India’s CRED Raises $81 Million; Germany’s N26 Expands to Brazil

India’s CRED Raises $81 Million; Germany’s N26  Expands to Brazil

CRED, a credit card repayment company based in Bangalore, India, has scored $81 million in funding courtesy of a Series C round announced earlier this week. Led by existing investor DST Global, the investment featured the participation of Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst, and gives the company a valuation of $806 million.

The company’s founder Kunal Shah said in a statement that the funds would help support CRED’s growth and added that CRED is committed to providing wealth-creation opportunities for its employees, as well. Shah said that the company has allocated 10% of its cap table for ESOPs (employee stock ownership plans).

CRED processes a fifth of all credit card bill payments in India. The membership-based company rewards those who pay via CRED with CRED coins that can be used to win exclusive rewards or to earn access to curated products and services. More than 35% of premium credit card holders in the country use CRED, which has seen its overall user base climb to more than 5.9 million users. The company also benefits from creditworthy borrowers – the median credit core for CRED users is 830. CRED members reportedly spend on average 2x the amount of the average CRED user.


For some, news that German digital bank N26 was entering the increasingly competitive challenger banking market in Brazil was met with a loud “it’s about time!” The neobank, which previewed its intentions to launch operations in Brazil back in 2019, may have been temporarily wrong-footed by the twin complications of Brexit and COVID-19. But the news this week suggests that the firm is back on track with its Latin American expansion plans – and a showdown with Nubank.

Not only is Nubank the home team when it comes to neobanking in Brazil, the institution is also the biggest challenger bank in the world in terms of customers and valuation (25 million of the former, $10 billion of the latter). This compares favorably with N26’s five million customers and valuation of approximately $3.5 billion. That said, the Berlin-based challenger bank has significant wind at its back, having just celebrated the one-year anniversary of its arrival in the U.S. back in August and, more recently, locking in $100 million in one of the largest funding rounds of 2020.


Here is our look at fintech around the world.

Central and Eastern Europe

  • Berlin, Germany-based Mambu raises $135 million in new funding.
  • Russian bank Tinkoff announces that its voice assistant is now available as both Oleg (male) and Olya (female).
  • PYMNTS.com features Toms Niparts, CEO of Jeff, an app-based lending platform headquartered in Latvia.

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

  • Bank of Jamaica announces plan to regulate electronic retail PSPs as part of strategy to boost the country’s $4 billion e-payments business.
  • German digital bank N26 picks up banking license from the Brazilian central bank.
  • Critics have called a new regulation in Mexico that bars third-parties from using platforms or APIs to offer financial services directly “a death sentence” for the fintech-as-a-service model in the country.

Asia-Pacific

Sub-Saharan Africa


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Bitpanda Backs Fintech Innovation in Poland; ThetaRay Inks Deal in Spain

Bitpanda Backs Fintech Innovation in Poland; ThetaRay Inks Deal in Spain

There’s no better time than the present to plan for the future. That’s the approach taken by European fintech Bitpanda, which announced earlier this week that it was investing €10 million ($12 million) to launch a technology and innovation hub in Poland. The initiative will be headquartered in Krakow and will employ 300 engineering professionals with diverse backgrounds to “develop innovative and challenging projects” to improve finance and bring “transparency” to investing. Bitpanda co-founder and CTO Christian Trummer will lead the effort.

 “While staying true to our goal of tearing down financial barriers, innovating with speed in a more nimble and proactive manner is just as critical as looking at Bitpanda’s assets through a different and forward-looking lens as the company gains momentum,” Trummer said in a statement. “I’m confident that we will be able to attract the most skilled professionals from the whole region, running from Backend Developers, Software, Machine Learning and QA Engineers to Product Owners and Scrum Masters.”

The hub announcement comes in the wake of Bitpanda’s $52 million Series A round in September – led by Peter Thiel’s Valar Ventures – and follows the company’s successful 2020 expansions to Spain, France, and Turkey. Bitpanda’s Series A was among the largest in Europe this year.

