Finovate Global

Finovate Global: Meet the International Alums of FinovateFall 2025!

Finovate Global: Meet the International Alums of FinovateFall 2025!
By David Penn Posted on
Categories: Aurem, Dimply, ebankIT, Finovate Global, FinovateFall 2025, FintechOS, ID-Pal, Keyless, LemonadeLXP, MoneyPlanned, OPL, R34DY, Sequretek

Eleven of the more than 60 companies that will be demoing their latest fintech innovations live on stage at FinovateFall next week are headquartered in countries other than the US.

This week’s edition of Finovate Global highlights these fintechs from the Middle East, Western and Central Europe, Canada, India, the UK, and Ireland. With innovations in fields ranging from wealth management and digital banking to fraud prevention and lending, this year’s roster of international alums is a reminder of the robustness of fintech innovation around the world.

FinovateFall 2025 comes to the New York Marriott Marquis in Times Square, September 8 through September 19. Tickets are still available. Visit our FinovateFall hub and save your spot today!

Aurem – Abu Dhabi, UAE

Founded in 2022, Aurem offers an intelligent operating system for retirement and wealth providers. Their platform helps institutions unify and optimize their products, processes, and data and deliver them globally in days.

Dimply – Ireland

Founded in 2020, Dimply enables organizations to optimize operations, enhance customer engagement, uncover growth opportunities, and accelerate digital transformation.

ebankIT – Porto, Portugal

Founded in 2014, ebankIT empowers financial institutions to innovate quickly, reduce costs, and deliver personalized services across all channels, accelerating growth and future-proofing their digital strategy.

FintechOS– London, England

Founded in 2017, FintechOS enables banks and credit unions to launch any product faster, modernize customer experiences, and adapt quickly to market and regulatory changes—without replacing their core systems.

ID-Pal – Dublin, Ireland

ID-Pal facilitates business growth with AI-powered identity verification and AML screening, increasing operational efficiency and customer trust.

Keyless – London, England

Founded in 2019, Keyless replaces outdated MFA with biometrics, improving UX and saving millions. One bank saved $3.5 million by eliminating call centers for OTP-based recovery.

LemonadeLXP – Ottawa, Canada

Founded in 2018, LemonadeLXP’s InsightAI improves staff and customer education and access to knowledge, while driving significant operational efficiencies.

MoneyPlanned – Bengaluru, India

Founded in 2021, MoneyPlanned empowers institutions to offer intelligent, automated financial planning—boosting advisor efficiency, reducing cost-to-serve, and delivering personalized client experiences at scale.

OPL – Ahmedabad, Gujarat, India

Founded in 2015, OPL’s cash-flow-based lending helps banks transform their operations through agile lending, AI-driven insights, and intelligent credit underwriting—expanding credit access to SMEs.

R34DY – Budapest, Hungary

Founded in 2019, R34DY helps organizations transform their business by taking the pain out of integrations and making it easy for business owners to create use cases and reduce time to market.

Sequretek – Mumbai, India

Founded in 2013, Sequretek provides AI-powered, continuous threat exposure management ensuring compliance, governance, and holistic threat visibility across cloud and on-premises systems.

Here is our look at fintech innovation around the world.

Latin America and the Caribbean

  • Mexico-based SME platform Kapital doubled its valuation to $1.3 billion upon securing up to $100 million in Series C funding.
  • Latin America’s largest insurtech, 180 Seguros, raised $9 million in funding.
  • Evertec acquired 75% stake in Brazilian fintech Tecnobank.

Asia-Pacific

  • Hong Kong-based stablecoin-powered cross-border payments infrastructure provider Obita announced $10 million in new funding.
  • Stripe Terminal launched in Japan.
  • International payment solutions provider dtcpay inked a Memorandum of Understanding (MoU) with the People’s Committee of Da Nang during Vietnam Blockchain Day.

Sub-Saharan Africa

  • Tanzania-based fintech NALA expanded into Kenya courtesy of a partnership with Equity Bank and Pesalink.
  • Ripple partnered with Chipper Cash, VALR, and Yellow Card to make its USD-backed stablecoin Ripple USD (RLUSD) available to institutions in Africa.
  • Congolese fintech Maishapay earned a spot in Visa’s Africa Fintech Accelerator program.

Central and Eastern Europe

  • JPMorgan Chase announced plans to launch a digital bank in Germany.
  • Payments network TrueLayer went live in Poland this week.
  • Tietoevry Banking signed a SaaS agreement with IC Cash Services, its first foray into the German ATM market.

Middle East and Northern Africa

  • Israel-based fraud prevention innovator BioCatch and Nasdaq Verafin partnered to fight payment fraud.
  • Mastercard and Zain Cash teamed up to advance digital payments in Jordan.
  • Egyptian cross-border digital solutions provider Munify raised $3 million in seed funding.

Central and Southern Asia

Photo by Gaël Gaborel – OrbisTerrae on Unsplash

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Finovate Global Singapore: Investments in Open Banking, Payments, and the Blockchain

Finovate Global Singapore: Investments in Open Banking, Payments, and the Blockchain
By David Penn Posted on
Categories: Finovate Global

This week’s edition of Finovate Global looks at recent fintech news from Singapore.

Open banking firm Atlas Consolidated raises $18.1 million

Open banking may be on the ropes in the US, but progress is marching on in Singapore. Open banking platform Atlas Consolidated, a Singapore-based Banking-as-a-Service (BaaS) company, announced that it had secured $18.1 million in Series B funding. The investment was led by Tin Men Capital, and featured participation from strategic investors Getz, Inc. and Woodside Holdings Investment Management.

Atlas Consolidated is the owner of Hugosave and HugoHub, and leads the consortium behind HugoBank. Hugosave is the company’s wealth and savings app with 100,000 customers in Singapore. HugoHub is Atlas Consolidated’s BaaS platform, which provides a full-suite of modular banking services via a single integration. HugoBank secured its digital banking license from the State Bank of Pakistan at the beginning of 2025.

“Banks are under immense pressure to transform digitally while still relying on decades-old core systems that are costly, rigid, and fragmented,” Tin Men Capital Co-Founder and Managing Partner Jeremy Tan said. “HugoHub’s full-stack ‘bank-in-a-box’ solution gives banks the flexibility to launch new products, integrate services where they matter most, and refine features without disrupting the wider system. In turn, they can innovate faster, compete with neo and challenger banks, and operate with radically better economics.”

HugoHub, according to the company, has reduced users’ technology spending by up to 90%, cut overall operating expenses by up to 80%, and enables higher customer-to-staff ratios than are possible with traditional banking models.

“This investment marks a pivotal step in our mission to build better banks through technology,” Atlas Consolidated CEO David Fergusson said. “With Tin Men Capital’s support, we can accelerate HugoHub’s expansion to new markets, helping traditional financial institutions create more efficient, inclusive, and sustainable systems.”

Ripple, Circle join investment in Tazapay

Speaking of funding for Singapore fintechs, Ripple (US) and Circle Ventures were among a handful of investors that participated in an investment in Singapore’s Tazapay, a cross-border payments infrastructure platform. The Series B round was led by existing investor Peak XV Partners. Norinchukin Capital (Japan), GMO VenturePartners (Japan), January Capital, and ARC180 were also involved in the funding. The amount of the investment was not disclosed.

Currently licensed to operate in Singapore, Canada, and the EU, the funding will help the Tazapay expand further into areas such as Japan. The company is presently applying for licenses in the UAE, Hong Kong, Australia, and the US, and is also applying for a Digital Payment Token (DPT) license in Singapore. Securing this license would help Tazapay meet regulatory obligations ahead of incorporating digital payment tokens, including stablecoins, into its cross-border payment offering. Company CEO and Co-founder Rahul Shinghal noted this last point in his statement on the funding.

“We’re entering the next chapter of our journey—one where modern payment technologies, regulatory compliance, and partnerships with global leaders will enable the future of cross-border commerce,” Shinghal said. “With this round, we are not just capitalizing the business; we are investing in our long-term vision to become the builder of a global payment collection and payout infrastructure built on modern rails. One of the key use cases this infrastructure serves is being the Fiat bridge for stablecoins in emerging markets.”

Founded in 2020, Tazapay offers local collection and payout capabilities in more than 70 markets around the world. The company processes more than $10 billion in annualized payment volume and is growing at 300% year-over-year. The company’s platform provides comprehensive coverage across alternative payment methods, cards, virtual bank accounts, payouts, and stablecoins.

OCBC launches billion dollar commercial paper program using the blockchain

Did someone say “stablecoins”? There’s news on Singapore’s blockchain beat, as well.

Singapore’s Oversea-Chinese Banking Corporation (OCBC) has initiated a new, $1 billion digital US commercial paper program using blockchain technology. The goal of the program is to provide access to almost instantaneous short-term US dollar funding capabilities by leveraging on-chain tokenized securities and funds. In addition to issuance and settlement, the program will also feature on-chain record-keeping and servicing.

“Singapore’s blockchain ecosystem is advancing fast, and asset tokenization is gaining real momentum,” OCBC Head of Global Markets Kenneth Lai said. “Our focus is now firmly on commercialization. We have already tapped blockchain for intraday repo and reverse repo transactions—capabilities added last year—and are now expanding into the USCP market to strengthen liquidity and resilience.”

OCBC is the longest established bank in Singapore, formed in 1932 via the merger of three banks: the Chinese Commercial Bank Ltd, the Ho Hong Bank Ltd, and the Oversea-Chinese Bank Ltd. OCBC is also the second-largest financial services group in the Southeast Asia by assets. The institution offers a range of financial services including consumer, corporate, and private banking; insurance; and asset management. OCBC reported net profits of $2.88 billion (S$3.7 billion) for the first half of this year.

Here is our look at fintech innovation around the world.

Central and Southern Asia

  • Mumbai-based business microservices startup TransBank raised $25 million.
  • Infosys and Mastercard teamed up to scale cross-border payments.
  • The State Bank of Pakistan (SBP) opened applications for the first cohort for its new regulatory sandbox.

