Finovate Global: Fintech News from Asia, Africa, MENA, Latin America, and CEE

With our first conference in Dubai last month, FinovateAsia back on the Finovate calendar and our first trip to Africa scheduled for later this year, Finovate VP Greg Palmer’s observation that “the sun never sets on the Finovate Empire”, rings all the more true.

Here’s a look at some of the latest fintech news from places where technological innovation helping create better life opportunities for those who need it help most.


  • Ayondo to list on Singapore Exchange.
  • Kreditech partners with PayU to launch PayU Monedo in India, which offers cardless EMI for online purchases.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.


  • Angola’s domestic payments processor EMIS migrates to EMV chip and pin courtesy of solution from Gemalto.
  • Standard Chartered Bank launches digital bank in Cote d-Ivoire
  • Partnership between Mastercard and Uganda’s M-Kopa brings QR payment technology to pay-as-you-go, pilot solar energy program.


  • Turkish digital wallet firm, BKM introduces payment-without-checkout shopping experience.
  • Riyad Bank in Saudi Arabia unveils contactless bracelets and stickers for tap-and-go shopping.
  • Entrepreneur India looks at how a Bahrain-based payments firm, Arab Fianncial Services, is taking its business to India.


  • Banking Technology: Banpro launches’s first Spanish-speaking virtual banking assistant.
  • Startupbootcamp Scale FinTech Mexico City introduces its inaugural cohort of startups: Billin from Spain, Facturedo from Chile, and Expediente Azul, Pagamobile, and Quotanda from Mexico
  • Tech Bullion highlights the new report on international fintech’s expansion to the Latin American market from Finnovista.


  • looks at the number of Polish companies that demoed at FinovateEurope 2018 this month.
  • The Bank of Lithuania reaches out to developers interested in its regulatory sandbox platform for blockchain projects, LBChain.
  • Romanian bank Raiffeisen Bank International (RBI) launches accelerator program, Elevator Lab with five startups, Gauss Algorithmics, SONECT, 360kompany, Asteria, and Moxtra.

Top image designed by Freepik

Finovate Alumni News


  • SME Financing Meets Cross-Border Payments as BlueVine Partners with Veem.
  • Experian Acquires ClearScore for $385 Million.
  • Pindrop Partners with Voice Solutions Provider Aeriandi.

Around the web

  • Ethoca launches Integrated Solution suite to eradicate chargebacks.
  • Revolut launches direct debits in Europe.
  • PayU, Kreditech to offer cardless EMI option of Rs 1 lakh for online purchases.
  • Lendio franchise announced in South Charlotte region.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News


  • Revolut Adds Travel Insurance to its Insurtech Offerings.
  • Going Beyond the Demos this Year
  • Envestnet | Yodlee Unveils Single API Solution to Support PSD2, Open Banking Compliance.
  • Upserve Bolsters Online Ordering Features

Around the web

  • Expensify celebrates 10 years of expense reports.
  • Handelsblatt features Kreditech (article in German).
  • Kinetica and UClick push solutions to South Korea.
  • NCR to power prototype branch for UnionBank of the Philippines
  • Bluefin partners with AvantCom Payments Corporation (APC) to provide PCI-Validated P2PE to Oracle clients.
  • Worldpay expands payment processing into Turkey with iyzico.
  • VietinBank announces migration of debit card transactions to Compass Plus’ TranzWare system.
  • Barbican Insurance Group teams up with FICO to better measure the cybersecurity risk of the insured.
  • Cloud Lending Solutions unveils Xcelerate Software Implementation Program.
  • Panalpina World Transport chooses Tradeshift to support digitization of its procure-to-pay process.
  • Ripple joins sharing economy startup Omni’s $25 million fundraising with an investment of XRP.
  • Overbond wins Most Innovative Third-Party Technology Vendor (Front Office) category at American Financial Technology Awards.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Kreditech Leverages Mambu’s Banking Technology for Expansion to Indian Market

Kreditech has selected Mambu’s Software-as-a-Service (SaaS) banking engine for its push into India’s lending market, reports Antony Peyton of Banking Technology (Finovate’s sister publication.)

The firm currently operates in Europe and Latin America and said it will expand into the sub-continent in early 2018, together with its partner PayU, a payments provider and a Mambu client in Latin America.

