ICYMI fintech funding round-up: Sourcefin, Volume, Leap Financial, and Juicyway
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Africa
The latest fintech news, resources and expert analysis in Africa by the leading intelligence provider for the worldwide fintech community.
Tyme Group achieves unicorn status with $250m Series D led by Nubank
Brazilian challenger Nubank contributed $150 million to the funding round.
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Standard Chartered exploring potential sale of wealth and retail banking units in Botswana, Uganda and Zambia
Standard Chartered says the potential sales will fund “incremental investment” in its wealth management business.
Former Solaris execs to launch fintech start-up Zazu for African SMEs
Zazu will provide business banking services and financial management tools to African SMEs.
Ecobank teams up with Nium to enable cross-border payments across 35 African markets
The partnership will embed Nium’s real-time payments infrastructure into Ecobank’s banking operations.
Visa backs four new African fintech start-ups as part of $1bn continental commitment
OkHi, Workpay, Oze and Orda.Africa have all received investment from Visa.
Bank of Namibia taps Konsentus to support open banking implementation
Konsentus is to “identify, recommend and facilitate” the development of API standards in Namibia.
Standard Bank selects Volante Technologies’ PaaS for ISO 20022 compliance
The $166 billion-asset bank has adopted the vendor’s PaaS and embedded pre-processing solutions.
Afin Bank partners with Thought Machine and Vacuumlabs to power digital launch
Last week, Afin Bank obtained an Authorisation with Restrictions (AwR) banking licence.
Africa’s “fastest-growing fintech” Moniepoint secures $110m Series C funding
The round was led by Development Partners International with participation from Google’s Africa Investment Fund.
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Afin Bank lands AwR banking licence, plots 2025 launch of mortgage offering for UK’s African diaspora
Afin Bank has now entered the mobilisation stage and plans to begin lending next year.
GTBank live with new core banking system, Infosys Finacle
The Finacle core banking system has replaced GTBank’s legacy ICS Banks solution from ICSFS.
Kenya migrates national payment system to ISO 20022
ISO 20022 facilitates communication between different financial systems and institutions globally.
Nigeria’s OmniRetail acquires SME payments platform Traction Apps
OmniRetail is a start-up aiming to digitise traditional e-commerce through its suite of software products.
NBS Bank swaps Temenos T24 core banking system for Oracle Flexcube
NBS Bank is a mid-size financial institution offering retail, SME and corporate banking services in Malawi.
Morocco’s CIH Bank taps Backbase for Engagement Banking platform
CIH Bank will use the platform to onboard both local customers and Moroccans living abroad.
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Egypt’s Commercial International Bank names Tony Prestedge as executive board advisor
CIB Egypt has also announced a new CEO and non-executive chair of the board.
Zambian fintech Lupiya partners Network International for debit card programme
The fintech is leveraging Network’s “comprehensive suite of card payment processing solutions”.
Paymob secures $22m Series B extension to continue GCC roll-out
The Cairo-based paytech has now raised $72 million in Series B funding.
Ghana’s Fido raises $30 million in debt and equity to extend AI-powered lending services across Africa
The fintech will use the funding to expand its reach and product offering.
HSBC reportedly considering sale of its South African business
Bloomberg reports that banks from Africa, China, and the UAE are interested in HSBC South Africa.
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Sendsprint acquires Nobel Financial to expand remittance services in the US
Scott McClain, Nobel Financial’s chief compliance officer, will also join Sendsprint in the same role.
Egypt’s MNT-Halan expands into Turkey with acquisition of Tam Finans
The move comes after the Giza-based firm announced a $157.5 million funding round last week.
July 2024: Top five fintech funding rounds of the month
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Kenya’s Diamond Trust Bank taps Network International for digital payment solutions
The bank will utilise Network International’s platform for debit, credit and prepaid card hosting and processing.
Egypt’s MNT-Halan raises $157.5 million, plots regional expansion
The international expansion will be aided by both M&As and partnerships.
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Nala bags $40m Series A to scale remittance services
Part of the funds have been earmarked to build Nala’s B2B payments platform, Rafiki.
TymeBank promotes former Retail Capital chief Karl Westvig to CEO
Westvig first joined TymeBank in 2023 through its acquisition of Retail Capital.
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South Africa’s TymeBank plots $150m Series D round ahead of 2028 IPO
TymeBank expects to complete the round in Q4, with hopes of achieving unicorn status.
UK’s FCA imposes restrictions on e-money firm AstroPay
AstroPay blocked by the regulator from accepting new customer funds and providing payment services.
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Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system
Centenary Bank signed for a suite of solutions from Oracle FS for front-to-back office modernisation.
Student lending start-up Scolaris Finance taps Sopra Banking Software for core platform
Scolaris Finance board chair Dr Simon Aziati cites the adoption of the core platform as “a crucial step”.
Stripe’s Paystack leads investor group set to acquire Nigerian fintech start-up Brass
Other members of the investment group include PiggyVest, Ventures Platform and P1 Ventures.