Latin America and the Caribbean

  • Latin American super app Rappi teamed up with international wallet platform AstroPay to launch a new wallet-on-file integration.
  • Bitso’s B2B arm Bitso Business announced a partnership with stablecoin payments provider BVNK.
  • The Central Bank of Barbados picked Montran Corporation to design and deploy the country’s new instant payment system.

Asia-Pacific

Sub-Saharan Africa

  • Nedbank announced plans to acquire South African fintech iKhokha for $94 million.
  • Techeconomy looked at the importance of understanding local financial habits in scaling fintech in Nigeria.
  • South African payments processor BankservAfrica rebranded to PayInc SA.

Central and Eastern Europe

  • AInvest examined the recent PayPal-Germany payment crisis, in which more than €10 billion in transactions blocked due to a security system failure.
  • Lithuanian regtech AMLYZE signed a partnership agreement with payment service provider Perlas Finance.
  • PEAC Solutions acquired German fintech topi as part of its European expansion plans.

Middle East and Northern Africa

  • UAE-based fintech Holo secured $22 million in Series A funding.
  • Algeria introduced its first fintech regulations for payment service providers, digital wallets, agents, and more.
  • FenanPay secured a commercialization license from the National Bank of Ethiopia (NBE).

Photo by Mike Enerio on Unsplash

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Finovate Global: Workforce Management and Capacity Planning with Cinareo Solutions’ Karen Elliott

Finovate Global: Workforce Management and Capacity Planning with Cinareo Solutions’ Karen Elliott
By David Penn Posted on
Categories: CEO Interview, Cinareo Solutions, Finastra, Finovate Global, Mambu, MasterCard, Nubank

This week’s edition of Finovate Global features an interview with Karen Elliott, CEO and Co-Founder of Cinareo Solutions.

Headquartered in Ontario, Canada and founded in 2022, Cinareo Solutions complements workforce management platforms, helping them streamline contact center operations and mitigate risk by enabling precise resource allocation and decision-making that is driven by data.

Cinareo made its Finovate debut earlier this year at FinovateSpring 2025 in San Diego, demonstrating how its SaaS solution provides scenario-based capacity planning for both contact center agents and support staff. The company’s technology leverages industry-recognized statistical models and simulations to help businesses meet customer demands as well as vital financial KPIs.

We caught up with Karen Elliott recently to learn more about the field of capacity planning, the role of enabling technologies like AI, and how Cinareo Solutions helps contact centers ensure that the right person with the right skills is in the right place at the right time.

What role does capacity planning have in workforce management? What makes it challenging and how does Cinareo help companies better meet those challenges?

Karen Elliott: Capacity planning is the strategic backbone of workforce management. It determines how many people you need with the right skills, in the right place, at the right time, to meet service levels without overspending on labor. In contact centers, capacity planning sits upstream of scheduling—it uses historical data, forecasts, and business assumptions to set headcount and budget requirements weeks, months, or even years in advance. Effective planning ensures customer demand is met efficiently and profitably.

The challenge is that unpredictable demand, scattered data, and outdated tools make planning a constant challenge. Most organizations resort to using Excel spreadsheets and spend hours or even days of manual labor and embedded formulas to try to figure out the optimal plan. Cinareo streamlines the process by ingesting your data and enabling rapid “what-if” scenario modeling and multi-skilling simulation to create optimized plans for both agents and support staff with the click of a button. 

Not only does Cinareo handle planning with ease, but the platform also creates financial budgets and recruitment and training plans so you know who to hire, and when, to ensure you meet your service targets.

Who are Cinareo’s primary customers? How do you reach them?

Elliott: Cinareo is an industry-agnostic platform for all contact centers.  We have customers worldwide in financial institutions, telecom, travel, utilities, retail, and even government.  We partner with CCaaS and WFM solutions to integrate directly into their platforms so that data can flow seamlessly into Cinareo.  Any organization with variable demand, labor-intensive operations and service or cost targets would get huge benefits from using a platform like Cinareo. 

We have a wide network of referral agents and ISV partners that recommend Cinareo to their clients when they see a clear need.  Cinareo offers webinars and monthly product showcases to demonstrate the power behind the platform—or can even arrange custom demos and proof of concepts to make sure potential customers truly understand the benefits of a modern planning platform like Cinareo.

What in your background led you to pursue innovation in this field?

Elliott: I spent 12 years at the IBM Innovation Center earlier in my career within the User Experience group with a key focus on user-centric software solutions.  After leaving IBM, I co-founded a professional consulting firm that specialized in contact center optimization that helped organizations improve their people, processes, technology, and knowledge. 

Years of consulting highlighted a huge gap in the market in regard to capacity planning.  We worked with countless private and public sector organizations that would build these complex spreadsheets to determine their optimal staffing and we decided there needed to be a better way, so we created Cinareo.  It was built to complement any CCaaS or WFM platform in the market and integrate into whatever was the customer’s platform of choice.  If customers switch platforms, they can take Cinareo with them—having a portable, agnostic solution was key to the design. 

Another important goal was designing a platform that was simple and intuitive based on years of experience in user-centric design.  We even have our customers as active members of the planning and design of the solution—this ensures that everything we build is focused on the needs and requirements of the people using the software.

What role do enabling technologies like AI play in developing innovative workforce management solutions?

Elliott: Capacity planning remains relevant in contact centers even if AI is involved, and it can take on a different but crucial role in optimizing the overall performance. While AI can now handle routine queries or simple updates, the reality is much more complex. Cinareo helps determine the right mix of AI-driven processes and human resources to meet the demand efficiently. Our customers are modelling their operations using Cinareo to determine the ideal balance of human agents vs bot and the ROI on an investment in AI as well.  

Incorporating AI into Cinareo is a given—we are already full steam ahead in our strategic plans to ensure that AI-driven capacity planning can make a dramatic difference. But true innovation in customer support isn’t about replacing the people—it is about giving people the ability to work faster and smarter – and we are doing that with Cinareo. 

You recently launched Flexible Monthly Planning. What is the value proposition with this new offering?

Elliott: We initially offered Cinareo as a strategic, long-term capacity planning platform where users could build 12-, 24- or 36-month plans.  However, as we continued to enhance Cinareo, our customers were telling us they wanted more flexibility in their planning, so we built in the capability to do weekly planning up to 52 weeks in order for contact centers to create tactical plans over the short or medium term. 

To continue to expand on Cinareo’s flexible platform, we recently launched more flexibility into our monthly planning as well, so customers can build a plan for any number of months up to 3 years in advance.  These enhancements were all driven by the needs of our clients since our goal is to have our software reflect “the voice of the customer” and truly be user-centric.

You made your Finovate debut at FinovateSpring earlier this year. How was the experience?

Elliott: We had a fantastic debut at FinovateSpring!  We generated a lot of great interest in the solution from the demo we provided. Prior to FinovateSpring, we had recently started onboarding more fintech clients and noticed an uptick in interest from banks, credit unions, and insurance agencies looking for a solution like Cinareo.  We thought FinovateSpring would be a great opportunity to demo Cinareo to a wider audience and get fintech companies to see the realm of the possible with a modern capacity planning solution. There is such a clear need in this sector for a solution that will not only improve CX and EX, but also provide important KPIs like the cost per contact to help with financial management.

What can we look forward to seeing from Cinareo in the months to come?

Elliott: We are excited over some of the new features that are set to launch in the months to come—we have been scaling up significantly to meet customer demand.  A couple new features that are soon to be released are multi-lingual functionality in addition to the ability to compare a plan with your historical data in a quick and easy way.  We will be offering our clients a way to see how their plan performed against their actuals in both performance and staffing—down to the 15-minute interval level.  This new feature will help our customers understand trends and patterns and be able to improve their planning moving forward.

That is just the tip of the iceberg—we have so many more exciting things planned over the next while. We would love to increase our customer base to have even more voices driving the future of our software! If you want to see how Cinareo can solve your capacity planning challenges, feel free to contact us.

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

  • Whish Money teams up with Mastercard to enable cross-border payments to Lebanon.
  • Bank of Algeria joined the Pan-African Payment and Settlement System (PAPSS) launched by the African Export-Import Bank (Afreximbank).
  • Qatar-based AlRayan Bank went live with Finastra Corporate Channels.

Central and Southern Asia

  • India celebrated National Fintech Day earlier this week.
  • Ukrainian fintech Fintech Farm launched its mobile banking service Tezbank in Uzbekistan.
  • The Institute of Chartered Accountants of India (ICAI) announced plans to unveil new Information Systems Audit Standards to enhance audit practices for startups, fintechs, and e-commerce companies.

Latin America and the Caribbean

  • Brazil-based digital financial services platform Nubank introduced Armando Herrera as new CEO of its Mexican operations.
  • Uruguayan cross-border payment platform dLocal teamed up with cross-border marketplace platform Tiendamia.
  • Puero Rico-based transaction processor and fintech EVERTEC announced plans to acquire a controlling stake in Brazilian fintech vendor Tecnobank.

Asia-Pacific

  • Japanese fintech JPYC announced plans to launch the first yen-denominated stablecoin this fall.
  • Thailand unveiled a new pilot program to enable visitors to convert cryptocurrencies into the local Thai Baht to facilitate purchases.
  • New Zealand-based small business management platform Xero partners with UAE-based Wio Bank PJSC.

Sub-Saharan Africa

  • Digital payments provider Peach Payments launched real-time clearance (RTC) payouts for merchants on its platform in South Africa.
  • South African fintech Street Wallet raised $350,000 in new funding.
  • African business bank Absa Business Banking selected Network International as its digital payments technology partner.

Central and Eastern Europe

  • OYAK ANKER Bank GmbH migrated its core banking systems to Berlin, Germany-based Mambu’s platform.
  • Turkish investment platform Midas raised $80 million in Series B funding.
  • Disruption Banking looked at the increasing popularity of crypto in Lithuania.