“Placing Bitpanda’s first Technology & Innovation Hub in Krakow, with its globally-renowned developers, an exciting local tech scene and geographical proximity to Vienna, was a pretty clear choice for us,” Bitpanda co-founder and CEO Eric Demuth said. “It’s the best asset to attracting the right talent who can help Bitpanda pursue innovation of the highest standard.”

Founded in 2014 and headquartered in Vienna, Austria, Bitpanda is a leading European neobroker that specializes in digital asset investing. This fall, Bitpanda teamed up with Raiffeisen Bank International to bring blockchain-interoperability to banks in the EU. Th company also launched its Bitpanda Crypto Index (BCI), which provides an automated way for cryptocurrency investors to buy multiple cryptocurrencies at once and more readily diversify their holdings.


Big data analytics platform Thetaray, which made its Finovate debut five years ago at FinovateFall in New York, announced late this week that its Anti-Money Laundering for Correspondent Banking solution has been selected by Spain’s Cecabank. The wholesale bank will use the AI-powered technology to analyze SWIFT traffic, risk indicators, and other data to identify anomalies that can signify criminal activity.

“We were already using traditional rules-based systems, but we wanted to increase our ability to monitor cross-border transactions,” Cecabank Compliance Head Alfredo Oñoro said. “When an industry colleague recommended ThetaRay’s AML solution for correspondent banking, we immediately reached out and began discussions.  We are extremely impressed with ThetaRay’s technology and excited to share its capabilities with our bank customers and, if so requested, with our regulators.”

ThetaRay’s anomaly detecting algorithms are relied upon by corporations in financial services, industrial manufacturing, and critical infrastructure to defend against a wide variety of threats and cybercrimes, ranging from money laundering to terrorist financing. ThetaRay offers fraud detection, ATM security, and an early threat detection capability that minimizes false positives, enabling firms to modernize their legacy systems with a compliant, cost-savings solution.

“This announcement serves as notice that ThetaRay’s AML for Correspondent Banking solution is not just for global financial institutions,” ThetaRay CEO Mark Gazit said. “It is also a perfect fit for mid-sized banks aiming to improve their AML controls. Cecabank plays a crucial role in the Spanish market, and we are very pleased that they’ve chosen ThetaRay to help secure their customers’ cross-border transactions.”

ThetaRay’s partnership with Cecabank comes in the wake of a similar collaboration the company announced with Banco Santander over the summer. With offices in Israel and New York City, ThetaRay has raised more than $81 million in funding. ABN AMRO Ventures and Jerusalem Venture Partners (JVP) are among the company’s investors.


Interesting in learning more about fintech in Latin America? This week on the Finovate blog we featured an article from non-profit organization Invest Puerto Rico that makes the case for untapped opportunity on the island.

Fintech is growing fast, at a rate of 25% per year through 2022. Puerto Rico’s close proximity to the world’s financial center – New York City – gives island-based fintech firms the opportunity to remain connected while taking advantages of key local benefits such as STEM talent, local financial literacy, and attractive tax incentives. 

Read the rest.


Here is our look at fintech around the world.

Sub-Saharan Africa

  • PayCentral and Mastercard team up to launch new online payments platform for SMEs, DigiCentral.
  • Interswitch Group, a Nigerian digital payments company, partners with Kenya-based Credit Bank to launch a multi-currency prepaid card.
  • South African fintech Ukheshe acquires mobile payments startup Oltio

Central and Eastern Europe

  • Germany’s Solative, which provides indices and index solutions to the financial services industry, raises $60.4 million in growth funding.
  • Irish core banking technology provider Leveris inks partnership with Czech bank, Česká spořitelna.
  • Polish fintech SMEO, which provides online factoring services to small and micro-enterprises, locks in €4 million in funding ahead of its planned international expansion.

Middle East and Northern Africa

  • Digital open banking app sync secures license from the Qatar Financial Centre Authority.
  • Central Bank of Oman unveils fintech regulatory sandbox.
  • IBS Intelligence reviews the top four fintechs disrupting payments in the UAE.

Central and Southern Asia

  • Pakistan’s SadaPay obtains approval from the State Bank of Pakistan for pilot launch in 2021.
  • India Posts Payments Bank and the Indian Department of Posts introduce new digital payment app, DakPay.
  • Bangalore-based payments platform Cashfree raises $35.3 million in round led by Apis Partners.

