India’s PhonePe nets additional $100m in ongoing fundraise
The new capital infusion follows a $350 million fundraise from General Atlantic last month.
Lending
Laurentian Bank launches new credit card programme with Brim Financial
Laurentian Bank says the new credit card programme will “enhance the overall experience” of its customers.
Banking Tech Awards 2022 Winner: Updraft – Best Digital Initiative for Lending
Reinventing financial planning and disrupting unsecured lending markets.
Baiduri Bank taps Finbots.ai to modernise credit risk management
The partnership makes Baiduri the first bank in Brunei to migrate to an AI-led credit risk management solution.
Ghana’s Fortek partners Codebase for Digibanc platform
It is hoped the partnership will “accelerate digitisation” and boost entrepreneurship in Africa.
FinTech Futures Jobs: The top fintech companies hiring right now in the UK
Explore thousands of open roles on the Fintech Futures Job Board today.
BNPL fintech Affirm lays off 19% of workforce, nixes crypto offering
The company intends to double down on its core business while “sunsetting” initiatives including Affirm Crypto.
SME lender Merchant Money scores £115m in funding
The funding will grow Merchant Money’s lending books across its secured and unsecured product offerings.
Inter&Co acquires real estate investment start-up YellowFi
Inter&Co provides financial services through its ‘super-app’ to more than 25 million users.
Pipe Technologies appoints Luke Voiles as its new CEO
Voiles joins Pipe from Square, where he served as general manager of Square Banking.
CFPB proposes new rule to curb excessive credit card late fees
According to CFPB estimates, excessive fees cost American families about $12 billion each year.
Aussie BNPL fintech Openpay enters receivership
The firm’s assets, operations and trading activities are now under the stewardship of McGrathNicol.
Banking Technology Magazine February 2023 issue out now
Cover story: HAPPY DAZE – Banking for cannabis businesses boosted.
Banking Tech Awards 2022 Winner: Finova – the mortgage market is in a tangle & we need new tools to fix it
Combine algorithmic price optimisation with powerful ML techniques, and you’ll have a robust tool for performance analytics.
Paytech Highline names Rebecca Mowat director of partnerships
Mowat brings over 20 years’ worth of experience in international trade and business to Highline, the firm says.
South African digital lender Lulalend bags $35m Series B
Lulalend will look to increase its loan book size and develop new products.
UK challenger Zopa lands £75m funding to fuel growth
Zopa says the deal “cements and markedly enhances” its unicorn valuation.
Egyptian fintech MNT-Halan lands $400m investment
MNT-Halan claims it is the largest investment across Egypt and the Middle East over the past 12 months.
Treasury Prime bags $40m in Series C funding
With the funding, Treasury Prime plans to build out its solution and develop new products and services.
US lender Upstart to cut 20% of jobs in bid to return to profitability
Upstart is also suspending development of its small business loan product.
Nano sells home loan book to AMP Bank as it pivots to tech focus
Nano plans to wind down its home loan services and focus on providing technology to financial services companies.
New savings app for homeowners in the UK: Sprive
Sprive’s AI mortgage assistant, available through a mobile app, helps customers pay off their mortgage faster.
UK mortgage lender LiveMore bags £250m credit facility from Citi
The new funding facility will enable LiveMore to increase loan originations and grow its portfolio.
B2B BNPL platform Tranch raises $100m in debt and equity
$5 million have been raised in equity while the rest – $95 million – have been taken on as debt.
Kueski names ex-Stripe exec Fausto Ibarra as chief product officer
Ibarra brings over 20 years of experience, most recently serving as Stripe’s head of product for Latin America.
Open letter calls on UK government to boost SME credit access
The letter has been co-signed by Codat, Atom Bank, Funding Circle, Iwoca, Allica Bank, SPRK Capital and others.
ICYMI fintech funding round-up: Ascendant, Evergreen, Kwara, Pilon & more
Featuring Ascendant, Evergreen, Komunal, Kwara, Pilon, and Sprinque.
Swedish fintech start-up Anyfin lands €30m Series C funding
The cash will be used to strengthen its product suite in existing markets and boost its growth across Europe.
US fintechs Core10 and Union Credit secure funding
Two fintech companies in the US – Core10 and Union Credit – have reported funding this week.
FinTech Futures: Top five stories of the week – 20 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Oracle Flexcube core banking system gains new takers
The banking tech vendor also signed licence fees of $27.5 million in the latest quarter.
FinTech Futures Jobs: Is procrastination killing your work ethic?
Explore thousands of open roles on the Fintech Futures Job Board today.
SEC charges Genesis, Gemini over alleged sale of unregistered securities
The SEC alleges that the Gemini Earn program “constitutes an offer and sale of securities under applicable law”.
LendingClub to cut 225 jobs as interest rate rises impact loan demand
Company execs say the layoffs are a result of “reduced marketplace revenue” due to interest rate increases.
Alipay partners Splitit for ‘pay after delivery’ offering
The service will initially launch in Germany, France and Spain, with plans to expand into other global markets.
Clearco lays off 30% of workforce, CEO Michele Romanow resigns
Romanow will reportedly transition to the role of executive co-chair and remain on the company’s board.
Goldman Sachs loses $3bn over three years on platform solutions business
Reuters reports the firm outlined a pre-tax loss of $1.2bn for the first nine months of 2022.
BNPL fintech Tabby lands $58m in Series C funding
The Dubai-based firm plans to use the funding to support its growth and expand its product line.
Enfuce and Orka Ventures launch consumer lending product in Europe
Orka Card will enable customers to integrate all their existing bank accounts into one card and app.
New consumer lending fintech Salmon launches in the Philippines
Salmon claims to have over 2,000 customers and over 30 merchant partners for its lending product.