Photo by Derek Sutton on Unsplash

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Finovate Global Pakistan: Profits in E-Commerce, Investment in Logistics, and Partnerships in Cybersecurity

Finovate Global Pakistan: Profits in E-Commerce, Investment in Logistics, and Partnerships in Cybersecurity
By David Penn Posted on
Categories: Finovate Global

This week’s edition of Finovate Global features news on recent fintech developments in Pakistan.

Fintech Deal Draws Bazaar Technologies Closer to Profitability

A report in Bloomberg indicates that Pakistan’s most well-funded startup, Bazaar Technologies, is closing in on profitability. The company, which was founded in 2020, offers a B2B e-commerce platform that connects small retailers with suppliers. This digitization of traditional supply chains has been credited with empowering thousands of smaller merchants, known as “kiryana” shops, to participate in the digital economy.

It is the company’s recent acquisition of digital payments platform Keenu that has observers believing that Bazaar could achieve profitability in the coming quarters. Keenu offers payment services, including point-of-sale (POS) solutions, an online payment gateway, and a mobile wallet app, via a merchant acquiring network that spans more than 150 cities throughout Pakistan. A licensed Electronic Money Institution (EMI), Keenu processes more than $1 billion in annual payments.

The acquisition marked the first time a major Pakistan-based e-commerce company integrated payments into its operations, and has been seen as part of the State Bank of Pakistan’s National Payment Strategy to advance digital transformation and financial inclusion in the country.

“This is more than an acquisition—it’s a strategic alignment that redefines what it means to serve households and businesses in Pakistan,” Bazaar Technologies Co-Founder Saad Jangda said.

Bazaar has raised more than $100 million in funding from investors including Dragoneer Investment Group, Tiger Global, and Indus Valley Capital. The company is headquartered in Karachi.

Logistics Fintech Trukkr Secures Funding from UAE’s Yango Group

Via its investment arm, Yango Ventures, UAE-based technology company Yango Group announced an investment in Trukkr, a fintech platform in Pakistan that provides financial services to companies in the trucking business. The amount of the investment was not disclosed, but the funding does represent the first Pakistan-based investment for Yango Ventures. The investment will also provide Trukkr with Yango Group’s product expertise and insights from its operations in more than 30 markets around the world.

“We are excited to partner with Yango Group, in addition to their strategic equity investment, we find that their experience in building state-of-the-art logistics tech and deploying it in over 30 countries will allow us to strengthen our offerings in Pakistan and beyond,” Trukkr CEO Sheryar Bawany said.

Founded in 2019 by Hisham Adamjee, Mishal Adamjee, Kasra Zunnaiyyer, and Ali Haji, Trukkr is digitizing and modernizing Pakistan’s logistics market—a market alued at more than $35 billion. The company’s integrated SaaS platform and embedded finance solutions help trucking companies better conduct fleet management, trip coordination, invoicing, and lending operations. Recently securing a Non-Banking Finance Company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP), Trukkr also provides working capital and fleet financing solutions, as well as a robust loan management suite.

“Pakistan’s logistics sector is full of potential, and Trukkr is helping move it forward—by giving operators the financial tools they need to scale and succeed in a competitive market,” Yango Group CEO Daniil Shuleyko said. “We’re here to support that transformation with our experience and technology. This is the kind of local innovation we want to help grow, and it’s just the start of our work in Pakistan.”

Pakistan Bolsters Cybersecurity in Fintech as NIBAF Teams Up with Risk Associates

In a bid to enhance cybersecurity for the financial sector, the National Institute of Banking and Finance-Pakistan (NIBAF Pakistan) partnered with Risk Associates to deliver training on the Payment Card Industry Data Security Standard (PCI DSS). The training featured cybersecurity professionals and representatives from leading Pakistan-based banks and financial institutions, and was led by Risk Associates, an internationally recognized certification body and PCI Qualified Security Assessor (QSA).

The training included discussion on payment security architecture, cardholder data protection, and compliance lifecycle management. The partnership between NIBAF Pakistan and Risk Associates was made official via a Memorandum of Understanding (MoU) signed in June.

“Together with NIBAF Pakistan, we are delivering forward-looking training that empowers banking professionals to anticipate, adapt, and respond to dynamic threats with operational precision and confidence,” Risk Associates CEO Aftab Rizvi said in a statement. NIBAF Pakistan Co-CEO Lubna Farooq Malik noted that insofar as the financial industry is at the “forefront of profound digital transformation,” it must also lead the way in developing solutions that keep the financial industry and its customers safe.

Headquartered in Bella Vista, NSW, Australia and founded in 2004, Risk Associates assess and certifies businesses in order to establish their commitment to maintaining high security standards and complying with regulatory requirements. The company offers a variety of robust preventive, detective, and corrective cybersecurity solutions, and is a specialist in cybersecurity, risk, compliance, information governance, strategy, and training.

Here is our look at fintech innovation around the world.

Central and Eastern Europe

  • Latvian fintech Handwave secured $4.2 million in seed funding for its palm-based payment and identity platform.
  • Deutsche WertpapierService Bank (dwpbank) agreed to acquire Berlin-based brokerage-as-a-service platform lemon.markets.
  • Dutch paytech Mollie launched in Hungary, Slovenia, and the Czech Republic.

Middle East and Northern Africa

  • Alaan, an AI-powered corporate spend management platform based in the UAE, secured $48 million in Series A funding.
  • Israel-based startup QuamCore raised $26 million to build one million qubit quantum computer.
  • Open banking and embedded finance platform Tarabut secured in-principle approval from the Central Bank of the United Arab Emirates (CBUAE).

Central and Southern Asia

  • Uzbekistan-based fintech and digital bank Uzum locked in $70 million in equity financing at a valuation of $1.5 billion.
  • Logistics fintech Trukkr secured investment from UAE-based tech company Yango Group.
  • Indian debt collections platform DPDzero raised $7 million in Series A funding.

Latin America and the Caribbean

  • Mexican fintech platform Finsus acquired the technology of merchant cash advance platform Anticipa.
  • Stablecoin-based financial infrastructure company VelaFi forged a strategic partnership with stablecoin-powered payment network Noah.
  • Clip launched its all-in-one (AIO) point-of-sale (POS) device in Mexico.
  • Cross-border payment platform dLocal unveiled its SmartPix solution that enable merchants to process tokenized Pix payments including recurring and on-demand charges.

Asia-Pacific

Sub-Saharan Africa

Photo by Abuzar Xheikh on Unsplash

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Finovate Global Hong Kong: Funding for Stablecoins, Yields on Idle Capital, and More!

Finovate Global Hong Kong: Funding for Stablecoins, Yields on Idle Capital, and More!
By David Penn Posted on
Categories: Avaloq, Backbase, Finovate Global, PayPal, Temenos

This week’s edition of Finovate Global reviews the latest fintech news from Hong Kong.

RD Technologies raises $40 million in advance of stablecoin licensing

Hong Kong-based stablecoin infrastructure firm RD Technologies has secured $40 million in Series A2 funding. The round was jointly led by a consortium of both new and existing investors. Participating in the investment were ZA Global, China Harbour, Bright Venture, and Hivemind Capital. HSG, Eternal Digital, CMSC Partners, and Guotai Junan International Private Equity Fund were also involved in the funding. RD Technologies raised $40 million in a Series A1 round in September 2024.

The funding comes as Hong Kong’s stablecoin licensing regime takes effect. This regime provides a framework for stablecoin issuers, including the necessary licensing requirements as mandated by the Hong Kong Monetary Authority (HKMA) for companies seeking to issue fiat-backed stablecoins. The new Stablecoins Ordinance also requires these firms to maintain proper reserve asset management, robust stabilization mechanisms, and the capacity to process redemption requests at par value under ordinary conditions. Companies also must comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations as well as maintain obligatory risk management, disclosure, and auditing standards.

Founded in 2020, RD Technologies provides technology to help bridge the Web2 and Web3 worlds. An early advocate of stablecoins, RD Technologies drives responsible and sustainable innovation in digital finance via open networks, real-world use cases, and industry-wide collaborations. The company participated in the stablecoin sandbox launched by the HKMA earlier this year, and is developing HKDR, a stablecoin backed 1:1 by the Hong Kong Dollar, via its subsidiary RD InnoTech.

“We are thrilled with the passage of the Stablecoins Ordinance, which sets a clear and robust framework for the sustainable growth of Hong Kong’s virtual asset ecosystem as a global financial hub,” RD Technologies Rita Liu said earlier this year when the stablecoin legislation was passed. “As pioneers in the stablecoin space, with RD InnoTech Limited’s participation in the HKMA’s sandbox, we are dedicated to building trust by aligning with these regulations to deliver secure and innovative solutions for virtual asset trading, cross-border payments, and tokenization of real world assets.”

As part of the investment, RD Technologies and Hong Kong-based virtual bank ZA Bank inked a new partnership through which the two companies will investigate regulated stablecoin use cases in financial services.

Airwallex Launches Yield in Hong Kong

International payments and business financial platform Airwallex has introduced its Airwallex Yield solution in Hong Kong. Airwallex Yield is designed to enhance treasury management by enabling businesses to earn returns on their suplus funds held in multi-currency accounts. There are no lock-up periods with Airwallex Yield, which provides access to highly rated money market funds such as those managed by firms like Fullerton Fund Management and Goldman Sachs Asset Management.

The launch of the new solution, which also went live in Singapore recently, makes Airwallex the first global payments institution to secure a Securities and Future Commission (SFC) license for asset management services in Hong Kong. Yield currently enables companies to generate returns of up to 3.97% on multi-currency balances via discretionary portfolio management services. Airwallex also has partnered with JP Morgan Asset Management to leverage short-duration money market funds in order to provide liquid returns without minimum lock-up periods. Launched in Australia in the fall of 2023, Yield reached more than $67.3 million in funds under management.

