Welcome to?your?daily?FinTech?news!
- British neobank Revolut
is preparing to crank up its new Brazilian operation in November, just before the FIFA World Cup gets underway, and has as part of its offering an international account for fans traveling to watch the national team in Qatar. It’s a move that encapsulates its initial strategy for Latin America: a focus on products for travelers, currency exchange, and competitive fees. Link here
.
- Open banking provider Bud
has secured $80m in funding from TDR Capital
. The FinTech plans to grow its client portfolio, develop its models and build on its international expansion. Bud secured its accreditation and began operations in Australia earlier this year, having received backing from ANZ, among other big bank investors, in its $20m Series A round in 2019. Link here
.
- Open banking start-up Circit
has raised €6.5m in funding for its financial auditing management platform. CEO David Heath
told Silicon Republic
that Circit is to auditing verification what Stripe
is to payments. Link here
.
- KSA-based and MENA servicing payments services provider HyperPay
has successfully raised $36.7 million (SAR 138 million) in a funding round led by Mastercard
with investments from Amwal Capital Partners
and AB Ventures LP
. Link here
.
- Talk360
creates a new payment platform that will integrate all available payment options across Africa. This product, it says, will open up businesses to the largest pool of localized payment options in Africa. Link here
.
- OpenPayd
and Yapily
unite to meet the demand for simplified payments. The partnership will work both ways. Yapily can also integrate OpenPayd’s embedded finance infrastructure into its own offering to simplify and expedite payment processes. Link here
.
- Growth in consumer credit is rapidly being outstripped by the boom in popularity for buy-now-pay-later lending products among consumers, according to digital lending marketplace, Freedom Finance. Link here
.
- FTX
, a Bahamas-based cryptocurrency exchange, has launched its service for customers in Japan. The firm’s operations in the country will be handled by Quoine Corporation, which was acquired by FTX earlier this year and renamed as FTX Japan. Link here
.
- Credit card usage has grown exponentially since first introduced in the 70s. While it has enabled our consumption-driven economy to grow to new economic heights, our reliance on credit has left us stranded with poor financial habits. More Americans are in debt now more than ever, without a way to climb out of their financial hole. Link here
.
- Hank Payments
., a North American leader in consumer Fintech Software-as-a-Service (SaaS) that supports consumer budgeting and cash management automation now offered through distributors and community banks nationwide, is pleased to announce it has entered into a strategic partnership agreement with Fair Fintech, Inc.
Link here
.
- GLORY
, which claims to be a global “leader” in cash technology solutions to the financial and retail industries, has announced its participation in the fundraising round by Clip Money, Inc.
a Fintech operating in Canada and the US. Link here
.
- The Consumer Financial Protection Bureau
is getting tired of letting fintech play in the sandbox. In unveiling a recent restructuring of the agency's innovation office, CFPB Director Rohit Chopra
said regulators were shifting away from policies that place "special regulatory treatment on individual companies." Link here
.
- Wizest
, a Cleveland-founded fintech startup, has closed a $1.7 million seed investment round with participation from local investors that include North Coast Ventures
and jumpstart
. Link here
.
- In the past five years, fraud prevention platform SEON Fraud Fighters
has grown from a two-person company to a team of more than 200 employees with more than $100 million in venture capital. Founded in Hungary and headquartered in London, SEON has set its sights on the U.S. market after raising a $94 million Series B in April. Link here
.?
- LHV UK
, a banking services provider to over 200 FinTech and crypto companies that are applying for a UK banking licence, announce that its parent company, LHV
Group, has successfully raised €35 million via an oversubscribed rights issue. A portion of the proceeds of the fundraise will be used to capitalise on the new UK bank, which is a key step in the banking licence application process. Link here
.
- JPMorgan Chase & Co.
is amping up its investments in payment processors, and — according to the global bank’s head of innovation and corporate development — everyone else in the financial services industry should follow suit. “Continue to focus on payments, because I think that’s a space that’s borderless,” Jeremy Balkin
said at the Mediterranean Business Summit in New York Tuesday. Link here
.
- Revolut
partners with Tink
. Revolut will leverage open banking technology to streamline its European customers’ money transfers by simplifying the way funds are moved from account to account. Link here
.
- Over half of UAE population uses digital wallets. A new survey by leading Mena payments solutions provider, Checkout.com
, has found that nearly 40 percent of respondents trust digital wallets as much as banks. Indeed, the future bodes well for digital wallets, with 48 percent of respondents believing that digital wallets could lead to a cashless society in a decade. Link here
.
- Curve
, the 'all-your-cards-in-one' fintech banking app, has made 60-70 people redundant, amid mounting fears of a recession. The company has a headcount of 425 people, according to LinkedIn, meaning the true figure of the layoffs represents a similarly high percentage of cuts made by Klarna
recently. Link here
.
- SME Finance Forum, Managed by the IFC (International Finance Corporation)
, member of The World Bank Group
(WBG), announced a US$15 million investment in Nazca III, a venture capital (VC) fund focused on investing in early-stage technology companies seeking to transform Mexican and Latin American industries through tech-enabled business models. Link here
.?
This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!
Fintech leader bridging strategic infrastructure across payments, digital identity and financial risk.
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