FinTech
Digital payments alone could become a $100 trillion industry, according to PwC. And that’s just one component of the global Fintech industry. This channel tackles the lenders and buyers, the obstacles and achievements, and the trends and trend makers leading the ongoing technological evolution in global finance.
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Atom bank and Kamma have formed a significant partnership aimed at addressing the pressing concerns of climate change. This collaboration brings together Atom bank’s cutting-edge banking technology with Kamma’s climate tech expertise, creating a comprehensive approach to understanding and mitigating climate risks associated with Atom bank’s mortgage portfolio.
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FinTech: Visa Commercial Pay Virtual Cards Now Available To Lloyds Bank Customers
Visa (NYSE: V) and Lloyds Bank (LON: LLOY) have joined forces to introduce a cutting-edge virtual card solution, designed to cater to businesses of all sizes. This innovative product, known as Visa Commercial Pay, is now accessible to Lloyds Bank customers. It addresses a range of challenges faced by businesses in payment and procurement administration, including spend control, process simplification, invoice reconciliation, and expenditure reporting.
FinTech: Mercedes-Benz And Mastercard Launch In-Car Fingerprint Payments System In Germany
Mercedes-Benz (ETR: MBG) has teamed up with Mastercard (NYSE: MA) to introduce an innovative in-car payment system for customers in Germany. This groundbreaking technology allows drivers to initiate the fueling process directly from their vehicle and make digital payments using their fingerprint. This eliminates the need for PINs or mobile device authentication, providing a convenient and secure in-car payment experience.
FinTech: European Businesses Get Loans Paid Faster Via Three-Way Collaboration Between Froda, Visa, And Checkout.com
Froda, a rapidly growing fintech based in Sweden, has entered into a transformative partnership with Visa (NYSE: V) and Checkout.com, heralding a new era for Visa Direct. This collaboration introduces innovative push-payment capabilities for business loans, paving the way for effortless transactions for European businesses.
FinTech: Square Preps Entry Into Canadian Weed POS Through Tie-Up With Jane Technologies
Square has entered the Canadian cannabis market through a strategic partnership with Jane Technologies, a prominent online ordering platform for cannabis dispensaries. This collaboration aims to address the needs of cannabis sellers in Canada, particularly by providing reliable and integrated commerce solutions.
FinTech: Brazilian Agro-Focused Fintech Nagro Raises $49M
Brazil’s agro fintech company Nagro has secured $49 million in funding from equity and debt sources, including Kinea Ventures and Revolution. The funding will be used to expand Nagro’s credit solutions for rural producers, focusing on credit analysis, risk monitoring, and digital credit allocations.
Fintech: As Meta Looks For Revenue, Whatsapp Launches An In-chat Payment Service For Indian Businesses
WhatsApp, under its parent company Meta (NASDAQ: META), is launching an in-chat payments service for businesses in India. This move aims to tap into the immense market potential of India and boost revenue for the messaging service. Users in India will now have the ability to make payments for products and services directly through WhatsApp.
FinTech: Swift And Wise Partner To Broaden International Payment Choices On A Global Scale
Swift and Wise (LON: WISE) have joined forces to expand cross-border payment options globally, benefiting financial institutions and their customers. This collaboration allows payments sent securely via Swift to seamlessly complete over Wise with end-to-end transparency.
FinTech: Swift Makes New Services Available Via Broadridge Connectivity
Broadridge Financial Solutions, Inc. (NYSE: BR) is expanding its offerings by providing access to Swift’s API for Transaction Screening Service and Swift’s new Securities View service. This strategic move aims to offer financial institutions and corporate treasuries enhanced sanctions screening capabilities and improved control over securities settlement processes.
FinTech: Optera Raises $12M For Its Carbon Management Services
Optera, a leader in ESG and carbon management software, has secured $12 million in Series A funding. Next Frontier Capital led the funding round, with participation from Blackhorn Ventures, Mucker Capital, Overture, Engage, Massive, SaaS Ventures, Valo Ventures, AngelList, and Stout Street Capital.
FinTech: Digital Payment Infrastructure Provider Episode Six Launches BNPL, Or B2B Instalments
Episode Six (E6) has unveiled “Business Now, Pay Later,” an innovative solution that empowers commercial banks to cater to the financial needs of small and medium-sized enterprises (SMEs) within their business banking channels. This launch comes as a response to the growing demand from SMEs for more adaptable working capital solutions, with 89% of them feeling underserved by their current banks, as highlighted by Capgemini’s 2022 World Payments Report.
FinTech: Hadiel Coop Wins Equity Investment From Qatar Development Bank
Qatar Development Bank (QDB) has made a significant investment in Hadiel Coop, a move that holds great promise for empowering a health-sharing concept aimed at households, communities, and gig-workers. In today’s challenging economic landscape, characterized by inflation, unemployment, and soaring healthcare costs, accessing essential healthcare has become increasingly difficult. This problem is particularly acute in emerging economies like Nigeria, where a lack of funding often leads to unmanaged health crises or reliance on friends and family during medical emergencies.