“We’re excited to announce the full launch of Airwallex Yield to businesses in Hong Kong,” Airwallex Asia-Pacific General Manager Arnold Chan said. “We’ve seen growing demand from businesses looking for more effective ways to maximize the value of their capital. In today’s dynamic market environment, businesses are actively seeking ways to make their capital work harder. Airwallex Yield gives them a seamless and flexible way to earn returns on their balances, all from within the Airwallex platform. We’re not just looking to help businesses make the most of their surplus balances—we also want to encourage them to bring new funds to Airwallex because of the value Yield provides.”

Chocolate Finance, WeBank, Syfe Announce Hong Kong Entry and Expansion

A number of fintechs have announced plans to enter or expand their presence in Hong Kong of late.

First, Singapore-based Chocolate Finance has secured regulatory approval to being operations in Hong Kong. The news comes as the savings app announced that it has added $19.4 million in Series A+ funding to its coffers courtesy of a round led by Nikko Asset Management. The round also featured participation from existing investors Peak XV, Prosus, and Saison Capital, along with company founder Walter de Oude. Along with the funding news, Chocolate Finance announced a limited time Double Referral Program from July 22 to August 31, offering additional rewards and limited-edition merchandise.

Founded in 2022, Chocolate Finance delivers returns of up to 3% on savers’ first ($15,500) SGD 20k, 2.7% on the next ($23,250) SGD 30k, and 2.7% on any additional amount.

Next up, Chinese digital bank WeBank has won approval to set up its Hong Kong subsidiary, which will manage the institution’s overseas operations there and offer services to businesses covered by the Belt and Road Initiative.

WeBank was launched in 2014 by Tencent in partnership with a handful of other Chinese companies. The financial institution is the largest online-only lender in China, and is one of the world’s largest unicorns with a valuation of $32.4 billion (235 billion yuan).

WeBank’s Hong Kong subsidiary is expected to investigate potential opportunities in fintech such as real-world asset tokenization. The firm will also be a part of Hong Kong Monetary Authority’s “architecture community” for Project Ensemble, the HKMA’s wholesale central bank digital currency initiative.

Lastly, Chocolate Finance isn’t the only Asian company leveraging the occasion of a recent funding to announce increased engagement with Hong Kong. Singapore-based digital wealth platform Syfe recently announced that its $80 million Series C round in June will help fuel the firm’s regional expansion, including further inroads into Hong Kong.

“This fund raise comes at an exciting time as we grow our presence across the region and expand our offerings,” Syfe Founder and CEO Dhruv Arora said. “In our markets of Singapore, Hong Kong, and Australia, nearly half of all adults are in the ‘mass affluent’ segment, meaning those who have between a few hundred to a few million dollars in investable assets, and this segment is growing fast. As a platform built in the region, for the region, we have a deep understanding of what these investors need. We’re in a great position to serve them with personalized, accessible, and high-quality wealth management at scale.”

Syfe will use the capital, which includes an all-equity C2 round of $53 million, in part to fuel its expansion in Hong Kong. In a statement, the company noted that its business in Hong Kong has “doubled in size” since the beginning of the year. Syfe currently has more than $10 billion in assets under management as of end-of-year 2024 and has raised a total of $132 million in funding. The company was founded in 2019.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

  • Orange Money and BaaS fintech JUMO have teamed up to offer credit services in Africa.
  • MoneyBadger and Peach Payments partnered to make it easier for merchants to accept Bitcoin and other cryptocurrencies.
  • Forbes looked at the connection between African mobile money service, M-Pesa, and Western-based services such as Venmo and PayPal.

Central and Eastern Europe

Middle East and Northern Africa

  • Libyan Islamic Bank partnered with Backbase to modernize its consumer banking operations.
  • Israel-based tax preparation platform April raised $38 million in Series B funding.
  • Egypt’s Midbank announced the completion of its core banking migration with Temenos.

Central and Southern Asia

  • India’s Esaf Bank turned to SugarCRM for relationship management.
  • TBC Uzbekistan Fintech earned a spot on the CNBC and Statista roster of the world’s top fintech companies, the first Uzbek company to do so.
  • Zaggle Prepaid Ocean Services acquired Indian fintech startup Rio.Money.

Latin America and the Caribbean

  • Brazilian financial infrastructure firm QI Tech secured $63 million in a Series B extension round.
  • PitchBook looked at seven fintech startups driving digital banking in Mexico.
  • Payment solutions provider Boku was granted a Payment Institution license from the Central Bank of Brazil.

Asia-Pacific

Photo by Florian Wehde on Unsplash

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Finovate Global France: Cash Management, Banking Licenses, and Services for Seniors

Finovate Global France: Cash Management, Banking Licenses, and Services for Seniors
By David Penn Posted on
Categories: Finovate Global

This week’s edition of Finovate Global looks at recent fintech headlines from France.

Spiko secured $22 million in Series A funding

French fintech platform Spiko has raised €18.9 million ($22 million) in Series A funding. The round was led by Index Ventures and featured participation from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall. Spiko will use the funds to power its go-to-market strategy and to make investments in sales, marketing, product development, and new partnerships.

Founded in 2023 and headquartered in Paris, Spiko offers a cash management platform designed to democratize access to money market funds and treasury yields. Spiko leverages tokenization technology to enable individuals and businesses to earn interest on their cash by investing in Treasury bills.

“In Europe, there’s a mistaken belief that your money won’t earn interest unless you lock it away or take on risk,” Spiko Co-founder Paul-Adrien Hyppolite said. “But as long as central bank rates are above zero, sitting on idle cash means European businesses are missing out on returns that US competitors routinely receive. With Spiko, we’re changing the game by making it easy for anyone to put their cash to work.”

Spiko’s business is based on what the company says is €21.5 trillion in European bank deposits that are “missing out” on higher yields. These funds also lack essential capital protection and contribute to capital inefficiency. This is unlike in the US where systems for managing liquidity are more sophisticated, enabling both small companies and large enterprises to earn interest on their cash holdings without fear of losing liquidity. Meanwhile in Europe, more and more companies have been seeking better cash optimization strategies, as well as ways to diversify their cash deposits. As a former economist at the French Treasury, Hyppolite—and his co-founder Antoine Michon, who was a technology advisor to France’s Minister of Public Sector Transformation—have had a front-row seat to this challenge.

After a year in operation, Spiko has more than €344 million ($401 million) in AUM and has processed more than €775 million ($902 million) in working capital from 1,000+ businesses. Spiko anticipates achieving €862 million ($1 billion) in AUM by the end of the year.

Paris-based Qonto seeks banking license

Financial management solution provider Qonto is looking to grow its lending, savings, and investment capabilities and has applied for a banking license from France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) in an effort to make it happen. The company, which is headquartered in Paris, currently holds a payment institution license. But securing full bank authorization would enable the firm to expand its offerings to its customers across Europe.

“SMEs need comprehensive financing solutions, and while we already serve many customers through partnerships and our Pay Later service, a banking license will enable us to expand these capabilities with complete independence,” Qonto CEO and Co-Founder Alexandre Prot said. “This application builds on our proven financial performance, having achieved profitability ahead of schedule in 2023, and supports our mission to create financial freedom for two million SMEs and freelancers across Europe by 2030.”

Qonto offers a B2B account for finance management that provides businesses with automated tools to help them manage their finances, adhere to regulations, and make better financial decisions. Businesses can use Qonto to make and receive payments, send invoices, manage expenses, seek financing, and monitor cash flow. Currently operating in eight European markets including France, Germany, Italy, and Spain, Qonto could also be positioning itself before new payment regulations in the EU—specifically Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR)—become fully implemented.

Founded in 2017 by Prot and Steve Anavi, Qonto has raised more than €600 million in funding.

Skarlett raises €8 million to bring financial services to seniors

In a funding round led by 115K, the venture capital arm of La Banque Postale, French fintech Skarlett has raised €8 million ($9.3 million) in seed funding. The Parisian-based company offers a financial services platform designed for adults over the age of 60. Nearly a third of the French population meets this qualification, yet Skarlett founders Townley Le Guénédal, Benjamin Gaignault, and Aurélien Gouttefarde have wagered that these seniors are being underserved by conventional financial institutions.

“We want to bring simplicity, transparency, and negotiation power back into the hands of this generation,” CEO Le Guénédal said. “Retirement doesn’t make you invisible. People want to live fully, invest, and protect their loved ones. Skarlett is here to help them do that.”

To this end, Skarlett offers a number of products—such as personalized health insurance, mortgage, and credit options—that are designed for the unique circumstances of older borrowers and savers. The company also offers senior-focused life insurance through a partnership with Generali.

The round also featured participation from Raise Seed for Good and Alven, which led Skarlett’s pre-seed funding round in 2023, the year the company was founded. Skarlett will leverage the proceeds of its latest capital infusion to launch its own tailor-made financial solutions for adults over the age of 60 and to invest in AI to enhance the customer experience with more personalized recommendations.

Here is our look at fintech innovation around the world.

Asia-Pacific

  • Singaporean fintech Chocolate Finance integrated transaction enrichment technology from Snowdrop Solutions into its mobile app.
  • Mobile payments platform QwikPay launched in Australia.
  • Philippine National Bank (PNB) partnered with Japan’s Digital Wallet Corporation to enhance its money transfer services.

Sub-Saharan Africa

  • MoneyBadger, a bitcoin payments startup based in South Africa, raised $400,000 in pre-seed funding.
  • South African fintech Stitch has acquired digital payments company Efficacy Payments.
  • Network International teamed up with Ghanian fintech and mobile money aggregator Blu Penguin.

Central and Eastern Europe

  • Lithuanian Electronic Money Institution Genome teamed up with Huch for real-time payment alerts.
  • French fintech Silvr announced plans to enter the German market.
  • Walletto, a payments platform based in Lithuania, announced a partnership with financial consultancy Fintech Poland.

