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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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FinTech: UK Digital Bank Monzo Eyes Potential Profitability In 2023

January 31, 2023

UK neobank Monzo achieved revenue growth of 250% during 2022, raising hopes that 2023 would be the first year it makes into the black. Revenues surged 250% to £440m in the year ending December 2022, compared to the 92% growth to £154.2m reported for the year ending February 2022. Monzo now aims to break even this year, a singular achievement among Europe’s neobanks. The bank has been cash flow positive since October 2022.

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More Stories on FinTech

FinTech: U.S. Bank Launches Cash Flow Projection Tool For SMBs

October 5, 2022

A new online banking tool from U.S. Bank (NYSE: USB) will enable small businesses to forecast their cash flows for the next 90 days, as well as get a 90-day historical view. Businesses can even use both internal and external data sources to gain more comprehensive cash flow insights, said a statement from U.S. Bank.

FinTech: Mastercard Brings New Benefits To Small Business Cardholders

October 4, 2022

Mastercard (NYSE: MA) has announced a slew of new and expanded benefits for its small business cardholders through partnerships and tieups including Adobe, McAfee, Priority Pass, ShopRunner, Stride and Uber. The card giant intends to provide efficiency and creativity to daily operations as well as fortify businesses’ online and security infrastructure.

FinTech: Big Banking Names (Read: BNY Mellon, JPM, Citi, BankAm, Goldman Sachs) Back AccessFintech

October 3, 2022

AccessFintech raised a $60 million Series C funding round, led by WestCap with investment from BNY Mellon and Bank of America, with repeat participation from existing investors Dawn Capital, J.P. Morgan (NYSE: JPM), Goldman Sachs (NYSE: GS) and Citi Group (NYSE: C).

Venture Capital: African Fintech Numida Nabs $12.3M Round Led By Serena William’s VC Firm

October 3, 2022

Numida, a Ugandan fintech which seeks to grow African small businesses through access to digital and unsecured working capital, has raised $12.3 million in a equity-cum-debt funding. Serena Williams’ venture fund Serena Ventures, led a $7.3 million portion of equity funding with participation from Breega, 4Di Capital, Launch Africa, Soma Capital, Y Combinator, and MFS Africa. Lendable Asset Management funded the rest of $5 million as debt.

FinTech: Finastra To Offer Banks Cross-Border Payments Via Visa Direct

September 23, 2022

Thousands of banks and financial institutions can now offer cross-border payments for small- and medium-sized businesses, and individuals, in multiple currencies and countries, via a Finastra-Visa Direct tie-up. This BaaS offering is a cost-effective alternative to deploying a custom-built cross-border payment solution that could be both expensive and time-consuming for banks in the current environment.

FinTech: SAP-Owned Taulia And Standard Chartered To Collaborate On Working Capital Finance Solutions

September 23, 2022

Taulia, a provider of working capital solutions, and Standard Chartered announced a Memorandum of Understanding to jointly advance working capital management solutions and strengthen financial supply chains. Taulia was acquired in January this year by SAP (NYSE: SAP) in a move aimed at giving companies better access to liquidity and improving their cash flows.

FinTech: Klarna Trims Workforce…Again

September 23, 2022

Klarna’s chief operating officer, Camilla Giesecke, sent a live video message to employees on Monday afternoon, announcing that the company would be implementing additional layoffs. The message went out to about 500 employees in three departments, and justified the action on “the more focused nature of today’s Klarna.”

FinTech: Metoda Finance And Mambu Join To Offer Banking Solutions That Are Regulation Compliant In Italy

September 23, 2022

Global cloud banking and SaaS platform Mambu and Metoda Finance, an Italian provider of compliance and financial services have teamed to offer a suite of Italian regulation-driven banking technology solutions, integrated with Mambu’s SaaS banking platform.

FinTech: Cannabis Wholesale Platform Leaflink Clocks Over $1B In Payments Transactions

September 22, 2022

Leaflink, a wholesale platform for the cannabis industry that offers payment solutions, announced Wednesday that it had processed over $1 billion in transactions since the company’s inception to date across 1700 active operators and 22 markets.

FinTech: U.S-based Kenyan Fintech WayaPay Launches Digital Bank And App In The US

September 19, 2022

WayaPay, which has been co-founded by Dr. David Wachira and Hempstone Maroria, both Kenyans living outside of their home country, secured all the necessary regulatory approval in the U.S. for the bank and app. The WayaPay app users can open digital accounts, send money go other Waya users without charges, spend on the cards linked to their Waya account, and make foreign remittances to more than 10 countries in Africa to recipients’ mobile wallets and bank accounts.

FinTech: Travel Technology Company Amadeus Joins With Uplift To Offer BNPL For Travel

September 16, 2022

Uplift, a provider of Buy Now Pay Later (BNPL) solutions to enterprises, is joining hands with Amadeus, a leading travel technology provider, for bringing BNPL services to customers in the US and Canada via the Amadeus Xchange Payment Platform (XPP). Amadeus XPP helps travel companies access the latest fintech innovations to improve the payment experience for travelers.

