September 2024: Top five new launches of the month
From banking start-ups to inclusive card programmes, several new fintechs and innovative solutions have been introduced in the fintech space this month.
Here, we run through five of the top new launch stories in September, featuring Enfuce, Fibabanka, Fneek, Propelle and more.
New digital banking brand launched in Saudi Arabia, NEO
New banking app NEO launches in Saudi Arabia
NEO, a new mobile banking brand, is being launched in Saudi Arabia by Saudi National Bank (SNB).
The app features a multi-currency debit card with up to 20 different fixed-rate currencies; a rewards programme, including cashback and discounts; gift cards; and additional services such as cinema, restaurant and hotel bookings.
NEO’s front-end is underpinned by the white-label digital platform of SNB’s existing tech partner, Backbase.
The platform “enables banks to gradually replace or decompose disparate legacy systems and construct a modern journey orchestration architecture around customer needs”, the vendor says.
Fneek launches in France to “formalise friendly loans”
New lending app Fneek has launched in France with the aim of streamlining loan agreements between individuals and their personal networks.
Developed by CEO Chaker Boughanbouz, the peer-to-peer (P2P) lending app enables “friends, family, and trusted relationships” to determine, register, and sign loan agreements with customised terms.
Loans are debited to the lender “within minutes” and repaid through monthly, quarterly or one-off instalments, with the automated process managed through the app’s centralised interface.
Speaking to FinTech Futures, Boughanbouz confirms the start-up will now look to raise seed funding to power the development of additional features for its lending solution, including a geolocation system capable of sourcing different lenders, and a machine learning (ML) system for credit scoring.
Enfuce to launch dual-function E2 card in UK, France and Germany with Mastercard
Enfuce expands E2 card with Mastercard
Finnish issuer processor Enfuce has partnered with Mastercard to expand its E2 card offering to card issuers in Germany, France, and the UK. For the latter market, the offering is “the first ever” of its kind, according to the vendor.
The offering combines both debit and credit primary account numbers (PANs) into one card, enabling cardholders to switch between accounts at the point of sale, set payment preferences for spending, and create individual designs for each PAN when stored in a digital wallet.
The offering can be leveraged by card issuers to create customised card products, limits and controls, a feature Enfuce says will “increase cardholder loyalty” among its customers by enabling them to align with “changing consumer spending preferences”.
Fibabanka debuts first BaaS platform in Türkiye with GetirFinans
Digital bank Fibabanka has launched what it claims to be Türkiye’s first Banking-as-a-Service (BaaS) platform, with tech start-up GetirFinans named as the solution’s first taker.
The platform provides non-banking businesses in the country with the infrastructure needed to offer tailored financial services to their customers.
The solution has now made its debut with GetirFinans, the new financial services offering of on-demand delivery services platform Getir.
Integrated within the Getir app, GetirFinans users will be able to access a range of banking services, including account management, card issuance and payment options powered by Fibabanka’s digital infrastructure and supported by over 500 APIs.
Wealthtech start-up for women Propelle launches in the UK
Propelle debuts investment platform for women
Propelle, a London, UK-based investment platform specifically designed for women, is launching with the goal of closing the gender wealth gap and empowering women to “take control of their financial futures”.
Founded by former Goldman Sachs executive director and wealth adviser Ayesha Ofori, the free-to-download app combines traditional and alternative investment options with community support features and financial education programmes designed specifically for women.
With over £1.2 million in pre-seed funding and women reportedly comprising 90% of most recent investors, the start-up says it will now look to introduce additional features and tools, including digital financial planning, intelligent goal setting, and enhanced risk assessment.