Middle East and Northern Africa

Central and Southern Asia

  • Pakistan’s Faysal Bank partnered with digital payments and acceptance solutions provider Smart1-Tech.
  • Cybersecurity and IT services provider Intersys launched in India.
  • TBC Uzbekistan earned a spot on CNBC and Statista’s “World Top Fintech Companies” roster.

Latin America and the Caribbean

  • Global payments processor Thredd forged a strategic partnership with Puerto Rico-based payments enabler Payblr.
  • Paytech Global Payments renewed its partnership with Banamex to enhance payment solutions for the Mexican acquiring and banking services market.
  • The Trump Administration has called for an investigation into Brazil’s digital trade practices, including its instant payment system Pix, over alleged unfair treatment to US companies.

Photo by JOHN TOWNER on Unsplash

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Finovate Global Peru: Digital Wallet Partnerships and Innovations in Payment Services

Finovate Global Peru: Digital Wallet Partnerships and Innovations in Payment Services
By David Penn Posted on
Categories: ecolytiq, Finovate Global, MasterCard, Revolut, VISA, WorldPay

This week’s edition of Finovate Global looks at recent fintech headlines from the South American nation of Peru.

EBANX partners with Peruvian digital wallet Yape

Brazilian payments company EBANX announced a direct integration with Peruvian digital wallet, Yape. Designed for cross-border commerce and relying on an easy user enrollment process, Yape enables users to pay for purchases on international ecommerce websites using either their Yape wallet balance or a linked card. The wallet supports recurring, one-click and on-file payment solutions and, in 2024, was responsible for the largest share of the volume transacted online through a digital wallet in the country. This is according to research from Payments and Commerce Market Intelligence (PCMI).

“With over 14 million active Peruvian users, Yape empowers millions of consumers with reliable daily transactions,” Yape Head of Payments Claudia Silva said. “This direct integration with EBANX marks a significant step in expanding our reach to global merchants, allowing them to tap into the vast potential of the Peruvian market.”

Digital wallets are a major component of Peru’s payment ecosystem. The fourth most commonly used payment in the country, digital wallets represented 10% of all digital commerce transactions in Peru in 2024. PCMI anticipates a digital wallet annual growth rate of 17% by 2027 and much of this growth, according to Silva, can be credited to Yape. According to the firm’s own data, Yape’s digital wallet delivers a 93% approval rate on transactions, an especially valuable achievement as digital wallets are increasingly becoming the preferred payment method for recurring transactions.

“Through its partnership with Yape, EBANX enables merchants to access a seamless, secure, and high-conversion payment solution that drives immediate results for one-time purchases as well as for subscription-based services and recurring payments,” said Juliana Etcheverry, Director of LatAm Country Growth—South Cone at EBANX. “This partnership goes beyond payments; it’s about fostering scalable, long-term growth for merchants in a rapidly evolving market.”

Founded in 2016, Yape is headquartered in Lima, Peru. The company’s payment app has more than 20 million users and more than 2.5 million affiliated businesses. Yape expanded to Bolivia in 2023, reaching two million users (“Yaperos”) a year later.

Paysafe goes live with PagoEfective ewallet in Peru

As if to underscore the rising popularity of digital wallets in Peru, payments platform Paysafe announced that it is expanding its eCash brand, PagoEfectivo, into a digital wallet. As a brand, PagoEfectivo has been a major force in Latin America’s eCash payment ecosystem, supporting the transactions of millions of online consumers. As a digital wallet, the brand will enable users to load funds instantly, make online transactions, receive payouts from participating merchants, transfer funds to others, and more.

“Our recent survey with Peruvian consumers found that 81% would use a digital wallet from PagoEfectivo,” Paysafe Head of Latin America Estaban Sarubbi said. “With that strong sign, we’re launching a solution that meets consumers’ payment needs.” Paysafe CEO Bruce Lowthers added, “Consumers in Peru already trust PagoEfectivo for everything from iGaming and digital goods to travel and ecommerce. With the launch of our new digital wallet, we’re giving them a more convenient way to pay—one that reflects Paysafe’s commitment to powering the experiential economy.”

Headquartered in London, Paysafe processed $152 billion in annualized transactional volume in 2024. A leading payments platform, Paysafe empowers businesses and consumers to connect and transact through its capabilities in payment processing, digital wallets, and online cash solutions. Delivering services across 260 payment types in 48 currencies, Paysafe’s integrated platform is designed for mobile-initiated transactions, real-time analytics, and facilitating the convergence between in-store and online payments.

Do Payment launches pay-in service Do Pay in regional expansion

Peruvian paytech Do Payment has launched its own pay-in service, Do Pay. The new offering is designed bring greater speed, lower costs, and more flexibility to the payments process by enhancing liquidity for clients and reducing reliance on intermediate parties. Do Pay also creates a single provider for both pay-in and pay-out payment solutions thanks to leveraging its own proprietary infrastructure and direct connections with banks, acquirers, and local payment networks.

“In Latin America, companies face a critical challenge: the slowness of fund availability, with delays of 48 to 72 hours and even up to one week, directly impacting their liquidity,” Do Payment Chief Product Officer Valentina Brero said. “Against global solutions poorly adapted to the region, Do Pay emerges as a service specialized in payment collection with the fastest settlement in the market, ideal for operators who need to use the funds for daily operations.”

Do Payment’s new offering enables firms to better manage a range of problems faced by companies in Latin America when it comes to collecting and making payments. These challenges include having to work with multiple partners—often different providers for both collecting and disbursements—as well as multiple technologies, high fees, and long waiting times. Do Pay, in contrast, enables firms to leverage a single platform for both collection and dispersal, which enhances operational liquidity and ensures that funds are credit faster.

Founded in 2022 by CEO Cristian Valderrama, Do Payment is based in Lima, Peru. The company is already active in seven countries—Peru, Mexico, Ecuador, Chile, Colombia, Panama, and the US—with its pay-out service. In addition to Peru, Do Payment will go live with its Do Pay pay-in solution in Mexico and Ecuador, with the goal of expanding to both Chile and Colombia subsequently. Do Payment also noted that it plans to grow its footprint in Brazil in the second half of 2025.

Here is our look at fintech innovation around the world.

Latin America and the Caribbean

  • Payments platform Paysafe launched its digital wallet, PagoEfectivo, in Peru.
  • Mexican fintech and edtech Mattilda partnered with payment orchestration platform Gr4vy to power its new white-label payments solution, Mattilda Pay.
  • Uruguay-based paytech dLocal announced plans to acquire Kenyan cross-border payments solutions provider AZA Finance.

Asia-Pacific

  • Revolut partnered with Ant International to enable its customers to send money to China.
  • Visa unveiled its Security Roadmap for New Zealand, featuring a three-year plan to leverage AI to fight fraud and other cyberthreats against consumers and businesses in the country.
  • Worldpay went live with domestic acquiring services in Thailand.

Sub-Saharan Africa

  • Nigerian cryptocurrency exchange Roqqu acquired Kenyan crypto startup Flitaa as part of its expansion into East Africa.
  • Daily Investor profiled South African entrepreneur Lungisa Matshoba, co-founder of Yoco.
  • South African paytech Stitch acquired Efficacy Payments in order to offer card acquiring services directly to merchants.

Central and Eastern Europe

  • Clarity AI acquired Berlin, Germany-based Sustainability-as-a-Service innovator ecolytiq.
  • Azerbaijan-based fintech PashaPay inked a Memorandum of Understanding (MoU) with Mastercard.
  • German online bank N26 announced plans to offer stock trading to customers in Austria and Germany.

Middle East and Northern Africa

  • Egypt’s Faisal Islamic Bank partnered with Intellect to launch its Shariah-compliant digital transformation.
  • According to research from Mordor Intelligence, the fintech market in the United Arab Emirates is expected to grow to more than $6.4 billion by 2030.
  • Egyptian digital investment platform Thndr raised $15.7 million in a round led by Prosus Ventures.

Central and Southern Asia

  • Pakistan-based ecommerce startup Bazaar Technologies announced that it is nearing profitability following its acquisition of Pakistani paytech Keenu.
  • Indian cross-border investing and financial management platform Belong is now available to non-resident Indians living in the UAE.
  • Central Asian digital banking ecosystem TBC Uzbekistan launched a new insurance vertical, TBC Insurance.

Photo by Aarom Ore on Unsplash

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Finovate Global Africa: Investments, Acquisitions, and Partnerships

Finovate Global Africa: Investments, Acquisitions, and Partnerships
By David Penn Posted on
Categories: Finovate Global, Revolut, ThetaRay, TransUnion, Xero

This week’s edition of Finovate Global looks at recent fintech headlines from Nigeria and South Africa.

BAS Group acquired a majority stake in Nigeria’s Zuvy

Nigeria-based diversified financial services group BAS Group announced this week that it has acquired a minority stake in Zuvy, a local fintech that specializes in invoice financing. The move gives BAS Group more than 50% of the company, a stake that analysts estimate could be valued between $1.5 million and $3 million. The transaction will also place BAS Group Chief Operating Officer, Adnan Kayode, at the helm of Zuvy—although the firm will continue to operate independently.

“This acquisition of Zuvy goes beyond simply expanding our investment portfolio—it represents a strategic alignment with our core mission of developing a comprehensive, technology-enabled financial ecosystem for Africa,” BAS Group Founder and CEO Abdulateef Hussein said.

Co-founded in 2023 by Angel Onuoha and Ahmed Shehu, Zuvy provides invoice financing to businesses in the FMCG (“fast-moving consumer goods”) and healthcare sectors, as well as to companies in supply chain industries. Zuvy reports financing invoices worth more than ₦1 billion ($650,000) for 1,500 small businesses over the past two years. As part of the deal, Onuoha and Shehu will retain minority stakes in the company, but will no longer have operational roles. The two founders have moved on to focus on their new healthcare venture, Avelis Health.

“We take great pride in Zuvy’s accomplishments and the positive impact we’ve created for thousands of Nigerian enterprises,” Onuoha said. “BAS Group represents the perfect partner to advance Zuvy’s growth trajectory while we focus our efforts on addressing critical healthcare challenges in the American market.”

