Welcome to?your?daily?FinTech?news!
- FROST?has launched, becoming the latest e-money account to take the FinTech world by storm. Some of you may have seen my previous posts about a forthcoming, intelligent current account. One that helps customers save time - and money - by collating their financial obligations into one, convenient place. Of course, I’m talking about Frost, who have now gone live and are ready to take the heat off your finances. They’re sure to shake up the e-money account sphere - particularly in the midst of the crippling cost of living crisis. Link here.?
- By statistics alone, it is easy to see why the FinTech sector is taking off across Latin America.?The region has long been structurally ripe for a banking revolution, while the pandemic demonstrated exactly how quickly consumer and business behaviour in the region can change. The Latin America and Caribbean region has among the lowest levels of formal financial inclusion in the world, with up to two thirds of the population lacking access to a bank account, or even a digital wallet. Link here.?
- Egyptian FinTech?Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding. Link here.?
- Is the US$10bn Decacorn the new Unicorn for FinTechs? There are now 35 decacorns worldwide (companies with a $10bn valuation) and some of the biggest are FinTechs. Link here.?
- Spare, a Kuwait based financial technology application, has received the license from the?Central Bank of Bahrain?to operate as an open banking ancillary service provider in the Kingdom of Bahrain. The license will pave the way for Spare to kickstart their operations in Q2 of 2022. Link here.?
- Mobile point-of-sale solutions (mPOS) are no longer ‘alternative’ payment solutions – even small vendors who aren’t using this technology, will soon lose out if they don’t adapt. Link here.?
- A buy now, pay later provider with offices in Sydney has made 30 per cent of its workforce redundant blaming market conditions for the huge cut to staffing. Yet, the company called?BizPay?is currently in the process of trying to raise $25 million in funding and has partially completed it. It has already attracted $45 million in funding since its launch in late 2019, according to reports. Link here.
- "At?QED Investors, we have witnessed tremendous growth in the LatAm fintech market since our first investment in?Nu?more than seven years ago." Mike Packer from QED investors joined Crunchbase as a guest author to discuss their latest developments in LATAM and why FinTechs supporting SMBs are crucial to the LATAM economy. Link here.?
- Ume, a Brazilian fintech focused on Buy Now Pay Later solutions, closed a $10 million (about BRL 56 million) funding round. Link here.?
- Galileo Financial Technologies, a subsidiary of?SoFi?Technologies, Inc., and?Mastercard?on Wednesday (May 4) unveiled a multiyear strategic alliance focused on “accelerating digital transformation and improving access to financial opportunities for unbanked and underserved segments in Latin Americas and the Caribbean.” Link here.?
- Dutch online bank?bunq?has entered Ireland, establishing a local presence in the country as?KBC Bank & Verzekering?and?Ulster Bank?withdraw from the market. Link here.?
- Last week, the eighth annual British Bank Awards were announced, with a few significant changes to the status quo. After winning the coveted Best British Bank award for four years running,?Starling Bank?was pipped to the top spot as?Monzo Bank?took the crown for the very first time. Link here.?
- Citi?has launched Single Euro Payments Area (Sepa) instant payments in Europe, providing clients with the ability to pay to and receive from 36 EU countries in real-time. Link here.?
- Given the startup ecosystem in Brazil, fintechs alone are responsible for providing more than 100,000 jobs. Fintechs focused on payments, digital services, credit, and backoffice are the ones that employ the most; 78% are companies of up to 50 employees, however, fintechs with more than 100 employees increased 2.5% over the previous year. Link here.??
This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!
Product Lead driving business innovation with MBA expertise | Fintech | Payments | Innovation
2 年Marcel van Oost great catch-up #payments #fintech