FinTech is retreating. We saw valuations falling in public markets, but the correction is now evident also for private companies like Klarna and Stripe. Download the full FinTech Q2 report by Dealroom.co and ABN AMRO Ventureshere.
Belvo is the first Open Finance player in the Brazilian market to give access to historical receivables data from point-of-sale (POS). This solution will help B2B lenders and ERPs develop new financial solutions for retail businesses. Link here.
Open Finance plans are set in motion in Colombia. Colombia 🇨🇴 is the newest country to join the list of Latin American financial systems seeking greater competition and financial inclusion through Open Finance regulated. Read the full W Fintechs article by Walter Pereirahere
Mastercard has welcomed a raft of new global partners to its innovative Mastercard Installments program and is expanding it further to support small businesses in the U.S. Link here.
Introducing the new Fintech Association of South Africa. The Fintech Association of South Africa (Finasa) was officially launched on Friday, 22 July. The event, which was held at The Bungalow, Clifton was well attended by top fintechs and movers and shakers in the sector. Link here.
Circular economy enabler Fairown launches in Poland, marking the formal expansion into Central Europe. Fairown brings its offer to the Polish market in partnership with Apple Premium Reseller Cortland and Inbank, a bank offering digital financing solutions to 500,000 active clients across five countries. Link here.
Moonfare is launching this week in the United Arab Emirates, taking its total coverage now to 25 countries. The expansion comes just weeks after Moonfare announced it had reached €2bn in assets under management, doubling its AUM from €1bn in under a year. Link here.
What is the best payment gateway for e-commerce? Before diving headlong into comparing Paypal vs Stripe or Stripe vs Square, etc., we should understand the nuts and bolts of online payments. Link here.
Alpaca closed the acquisition of AlpacaJapan. This acquisition is the first step of many in Alpaca’s global strategy, expanding Alpaca’s global reach and opening access to investing for people around the world. Link here.
Fintop Capital announced they had raised a $200 million round. Now we know the full scope: In details shared first with the Nashville Business Journal, Fintop Capital disclosed Wednesday a final tally of $220 million, which is 10% above the firm's target. Link here.
Singapore Fintech takes market share in 2022 global funding fall. After a record 2021, global Fintech funding is working through a period of correction, KPMG in Singapore’s H1 2022 analysis of private market capital has found. Link here.
Stripe and Saison Capital partner on insights programme for Southeast Asian startups. Saison Capital will be introducing to its portfolio companies a new insights program in collaboration with Stripe, a financial infrastructure platform for businesses. Link here.
Razer Merchant Services partnered with BNPL platform Atome to enable flexible deferred payment acceptance during checkout for its online and offline merchants. Link here.
Gemini connects with Plaid, to provide UK customers with the option to buy cryptocurrency through their bank accounts. The move highlights the increasing emergence of crypto in the financial ecosystem, opening the door for more retail consumers to build their digital asset portfolios. Link here.
Coinpanion is partnering with Checkout.com to handle its payment processes. By collaborating with Checkout.com, the crypto broker can offer its investors numerous options for deposits and withdrawals, including card payments via Google and Apple Pay to wallet transactions. Link here.
The anatomy of a crypto tech stack. Blockchain, web3 and crypto-focused businesses in Africa have a number of unique requirements necessary to provide their core services – from verifying user identity, to protecting users against fraud, to enabling fast and secure movement of funds into and out of their ecosystem. Link here.
Binance announced a pilot of its new NFT ticketing solution with S.S. Lazio for the 2022/23 season. Lazio fans using Binance will be able to enjoy the new season with digital tickets that will give them access to exclusive benefits, fan privileges, and more with the Italian football team. Link here.
Wise announced the addition of Isabel Naidoo as Chief People Officer. Based in London, she will lead the strategy for Wise’s people-led efforts during a continued period of growth, as Wise pursues its goal to hire 1,000 people before the end of the year. Link here.
Embedded finance is on the march. Over the past few years, banking has spread further beyond banks and has been progressively integrated into a multitude of other, non-financial customer journeys. Read the full Publicis Sapient report here.
Dave Co-founder and CEO Jason Wilkexplained that the uncertainty and market forces are dragging all tech down in the same bucket, innovators and all. “It’s a little frustrating because the companies originally having a tougher time just did not have positive unit economics: For every dollar, you know that that that they drive in revenue, it’s costing them more than $1,” Wilk said. Link here.
Mark Barnett, Mastercard’s Europe President, discusses crypto, open banking and what one of the world’s largest financial services incumbents thinks of fintech with AltFi. Link here.
Commonwealth Bank of Australia opened a tech hub in Melbourne that will house more than 400 software developers, cloud engineers, and cyber specialists. CBA currently employs about 100 technology workers in Melbourne. Link here.
Ageras Group acquired Kontist, a Berlin-based neobank focused on the complex accounting and banking needs of Germany’s growing populations of micro-businesses and self-employed workers. Link here.
As Nubank crypto users grow, CEO David Velez’s fortune diminishes. Link here.
Monzo and Starling in the top five most switched to banks with CASS. The Current Account Switch Service has completed more than 8.2m switches since launching in 2013. This marks the second consecutive quarter where two digital banks have appeared in the top five. Link here.
Gen Z banking app W1TTY hits 500,000 downloads. The company has not yet fully launched in the UK but is headquartered in London. It also has over 100+ employees in 10+ countries and currently operates in Spain, Portugal, Poland, Lithuania, Latvia, Italy, and Germany. Link here.
Paysend partnered with Damane Cash, a payments institution and subsidiary of Bank of Africa, to enable money transfers to Morocco. This partnership will enable Paysend to transform how communities in Morocco manage money online globally. Link here.
Platformable has released the Q3 2022 open banking trends report which describes how the global open banking and open finance ecosystems unfolded during Q2 2022. Download the full report by Phuong Pham and Spencer Perkinshere.
Dbank raised $17.6 million in a seed round, the largest in Pakistan, co-led by Sequoia Capital Southeast Asia, the recently unveiled $1 billion fund, and Kleiner Perkins. Brazil’s neobank Nubank, Askari Bank, Rayn also participated in the round, the Pakistani startup said. Link here.
Atom Bank appointed Rebecca Cartwright as its CRO, chief risk officer. Cartwright was previously chief risk officer at the Birmingham-based professional services focused mutual Wesleyan Bank, where she spent three years. Link here.
This ends Your Daily Fintech News. Let me know if there are any questions or comments. Until the next!
Comms @ Symbiosis Dubai | Danube Group | TikTok | Weber Shandwick | PRovoke Influence 100 Global Rising Star | Best PR Award 2024 - Indian Women in Dubai | Eventfaqs Experiential CMO Awardee 2024
Comms @ Symbiosis Dubai | Danube Group | TikTok | Weber Shandwick | PRovoke Influence 100 Global Rising Star | Best PR Award 2024 - Indian Women in Dubai | Eventfaqs Experiential CMO Awardee 2024
2yThank you for capturing our milestone of 500,000 downloads - Marcel. Exciting times ahead W1TTY 🙌
Thanks for the mention, Marcel! 🙌 We are excited to bring benefits of the circular economy to Polish banks, brands, retailers, and consumers alike! ♻