Singapore’s Grab pulls the plug on investment services citing non-viability
Customers will have to withdraw their money by 13 October, after which the accounts will be permanently closed.
Business-to-Consumer/B2C
EWA start-up ZayZoon secures $34.5m in Series B funding round
The round was led by Framework Venture Partners, with participation from additional investors.
Sibos 2023: BMO taps DailyPay to offer earned wage access to commercial clients
The news was announced at the Sibos conference, which is being held in Toronto, Canada, this year.
ICYMI fintech funding round-up: Fuze, Enigio, DKK Partners and more
Our weekly fintech round-up for you to get the latest funding news from around the world.
Pakistan’s latest challenger HugoBank gains preliminary approval
It will position itself as a retail bank offering digital financial services to boost financial inclusion in Pakistan.
Financial super-app Curve bags additional £58m in Series C extension
The additional cash brings Curve’s total Series C funding to over £133 million.
Amplifi Capital lands £100m securitisation warehouse with NatWest for Reevo Money expansion
Amplifi Capital previously received £50 million in debt funding from M&G back in June.
UK start-up Perenna secures unrestricted banking licence from FCA and PRA
The London-based start-up becomes one of the first firms to secure an unrestricted bank licence in 2023.
LHV Bank taps Raisin UK to enter the personal savings market
The move comes as part of LHV Bank’s planned launch of a direct-to-consumer savings product next year.
UK sees surge in open banking payments with new monthly high
Open banking payments increased 9.3% between June and July this year.
ICYMI fintech funding round-up: Zanifu, Koverly, Micronotes & more
Our weekly fintech round-up for you to get the latest funding news from around the world.
LemFi bags $33m in Series A funding round to fuel global expansion
LemFi was founded in 2020 to provide immigrants with better access to financial services.
Auxmoney buys majority stake in Dutch credit marketplace Lender & Spender
With the stake, Auxmoney plans to build upon its “continuous organic growth” of recent years.
Citi debuts first LatAm fintech investment with stake in Peruvian FX platform Rextie
Rextie becomes Latin America’s first FX fintech to receive an investment from Citi.
Brazilian fintech Nomad secures $61m in fresh funding
The funding was led by Tiger Global Management, with participation from existing investors
US fintech Stash names Chien-Liang Chou as new CTO
Chien-Liang Chou joins Stash from banking app start-up Dave, where he worked as CTO.
Peoples Bank taps Corserv to launch credit card programme
With Corserv, Peoples Bank will be able to offer 14 different credit card products to its business and retail customers.
FinTech Futures: Top five stories of the week – 18 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
ICYMI fintech funding round-up: Communion, CityPay & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Indian neobank Zolve expands into expat-friendly mobile services with telecom-as-a-service platform Gigs
Zolve’s telecom-financial offering is tailored for expats pursuing educational or professional opportunities in the US.
Monzo tops CMA banking satisfaction survey once again
The independent survey was carried out by Ipsos and BVA BDRC between July 2022 and June 2023.
Mexican challenger Klar lands $100m debt facility to expand credit product offerings
The new facility has been provided by US investment firm Victory Park Capital.
The Savings Bank Group of Finland taps Tietoevry to replace lending platform
The Savings Bank Group says the new lending platform will enhance its digital offerings and operational efficiency.
UK fintech start-up Fronted closes down
Fronted was founded in 2019 by former employees of Bud Financial, Monzo and Apple.
US crypto exchange Coinbase expands into Canada
The move comes amid major regulatory enhancements for crypto set by the Canadian financial regulator.
DBS completes acquisition of Citi’s consumer banking business in Taiwan
DBS has also absorbed close to 3,000 employees from Citi Consumer Taiwan.
US fintech Greenlight launches credit builder tool for teenagers
Greenlight says parents can add their teenagers as authorised users of its credit card to start building credit.
Naga integrates Rezolve AI into its social trading platform
The integration is also set to extend to Naga’s e-payments solution, Naga Pay.
Svatantra to acquire Navi Group’s microfinance subsidiary for $178.6m
On completion of the deal, Svatantra says it will become the second largest microfinance entity in India.
Vijay Shekhar Sharma buys 10% stake in Paytm worth $628m from Antfin
Sharma’s shareholdings in Paytm will increase to 19.42%, while Antfin’s shareholdings are reduced to 13.5%.
Mexican challenger Albo snaps up Delt.ai for $20m
The acquisition makes Albo “the only neobank to offer debit and credit products for both consumers and SMBs”.
Seacoast Bank strikes deal with NCR for ATM-as-a-Service solution
Seacoast Bank is leveraging NCR’s ATM-as-a-Service solution to replace its conventional ATM fleet.
Machias Savings Bank taps Jack Henry for tech overhaul
It wanted a tech strategy that would help it support customers’ financial needs, while competing with big banks.
The FCA’s Consumer Duty clamps down on unfair savings rates
The regulator’s 14-point plan seeks fairer interest rates on UK savings accounts.
South Korea’s Finda bags $37m Series C funding
JB Financial Group took part in the round as a strategic investor, acquiring a 15% stake in the company.
US fintech start-up Croissant launches with $24m funding
Croissant integrates into merchants’ shopping experiences to offer customers guaranteed buyback value at checkout.
Principles, practices and persistence: the Consumer Duty deadline arrives
The regulation is set to completely transform the relationship between financial services firms and consumers.
PSR delivers update on progress of New Payments Architecture
The PSR’s future direction on the NPA was outlined in its annual plan and budget for 2023/24.
ICYMI fintech funding round-up: Anduin, Thunes, Portrait Analytics & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Filipino fintech start-up Salmon lands $20m debt funding
Salmon says the investment marks the “largest ever” debt financing for a Series A tech company in the Philippines.