FinTech: The 2022 Finovate Awards Winners

September 16, 2022

At a glittering event in New York City made up of cocktails, dinner, and entertainment, Finovate celebrated the winning companies and individuals in each category, listed in alphabetical order.

FinTech: Walmart To Foray Into Banking Via Fintech Startup One

September 15, 2022

Walmart (NYSE: WMT) the retailer with 1.6 million employees at 5,335 store locations across the U.S. and 150 million weekly customers, is finally making serious inroads into banking. One, a fintech startup that is majority owned by the retail giant, will be the vehicle for the new venture, which envisages, in a beta phase, offering checking accounts to its employees and some of its online customers, says a report by Bloomberg.

FinTech: India’s Cashfree Payments Empowers Marketing Platform DASH With Android-Based POS

September 14, 2022

Indian fintech Cashfree Payments’ POS solution softPOS allows delivery partners, sales agents and field service professionals to collect payments from the customer’s doorstep. DASH, a tech-driven marketing company that helps brands in the FMCG and food commodities segment via its network in the country’s Tier-3 (semi-urban) towns, has deployed softPOS to collect payments using Android phones doubling as POS terminals.

FinTech: JPMorgan Acquires Payments Fintech Renovite

September 12, 2022

J.P. Morgan (NYSE: JPM) has taken another step towards further enhancing its payments technology and to build out its next-generation merchant acquiring platform. The banking giant announced the acquisition of Renovite, a payments fintech offering a high-tech suite of payment solutions, for an undisclosed amount.

FinTech: Home Improvement Retailer Lowe’s Ties With Instacart For Same Day Delivery

September 9, 2022

Lowe’s (NYSE: LOW) is now offering same day and scheduled delivery, even for large items weighing up to 60 pounds, through the Instacart App. This fall, holidays will be even more memorable with items such as small Halloween inflatables, fire pit essentials and even small portable grills landing up at home with a few clicks on the App.

FinTech: Mike Cagney-Led Figure Tech To Offer Banking-As-A-Service Via New Subsidiary

September 8, 2022

Figure Technologies, which is led by CEO and co-founder Mike Cagney, announced it will offer Banking As A Service (BaaS) through Figure Payments Corp, a subsidiary to be known as Figure Pay. Figure Pay, a scalable and rapidly deployable API-driven platform, offers two alternatives – one focused on fintech, non-banks, and retailers, and the other for banks.

FinTech: US Bank Subsidiary Elavon Launches Talech Register, An All-In-One Payments And Analytics Platform

September 2, 2022

U.S. Bank (NYSE: USB) subsidiary Elavon announced the launch of talech Register, a next generation Point-of-Sale platform suitable for small businesses in North America. Talech Register is an all-in-one payments and business analytics platform that frees up business owners to better manage their operations.

FinTech: Balance Money, A Fintech, Launches Digital Banking

September 2, 2022

Fintech company Balance Money has debuted a new digital banking service that also provides real-time spend management, thereby providing the additional benefit of budgeting and financial discipline alongside banking functions. Said to be a solution ideal for Millennials and GenZ’rs, it automatically calculates in real time what amount is safe to spend, saving them the “mental gymnastics’ of working it out by checking their bank account each time.

FinTech: Africa-Focused Payments Company Flutterwave Wins Nigerian Payments Processing License

September 1, 2022

Widely regarded as the CBN’s most valuable payment processing license, it allows the company to offer transaction switching and card processing services to its customers, including the ability to effect transactions between banks, fintechs and other financial institutions.

FinTech: Jupiter Fund Management Looking To Offload Its 10% Stake In Profitable Digital Bank Starling

September 1, 2022

UK-based Jupiter Fund Management has reportedly asked Citi to find a potential buyer for its 10% holding in Starling Bank, one of the first challenger banks and fintech to become profitable. The stake, said to be worth more than £ 200 million, is held by Jupiter in its UK Mid Cap Fund, as well as other funds.

FinTech: Klarna’s First Half Result Sees Losses Triple From Last Year

August 31, 2022

Higher employee costs, an increase in credit losses, and investments in growth pushed Klarna to a loss of 6.17 billion Swedish crowns ($578.52 million) in the first half of the year, more than 3X of its loss of 1.76 billion crowns in the corresponding period last year.

FinTech: PayPal Launches “Grant Payments” For Electronic Payments To Charities

August 26, 2022

PayPal Holdings, Inc. (NASDAQ: PYPL), in partnership with National Philanthropic Trust (NPT) and Vanguard Charitable, announced Grant Payments, aimed at the faster and electronic processing of charitable donations.

Digital Assets: Latam Crypto Exchanges To Launch Crypto Cards

August 26, 2022

Ripio, a crypto exchange located in Argentina, and Bitso, a Mexican exchange, have tied up with Visa (NYSE: V) and MasterCard (NYSE: MA) respectively, for the proposed launch of crypto currency debit and credit cards.