Fintech: Payhawk And Lune Make It Easier For Companies To Take More Sustainable Decisions Related To Company Spending
Payhawk, a provider of spend management solutions, has introduced “Payhawk Green,” a platform feature set aiding companies in sustainable spending decisions and Scope 3 emissions. Scope 3 emissions include indirect value chain emissions like business travel, transport, fuel, and capital goods. These features ensure compliance with UK and EU sustainability regulations and support internal initiatives such as emission offsetting.
FinTech: Kedaara Capital Invests $229M In Indian B2B SaaS Fintech Perfios
Perfios, a prominent B2B SaaS fintech company in India, announced that Kedaara Capital, a leading private equity investor, is set to invest a substantial $229 million in the company through a combination of primary funding and a secondary sale. This marks one of the most substantial investments in an Indian B2B SaaS company for the year.
FinTech: BNY Mellon Unveils Bankify For Businesses To Receive Payments From Consumers’ Bank Accounts
BNY Mellon (NYSE: BK) has introduced Bankify, an innovative open banking payments solution in collaboration with Trustly. This solution allows organizations to seamlessly receive consumer payments from bank accounts while ensuring guaranteed funds for business receivables. Bankify combines BNY Mellon’s expertise in transaction payments with Trustly’s leading open banking capabilities.
FinTech: Australian Watchdog Hauls PayPal To Court Over Contract Terms That Are Unfair To Small Businesses
PayPal (NASDAQ: PYPL) is facing legal scrutiny from the Australian Securities and Investments Commission (ASIC) over a contract clause that allows the company to retain fees charged incorrectly to customers if the errors go unnoticed for more than two months. ASIC has taken legal action, asserting that this clause, present in over 600,000 PayPal contracts with Australian businesses, should be considered “unfair” under the ASIC Act and invalidated by the court.
FinTech: Barclays Mulling Sale Of Stake In Payments Unit To Strategic Partner
Barclays Plc (LON: BARC) is considering selling a stake in its UK payments processing unit, aiming to find a strategic partner to help expand the business and potentially raise capital. The size of the stake to be sold is yet to be determined. This business segment could be valued at around £2 billion ($2.5 billion) based on estimated earnings.
FinTech: Swiss Asset Securitization Fintech GenTwo Raises $15M
GenTwo, a Swiss B2B Fintech platform specializing in securitization of bankable and non-bankable assets, has secured a USD 15 million Series A funding round led by Point72 Ventures from the US. Following this investment, Pete Casella, Senior Partner and Co-Head of Fintech investments at Point72 Ventures, joins GenTwo’s board of directors.
FinTech: Trustly Acquires SlimPay To Provide A Pan-European Recurring Payments Service
Trustly, a global payment method, is partnering with SlimPay, a European leader in recurring payments, to enhance the world of recurring payments in Europe and the UK. This collaboration will combine SlimPay’s platform with Trustly’s proprietary technology to create a new and exceptional payment experience in the region.
FinTech: JPMorgan Chase Hikes Stake In Brazilian Digital Bank C6 To 46%
JPMorgan Chase (NYSE: JPM) is set to increase its ownership in C6 Bank, a Brazilian bank, from 40% to 46%, pending regulatory approval. This move follows an initial investment announced in June 2021. No financial details of the latest investments were made available.
FinTech: Citi Acquires A Stake In Peruvian FX Fintech Rextie
Citi (NYSE: C), a global leader in foreign exchange (FX) markets, has strategically invested in Rextie, Peru’s leading fintech for FX services, marking a pivotal development in the financial landscape. This significant investment not only enhances Rextie’s prospects but also propels its clients’ experience with quicker services and highly competitive currency exchange rates, all powered by Citi’s cutting-edge FX technology. Rextie aims to expand its reach and services by seamlessly integrating Citi’s advanced FX capabilities.
Digital Assets: Solana Pay, A Payment Protocol Based On The Solana Blockchain, Integrates Into Shopify
Solana Pay, a decentralized payments protocol built on Solana by Solana Labs, has integrated with Shopify Inc. (NYSE: SHOP), a global commerce company. This integration enables millions of businesses to use Solana Pay as a payment option. Solana Pay offers real-time access to funds, improved working capital management, and direct payment settlement using USD stablecoins (USDC) compatible with Solana.
FinTech: Indian Prime Minister Modi Extols Virtues Of India’s UPI Payment System At BRICS Summit
Indian Prime Minister Narendra Modi has suggested that member states of the BRICS bloc should adopt India’s successful Unified Payments Interface (UPI) system for instant payments. He emphasized India’s leadership in digital transactions and highlighted the widespread use of UPI across various sectors within the country, from street vendors to large shopping malls. Prime Minister Modi was speaking at the BRICS Business Forum in South Africa.
FinTech: Klarna Clocks Solid Growth In Europe In Q2
Klarna, the AI-powered global payments network and shopping assistant, has experienced strong growth in Europe, with a 14% year-over-year increase in Gross Merchandise Volume (GMV) in Q2. This growth surpasses the 1% growth rate in e-commerce during the same period.
Venture Capital: Spend Management Platform Ramp Lands $300M Funding Round
Ramp, a finance automation platform, has secured $300 million in Series D funding to drive its expansion into new sectors. The funding comes after the company achieved a 6x growth in purchase volume since its last funding round, highlighting the increasing demand for its software that enhances financial efficiency for businesses.