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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: 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.

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More Stories on FinTech

Venture Capital: Insurtech wefox Lands $400M Round Series D At $4.5B Valuation

July 12, 2022

Berlin-based insurtech wefox has raised $400 million in a Series D equity round led by Mubadala Investment Company with participation from EDBI, Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global. In the present environment rife with down rounds (e.g. Klarna), layoffs and collapsing public market values of listed fintechs, wefox said it bucked the trend currently experienced in the insurtech market and more broadly across the tech sector.

FinTech: Agrotoken Backs Its Visa Alliance With Blockchain For Agro-Focused Card

July 12, 2022

Agrotoken, which is developing a tokenized infrastructure for trading agrocommodities, announced Monday its partnership with Pomelo (a provider of technological infrastructure for financial services) and Algorand (a layer-1 blockchain) to develop a card for the agrocommodity sector. Agrotoken previously entered an alliance with Visa (NYSE: V) to create a payment method allowing agricultural producers to use their grains as a form of payment through a card.

FinTech: Klarna Raises $800M At Slashed Valuation To Pursue US Expansion

July 11, 2022

It’s a monster down round (one in which the startup is forced to accept a lower valuation than that in a previous round) for Klarna, showing how risk averse venture firms have become in an environment that punishes tech companies first and asks questions later. It is also a pointer to the slowing allure of buy-now-pay-later (BNPL), a fintech product that is Klarna’s bread and butter line. The fintech’s latest round received investment from existing investors including Sequoia, the founders, Bestseller, Silver Lake and Commonwealth Bank of Australia. New investors included the Mubadala Investment Company and the Canada Pension Plan Investment Board.

Fintech: With The Plum Card, Users Can Set Their Budgets And Spending Limits

July 8, 2022

London-based fintech Plum, known for its personal finance app, has built these features into its debit card – the Plum Card. Said to be the company’s latest addition to its money management toolkit, it aims to give you better visibility and control over your finances.

FinTech: Payments Platform Wirex Offers Credit Against Collateral Of Your Crypto

July 8, 2022

Wirex, the London-headquartered digital payments platform which aims to blur the gap between traditional currencies and crypto, has announced Wirex Credit, a product that offers highly competitive interest rates and no origination fee for crypto-backed loans. Users can easily borrow, within the Wirex app, up to $100,000 in stablecoins, with a loan to value (LTV) of up to 80%.

FinTech: Fintechs In Kenya And India Under Regulatory Glare For Alleged Money Laundering

July 7, 2022

Alleged money laundering by fintechs has drawn regulatory wrath in unconnected matters in Kenya and India. A court in Kenya has frozen more than $40m in accounts belonging to Africa-focused fintech payments giant Flutterwave under the country’s anti-money laundering laws. In India, the country’s Enforcement Directorate attached 86.6 crore rupees (about $11 million) from various fintechs and finance companies under the criminal sections of the Prevention of Money Laundering Act (PMLA).

FinTech: Klarna’s Valuation Plunges To $6.5B In Talks To Raise $650M (WSJ)

July 1, 2022

Klarna, the Swedish fintech known for its buy-now-pay-later (BNPL) financial product, is negotiating to raise $650 million at a valuation of $6.5 billion, which is a very sharp comedown from the $45.6 billion tag in a June 2021 funding round led by SoftBank Group.

FinTech: Sam Bankman-Fried Of FTX Rejects Rumors He Is Acquiring Robinhood

June 30, 2022

FTX, the crypto platform owned by billionaire Sam Bankman-Fried, has scotched media reports that it was pursuing a deal to acquire commission-free trading app Robinhood (NASDAQ: HOOD). Bloomberg said Monday that FTX was exploring whether it might be able to acquire Robinhood, quoting people with knowledge of the matter.

FinTech: PayPal Launches A Cashback Credit Card For Small Businesses

June 29, 2022

PayPal (NASDAQ: PYPL) has added yet another credit product geared towards making small businesses’ financial lives easier. The company has launched the PayPal Business Cashback Mastercard, its very first business credit card, said to be a simple way for businesses to pay for both everyday business expenses and those that may unexpectedly arise, while also earning cashback rewards on all purchases.

FinTech: Wheeling-Dealing In A Tough Market

June 27, 2022

Amidst fears of a recession, job cuts, and down rounds, news of M&A in fintech.

FinTech: Revolut Launches Buy-Now-Pay-Later (BNPL) In Ireland

June 24, 2022

Digital challenger bank Revolut has commenced the rollout of a BNPL offering in Ireland this week. It will compete with established BNPL players in the country such as Swedish fintech Klarna and Humm, owned by Australia’s Flexi-Fi. However, Revolut’s product comes with fees and a credit limit must be approved prior.