Latin America and the Caribbean

  • Brazilian financial market intrastructure company B3 partners with Genesis to access its low-code application platform.
  • Mozper, a debit card for kids and their parents, goes live in Mexico following $3.5 million seed funding round.
  • BNAmericas looks at Azimo’s partnership and expansion plans for Latin America following its alliance with Uruguay’s dLocal.

Asia-Pacific

  • Singapore and Thailand announce plans to link their national payment systems in 2021.
  • Malaysia’s AFFIN Bank launches new corporate internet banking platform for SMEs, AffinMax.
  • Vietnam Briefing examines the rise of Vietnam as a startup hub.

Photo by Jade from Pexels

Puerto Rico: An Attractive Location for Startups & Established Tech Companies

Puerto Rico: An Attractive Location for Startups & Established Tech Companies

The below is a sponsored post by FinovateFall Digital exhibitor, Invest Puerto Rico.

Puerto Rico is poised to become the global model for how to roll out cutting-edge tools that enable blockchain, AI, and the Internet of Things (IoT). All of these technologies are designed to transform nearly every sector, notably financial services, bioscience, and aerospace. Technology represents the changes imminent in the 4th industrial revolution. Proper implementation and growth of these tools has been a critical priority contributing to the island’s economic diversity, development, and competitiveness.

Network

Advances in these fields would not be possible without a supportive Information & Communications Technology (ICT) network. As an island, Puerto Rico depends on its ability to communicate with the world to do business. As such, companies benefit from extensive island-wide 5G, broadband access, established LoRa network capabilities, and broad satellite connections. Every element of this network ensures producers are connected to suppliers, customers, and business partners. Puerto Rico’s tech expertise and nationally unique international banking policies—along with the growing demand for effective financial solutions and resources—has led to a boom in innovative fintech and investing services that extend to every industry.

Fintech

Fintech is growing fast, at a rate of 25% per year through 2022. Puerto Rico’s close proximity to the world’s financial center – New York City – gives island-based fintech firms the opportunity to remain connected while taking advantages of key local benefits such as STEM talent, local financial literacy, and attractive tax incentives. Puerto Ricans are open to technology providing financial solutions where traditional banks do not. Here are a few facts you might have known about the island.

  • In 2017, Puerto Rican firm Evertec was the #1 provider of payment processing services in Latin America, exporting financial services to 25 countries around the world
  • After just four years, Evertec’s money transfer platform, ATH Movil, reached over 1 million users, 6,000 businesses, and 80% of banks and credit unions
  • Banco Popular’s digital platform also leads the industry in the implementation of fintech solutions
  • Abexus Analytics identifies commercial lending solutions to SMEs as one of the key areas of opportunities in Puerto Rico’s fintech landscape
  • Among others, Act 60 applies to financial activities and export services. IFEs are eligible for 6% income tax rate on distributions to resident shareholders or members and are 100% exempt on distributions to nonresident shareholders and members

Innovation

Puerto Rico also leads the region in fintech innovation, and this is evident in the wide use of digital banking tools, mobile financial applications, and globally recognized payment processing technology. Banking with digital assets is quickly becoming a reality and the blockchain community is pushing innovations for tax credit trading and how to sell utility tokens within tax incentive regulations. The island is leading the way in helping fintech, insurtech, and blockchain become more ubiquitous. The local financial services industry is perfect for global companies and start-ups looking for a cost-effective domicile or fertile ground to develop ideas, scale, and expand into neighboring markets.

The Only Place

Combine U.S. federal regulations and exemptions with local tax benefits and operating incentives, and you get the only place for international financial entities and insurers on U.S. soil: Puerto Rico. The island offers companies experienced banking and insurance markets, with a broad base of financial experts in U.S. and international laws and regulations. Puerto Rico stands to be an international leader in the finance and insurance industries by providing banks and insurers, companies, and individuals unparalleled access to the U.S. market with global regulations.