BAS Group’s deal for Zuvy comes after the firm launched a lending business that provides collateralized loans to small and medium-sized businesses. The majority stake in Zuvy will enable BAS Group to add uncollateralized lending to its offering.

South African fintech Lesaka acquired Bank Zero

Lesaka Technologies reported that its subsidiary, Lesaka Technologies Proprietary Ltd, has agreed to acquire Bank Zero Mutual Bank (Bank Zero). Subject to customary closing conditions, the acquisition will be settled via a combination of new share issuance and up to ZAR 91 million ($5.1 million) in cash. The total value of the transaction is estimated to be $61 million.

“The acquisition of Bank Zero is a transformative event in Lesaka’s journey, enabling us to better serve our consumers, merchants, and enterprise clients by embedding a trusted, well-engineered neobank capability into our fintech platform,” Lesaka Chairman Ali Mazanderani said. “I am delighted to welcome the Bank Zero team to Lesaka as partners.”

Founded in 2018 and headquartered in Johannesburg, South Africa, Bank Zero is a modern “app-only” bank for both individuals and businesses. As of April 2025, the institution had a deposit base of more than ZAR 400 million ($22.4 million), and more than 40,000 funded accounts across South Africa. Co-launched by Michael Jordaan (Chairman) and Yatin Narsai (CEO), Bank Zero boasts 45% black- and 20% female-ownership. Post-acquisition, Jordaan will join the Lesaka Board of Directors while Narsai continues to serve as CEO.

“Bank Zero was built from the ground up to deliver a secure, digital-first banking experience that puts control back in the hands of customers,” Narsai said. “Our focus has always been on using technology to remove friction, lower costs, and challenge legacy banking norms. Joining forces with Lesaka allows us to accelerate that mission at scale—reaching more customers, faster—while staying true to the principles that define who we are.”

TransUnion invests, partners with Omnisient

Speaking of minority investments, TransUnion announced that it has secured a minority investment in—and a strategic partnership with—South Africa-based fintech Omnisient. Omnisient offers a data collaboration and advanced analytics platform that enables companies to securely access high-value consumer data ecosystems and integrate alternative data sets to support smart decision-making.

The strategic partnership will enhance TransUnion’s ability to bring more of the estimated 500 million un- and underbanked Africans into the formal financial system. By leveraging alternative data at scale, TransUnion’s partnership with Omnisient will enable more new-to-credit and credit-underserved consumers to begin building a credit profile and start the journey toward greater, long-term financial empowerment and opportunity.

“Traditional data models often fail to reflect the lived realities of African consumers, leaving millions without access to credit and the opportunities it enables,” TransUnion Africa Regional President/CEO Lee Naik said. “Financial inclusion is central to unlocking economic growth across the continent. That’s why we’re committed to leading with bold, Africa-born solutions designed to see the unseen and serve the credit-invisible by integrating alternative datasets alongside traditional credit data in ways that reflect uniquely African contexts and realities.”

Along with the investment (amount undisclosed) and strategic partnership, a member of TransUnion will join Omnisient’s board of directors.

TransUnion’s investment and strategic partnership comes at a time when demand is rising worldwide for access to alternative data and solutions that leverage this data while ensuring privacy, enhancing trust, and creating value for financial institutions. Omnisient’s technology uses tokenized keys to represent personal information in the data set, avoiding the transfer of raw data and providing privacy throughout the entire process. The company’s many-to-many data connectivity between banks and other financial services providers and third-parties helps promote innovation in the field of data collaboration.

“Our privacy-preserving data collaboration platform brings financial services and consumer brands together, allowing them to discover, validate, and commercialize new alternative sources of consumer behavioral and transactional data without having to exchange sensitive personal information,” Omnisient Co-Founder and Group CEO Jon Jacobson said.

Founded in 2019 in Cape Town, South Africa, Omnisient is currently headquartered in the UK. TransUnion most recently demoed its technology at FinovateSpring 2024, showing how its Enhanced BreachIQ solution provides modern, gamified consumer identity protection.

Here is our look at fintech innovation around the world.

Central and Southern Asia

  • Indian paytech Pine Labs announced plans for an IPO and a goal of a $6 billion valuation.
  • UnaFinancial and JSCB Microcreditbank partnered to launch a digital credit service in Uzbekistan.
  • SEBI-registered Online Bond Platform Provider (OBPP) IndiaBonds.com raised $3.77 million in funding.

Latin America and the Caribbean

  • Open payments platform Belvo and digital bank Ualá teamed up to launch new digital credit-scoring model leveraging a large-scale integration of employment data.
  • Paytech EBANX forged a partnership with Mexican BNPL fintech APLAZO.
  • Revolut announced plans to acquire Argentina-based lender Banco Cetelem from BNP Paribas.

Asia-Pacific

  • South Korean banks formed a consortium to issue a Won-backed stablecoin.
  • New Zealand-based accounting platform Xero agreed to acquire SMB bill pay platform Melio.
  • Australian open banking platform provider Frollo introduced its Frollo for Brokers online portal for mortgage brokers.

Sub-Saharan Africa

  • TransUnion announced a minority investment in and strategic partner with South African fintech Omnisient.
  • Financial crime compliance company ThetaRay partnered with Africa-based financial services firm I&M Group.
  • Kenya-based PesaLink inked a Memorandun of Understanding with Fintech Alliance to advance inclusive payment solutions.

Central and Eastern Europe

  • Germany-based insurer Munich Re teamed up with Instnt to enhance its ID fraud loss insurance coverage.
  • NaroIQ, a German digital platform that helps firms launch and manage ETFs and mutual funds, raised $6.5 million in seed funding.
  • Deutsche Bank turned to Silverflow for the launch of its European cloud-native payments platform.

Middle East and Northern Africa

  • Israeli-based fintech Tipalti acquired AI-powered cash flow management specialist Statement.
  • Egyptian payments platform Octane secured $5.2 million in new funding.
  • Libya’s Central Bank launched the country’s first electronic payment forum in a bid to spur fintech modernization.

Photo by onaopemipo Rufus

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Finovate Global Southeast Asia: Payments, Lending, and the Rise of Islamic Digital Banking

Finovate Global Southeast Asia: Payments, Lending, and the Rise of Islamic Digital Banking
By David Penn Posted on
Categories: AMLYZE, Finovate Global, Mambu, MoneyGram, Revolut, VISA

This week’s edition of Finovate Global showcases recent fintech news from three countries in southeast Asia: Vietnam, Malaysia, and the Philippines.

Visa brings Click to Pay to Vietnam

A growing number of Vietnamese banks have become early adopters of Visa’s Click to Pay service. Click to Pay provides a faster, more secure, and convenient checkout experience for online transactions by enabling cardholders to make their purchases with fewer clicks—including relieving them of the need to manually enter card and shipping details. Instead, Click to Pay allows users to identify themselves through their email address or mobile phone number. The service uses advanced security technology—including the Visa Token Service—to keep transaction data secure and is designed to meet EMVCo standards for digital checkout.

“With e-commerce being so prevalent in Vietnam and aligning with the Vietnamese government’s digitization objectives, we are pleased to introduce this solution through our banking partners,” Visa Country Manager for Vietnam and Laos Dung Dang said. “Click to Pay with Visa has the potential to transform online shopping and support the development of a more connected digital economy.”

Cardholders with Vietnam Technological and Commercial Joint Stock Bank (Techcombank) and Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) can enroll in the Click to Pay service through their banking apps or with participating online merchants. Visa has also teamed up with Vietnamese payment platform Payoo, which will integrate Click to Pay across its merchant ecosystem. Visa announced that cardholders using Click to Pay at Payoo-affiliated merchants will be eligible for exclusive promotional offers “in the near future”. Additional merchants are expected to be added in the coming months.

BNPL provider Atome secures $75 million to support Philippines operations

Singapore-based Buy Now, Pay Later fintech Atome has received an asset-back financing facility of $75 million. The financing, from Lending Ark Asia Secured Private Debt Fund, will help support Atome’s expansion in the Philippines.

“The Philippines is a key growth market for Atome,” Atome Chief Commercial Officer Andy Tan said. “This financing reflects the continued confidence in Atome’s ability to deliver inclusive, risk-managed credit at scale.”

Atome is part of Advance Intelligence Group, a fintech and AI platform backed by investors such as SoftBank Vision Fund 2, Warburg Pincus, Northstar, and Singapore-based EDBI. This week’s funding comes as the company has been expanding its BNPL offering throughout Southeast Asia, bringing alternative credit solutions to unbanked and underbanked populations in the region. The financing also arrives one year after Atome secured a three-year term loan facility from EvolutionX Debt Capital.

“The launch of innovative and fit-for-market solutions like the Atome Card (PayLater Anywhere) and lending products demonstrates their ability to expand offerings while leveraging local market expertise,” EvolutionX Partner Rahul Shah said.

Malaysia’s KAF Digital Bank goes live with Temenos

The growth of Islamic digital banking is one of the most underappreciated developments in international fintech. Helping power this trend are companies like Temenos which recently partnered with Malaysia’s KAF Digital Bank as the institution launches its new Islamic digital bank in the country.

“Powered by Temenos SaaS, KAF Digital Bank is redefining Shariah-compliant banking with smarter, simpler financial solutions and a seamless, customer-first digital experience,” KAF Digital Bank CEO Rafiza Ghazali said. “The successful go-live and early access customer launch marks a key milestone in our journey, enabling Malaysians to take control of their financial futures with greater confidence.”

Temenos SaaS will enable KAF Digital Bank to offer a range of Shariah-compliant financial solutions that make financial management easier for customers who require or simply prefer Islamic banking. The offering includes comprehensive core and digital banking services with payments, analytics, and Temenos Data Hub on Microsoft Azure cloud infrastructure. In a statement, Temenos APAC Managing Director Will Dale noted the growth and importance of the Islamic banking customer in the country.

