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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Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers stand to receive up to 1 BTC as a reward when signing up and can earn an additional 1 BTC for each successful referral. The platform claims to be the sole custodial crypto platform in the EU offering customers a percentage of their trading volume back every month, paid in Bitcoin.
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More Stories on FinTech
FinTech: PayNearMe Scores $45M Series D Round
PayNearMe, a fast-growing fintech company based in Santa Clara, California, has successfully raised $45 million in Series D funding. The investment round was led by Queensland Investment Corporation (QIC) and saw participation from True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management, and H. Barton Asset Management.
Digital Assets: Rosbank Clients Can Now Make International Payments Via Crypto
Rosbank, a major Russian bank, has introduced a new option for clients to use cryptocurrencies in international transactions, focusing on businesses engaged in foreign partnerships. The bank is currently testing the service with corporate and individual clients, while ensuring compliance with Russian legislation and regulations.
FinTech: Adyen Launches ‘Payout Services’ For Faster Payouts To The Gig And SMB Economies
Adyen, a global financial technology platform, has launched Payout Services, allowing its customers to make instant payouts to their users or partners. By connecting directly to real-time payment rails, Adyen’s banking infrastructure enables faster processing of payouts, freeing up millions in daily cash flow for customers. This move supports greater operational efficiency, empowering businesses and helping them achieve their goals more quickly.
FinTech: Family Investment App UNest Partners With Wysh Insurance For Families’ Financial Security
UNest, a family investment app, and Wysh Life and Health Insurance Company have formed a partnership to provide a comprehensive financial solution for families. The collaboration aims to simplify the process of investing for children’s futures and securing life insurance coverage via a one-stop solution for families striving to secure their financial futures.
Digital Assets: Tether Invests In CityPay, A Georgian Payments Processor
Tether Operations Limited (Tether), the company behind the widely used stablecoin USDT, has announced an increased presence in Georgia with an investment in CityPay.io, a payment processing company operating in over 600 locations across the country. CityPay.io offers seamless payment solutions to various businesses, including Wendy’s and Radisson Hotels. The amount of the investment was not disclosed.
FinTech: Saudi Central Bank (SAMA) Boosts FinTech, Issues BNPL Licenses
The Central Bank of Saudi Arabia, known as SAMA, has granted Riyadh start-up Madfu and Spotii, which is owned by Zip, licenses to offer Buy Now Pay Later (BNPL) services. These licenses are in accordance with the laws governing finance companies and the Saudi Central Bank, enabling them to provide financing options to customers who want to make purchases without incurring interest costs over a fixed period.
FinTech: Klarna’s All-In Efforts To Achieve Profitability Getting Traction
Swedish fintech company Klarna achieved a significant improvement in its financial performance during the first quarter, as it halved its net loss compared to the same period last year. The company reported a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the previous year’s loss of 2.6 billion krona.
FinTech: Starling Bank Doubles Revenue, Earns 6X Profits; CEO Boden Leaves On A High Note
Starling Bank, a leading digital bank in the UK, has reported a significant increase in profits and announced a change in leadership. Founder Anne Boden will step down as CEO on June 30th but will remain on the Board as a non-executive director. John Mountain, the current COO, will take over as interim CEO to guide the bank through its next phase of growth.
FinTech: Plenty, The Wealth Creation Tool For Couples, Lands $2.75M Pre-Seed Capital
Plenty, a fintech platform, has raised $2.75 million in pre-seed capital to launch its innovative financial solution for couples. The platform aims to modernize wealth building by providing accessible opportunities for couples to discuss, manage, and invest their money together. Investors in this funding round include Phenomenal Ventures, Kevin Durant and Rich Kleiman’s 35V, former CEO of Wealthfront Adam Nash, ex-Stripe angels, and Inovia Capital.
Venture Capital: QED Investors Wraps Up Two New Fintech Funds Collecting $925M
QED Investors, a prominent fintech venture capital firm, has announced the closure of two new funds, totaling $925 million in capital commitments. The oversubscribed Fund VIII amounts to $650 million and is aimed at early-stage businesses, while Growth II secures $275 million and focuses on later-stage fintechs.
FinTech: UAE Central Bank grants Checkout.com An Acquiring License, A First For A Global Payments Platform
Checkout.com, a global payments service provider, has been granted a Retail Payment Services license by the Central Bank of the United Arab Emirates (UAE). This license makes Checkout.com the first global payments provider to receive an acquiring license in the UAE, solidifying its leadership in the MENA (Middle East and North Africa) region.
FinTech: General Atlantic Pumps Another $100M Into India’s PhonePe
PhonePe is the digital payments company owned by Walmart Inc. Private equity firm General Atlantic has invested an additional $100 million (₹820 crore) in PhonePe, the digital payments company owned by Walmart Inc (NYSE: WMT). This funding is part of PhonePe’s ongoing fundraising efforts and maintains the company’s valuation at $12 billion. General Atlantic’s latest…
Venture Capital: Cloud-based Restaurant Management Software Provider Restaurant 365 Lands $135M
Restaurant365, a leading restaurant enterprise management software provider, has announced a successful funding round of $135 million. The funding was co-led by global investment firms KKR and L Catterton, with participation from existing investors such as ICONIQ Growth and Bessemer Venture Partners.
