FinTech Futures: Top five news stories of the week – 8 November 2024
Here’s our pick of five of the top news stories from the world of fintech this week, featuring Bank of New Zealand, Airwallex, Griffin and more.
Airwallex reportedly in talks over fresh $200m investment at new $6bn valuation
Airwallex reportedly in talks over fresh $200m investment
Airwallex is reportedly looking to raise $200 million from investors at a company valuation of $6 billion, according to a recent Bloomberg report citing sources familiar with the matter.
The fintech unicorn last raised $100 million through a Series E extension two years ago, when it was valued at $5.6 billion.
When contacted by FinTech Futures, a spokesperson for the cross-border payments platform said: “As a rapidly scaling company, we are always in dialogue with investors about our performance and growth plans.”
With an investor base featuring the likes of Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent, among others, Airwallex has raised over $900 million in total funding to date.
B2B payments platform Melio secures $150m Series E funding round
Melio, a B2B payments platform for small and medium-sized enterprises (SMEs), has secured $150 million in a Series E funding round led by Fiserv.
The New York-headquartered platform, founded in 2018, says the new cash will help “fuel the company’s growth through partnerships”.
The Series E round values Melio at $2 billion, a drop from its previous $4 billion valuation following its $250 million Series D funding round in 2021. However, Melio says the round “follows a ten-fold increase in revenue since the last funding round three years ago, driven by an expansion of Melio’s customer base to include medium-sized businesses and the launch of new partnerships”.
BNZ acquires open banking fintech BlinkPay
BlinkPay acquired by BNZ
Bank of New Zealand (BNZ) has acquired open banking fintech BlinkPay for an undisclosed sum.
Last year, driven by the implementation of the Consumer Data Right (CDR), the fintech teamed up with BNZ and other New Zealand banks to support the rollout of open banking in the country.
In a statement, BNZ says it is now the “new owner” of BlinkPay, adding that the deal will enable the fintech to leverage the bank’s “resources and expertise” to enhance its open banking functions and drive new product development.
Additionally, BNZ says BlinkPay’s co-founder and chief product officer, Adrian Smith, will take on the role of CEO, ensuring the firm “retains its own leadership and decision-making, along with its entrepreneurial spirit and start-up culture”.
Standard Chartered taps Wise Platform for cross-border payment service upgrade
Standard Chartered has selected Wise Platform, the global payments infrastructure from money transfer firm Wise, to enhance the company’s cross-border payment service, SC Remit.
Through this collaboration, Standard Chartered says SC Remit customers in Asia and the Middle East will be able to transfer funds internationally “in a matter of seconds” in 21 currencies, including EUR, GBP, USD, CAD, SGD, JPY, and HKD.
The banking group says it intends to connect with Wise’s infrastructure via the Wise Platform API “over the coming quarters, with a further expansion on the horizon both in the number of currencies supported as well as more markets where Standard Chartered operates”.
Marygold & Co UK selects Griffin to embed savings accounts into money management app
Marygold & Co preps app with Griffin
Marygold & Co UK (MGUK) has partnered with digital bank Griffin to embed savings accounts into its money management app, which is set to launch for individuals and small businesses “later this year”.
The interest-bearing accounts will sit alongside features including “customisable reminders, automated savings nudges, special savings pools, hidden ‘piggy bank’ options and secure me-to-me transfer technology”, according to a statement.
These features are to be delivered through Griffin’s Banking-as-a-Service (BaaS) platform, which was made available to UK fintechs for the first time in September following a partnership with savings infrastructure start-up Sync Savings.
