Taking FinTech by Storm 🌩️ #12
Hey there 👋
Welcome back to Taking FinTech by Storm! Kicking off the 12th edition, the top ten global FinTech funding rounds of the month 👀
Top Ten Global FinTech Funding Rounds (May)
Shoutout to the top three: M-KOPA , bolttech and MPOWER Financing for bagging a combined value of $546 million in funding this month 🤯
🥇 M-KOPA secured $200 million in Debt Financing
M-KOPA is a fintech platform that provides digital financial services to underbanked consumers by leveraging data to combine digital micropayments with the Internet of Things [IoT] technology.
🥈 bolttech raised $196 million in Series B funding
With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.
🥉 MPOWER Financing landed $150 million in Debt Financing
A fast-growing FinTech, leveraging its cross-border digital lending platform, big data, and global infrastructure to finance the millions of high-promise international and DACA students in North America.
Moving on from the mind-boggling numbers...
At this point, most of us have probably heard about the Revolut banking license saga. Given their stance in European and global FinTech, it's likely that an article or two crossed your LinkedIn feed. From their CFO leaving to other senior members calling it quits to a report by The Telegraph stating that The Bank of England is planning to reject neobank Revolut’s application for a banking licence in the UK...there's been quite a bit going on...
Revolut is Europe's biggest Digital Banking export and a major player globally, their importance to the space can't be overlooked. It will be interesting to see how Revolut's meeting with the UK government plays out.
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On the topic of Digital Banking, let's take a closer look at one of FinTech's most popular subsectors. But...
Digital Banking embraces and leverages technologies to deliver banking functionality across all its delivery channels which can consist of online and mobile banking features. It can be defined as the digitization of banking services that circumscribe the functional and operational aspects of a platform, to reduce risk and increase efficiency to offer a positive customer experience.
Fact check - around 65% of Americans already use Digital Banking for their banking needs 💡
With so many different product features built into the neobank apps, this is no surprise. What exactly do these challenger banks need to help them with their product rollouts?
A core component of having a banking license, the bank holds the customers’ money themselves, and deposits are protected up to a certain amount by the Deposit Guarantee Scheme. This means should the bank fail, the ‘certain amount’ protected will still be paid out to you.
BaaS is the provision of banking products and services through third-party distributors. Through integrating non-banking businesses with regulated financial infrastructure, BaaS offerings are enabling new, specialized propositions and bringing them to market faster.
It's time to say goodbye...for now...farewell to the 12th edition. If you're eager for additional FinTech info, explore our Resource Hub or reach out to us by clicking here 👈
Looking forward to connecting with you soon! 💙