Welcome to your daily FinTech news!
Lessons from Pix: How to build a real-time payments platform at its full potential. This paper provides a comprehensive deep dive into Pix's design and protocol, highlighting critical decisions and tradeoffs and providing recommendations for other countries building fast payment systems. Access the full report here
24 amazing stats from the growing FinTech ecosystem in Egypt🇪🇬. Please check out the full article by clicking on this link
Nucoin, Nuproblems. Last week, Nubank opened the Nucoin program to broader range of customers. However, this move ignited speculative excitement that sent the coin skyrocketing by 2000%, prompting Nubank to freeze trading and leave token holders frustrated and stuck with paper gains. Read the insightful article by Aaron Stanley to learn more.
Ever wondered what a listed FinTech/Payments company CEO earns? The table below provides an overview of the Management Board of Adyen's remuneration in 2022 and 2021. Check out the full report with more info here
Noncustodial finance is crypto's way across the chasm. Discover the reasons by exploring examples in this comprehensive long-read article by Ben Basche.
KKR’s Failed Investment in German PSP Unzer. An increasing rate of failed PE investments in Fintech is expected on the back of outsized valuations in the 2017-2021 period. Flagship Advisory Partners examine the KKR/Unzer investment here
Irish fintech funding slows down. According to data from KPMG, there were nine fintech investment deals completed in the first half of 2023, raising a total of $59.2m. Read full article
Here’s a quick summary of FinTech funding in Africa in the first half of the year. Make sure you catch the complete Afridigest report by clicking here to find out more.
Sezzle's U.S. stock market debut complicated by its Australian trading. SezzleInc. is working to resolve issues Nasdaq has regarding the company's stockafter trading halted two hours after its debut Thursday on the U.S. stock market.
Checkout.com cuts ties with Binance, which is mulling legal action in response. A Binance’s spokesperson said it does not agree with “Checkout’s purported basis for termination and are considering our options for legal action.”
Bill to compete with Intuit after partnership ends. Bill will try to scoop up more business directly and through other channels after financial software company Intuit called off a six-year co-marketing and embedded bill-pay partnership between the companies.
DIGITAL BANKING NEWS
Monzo denies refusing Truss an account over politics. Monzo allegedly denied an account to her campaign, which raised £500,000 and helped to secure her brief tenure as prime minister. Read more
India central bank to launch credit tech platform. According to the RBI, the platform will employ an open architecture and open APIs and standards to develop what the central bank states will be a 'plug and play model'.
Goldman Sachs is exploring a sale of the investment advisory business it acquired four years ago, marking a further retreat from efforts to be a major bank to mass-market customers. The Wall Street firm said on Monday it was “currently evaluating alternatives” for its personal financial management business.
Bitso will connect Latin America with companies around the world. The crypto company announced today that it is expanding its offer of business solutions with the launch of International Payments, its new suite of products for that market.
Nedbank taps Synthesis for mobile contactless payments and starts discussions about building a payment solution with a cloud-based infrastructure, making it the first bank in Africa to offer a SoftPOS solution. Link here
Velo Payments announced the acquisition of payment processing platform YapStone in order to offer its customers improved payment methods. Following this announcement, customers of both firms can benefit from faster and more secure payments, as well as reduced transaction fees.
Crypto Custody Startup BitGo Hits $1.75B Valuation After $100M Series C.The cash infusion will be used for strategic acquisitions and to grow BitGo’s regulated custody, wallet and infrastructure solutions. Read more
Fintech Ramp is Raising Capital at $5.5 Billion Valuation, Down 30%. Ramp is securing hundreds of millions from investors at a pre-investment valuation of $5.5B, down 32% from its $8.1B value in 2022, reflecting declining startup valuations over two years.
Vegapay’s fintech platform nabs $1.1m in pre-seed round. With these new funds, Vegapay has set its sights on refining their technology to simplify frontline adoption for both institutions and non-institutions.
Boost Capital lands US$2.5M for its chat-based bank client onboarding platform. The firm will use the funds for market expansion, enlarging its product team, and initiating partnerships with new banks. Read more
Kenyan fintech Zanifu raises $11.2m in debt-equity funding for its platform providing micro, small and medium-sized businesses with inventory financing. The new funding will be used to expand the platform to distributors and scale operations in Kenya.
MOVERS & SHAKERS
WealthKernel appoints Aqsa Tariq CFO. Aqsa will play a fundamental role in shaping the company's financial strategy, driving growth and improving WealthKernel’s ongoing processes and organisational procedures to ensure optimal efficiency and productivity.
Pedro Arnt joins DLocal as new co-CEO ahead of European expansion. Mr. Arnt will help steer the company alongside its founder Sebastián Kanovich. Read more
US fintech Stash names Chien-Liang Chou as new CTO. Chou’s responsibilities will include overseeing the company’s technology operationswith the goal of accelerating company initiatives and scaling the team, processes and tech development.
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