November 2024: Top five new launch stories of the month
From digital wallets to financial education tools, several new innovative solutions have been introduced in the fintech space this month.
Here, we run through five of the top new launch stories in November, featuring Beacon, Payap, Manzil Wealth, and more.
Beacon unveils new digital wallet offering built for immigrants to Canada
Beacon introduces new digital wallet, My Beacon
Toronto-based fintech start-up Beacon is launching Canada’s first dedicated wallet for incoming international residents in January 2025.
Founded in 2023, Beacon’s flagship MyBeacon App is designed to make an “immigrant’s first 100 days in Canada much less stressful” by delivering personalised digital guidance and pre-arrival checklists.
Beacon is now adding to its app with Beacon Money, a digital wallet service that the start-up says “empowers immigrants to confidently start their new lives in Canada”.
Beacon’s digital wallet, now accepting waitlist sign-ups, aims to simplify account opening for immigrants by not requiring a Canadian ID, local address, social insurance number, or credit history.
The wallet will support bill payments, salary deposits, and Interac e-Transfers, and users can activate their profile and wallet up to six months before arriving in Canada, “allowing them to start setting up their life in advance”, the company says.
Market Harborough Building Society launches financial education app with Doshi
Market Harborough Building Society (MHBS) has partnered with fintech start-up Doshi to launch a financial literacy app for its members in the UK.
Through the app, users can access tailored educational resources and lessons designed to “cultivate financial wellness and mindfulness”, according to a statement.
For every session completed, users are rewarded with points redeemable against a range of rewards available through an in-app marketplace, including gift cards for high-street brands.
Extra points can be earned through frequent logins, friend referrals, and ongoing engagement with games, missions, and exercises.
This rewards function sits alongside savings pots, goal tracking, and other customisable money management capabilities.
New digital wallet and POS app Payap gears up for 2025 launch in New Zealand
Payap is set to launch in March 2025
Payap, a new digital wallet and point-of-sale (POS) app powered by New Zealand-based fintech Centrapay and backed by the Bank of New Zealand (BNZ), has opened for business sign-ups ahead of its planned consumer launch in the country in March 2025.
The company says its app leverages open banking to provide businesses and consumers with “a new lower cost, contactless way to pay and get paid”.
For consumers, the platform will provide a digital wallet that unifies all New Zealand bank accounts, gift cards, and loyalty cards in one place, enabling users to make instant in-store payments directly from their bank accounts via QR codes, while the app’s e-commerce solution also enables businesses to accept payments online.
Businesses using Payap will be able to create and manage loyalty programmes and gain greater control over transactions, discounts, and refunds through a “dedicated portal”, and the app’s ‘store finder’ feature can also help boost business visibility.
Manzil Wealth introduces new halal wealth management platform in Canada
Manzil Wealth, a subsidiary of Islamic finance firm Manzil, has launched a new halal wealth management platform in Canada.
The Manzil Wealth platform features a range of Sharia-compliant financial offerings, including halal investment options, mortgages and financial planning services.
In a move to support its solution debut, Manzil Wealth has acquired halal investment firm Canadian Islamic Wealth, based in Winnipeg, for an undisclosed amount.
The acquisition is expected to strengthen Manzil’s offerings, particularly in halal retirement and education planning, while broadening its presence in domestic markets.
Former Solaris execs to launch fintech start-up Zazu for African SMEs
Zazu to launch for African SMEs
Former Solaris execs Rinse Jacobs and Germain Bahri are preparing to debut a new venture called Zazu, a fintech start-up built to provide inclusive business banking services and financial management tools to underserved SMEs in Africa.
“Zazu combines everyday banking with value-added tools like invoicing, bookkeeping, and cash flow management,” Jacobs writes in an announcement posted on LinkedIn.
He says this combination is intended to make banking “feel less like an obstacle and more like a catalyst for growth”.