“This go-live not only strengthens Temenos’ regional footprint in SaaS, but also shows the unique breadth of functionality and advanced technology we deliver,” Dale said. “With proven capabilities tailored to the Malaysian market and Islamic banking, Temenos SaaS empowers KAF Digital Bank to achieve faster time-to-market, greater efficiency, and drive future growth.”

KAF Digital Bank secured approval to operate as a digital bank at the beginning of the year, and will be the fourth digital bank to operate in the country. The bank was launched by KAF Investment Bank Berhad, in partnership with Carsome, MoneyMatch, Jirnexu, and StoreHub. KAF Investment Bank Berhad was established in 1975.

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

  • Saudi Arabian finance app tiqmo partnered with global payments network MoneyGram.
  • Revolut reported that it has entered talks with the Bank of Israel to expand operations in the country.
  • MENA-based financial institution Mashreq launched its NEO PLUS Saver Account.

Central and Southern Asia

Latin America and the Caribbean

  • Brazilian fintech Matera partnered with Circle to integrate stablecoins as a payment method.
  • Cross-border payment platform dLocal teamed up with payment infrastructure solutions provider JusPay.
  • Tether announced an investment in Chiliean crypto exchange Orionx to support financial inclusion and digital payment adoption in Latin America.

Asia-Pacific

  • Visa launched its Click to Pay solution in Vietnam.
  • Buy Now, Pay Later provider Atome secured a $75 million asset-backed financing facility to support its expansion to the Philippines.
  • A new trading platform, moomoo, has gone live in New Zealand.

Sub-Saharan Africa

  • Africa.com profiled African fintech giant Paystack.
  • Online payment service provider PayU GPO launched account-to-account payments in Nigeria.
  • Critics warn that Kenya’s 1.5% tax on crypto transactions could hamper the development of the country’s fintech industry.

Central and Eastern Europe

  • Berlin-based paytech Payrails raised $32 million in Series A funding.
  • Lithuania’s largest credit union, Lietuvos centrinė kredito unija (LCKU), inked a long-term agreement with regtech AMLYZE.
  • German SaaS cloud banking platform Mambu announced that Sweden-based Marginalen Bank has migrated to its core.

Photo by Pixabay

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Finovate Global Ireland: Investing in Payments and Partnerships

Finovate Global Ireland: Investing in Payments and Partnerships
By David Penn Posted on
Categories: Finastra, Finovate Global, Temenos

This week’s edition of Finovate Global looks at recent fintech headlines from Ireland.

Nomupay Raises $40 Million at $290 Million Valuation

Courtesy of an investment from SBPS, a subsidiary of Japan’s SoftBank, Irish fintech Nomupay has secured €35 million ($40 million) in new funding. The capital gives the company a valuation of $290 million and comes as part of an alliance that will enable Nomupay to expand its reach into the Asian market.

“Since our inception in 2021 we have been robustly active in the region; the SBPS investment now enables us to double down and support inter regional commerce by adding additional countries and payment methods to the platform in order to support bi-directional access between Japan, Asia, and the rest of the world,” Nomupay Group CEO Peter Burridge said.

Nomupay’s unified payment platform streamlines payment processes—including acquiring, treasury, and payouts—for businesses operating in fragmented, emerging markets. The company aggregates local payment methods into a single, consistent API; and offers treasury and reconciliation tools that provide real-time visibility, automated fund flows, and multi-currency management. Nomupay helps businesses go to market faster and in-line with local regulations, without needing to engage with multiple PSPs and other partners.

The partnership will enable Nomupay to expand and solidify its presence in Asia by way of Japan. SBPS will benefit from access to Nomupay’s single API and gateway-agnostic, single, back office platform, offering a range of payment options and scalability.

“With Nomupay as a key partner, we will leverage Nomupay’s payment solutions to support our clients entering the Asian market,” SBPS Representative Director, President, and CEO Jun Shimba said. “Nomupay offers a wide range of services in the payment field in Asia, and can meet flexible and diverse needs. Nomupay is a highly reliable partner.”

Founded in 2021, Nomupay is headquartered in Dublin, Ireland.

TransferMate Announces Strategic Partnership with Deutsche Bank

Embedded B2B payments infrastructure-as-a-service company TransferMate has forged a strategic partnership with Deutsche Bank. The partnership will enable TransferMate to provide in-country collections, cross-border payments, and local fund storage. Working with Deutsche Bank only adds to TransferMate’s extensive local collection capabilities, helping make the company’s platform among the largest fintech payment infrastructures in the world.

“Our collaboration with Deutsche Bank is another significant milestone as we continue to grow our global footprint and be the embedded B2B partner of choice,” TransferMate CEO Gary Conroy said. “This partnership further strengthens our reach, our capabilities, and the value we bring to our partners and their clients.”

Initially, the partnership will focus on facilitating operations in APAC markets, with other regions to be added over time as TransferMate leverages Deutsche Bank’s extensive international network. In a statement, Deutsche Bank’s Head of Cash Management & Head of CB APAC MEA, Ole Matthiessen, highlighted the opportunity in APAC.

“This strategic collaboration between TransferMate and Deutsche Bank underscores the immense potential of fintech-bank partnerships in accessing and scaling global markets, particularly navigating the high-growth yet diverse Asia Pacific landscape. This showcases the strength of our offering, aligning seamlessly with our Global Hausbank strategy,” Matthiessen said.

Founded in 2010 by Terry Clune, TransferMate manages a global payments network that covers 200+ countries and territories and 140+ currencies. The company is headquartered in Kilkenny, Ireland.

Paytech Splink Partners with Global Payments

Payments platform Splink announced a strategic partnership with international payment processor Global Payments this week. The collaboration will enable Splink to go live with Global Payments’ SoftPOS technology, which enables any smartphone to accept tap-to-pay transactions with no additional, external hardware required.

“Splink brings excellent technology combined with commercial agility and an impressive team that perfectly complements our infrastructure, distribution, reach, and the key attributes we look for in a partner,” Global Payments Head of UK and Ireland Partnerships Tom Woods said. “We’ve had some recent successes together with key merchant wins in Ireland and the UK and we’re excited to see the partnership grow.”

Founded in 2019 by Mark Lyttleton and headquartered in Dublin, Splink offers a flexible payments solution that allows businesses to choose from among more than 20 different payment options. Splink enables companies to receive and request payments, as well as set up an online shop that helps boost transaction volumes. Splink’s solution is also available as a white-label offering, allowing companies to set up their own digital payments business and add a new source of recurring revenue.

Here is our look at fintech innovation around the world.

Central and Eastern Europe

Middle East and Northern Africa

  • UAE-based fintech Qashio raised $19.8 million in both equity and non-equity financing.
  • Saudi Arabian fintech Nqoodlet secured $3 millioon in seed funding to help SMEs access financing.
  • Zain Fintech launched its Bede Mobile Wallet in Sudan.

Central and Southern Asia

  • Singapore-based KYC, data intelligence, payments, and debt collections solutions provider Decentro raised Rs 30 crone ($3.5 million) ahead of plans to relocate to India.
  • Indian fintech Spense secured $1.85 million in pre-seed funding.
  • The National Bank of Kazakhstan unveiled its new, crypto card, retail payments initiative.

Latin America and the Caribbean

  • Uruguayan fintech dLocal acquired cross-border payments company AZA Finance.
  • Finastra and consulting firm TCMpartners teamed up with Banco de Costa Rica as the firm launches its International Trade Automation Project.
  • Swedish Pay-by-Bank solutions company Zimpler earned certified Payment Institution (PI) status in Brazil.

Asia-Pacific

  • Malaysia’s KAF Digital Bank went live with Temenos SaaS to power its new Islamic digital bank offering.
  • Hong Kong-based LianLian announced a strategic partnership with UnionPay.
  • Australian fintech platform Complii Fintech Solutions to bring its capital raising solution to the UK.

Sub-Saharan Africa

Photo by Gregory DALLEAU on Unsplash

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Finovate Global North Africa: Financial Inclusion Mobile Money, and Investing in Payments

Finovate Global North Africa: Financial Inclusion Mobile Money, and Investing in Payments
By David Penn Posted on
Categories: Finovate Global, VISA

This week’s edition of Finovate Global looks at fintech headlines from companies headquartered in North Africa.

Fayda wallet goes live in Ethiopia

Designed to revolutionize the way Ethiopians access digital services, Ethiopia’s National ID Program (NIDP) has launched its FaydaPass wallet. The solution, developed in partnership with TECH5 and Visa, will help promote financial inclusion and address the need for verified electronic Know Your Customer (eKYC) services throughout society.

The wallet makes it easier for Ethiopians to secure a digital copy of the Fayda credential by enabling them to download the official app and request their digital ID credentials via the wallet. The Fayda ID system uses its data to generate the secure credential, which is delivered directly to the user’s mobile device as a verifiable credential (VC). The verifiable credential supports secure on- and offline verification for a wide range of use cases including payments and digital access to government services.

“A credential wallet would be a container for government and private sector issued standardized verifiable credentials,” NIDP Executive Director Yodahe Zemichael said. “It’s an exciting new way of delivering value to citizens and extending the functionality of Fayda Digital ID.”

Ethiopian digital-first Coopbank announced that it would leverage the Fayda app and its advanced biometric eKYC verification to enable customers to open new bank accounts. The institution’s CEO Deribie Asfaw said that the new offering will help it “reach financially marginalized communities who have long been excluded from the formal financial system due to the absence of such robust infrastructures.” Asfaw added, “This brings us one step closer to the community and reinforces our commitment to leaving a meaningful mark on the country’s digital transformation journey.”

Founded in 2005, Coopbank (Cooperative Bank of Oromia) was established by farmers and still counts farmers as more than half of its shareholders. With a focus on the country’s micro, small, and medium-sized farming and agricultural sector businesses, the institution has assets of ETB 139.56 billion ($1.04 billion), operates 745 branches, and has more than 14.5 million accountholders.