FinTech: Vonage To Enable Payments And Messaging On Meta-Owned WhatsApp In Singapore
Vonage, a global cloud communications leader, has partnered with WhatsApp (NASDAQ: META) in Singapore to introduce payments on the messaging app. The collaboration, known as Vonage Conversational Commerce, powered by Jumper.ai, enables businesses and consumers to have end-to-end shopping experiences within WhatsApp.
FinTech: Revolut Looking To Snag An Australian Banking Licence
London-based fintech firm Revolut has launched its business offering in Australia, expanding its international payments-focused business accounts to clients in the country. Revolut, which is known for its crypto-friendly approach, is currently working towards obtaining a banking license in Australia. The company already serves clients in Europe and Australia, providing a range of fiat payment services as well as crypto services such as buying and selling cryptocurrencies like Bitcoin, Ether, and Ripple. With approximately 100,000 business customers across Europe, Revolut aims to provide a comprehensive platform where individuals can manage their entire financial lives in one place, making a banking license essential.
FinTech: Coastal Property Insurer SageSure Nabs $250M Equity Funding
SageSure, a general underwriter specializing in catastrophe-exposed property insurance, has secured $250 million in equity financing from Amwins and Flexpoint Ford. The funding will support SageSure’s capital-efficient growth strategy. The investment round, which also involved Ares Management Corporation, brings in experienced strategic and financial investors while partially recapitalizing the company’s stakeholders.
FinTech: BNPL Player Sezzle Is In The Black For The Third Quarter In A Row
BNPL fintech Sezzle (ASX: SZL) experienced a rise in its business volumes during its most recent quarterly financial period, along with sustained profitability. The company, which specializes in the buy now, pay later (BNPL) model, reported its earnings on Monday (May 15), revealing a 25% year-over-year increase in quarterly revenue.
Fintech: MPOWER Financing Wraps US$150M Funding From Goldman Sachs For Loans To International Students.
MPOWER Financing, a mission-driven fintech firm, has closed a $150 million revolving asset-backed warehouse facility with Goldman Sachs (NYSE: GS). The funding will be used to expand their portfolio of student loans for international and DACA students studying in the U.S. and Canada.
Venture Capital: Kenyan Fintech M-Kopa Nabs over $250M In Debt And Equity Funding
Kenyan fintech company M-Kopa has raised over $250 million in debt and equity to support its expansion plans in sub-Saharan Africa. Standard Bank Group, the largest lender in Africa, led the debt-funding round, with participation from other investors such as the International Finance Corp., British International Investment, Mirova SunFunder, and Nithio. Additionally, $55 million was raised through equity investments from Summit Corp., Blue Haven Initiative, Lightrock, Broadscale Group, and others.
FinTech: Paysend Business Makes Its Debut In The US
Paysend Business, an international payments platform for small and medium-sized enterprises (SMEs), has launched in the United States, following a successful UK implementation in 2022.
FinTech: Rapid Finance Ties With Mambu To Offer Lending-as-a-Service (LaaS) To Lenders Across The United States
Rapid Finance and Mambu have partnered to offer a comprehensive Lending-as-a-Service (LaaS) solution for lenders. The integration of Mambu’s loan management system (LMS) with Rapid Finance’s Decisioneer loan origination system (LOS) provides a streamlined, digital experience for end-to-end lending, from loan origination to servicing.
FinTech: Singapore Businesses Can Now Pay From Within WhatsApp Courtesy Of A Tie-Up Between Meta And Stripe
Stripe has partnered with Meta-owned (NASDAQ: META) WhatsApp to allow businesses in Singapore to receive payments directly in WhatsApp chats using the integrated Stripe Connect API and Stripe Checkout payment page. The new feature allows customers and businesses in Singapore to make purchases and sales directly on WhatsApp without requiring them to visit a website, use a different application, or pay cash physically.
FinTech: Boss And Founder Nik Storonsky Criticizes Delay In Decision On Revolut’s Banking Application
The decision on whether to grant a banking license to Revolut, a British financial technology company valued at £14 billion and one of the UK’s most valuable start-ups, is still hanging fire but is expected to be made in the coming weeks by regulators. However, Nik Storonsky, founder and CEO, gave vent to his frustrations last week in an outburst that severely criticized the delay considering the application has been pending for over two years.
FinTech: Splitit And Visa To Partner On A BNPL Solution
Splitit (ASX: SPT) and Visa (NYSE: V) have entered a two-year collaboration to pilot a new instalment solution that provides an ultra-low-friction consumer experience. The solution will offer a single point integration for credit card instalments through Splitit’s Instalments-as-a-Service solution and Visa Instalments.