Puerto Rico is the nexus of opportunity. Contact a member of the Invest Puerto Rico Business Development team to learn how you can locate your startup or established business to the island.


Leading the way in strengthening the island as a world-class business destination is the newly formed Invest Puerto Rico (InvestPR), a non-profit investment promotion organization created by law, via Act 13 – 2017. InvestPR’s mission is clear: promote the island as a competitive investment jurisdiction that attracts new business and capital investment to the island. Our vision is to be a transformational and results-oriented accelerator of economic development in Puerto Rico.


Photo by Tatiana Rodriguez on Unsplash

Acquisitions, E-commerce and the Latest in Australian Fintech

Acquisitions, E-commerce and the Latest in Australian Fintech

Some of the hottest headlines in international fintech in recent days involved industry innovators from the Land Down Under. Late in the week, financial consultancy firm Synechron announced that it had agreed to acquire Australian payments provider Attra. Headquartered in Melbourne, Attra is notable for being one of pure play payments solution providers in Australia, with reach throughout the region as well as into North America, Europe, and MENA. Attra will retain its brand identity post-acquisition.

Meanwhile, National Australia Bank (NAB) unveiled a new smart receipt solution developed in collaboration with Australian fintech Slyp. The offering, Slyp Smart Receipts, are available via the NAB mobile app, and enable NAB customers to automatically get itemized smart receipts from participating retailers.

“Receipts are a burden for customers, create unnecessary cost for businesses and have a negative impact to our environment,” Slyp CEO and co-founder Paul Weingarth said. “The introduction of smart receipts allows businesses to offer a seamless and frictionless customer experience far beyond what we know it as today.”

On the e-commerce front, the buy now pay later revolution rolls on. Zip, a BNPL company based in Australia, inked a deal with Facebook this week that will enable small businesses to use its installment payment service to pay for Facebook ads.

Zip’s partnership with Facebook is its second big, e-commerce collaboration in recent months. In August, the company teamed up with eBay, bringing its buy now pay later offering to the online marketplace.

Looking to learn more about fintech in Australia? Check out KPMG Australia’s report on the country’s fintech industry from last fall. And for a more recent snapshot, take a look at FintechNews Singapore’s “9 Hottest Aussie Fintech Startups” from earlier this year.


We’ve covered a healthy amount of international fintech news on the blog this week. Here’s a quick digest of what you might have missed.

Tink Lands $103 Million in Funding, Boosts Valuation to $824 Million – The new round for the Swedish fintech was co-led by new investor Eurazeo Growth and existing investor Dawn Capital.

Xoom Adds Money Transfer Capabilities to 12 African Countries – The expansion focuses on facilitating remittances to underbanked consumers in 12 African nations. 

How to Manage and Exceed Evolving Customer Expectations – Our interview with the co-founder of Vancouver, British Columbia, Canada-based FI.SPAN.


Here is our look at fintech around the world.

Asia-Pacific

  • Risk decisioning leader Provenir announces data integration partnership with Philippines-based alternative credit scoring company FinScore.
  • South Korean payments firm CHAI scores $60 million in Series B funding.
  • Mastercard and Pine Labs to bring their integrated buy now pay later solution to five markets in Southeast Asia early in 2021.

Sub-Saharan Africa

  • The Banker looks at how Nigeria’s fintech industry is thriving in the face of economic challenges.
  • TechFinancial reviews the growth of fintech in South Africa through the lens of the country’s Financial Sector Conduct Authority.
  • Convergence Partners, a South African technology investment management company, announces $5 million investment in sub-Saharan mobile money services company Channel VAS.

Central and Eastern Europe

  • German digital asset custody technology provider Bitbond partners with Bankhaus von Der Heydt to issue a Euro stablecoin on the Stellar network.
  • Hungary’s Magyar Nemzeti Bank (MNB) inks cooperation agreement with the Monetary Authority of Singapore to boost collaboration in fintech innovation between Hungary and Singapore.
  • Berlin-based plug and play, European securities API provider Upvest raises additional €five million to boost its Series A to €12 million.

