FinTech Futures: Top five stories of the week – 31 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Mobile
Mizuho and Line call off plans to launch mobile bank in Japan
Both firms say dissolution and liquidation proceedings of the mobile bank project will now go ahead.
The Co-operative Bank partners Onfido for customer onboarding solution
Onfido’s solution allows The Co-operative to meet regulatory requirements and customer preferences.
Video: Infosys Finacle CEO Sanat Rao on the need for business model innovation in banking
Infosys Finacle CEO Sanat Rao discusses the key business model archetypes that will shape the future of banking.
Apple launches BNPL offering Apple Pay Later in the US
Apple has launched a pre-release version of its BNPL offering to a select number of customers.
Ingenico acquires smartphone payment acceptance fintech Phos
Phos enables merchants to accept payments directly from NFC-enabled Android devices.
eToro raises $250m at $3.5bn valuation after nixing SPAC
The funding stems from an Advance Investment Agreement (AIA) which eToro entered into in February 2021.
UK fintech Sibstar launches to help people with dementia manage their spending
Sibstar has launched in the UK in partnership with Alzheimer’s Society and Mastercard.
Spanish fintech ID Finance lands €30m equity funding
ID Finance claims its fundraise is the biggest received by a Spanish fintech in 2023.
UK fintech Snoop reportedly mulling sale
Sky News reports founder Jayne-Anne Gadhia is in talks to either raise new funds or potentially sell the business.
Employee financial wellness start-up Rain lands $116m in equity and debt
The total funding is made up of a $66 million Series A equity round and a $50 million debt facility.
Is Southeast Europe fertile ground for digital banking challengers?
While the popularity of neobanks has surged in Western Europe, the Southeast remains relatively free of competition.
Enfuce and Science Card look to boost scientific research funding with new card offering
Users will be able to fund scientific projects of their choice through their day-to-day payment activities.
Lebanese start-up Purpl launches digital wallet offering powered by Mambu
The fintech selected banking tech vendor Mambu to power its products last summer.
Last chance to shine: PayTech Awards 2023 nominations deadline extended
The nominations deadline has been extended to 24 March 2023. Submit today!
India’s PhonePe secures additional $200m from Walmart
The fresh funding forms part of PhonePe’s ongoing fundraise of up to $1 billion in capital.
South Africa rolls out PayShap, a new real-time digital payments service
With PayShap, consumers will have access to instant, real-time payments across participating banks.
Dominican Republic’s first neobank launches on Temenos Banking Cloud
Qik’s CEO says they chose Temenos owing to its “successful track record” across Latin America.
Stripe raises $6.5bn in funding at reduced valuation of $50bn
In March 2021, the fintech landed $600 million in funding, confirming a valuation of $95 billion.
Swiss start-up Grow Bank aims to bring crypto and fiat currencies under one roof
Grow aims “to link the traditional banking structure with a product of the decentralised finance ecosystem”.
Take the wheel: the future of payments in driverless cars
Customers’ desire for frictionless and convenient payments will drive innovation in the in-car paytech space.
Hong Kong’s Livi Bank launches Livi Business for SMEs
Livi Business offers SMEs and entrepreneurs access to “fast, simple and personalised” financial services.
Nigerian fintech FairMoney acquires PayForce for undisclosed sum
FairMoney is looking to expand its offering to include features for merchants as well as retail customers.
Paymentology partners Fondeadora to expand Mexican payment services
Thanks to Paymentology, the Fondeadora app will enjoy faster transaction processing and advanced security.
US fintech Credit Karma launches new Net Worth product
Credit Karma’s users will be given a full picture of their financial status to help them plan their future.
UK fintech funding round-up: Yoti, Ramp, SteadyPay & Ocula
A handy round-up of the recent funding endeavours of fintech companies across the UK.
Kennebec Savings Bank taps Alkami for digital banking platform
The Alkami platform will provide a “consistent” user experience for Kennebec business customers.
UAE’s Mashreq Bank taps i2c for digital payment capabilities
Through the partnership, Mashreq will leverage i2c’s SaaS platform to offer digital payments.
Introducing the PayTech Awards USA 2023
Nominations for the awards are open until 2 June 2023.
Allica Bank taps SurePay for Confirmation of Payee solution
With Confirmation of Payee, Allica customers will be protected from fraud and misdirected payments.
Nubank appoints former Meta crypto head David Marcus to board
Marcus previously spent seven years at Meta and co-created the firm’s cryptocurrency Diem (formerly Libra).
Brazilian central bank gives Meta the go-ahead to launch WhatsApp business payments feature
Customers will soon be able to make payments to small businesses directly from WhatsApp.
RBI fines Amazon Pay’s India unit $374,000
The central bank claims Amazon Pay India didn’t comply with “certain provisions” of KYC and PPI directions.
PayTech Awards nominations close in two weeks!
The deadline for nominations is Friday 17 March, so don’t leave it too late!
Budgeting app Buddy taps Klarna Kosma for automatic expense tracking
The partnership has resulted in 52% more monthly active users for Buddy, Klarna Kosma says.
FinTech Futures: Top five stories of the week – 3 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
MFS Africa partners Western Union to broaden financial inclusion
The service will see funds from across the globe move through payment rails operated by MFS Africa.
Tudi taps ThetaRay for transaction monitoring solution
Through the partnership, ThetaRay will provide Tudi its Sonar transaction monitoring solution.
Revolut records first full year of profitability, plots global expansion
In its long-awaited annual report, Revolut says it recorded £26.3 million in profit for 2021.
Power to the people: How Zenus Bank aims to democratise access to banking
FinTech Futures sits down for a chat with Mushegh Tovmasyan, founder of Zenus Bank.