TerraPay, Wave Mobile Money partner on remittances to Mali

A partnership between international money movement company TerraPay and African mobile money provider Wave Mobile Money will enhance cross-border remittances services in Mali. The collaboration will enable Malians to receive funds from family and friends living and working abroad directly into their Wave mobile wallets. This will provide for a faster, more accessible, and cost-effective international remittance experience.

Mobile phone penetration in Mali is high, with more than 80% of the population using the technology. Many Malians rely on mobile phones for mobile money and digital wallet services, making the devices a key component of financial inclusion in the country for millions—especially the un- and underbanked. The partnership between TerraPay and Wave Mobile Money will facilitate remittance flows from Money Transfer Operators (MTOs) through the US, Canada, and Europe to Mali via a single integration.

“Our partnership with Wave Mobile Money marks a significant milestone in our mission to power borderless money movement,” TerraPay Vice President—Sub Sahara Africa, Willie Kanyeki said. “By enabling instant, cost-effective, and fully compliant remittances from key markets like the US, Canada, and Europe, we are simplifying financial access and driving financial inclusion in Mali.”

TerraPay enables payments to 150+ receiving countries and 210+ sending countries. The company’s platform facilitates payments to more than 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. Founded in 2014, TerraPay is headquartered in London. Co-founder Ambar Sur is CEO.

Founded in 2018 and operating in Mali since 2021, Wave Mobile Money offers domestic and cross-border transfers, bill payments, and business services to customers in Senegal, Côte d’Ivoire, Uganda, Gambia, Sierra Leone, Mali, and Burkina Faso. Headquartered in Dakar, Senegal, Wave Mobile Money is on a self-described mission to make Africa “the first cashless continent.” Drew Durbin and Lincoln Quirk are Co-Founders.

Tunisia’s Konnect Networks secures investment

Tunisia’s Konnect Networks has raised an undisclosed amount from Attijariwafa Ventures. The investment was part of a wider fundraising effort that featured Utopia Capital Management, 54 Collective, Visa, Plug and Play Tech Center, Renew Capital, Digital Africa Ventures, and Sunny Side Venture Partners as investors. The company said it would use the capital to help fuel both its continued expansion and further innovation in payments technology.

Founded in 2021 by Amin Ben Abderrahman, Konnect Networks provides payment links, e-commerce plugins, and APIs. Serving both retail and business customers, the firm’s payment orchestration platform covers online and point-of-sale payments, payment aggregation, and real-time transaction capabilities. The company’s funding news comes in the wake of it being approved as a Payment Facilitator (PayFac) by Tunisia’s central bank. Konnect Networks currently has 2,000 users of its technology in Tunisia.

Konnect Networks is just one of a number of innovative new fintechs headquartered in Tunisia making fintech headlines of late. Other notable startups in the news include financial super app Flouci, named one of 2025’s 50 most influential fintechs in MENA by Forbes Middle East, and EasyBank, a fintech offering digital banking solutions that raised $370,000 at the beginning of the year.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

  • South African fintech Sava secured $2 million in pre-seed funding.
  • International money movement company Terrapay teamed up with Wave Mobile Money to enable cross-border remittances for users in Mali.
  • Disrupt Africa discussed the relationship between traditional savings systems and fintech innovation.

Central and Eastern Europe

Middle East and Northern Africa

  • MENA-based digital private wealth platform Vault went live this week.
  • Israel-based fintech Sequence raised $7.5 million at a valuation of $14.5 million to support its financial management platform.
  • Emirates NBD selected global Know Your Payee (KYP) validation provider iPiD.

Central and Southern Asia

  • Indian fintech CRED secured $75 million in funding to further develop its credit card business.
  • TBC Bank Uzbekistan integrated customer experience solution provider Genesys’ Engage platform into its customer care operations.
  • Times of India looked at the current state of the country’s fintech sector, including its potential for growth via product expansion.

Latin America and the Caribbean

  • The Japan International Cooperation Agency inked a deal to invest in Brazilian agri-fintech Agrolend.
  • Mercado Pago announced plans to apply for a banking license from the Central Bank of Argentina.
  • Méliuz became Brazil’s first publicly traded Bitcoin treasury company this week.

Asia-Pacific

  • Paytech Tribe Payments entered into a strategic collaboration with Singapore-based fintech Finmo.
  • Visa went live with Click to Pay in Hong Kong in partnership with digital bank ZA Bank.
  • Cryptocurrency exchange ByBit secured a Markets in Crypto-Assets Regulation (MiCAR) license in Australia.

Photo by MELIANI Driss

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Finovate Global Germany: Funding for Startups and Financing for Sellers

Finovate Global Germany: Funding for Startups and Financing for Sellers
By David Penn Posted on
Categories: ACI Worldwide, Finovate Global, Temenos, WorldPay

This week’s edition of Finovate Global showcases fintech news from companies operating in Germany.

Aufinity raised $26 million in Series C funding

A specialist in the field of payment management for the automotive market, Aufinity Group announced this week that it has successfully completed a $26 million Series C round of funding. The round was led by BlackFin Capital Partners, and featured re-investments from current investors PayPal Ventures and Seaya Ventures. The German fintech will use the funds to power its European expansion and to help forge partnerships with Original Equipment Manufacturers (OEMs).

“With this round, we are focusing on accelerating our growth across Europe even further, “Aufinity Group Co-Founder and CEO Lasse Diener said. “Through new strategic partnerships with leading OEMs and by continuing our focus on dealerships, we are preparing to redefine the industry standard for the whole of Europe.”

Aufinity Group’s eponymous platform offers car dealers and OEMs a digital payment management solution that is optimized and white-label-capable. The technology serves both vehicle sales and after-sales, and features optimized payment processes to provide faster incoming payments, greater liquidity and efficiency, and a superior customer experience. Founded in 2018, Aufinity Group is headquartered in Cologne; the company pointed to growing demand for its technology and a successful expansion to Italy and Spain in 2024 in explaining its goal to pursue more international markets in 2025.

“Our core business in Germany is already solidly positioned,” Diener added. “However, the high level of interest from the international market has prompted us to push ahead with our expansion into more countries earlier than planned, which is a great market confirmation for our business and platform.”

YouLend and eBay Germany team up to help finance marketplace sellers

Embedded financing platform YouLend has partnered with eBay Germany to provide integrated financing to sellers on the platform. Part of the eBay Seller Capital Program, the partnership will enable German eBay sellers to access pre-approved financing of up to €2 million ($2.26 million). Financing is based on the sellers’ performance data, and does not require an additional, separate application process.

“Sellers benefit from a chain reaction: quicker inventory restocks, improved product listing, or targeted marketing leading to greater visibility, higher sales, and more growth opportunities—all of which can be financed through YouLend,” Leonard Strigel, YouLend General Manager Germany, said. “This cycle of funding, growth, and reinvestment helps increase seller revenues.”

The partnership will give sellers personalized, pre-approved financing offers, informing them of exactly how much capital they are eligible for before they apply for funding. Direct integration of YouLend’s technology into the eBay platform supports a seamless application process that is “simple, digital, and reliable,” Strigel added.

Founded in 2016, YouLend launched in the UK and Ireland in 2018, entered Europe in 2022, and went live in the US the following year. In 2024, YouLend announced a £4 billion financing investment from J.P. Morgan.

eBay has maintained a presence in Germany since the company’s 1999 takeover of auction platform Alando. eBay Germany currently has more than 150 million visits per month.

German expense management platform Circula secured €15 million

An extended Series A round has given Berlin-based, AI-powered expense management platform Circula €15 million ($17 million) to help bring autonomous finance workflows to medium-sized business in Germany and beyond. The investment will enable the firm to boost its AI capabilities and offer additional automation features for finance teams.

Participating in the funding were existing investors Alstin Capital, Capnamic Ventures, Peak Capital, Wenvest Capital, and Storm Ventures. CIBC Innovation Banking also participated in the investment.

“We have a clear goal: to become Germany’s AI-based champion in expense and spend management for small and medium-sized businesses,” Circula CEO Nikolai Skatchkov said. “With hundreds of millions of euros in transaction volume, hundreds of thousands of active users, and the trust of countless tax advisory firms, we are in an ideal position to realize our vision of a seamless workday for finance teams in the coming years.”

Circula, founded in 2017, counts firms such as Aston Martin, DATEV, and Securitas among its customers. The company’s modular SaaS platform streamlines business expense management with features including AI-powered receipt capture, automated tax-compliant data extraction, and real-time booking verification. More than 150,000 workers throughout Europe rely on Circula’s technology to manage their business travel expenses, credit card transactions, employee benefits, and more.

Circula’s announcement comes at a time when less than 9% of medium-sized businesses in Germany report fully automating their expense workflows, according to research from ERP firm Diamant. In contrast, Circula captures 70%+ of employee expenses when they happen, and enables companies to reduce manual work by 80% and reduce monthly closing cycles.

“Circula is transforming traditional paperwork into smart, AI-powered processes—setting new standards in digital expense management,” CIBC Innovation Banking Director Charlotte Goggin said. “We are excited to support this growth.”

Here is our look at fintech innovation around the world.

Asia-Pacific

  • CIMB Bank, Malaysia’s second largest financial services provider, teamed up with payments technology innovator ACI Worldwide.
  • Singapore-based payments platform Airwallex raised $300 million in Series F funding at a valuation of $6.2 billion.
  • Philippine-based universal bank EastWest Bank turned to Temenos to modernize its core.

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

  • Payment infrastructure company areeba and digital banking solutions provider Foo forge strategic partnership to enhance digital payments in the Middle East.
  • Zawya looked at how the Qi card is bringing greater digitization to Iraq’s financial services industry.
  • Egyptian-based digital lending marketplace Qardy agreed to be acquired by Catalyst Partners Middle East (CPME) via SPAC.

Central and Southern Asia

Latin America and the Caribbean

Photo by anna-m. w.

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