Middle East and Northern Africa

  • Egyptian fintech Zeal Rewards secures “six-figure” seed investment from an unnamed angel investor.
  • Israeli entrepreneur Uri Levine predicts that the next unicorn from the MENA region will come from the UAE.
  • SME10x looks at how the buy now pay later movement is transforming ecommerce in the Middle East.

Central and Southern Asia

  • IBS Intelligence features five top digital lenders in India.
  • Bangalore-based i-exceed reports gains in digital onboarding adoption rates in corporate banking.
  • SafePay, a company that enables B2C payments, secures funding from new Pakistan-based VC firm backed by Gobi Ventures.

Latin America and the Caribbean

  • Bitso, a cryptocurrency platform based in Mexico, raises $62 million in Series B.
  • Cross border B2B paytech provider TransferMate announces licensing approvals in Brazil and Chile.
  • Mexican challenger bank albo secures $45 million in funding.

Photo by Ethan Brooke from Pexels

Envestnet Goes Aussie on Open Banking; BNPL Consolidates in the Americas

Envestnet Goes Aussie on Open Banking; BNPL Consolidates in the Americas

One of the more interesting questions during a recent FinovateWest Digital panel on challenger banks asked: how important are partnerships to these digital newcomers? This week, one answer to that question came in the form of an announcement from Australia’s self-described “smartbank” – 86 400 – that it was teaming up with one of the global leaders in data aggregation and insights: Envestnet | Yodlee.

“The average Australians’ financial world can be very complex, with numerous accounts for numerous products across different financial institutions,” 86 400 CIO Brian Parker explained. “By partnering with Envestnet | Yodlee, we’ve given our customers the ability to see all their accounts in one place, delivering a better view of their financial lives and helping them take control of their money.”

Founded in 2017 and backed by Cuscal, Australia’s largest independent payments company, 86 400 offers no fee banking; card, mobile, and smartwatch-based payments; and competitive interest rates for both savers and borrowers. Via mobile app, 86 400 customers can easily monitor and manage their finances, functionality that will be significantly enhanced via the smartbank’s new relationship with Envestnet | Yodlee.

“Consumers don’t have to wait for Open Banking to access and use their own data,” Envestnet | Yodlee ANZ Country Manager Tim Poskitt said. “Envestnet | Yodlee’s data aggregation enables consumers to link their financial accounts with tools and products that deliver better financial outcomes. That’s what 86 400’s products provide.”

86 400, which takes its name from the total number of seconds in a 24 hour day, has forged partnerships in recent months with mortgage brokers like Mortgage Choice and Connective. Headquartered in Sydney, New South Wales, 86 400 won Best in Class at Australia’s International Good Design Awards. Robert Bell is CEO.


Maybe it is true, as fintech observer and wit Ron Shevlin suggested on Twitter recently, that the credit card issuers have to be scratching their heads a bit with the sudden popularity of the Buy Now Pay Later ecommerce craze-turned-trend. But as Homer Simpson famously put it, “we’re not succumbing to mass hysteria. We’re just jumping on the bandwagon.”

The latest news from the BNPL bandwagon features U.S. buy now pay later company Affirm, which announced that it would acquire Canadian BNPL outfit PayBright for $264 million (C$340 million).

“We built PayBright with the mission of making the everyday commerce experience simply better for Canadians,” company President and CEO Wayne Pommen said. “Partnering with Affirm gives us the opportunity to deliver on that promise on a much larger scale.” Pommen added that he was “delighted” at the opportunity to take “Buy Now Pay Later to the next level in Canada.”

Just where is that next level? PayBright currently has more than 7,000 retailer partners around the world, including companies like Samsung, Wayfair, and Oakley. And competition in the Canadian BNPL space has intensified of late; Australian BNPL rival Afterpay announced its expansion to the country in August.


Here is our look at fintech around the world.

Latin America and the Caribbean

  • BNamericas interviews Ruben Galindo, CEO of Mexican fintech CapitalTech on how the company has managed to serve its customers during the pandemic.
  • A partnership between FacePhi and Peruvian fintech TuSueldoYa will help businesses better manage cash advances during the COVID-19 crisis.
  • IBS Intelligence highlights four Mexican fintechs that are “transforming the financial sector”: Credijusto, Konfio, Clip, and Albo.