FinTech: Firing SMB Clients – Brex Apologizes

June 24, 2022

Last week, fintech Brex caused a stir by announcing it was discontinuing services to thousands of small and medium-sized businesses in favor of focusing on venture-backed or “professionally funded” and larger client accounts. The company likely received a lot of flak for the both the decision and the manner it was communicated; hence a conciliatory and apologetic blog post by Pedro Franceschi, founder and co-CEO, issued Thursday.

FinTech: Brex Dumps Thousands Of Small Business Customers In Rejig

June 21, 2022

Brex will now focus on venture-backed technology startups and larger companies. Brex, the Silicon Valley-based lender to small and medium sized businesses and startups, has announced a shift in its business priorities. It will now focus only on venture-backed technology startups and larger companies. Announced last week, the change puts tens of thousands of small…

FinTech: Klarna Facing A Down Round, May Raise $500M To $1B

June 17, 2022

According to a report in the Wall Street Journal, Klarna, the fintech company famous for its ‘buy-now-pay-later’ product, is in talks to raise funding at a valuation of $15 billion, nearly a third of its 2021 valuation of $46 billion.

FinTech: Mambu’s Technology To Drive Commonwealth Bank’s New Digital Mortgage

June 16, 2022

SaaS cloud banking platform Mambu will power the new, next-gen digital mortgage brand, Unloan, by the Commonwealth Bank of Australia (ASX: CBA), the country’s largest bank. Unloan is a highly innovative product for the Australian mortgage industry launched in May 2022. It provides loan refinancing applications in as little as 10 minutes and a discount that increases every year for up to 30 years.

FinTech: PayPal Extends Its BNPL Scheme To Monthly Payments

June 15, 2022

PayPal (NASDAQ: PYPL) has launched “PayPal Pay Monthly,” its latest BNPL product, aimed at offering customers more choices and flexibility for making payments. The product is addressing the issue of credit card debt, now a serious problem amidst 40-year record inflation, rising interest rates and fears of an impending recession.

FinTech: Mambu To Facilitate Western Union’s Digital Banking In Europe

June 13, 2022

Mambu , the rapidly growing cloud banking platform, announced the integration of its solution into Western Union’s (NYSE: WU) next generation real time multi-currency digital wallet and digital banking platform in Europe.

FinTech: Citi Invests In Trade Finance And Working Capital Platform LiquidX

June 10, 2022

Citi (NYSE: C), one of the largest trade finance banks in the world has made a strategic investment in LiquidX, a global provider of working capital, trade finance and trade credit insurance solutions. The unspecified investment by Citi participated in a funding round led by Broadridge (NYSE: BR), an existing investor in LiquidX.

FinTech: Mastercard Enables NFT Commerce; Ties Up With NFT Marketplaces And Web3 Provider

June 10, 2022

Mastercard (NYSE: MA) announced June 9 its work-in-progress to expand NFT commerce through collaborations with NFT marketplaces including Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.

FinTech: UK Digital Bank Zopa Hops On To The BNPL Bandwagon

June 8, 2022

Zopa, the digital challenger bank in the UK, has entered the country’s £6 billion buy now pay later market with a differentiated product that is geared towards regulatory compliance and responsible credit. Zopa’s BNPL will ensure that customers do not get into a debt trap by first running credit checks and affordability tests. To be offered in phases, Zopa’s BNPL suite will commence with a BNPL retail finance offering for merchants and be offered via B2BC partnerships.

Venture Capital: Insurtech Branch Lands $147M, Joins Unicorn Club

June 8, 2022

Home and auto insurance provider Branch uses data and technology to make its products better and more affordable for all. The insurtech announced today its $147 million Series C funding led by Watherford Capital with participation by new and existing investors including Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire, and Tower IV.

FinTech: Apple Announces New Fintech-Like Features For Its Wallet App Including BNPL

June 7, 2022

Apple (NASDAQ: AAPL) announced new features that will soon be offered in its new iOS16 software, including one that takes the battle right into fintechs’ turf : Apple Pay Later, a buy-now-pay-later (BNPL) product. A new payments system will also launch later this month that transfers money by tapping two iPhones.

Venture Capital: Ecuadorian Payments Platform Kushki Raises $100M In Extended Round, Turns Unicorn

June 7, 2022

Kushki, the Ecuadorian platform facilitating digital payments for LatAm businesses, announced it had raised $100 million in an extended Series B round at a valuation of $1.5 billion. New and existing investors including Kaszek Ventures, Clocktower Ventures, SoftBank Latin America Fund and DILA Capital among others participated in the round.

FinTech: Western Union’s European Digital Banking Platform To Use Marqeta For Offering Remittances Online

June 7, 2022

Marqeta’s (NASDAQ: MQ) card issuing platform will form the bedrock for Western Union’s (NYSE: WU) transformation of its European remittance services into a fully online mode. Western Union will integrate Marqeta into its “next-generation real-time multi-currency digital wallet and digital banking platform in Europe.”