The engine will let Kreditech launch a short-term lending product tailored to local consumer and regulatory needs.

Alexander Graubner-Müller, CEO of Kreditech, said by using “alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge” – and it offers them “access to loans and thereby help them to gain economic independence”.

He added that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.

The loan product is expected to go live in the first quarter of 2018, all data will be hosted by Amazon Web Services (AWS) India.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than five markets, including Russia, Mexico, Spain and Poland. Up until now, the company says it has processed more than five million loan applications through its subsidiaries. Kreditech demonstrated its the effectiveness of its Kreditech algorithm that assesses client creditworthiness in less than a minute at FinovateSpring 2014.

A FinovateAsia alum, Mambu demonstrated its native cloud Saas banking application at our Singapore conference in 2013. Based in Berlin and founded in 2011, Mambu has forged partnerships with a number of FIs and fintechs in recent months including a deal with ABN Amro’s new fintech firm, New10 in October, and a deployment with German challenger bank, N26 announced in September.

KPMG, H2 Ventures Unveil Fintech 100 for 2017

It’s that time of the year once again: KPMG and H2 Ventures have teamed up to introduce their Leading Global Fintech Innovators roster, the Fintech 100 for 2017. The judges for this year’s Fintech 100 included more than 20 professionals from KPMG and other organizations with expertise in IT, data analytics, capital markets, financial services, and more.

This year 11 Finovate/FinDEVr alums made the Leading 50, with another 12 alums making the Emerging 50. New entrants to the KPMG/H2 Ventures roster include SoFi and Revolut among the Leading 50. All 12 the alums on the Emerging 50 are making their first appearance. See the full list.

Some of the highlights from the 2017 Fintech 100 include the observation that five of the roster’s top 10 companies are from China, as are the top three companies on the list: Ant Financial, ZhongAn, and Qudian (Qufenqi). The U.S. has a pair of companies in the top five: Oscar and Avant, and Europe and the U.K. each have one company in the top ten: Kreditech and Atom Bank, respectively.

Speaking of Asia, the Asia-Pacific region has 30 fintech companies in the top 100. The United States has 19 companies – the most from any single country – and the U.K. and EMEA areas have 41 companies in the list. The U.K. and EMEA region are also responsible for the highest number of companies on KPMG/H2 Ventures’ Emerging 50 list with 26.

With regard to sectors within fintech, the Fintech 100 breaks down as follows:

  • 32 lending companies
  • 21 payments companies
  • 14 transaction and capital markets companies
  • 12 insurance/insurtech companies
  • 7 wealth management/wealthtech companies
  • 6 cybersecurity/regtech companies
  • 4 blockchain/digital currency companies
  • 3 data and analytics companies

Alums from the Leading 50

Alums from the Emerging Stars

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.









Credit Karma





Gusto (formerly ZenPayroll)










Personal Capital





Ripple Labs
















PayU Investment in Kreditech Marks Largest Funding for a German Fintech

In a funding round led by online payment service provider, PayU, Germany’s Kreditech has raised $120 million (€110 million). The investment is the largest equity investment in a German fintech company to date. Kreditech CEO Alexander Graubner-Müller said his company was looking forward to bringing “point-of-sale finance” to markets where “reliable credit risk assessment” is lacking. Graubner-Müller added “Teaming up with PayU provides underbanked customers new possibilities and supports our mission of providing financial freedom through technology.”

In addition the record-setting nature of the funding, the partnership between Kreditech and PayU also represents what the company called in a press release: “the first such strategic cooperation pact between a payment service provider and a technology driven consumer finance company.” Pointing to its commitment to bring credit and financial services to the underbanked, PayU CEO Laurent le Moal said his company’s “substantial investment” in Kreditech will “help to bring pioneering machine learning and AI technology to the many high growth markets around the world that need better access to financial services.”

Pictured (left to right): Co-founders Sebastian Diemer and Alexander Graubner-Müller demonstrating Kreditech’s platform at FinovateSpring 2014.

This week’s funding adds to the $10.4 million Kreditech raised in a round led by Japan-based Rakuten last December. With total capital of more than $280 million, the Hamburg-based online lender has earned a valuation of between $325 million and $540 million, according to an estimate in TechCrunch.

