July 2024: Top five new fintech launches of the month
From wealthtech to digital wallet solutions, several new start-ups and innovative products have been introduced in the fintech space this month.
Here, we run through five of the top new launch stories in July, featuring Waltz, Wero, Nationale-Nederlanden, Compound and more.
New wealthtech start-up Waltz launches US real estate investment platform
Waltz glides into US market
New wealthtech start-up Waltz has launched in the US to enable foreign investors to invest in and purchase US residential real estate “in 30 days or less”.
The Miami-based firm promises to deliver “easy access to a blue-chip market” through its online platform.
It also claims to eliminate “significant pain points” such as expensive currency conversion fees and unpredictable exchange rate fluctuations.
The investment process through Waltz begins when investors identify their “ideal property” in the US through a real estate agent, mortgage broker or turnkey provider.
Once selected, the service establishes a Limited Liability Company (LLC) and an Employee Identification Number (EIN) for the investor, while also providing them with access to an assigned agent and pre-approval letter.
EPI launches digital wallet solution Wero in Germany
The European Payments Initiative (EPI) has launched Wero, its digital wallet and instant account-to-account payments solution, with its initial rollout taking place in Germany.
The solution is now available for customers of the German Savings Banks Association (DSVG) and DZ Bank, the central institution of the Volksbanken Raiffeisenbanken Cooperative Financial Network in Germany.
This will be followed by a similar launch with Postbank and the retail arm of Deutsche Bank, Germany’s largest bank, “at the end of summer”.
The EPI is made up of 16 European member banks and payment service providers who have joined forces with the common goal “to offer a unified digital payment service for all European businesses and citizens”, the group says.
Dutch insurer Nationale-Nederlanden to launch digital payment accounts in 2025
Nationale-Nederlanden to launch digital payment accounts
Dutch insurance group Nationale-Nederlanden is preparing to launch digital payment accounts in the Netherlands as it looks to further cultivate its financial services operations.
In an interview with Fintech Futures, a spokesperson from Nationale-Nederlanden – one of the largest insurance and asset management providers in the Netherlands – says the group is “in the preparation phase of launching payment accounts, including joint accounts and individual accounts” for its retail customers.
The payment accounts are to be made available exclusively in an app-only capacity, the spokesperson says, with the new offering due to launch “over the course of 2025”.
The spokesperson describes the proposition as a “natural addition” to the group’s current financial services remit, which has been predominantly supported by its retail banking proposition, NN Bank (powered by Temenos), since its launch in April 2011.
Save now, buy later start-up Compound to launch in MENA in Q4
Compound, a new “save now, buy later” start-up is preparing to launch in the Middle East and North Africa (MENA) region to help consumers earn rewards as they save.
Founded and developed by Shashank Narayanan, Compound is touted as “a new way of getting paid to save”, according to its website, enabling users to earn rewards for saving with their favourite brands.
For these brands, the service aims to lower the cost of customer acquisition by securing consumer commitments in advance of the purchase, while also facilitating revenue growth, deepened engagement and boosted brand loyalty.
Speaking to FinTech Futures, Narayanan says that over the last few months, the Compound team has “validated the need for a new savings-led shopping experience with both customers and merchants alike”, adding that conversations are currently underway to “launch with several merchants across various industries”, including the travel, healthcare, insurance and real estate sectors.
Kuwait’s central bank approves launch of new WAMD instant payments system
CBK approves WAMD instant payment system
Banks and financial institutions across Kuwait are going live this week with WAMD, the country’s new instant payment system that enables account-to-account money transfers using just a phone number, after the Central Bank of Kuwait (CBK) approved its launch.
The system is facilitated by K-Net, which operates as a national payment gateway under the supervision of the CBK.
Writing on LinkedIn, Tariq Alusaimi, head of digital strategy and planning at the CBK, says the system is set to provide “added value and quality to the national payment infrastructure capabilities” while also serving as “a safe and advanced payment option that caters to the needs of different customer segments”.
Among the latest adopters of WAMD are the National Bank of Kuwait (NBK), Kuwait Finance House (KFH) and the country’s first digital bank, Weyay Bank.
NBK went live with WAMD through its mobile banking app on 30 June. It says the new service will enable “straightforward transactions” while also “advancing digital transformation in Kuwait by increasing the volume of electronic financial transactions”, according to its statement at launch.
