IDB Invest and IFC team up to launch the Amazon Finance Network
The global network aims to boost the economic development of the Amazon region.
Financial Inclusion
UAE fintech start-up Flow48 lands $25m pre-Series A funding
Founded in 2022 by Idriss Al Rifai, Flow48 provides revenue-based financing to SMEs.
The ‘Boots’ theory of socioeconomic unfairness
The people who need fair credit products the most may not have access. That’s economic unfairness.
Orange launches super-app Max it in Africa
The app will debut in Cameroon, Senegal, Mali, Burkina Faso and Botswana.
Reimagining agribusiness in Africa with VeryPay’s e-wallet companion solution
The journey for VeryPay is not just about facilitating transactions; it’s a profound movement towards reshaping and enriching lives.
Egypt’s KashNow partners Sandah to provide small businesses with access to financing
Small businesses will now be able to submit loan applications through the KashNow app.
OakNorth taps Coconut founder Sam O’Connor to lead business banking unit
O’Connor joined the bank five months ago following GoSimpleTax’s acquisition of Coconut.
UK challenger bank OakNorth launches new business banking offering
OakNorth’s new product is currently in a phased beta, with businesses being invited to sign up to a waitlist.
Kentucky-based credit union Park Community names Jana Erny as president and CEO
Erny succeeds outgoing president and CEO Jim Spradlin, who is retiring after 29 years at the credit union.
Colombia’s Nequi taps TerraPay for international remittances
The partnership will extend the app’s remittance network to over 200 countries worldwide.
Íkualo to launch next month as neobank for Europe’s financially excluded immigrant community
The licensed electronic money institution will be able to onboard new customers with just a passport.
FinTech Futures: Top five stories of the week – 20 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
ECB’s digital euro project to enter preparation phase from next month
The announcement follows the completion of the digital euro’s “investigation phase”, which began in 2021.
Kasssh launches in the UK to enable consumers to pay for online purchases in cash
The service seeks to bridge the gap between cash and the e-commerce market.
Saga taps Flagstone to launch over-50s savings platform in the UK
The new platform aims to provide those over the age of 50 with access to competitive savings rates.
Nova Credit raises $45m in Series C round to expand product suite
The round was led by Canapi Ventures and builds upon the company’s $50m Series B from 2020.
US Treasury grants Truist $65m NMTC allocation to spur investment in underserved communities
It is the twelfth time Truist Community Development Enterprises has received an allocation.
Block acquires musician-focused fintech start-up Hifi
The deal is thought to complement Block’s 2021 acquisition of Jay Z’s music streaming service Tidal.
FinTech Futures: Top five stories of the week – 13 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Lloyds backs Sonovate securitisation increase to £240m
The increase builds upon a £165 million deal made with BNP Paribas and M&G Investments in July.
Al Etihad Payments partners India’s NPCI to develop UAE’s first domestic card scheme
Al Etihad Payments is a wholly-owned subsidiary of the Central Bank of the UAE.
India’s IDBI Bank names Nehal Shah as new deputy chief technology officer
Shah will be responsible for the bank’s IT security and digital channels across various functions.
Spice Money taps NSDL Payments Bank to offer zero balance accounts to rural India
Through this partnership, Spice Money aims to broaden financial inclusion across India.
Pioneering innovative partnerships: Unveiling the game-changing fintech hybrid model
Watch this video for an in-depth look at The Greenlend Project.
Francesca Carlesi steps down as CEO of digital mortgage lender Molo
Carlesi is to depart Molo, which she has led since its inception in 2018, on 25 November 2023.
Bahrain’s Flooss taps Tarabut for open banking-powered lending
Flooss is adopting Tarabut’s Income Verification product, enabling direct access to customers’ income information.
Fintech unicorn Slice to merge with India’s North East Small Finance Bank
Its merger with NESFB will see Slice transition into a small finance bank.
Banc of California joins Rise Economy for $4.1bn community benefits plan
The plan succeeds the bank’s merger with PacWest Bancorp in July, combining assets valued at $36.1 billion.
ICYMI fintech funding round-up: Mantle, SaaScada, Rainforest and more
Our weekly fintech round-up for you to get the latest funding news from around the world.
UK fintech Wagestream snaps up credit card challenger Keebo
Keebo applies open banking data in its credit decisioning process to lend to those with thin or limited credit histories.
US fintech PayZen launches new product to boost healthcare affordability
With the Care Card, patients can access PayZen’s post-service payment plans through a physical and virtual debit card.
Affinity Federal Credit Union expands cannabis banking programme with Green Check
Affinity launched its cannabis banking programme earlier this year to provide CRBs with financial services.
Fairer Finance appoints Tim Hogg as director to strengthen Consumer Duty expertise
Hogg describes Consumer Duty compliance as “a comprehensive, multifaceted obligation that demands a nuanced approach”.
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.
Sibos 2023: Empathy and AI – banking’s duty of care
Ultimately, the responsibility lies with humans to decide where, when, and how AI is deployed.
Flex secures $20m in equity and $100m in debt funding as part of Series A round
Along with the funding, Flex has also launched its finance app catering to underserved small business owners.
HSBC UK taps Nova Credit for international consumer credit data
HSBC previously invested $10 million in Nova Credit’s Series B round in September 2022.
Daily News at Sibos 2023
Download your free copy of the Daily News at Sibos publication today!
India’s Samunnati signs for Finbots.AI’s CreditX AI credit modelling solution
The deal marks another step in Finbots.AI’s push to scale across APAC.
Bonifii’s new identity credential completes pilot with Lone Star Credit Union
The product is now expected to be offered to more credit unions and banks in the US.
