app, available on iOS and Android, to support customers in managing their personal savings accounts. The app allows users to view their account balance, recent transactions, and personal information held for the account. Link here
.
- Ashman Finance
has received an authorised with restrictions (AwR) UK banking licence. The licence means the neobank has been authorised and regulated to trade with restrictions by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Link here
.
- Releasing its first annual results as a publicly listed company, Wise
has shared that its revenue grew by one-third to ￡555.9m in the 12 months up until the end of March 2022. In a financial review on the company’s website, CFO Matt Briers
outlined the company’s highs and lows over the period. Link here
.
- By the end of the year, more than half of the 10 largest neobanks will be offering clients cryptocurrency products. So said Mark Daly
, vice president of growth at Zero Hash
, a crypto infrastructure provider that offers a range of products including crypto trading and custody, staking, crypto rewards and non-fungible tokens (NFTs). Link here
.
- North America continues to dominate the global ranking of ‘startup cities’, with 47%, while Asia is in second place with 30%, and the top-ranked Latin American city is S?o Paulo, according to Startup Genome
. Venture capital invested in startups in Latin America in 2021 totaled around $15.7 billion, a record figure that surpassed the amount invested during the entire previous decade. Link here
.?
This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!
