Welcome to?your?daily?FinTech?news!
- Check out Flagship Advisory's latest infographic on 2022's B2B card spend. Highlights include?that B2B is generating impressive year-over-year growth rates, and?T&E still trails 2019 levels. Link here.?
- The chairman of one-time market darling?Zip Co?says the buy now, pay later sector needs to focus on reducing bad debt numbers and improving margin growth to win back investor confidence.?Diane Smith-Gander AO?told a conference in Melbourne on Monday that buy now, pay later (BNPL) groups had to look beyond customer growth numbers and focus on profitability and reducing bad debts as the economic headwinds such as inflation and the change in e-commerce spending habits changed post-COVID. Link here.?
- Following its launch in Singapore and Malaysia, the?GrabFin?brand will be progressively rolled out in other Southeast Asian markets in the coming months. Link here.?
- Bank North?gears up for launch.?Nine months after rebranding from B-North to Bank North, obtaining its banking license, and appointing two new directors, the company has internally promoted two more directors as it gears up to launch. Link here.?
- Affin Bank Group?announces that it has formed a collaboration with?MYTHEO by GAX MD (A Member of Silverlake Group), a robo-advisor regulated by the Securities Commission Malaysia. Link here.?
- Tranch, a buy now pay later (BNPL) platform for SaaS sellers and professional services providers, has raised ￡3.5m ($4.25m) in pre-seed equity and debt funding to bring payment flexibility to a wider pool of B2B customers.?The London-based company was founded in 2021 by?Philip Kelvin?and?Beau Allison, former CFO and Head of Engineering, respectively, of another fintech company Trussle. Link here.?
- Digital payments platform?Xendit?said Thursday that it had raised $300 million in a Series D funding round led by?Coatue Management?and?Insight Partners, bringing its total amount raised to $538 million. Link here.?
- Fintech startup?slice?is launching UPI payments for its users as it seeks to become a payments first product company from being a credit-only product company. Link here.?
- Block?founder Jack Dorsey has told investors the acquisition of?Afterpay?will help it create a financial services and retailing platform that combines the company’s original payments services with its consumer financial management “super app”, backed by tools to lift access to bitcoin. Link here.?
- Axway, an API management leader, and?Cloudentity, a leading provider of modern application identity and authorization, are proud to offer the first production release to support FDX 5.0 APIs. Link here.?
- Digitra.com, a Sao Paulo, Brazil-based crypto exchange built with a focus on technology, compliance, and governance, raised USD 5m in funding. Profitus Fund, owned by Ricardo Villela Marino, the controlling partner of?Itaú Private Bank, made the investment. Link here.?
- The number of neobanks has grown tremendously in the last two years, but only a few of them are profitable, according to a new report from?Simon-Kucher & Partners, a global consultancy which had looked in detail at the profitability of neobanks around the world. Neobanks hold one billion accounts around the world, including 100 million in the U.S. In Brazil, half the population has an account with a neobank. Link here.?
- In its 2022 U.S. Direct Banking Satisfaction Study and new companion research on neobank satisfaction, the research firm found that neobank customers are more likely to be women, have less education, and have lower-income than customers of digital-only banks.?They tend to run lower balances and own fewer financial products overall. Link here.?
- Neobank?Stretch?wants to bank individuals with a conviction history.?Through Stretch, Hadjibashi and Armstrong are zeroing in on the specific struggles the formerly incarcerated and their family members face, pain points that are not adequately addressed in the mainstream banking system. Link here.?
- Solarisbank AG, Europe’s leading Banking-as-a-Service platform, announced the appointment of?Ingmar Krusch?as Chief Information Officer and?Dennis Winter?as Chief Technology Officer. Link here.?
- After venture capital investment reached a record $15.7 billion in 2021, more than what was raised by Latin American startups in the entire previous decade, and Latin America did not show signs of slowing down during the first quarter of 2022 compared to the first quarter of 2021, according to data from the Latin American Venture Capital Association (LAVCA). Link here.?
- BPC Banking Technologies, the world-leading digital payments provider, announced a strategic partnership with?Powwi - Pagos GDE S.A., licensed as a deposit-taking institution (Sociedad Especializada en Depósitos y Pagos Electrónicos - SEDPE), one of Colombia’s most successful payment company and a champion of financial inclusion. Link here.?
This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!