Kreditech has processed more than four million loan applications via its subsidiaries, leveraging its API-driven, lending-as-a-service approach to make it easy for partners to integrate and custom-fit a variety of consumer finance solutions. These include loan application and credit risk management products, e-signature and customer service, loan refinancing, processing, and collections. The company is active in more than five markets around the world – including Russia, Mexico, Spain, and Poland, where Kreditech and PayU recently completed an $11 million (€10 million), 12-month pilot program.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech demonstrated its technology at FinovateSpring 2014. Named to H2 Ventures and KPMG’s Fintech 100 in 2016, the company added a pair of new board members last month: former Vanquis Bank CEO Michael Lenora and OneSavings Bank CEO Andy Golding.

Finovate Alumni News


  • Bitbond Gains $5.4 Million Debt Commitment and Undisclosed Equity Investment.
  • PayU Investment in Kreditech Marks Largest Funding for a German Fintech.


  • FinDEVr Alum Symbiont Scores Funding from China’s Hundsun Technologies.
  • Check out our latest FinDEVr APIntelligence.

Around the web

  • CSI globalVCard to integrate Visa Payables Automation into its paysystem Payables platform.
  • Kontomatik earns top 50 spot in the 2017 Dutch FinTech Awards. Join Kontomatik for FinDEVr London in June.
  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.
  • ACI Worldwide’s point-to-point encryption solution earns PCI P2PE compliance validation.
  • Delaware’s Dover FCU to deploy core in-house processing technology from Jack Henry’s Symitar division.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.


Finovate Alumni News


  • Meniga Scores $8 Million to Help Banks Leverage their Data.

Around the web

  • Visa Checkout achieves 20 million enrolled accounts milestone.
  • Kreditech adds two new independent board members.
  • Tradeshift unveils major platform update, Magellan 1.
  • Kofax launches cloud-based document capture and invoicing solution, ReadSoft Online R9.
  • Mitek announces reaching $1 trillion deposit milestone for its Mobile Deposit solution.
  • OutSystems picks up SOC 2 Type 1 attestation report affirming quality of company’s internal controls and processes. Check out the company’s presentation from FinDEVr  2017 New York.
  • NIBC Direct partners with AdviceRobo to help it pro-actively flag mortgage clients that could fall into default.
  • Blackhawk Network Launches Website for Reward Prepaid Cards in Canada

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Investment from Rakuten Boosts Kreditech’s Total Capital By More than $10 Million


Germany consumer finance innovator Kreditech has just picked up a $10.4 million (€10 million) investment from Japan’s Rakuten. The new funds, which will be used to develop Kreditech’s partnership business, take the company’s total capital to more than $160 million. According to TechCrunch, the investment gives Kreditech a valuation of $313 million (€300 million).

In a statement accompanying the announcement, Kreditech founder and CEO Alexander Grabner-Müller emphasized how the capital will help drive the company’s partnership business. He also praised Rakuten’s investment in his company’s “mission to improve financial freedom for the underbanked through technology.” Kreditech CFO Rene Griemens added that Rakuten’s “strong market position in Asia” could be a “door opener” for the company which already has a presence in Russia, Poland, Romania, Spain, and Mexico, as well as its home country of Germany.

Kreditech is not the only fintech, nor the only Finovate alum, that Rakuten has invested in. The firm invested $15 million in Azimo this spring, and contributed to Currency Cloud’s $18 million Series C round last summer. Speaking of Kreditech, Rakuten Fintech Fund managing partner Oskar Mielczarek de la Miel highlighted the company’s “distinctive big-data-driven credit model and tech expertise” and complimented Kreditech’s “unique model of individual empowerment through access to credit.”

Founded in 2012, Kreditech demonstrated its technology at FinovateSpring 2014. The company’s solutions leverage non-traditional data and machine learning to provide financing options such as loans, PFM, and digital wallets to underbanked communities. In October, Kreditech was named to the 2016 Fintech 100 sponsored by H2 Ventures and KPMG—the same month the company announced that former mBank veteran Michal Panowicz was joining it as chief product and information officer. Kreditech launched its online POS financing solution, Monedo Now, in June, providing online consumers with instant financing of as much as $5,500.