Asia-Pacific

  • Lightnet, a Singapore-based company that leverages blockchain technology to power its remittance offering, announces partnership with Siam Commercial Bank.
  • P2P lending marketplace Rai Capital goes live in Cambodia.
  • The Philippine Central Bank recognizes digital banks as a new bank category as part of a new regulatory framework.

Sub-Saharan Africa

  • A rare look at the evolving fintech ecocsystem in Cameroon.
  • Telkom, a telecommunications company based in South Africa, goes live with its digital wallet that enables WhatsApp based P2P mobile payments.
  • Nigerian payment infrastructure solution provider Airopay introduces a new digital payment app.

Central and Eastern Europe

  • Paysera expands to Albania, opening offices in the capital city of Tirana.
  • Polish fintech ZEN announces strategic partnership with Mastercard; goes live in 32 European markets.
  • U.K.-based cashless payment solution provider DiPocket chooses Lithuania for its office in the CEE region.

Middle East and Northern Africa

  • Emirates NBD introduces next-generation global corporate banking platform businessONLINE.
  • New report highlights Riyadh and Bahrain among “top fintech ecosystems to watch.”
  • Kuwait-based banking technology service provider VeriTech partners with Norway’s Zwipe to meet growing demand for contactless payments in the Middle East.

Central and Southern Asia

  • India-based cryptocurrency investment platform CoinSwitch Kuber announces plans for early December launch.
  • Fintech Futures takes a look at Indian challenger bank Finwego, which specializes in lending in the private school education space.
  • Swedish biometric company Fingerprint Cards teams up with Indian smartcard manufacturer M-Tech Innovations to launch contactless cards in India.

Photo by Ben Mack from Pexels

Juvo Brings Digital Identities to the Underbanked; BondIT Merges with Scorable

Juvo Brings Digital Identities to the Underbanked; BondIT Merges with Scorable

Financial-identity-as-a-service (FiDaaS) pioneer – and FinovateFall alum – Juvo announced earlier this week that it is working with Mastercard’s Latin America and Caribbean (LAC) team to bring its FiDaaS platform to financial institutions throughout the region.

“Financial institutions across LAC face a dilemma,” Juvo CEO and founder Steve Polsky explained. “Consumers can’t demonstrate their creditworthiness to gain access to credit. Without access to credit, however, consumers can’t establish creditworthiness.”

Juvo’s technology leverages machine learning to analyze transaction data to assess an individual’s ability to repay loans and meet other financial obligations. The company’s partnership with Mastercard is in large part a product of its participation in Mastercard’s Start Path fintech startup engagement program last August. Headquartered in San Francisco, California, Juvo was founded in 2014.


Innovation in the wealth management space is increasingly an international affair. This week, Israel-based portfolio construction technology provider BondIT announced that it has agreed to merge with Germany’s Scorable. Headquartered in Berlin, Scorable provides AI-powered credit analysis and will, per this transaction, combine its technology with BondIT’s in order to offer an integrated portfolio-management-and-research-as-a-service solution for asset managers and financial advisors.

“Fixed income investors still rely heavily on manual-driven procedures, but in light of market and cost pressures, intelligent automation is increasingly necessary to stay competitive,” said BondIT CEO Etai Ravid. “Merging our technologies allows us to even better serve the evolving digital needs of our clients by helping them optimize their portfolio and risk management to boost efficiency, performance and scale.”

Making its Finovate debut at FinovateFall in 2016, BondIT offers a scalable platform that uses both machine learning and data science to provide financial analysts and advisors with optimized portfolios and portfolio analysis. Founded in 2012 and based in Herzliya, Israel, BondIT has raised $18.5 million in funding from investors including Fosun International.


Here is our look at fintech around the world.

Central and Southern Asia

  • Fintech Futures profiles Indian fintech PayNearby that is leveraging small, brick and mortar retailers to provide ATM and branch banking services.
  • Pakistan fintech Tag earns “in principle” approval for an electronic money institute license from country’s central bank; plans to launch financial superapp.
  • Express Computer looks at the evolution of fintech in India.

Latin America and the Caribbean

  • Banco Pichincha Peru teams up with U.S.-based no-code mobile security platform Appdome to secure its mobile app.
  • The Central Bank of the Bahamas launches digital sand dollar, a central bank digital currency (CBDC).
  • Brazil’s central bank launches PIX instant payments platform; suggests possible return of WhatsApp.

Asia-Pacific

  • Singapore’s Lu International and Thailand’s Kasikornbank (KBank) partner to introduce new wealth management platform.
  • P2P investment network SeedIn, based in Singapore, announces rebranding to BRDGE; expansion to Indonesia.
  • Hong Kong based digital payment services platform Statrys raises $5 million in funding.

Sub-Saharan Africa

  • The days of paper checks in South Africa are numbered according to a joint communique from the country’s Reserve Bank, Financial Sector Conduct Authority (FSCA), and other government agencies and banking industry associations.
  • Chipper Cash, which offers no fee, P2P payment services in seven African countries, raises $30 million in funding.
  • Nigerian fintech Wallets Africa partners with Visa to provide customers with physical Visa cards for domestic and international payments.

Central and Eastern Europe

  • Revolut introduces Open Banking options for its German customers.
  • German fintech and challenger bank Vivid Money secures $17.6 million in funding.
  • Austria’s Raiffeisen Bank International (RBI) goes live with its API marketplace.

Middle East and Northern Africa

  • UAE-based payment service for retailers Spotii announces expansion to Saudi Arabia.
  • Trade Arabia takes a look at the fintech agreement between the Israeli Securities Authority (ISA) and the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA).
  • Two Israeli companies – ChargeAfter and Personeticsjoin Visa Fintech Partner Connect to bring payment technology innovation to Europe.

Photo by Elianne Dipp from Pexels

About That Ant IPO: Chinese President Behind Rebuke of Ma

About That Ant IPO: Chinese President Behind Rebuke of Ma

The biggest news in global fintech this week was word that the much-anticipated Ant Group IPO, an initial public offering expected to raise $34.5 billion, had been suspended on both the Shanghai and Hong Kong stock exchanges. Why? According to reports from the Wall Street Journal, Chinese President Xi Jinping himself ordered a halt to the IPO in response to criticisms about Chinese government regulators from Ant Group founder Jack Ma.

Slated to be the biggest initial public offering in history, the Ant Group offering is currently suspended indefinitely by Chinese authorities, who cited “changes in the financial technology regulatory environment” as reasons why the financial tech giant’s online lending business “would face tighter government scrutiny.”

As the Wall Street Journal tells it, the sharp rebuke from Chinese authorities is the result of long-simmering concerns about the growing strength of Ant Group, whose financial division Alipay is used by approximately 70% of the Chinese population. Ma’s comments, which came in a speech delivered in late October, sought to elevate the role of innovation rather than personality in solving the country’s financial problems. However his remarks about the way financial regulations are impeding technological development apparently infuriated Chinese officials, who moved quickly to check the country’s richest and most well-known businessman.

Other Chinese fintechs and financial services companies would be well-advised to take note. Following up on the smack-down of Ant Group, the Vice Chair of the China Banking and Insurance Regulatory Commission (CBIRC) Liang Tao warned “we need to pay close attention to the risks from internet security, data protection, and market monopoly.” Pardon the editorial interjection, but I am quite ready to forgive anyone for feeling as if one of those issues – certainly given the Ant Group news this week – seems a bit out of place among the other two.


Here is our look at fintech around the world.

Middle East and Northern Africa

  • Turkey’s Isbank completes second pilot cross border trade transaction using distributed ledger technology.
  • Ripple names Dubai as the location of its regional headquarters.
  • Lebanon’s central bank announces plans to debut a national digital currency next year.

Central and Southern Asia

  • Digital-only YeLo Bank wins the Indian Finals of the AWS Startup Architecture Challenge of the Year 2020.
  • Crowdfund Insider looks at how the Indian state of Gujarat is supporting the growth of local fintechs.
  • Transfin founder and CEO Nikhil Arora talks with Madhusudanan R, co-founder of fintech API platform YAP on the evolution of fintech in India.

Latin America and the Caribbean

  • Microsoft partners with Uruguay-based dLocal to boost access to emerging markets.
  • Argentine online B2C travel agency Despegar to leverage its acquisition of Brazilian buy now pay later firm Koin to offer installment financing to travelers.
  • Brazilian fintech Nubank pledges to support financial education for black Brazilians in the wake of controversial comments by co-founder Cristina Junqueira in a recent television interview.

Asia-Pacific

  • Indonesian e-money institution LinkAja secures $100 million Series B led by Grab.
  • Nikkei Asia profiles Siam Commercial Bank subsidiary SCB Abacus, which leveraged AI to delivery the country’s first fully digital lending platform using alternative data.
  • A look at how fintech can enable communities in the Philippines to “navigate the new normal.”

Sub-Saharan Africa

  • Kuda, a digital bank based in Nigeria, secures $10 million in seed funding.
  • South African’s FinChatBot locks in $1.6 million in funding to fuel expansion to Europe and West Africa.
  • Nigeria’s Paystack announces pilot phase of its payment solution in South Africa.

Central and Eastern Europe

  • Elbrus Capital and Winter Capital announce investment in Russian financial marketplace, Banki.ru.
  • Enterprise connectivity platform Yapily to expand to Germany.
  • German fintech auxmoney secures investment from French bank BNP Paribas. The amount of the funding was not disclosed.

Photo by Lucas Pezeta from Pexels

Ant’s IPO; SpyCloud Takes On Southern Europe; Icon Earns Strategic Investment

Ant’s IPO; SpyCloud Takes On Southern Europe; Icon Earns Strategic Investment

The biggest news in international fintech was the $34.5 billion pricing of Ant Group’s upcoming initial public offering. We covered the news earlier this week. The company will be making a dual IPO, offering half of its shares on Hong Kong’s Hang Seng, and the other half on Shanghai’s Star Market. The date for the Hong Kong IPO has been set for next week, November 5th. No date has been determined for Ant Group’s IPO on the Shanghai-based exchange.

The $34.5 billion target would represent a new record, topping the $29.4 billion raised by Saudi Aramco earlier this year in its IPO. Ant Group anticipates earning a valuation of more than $313 billion. This amount would rival that of most of the biggest banks in the U.S., with the only exception being JP Morgan Chase with its market cap of $434 billion.


On the European fintech front, a handful of Finovate alums have made headlines this week. Account takeover prevention specialist SpyCloud announced a partnership with Southern European-based information security solutions value-added distributor, DotForce. U.K.-based Icon Solutions, a payments technology provider, picked up a strategic investment from JPMorgan. In the Americas, FIS teamed up with Brazilian financial services firm Afinz to help the company enhance its private-label credit card processing capabilities. Meanwhile to the north, Toronto, Ontario, Canada’s Finn AI inked a deal with Michigan-based United Federal Credit Union to bring conversational chat to the firm’s 200,000 members.


Here is our look at fintech around the world.

Central and Eastern Europe

  • German business banking platform Penta partners with savings marketplace Raisin.
  • Lithuanian government authorizes new Centre of Excellence in Anti-Money Laundering.
  • German sharia-compliant banking app, insha, raises €2.5 million en route to planned U.K. launch.

Middle East and Northern Africa

  • Bahrain-based open banking platform Tarabut Gateway launches in the UAE.
  • Oman Banks Association urges lenders in the country to embrace fintech and open banking.
  • Turkish fintech Payguru introduces new pay by text message service.

Central and Southern Asia

  • Indian fintech GetVantage raises $5 million in seed funding.
  • Smart Engines partners with Alfa Bank Kazakhstan to power digital onboarding and online payments.
  • PhonePe, an online payments company based in India, announces availability as a payment option at more than two million locations in Maharashtra.

Latin America and the Caribbean

  • Risk analytics software company Provenir partners with Mexico’s Estudia Mas to automate and digitize risk decisioning for education loans.
  • Visa to acquire YellowPepper, a company that supports Latin American and Caribbean financial institutions and startups.
  • Real-time financial data aggregator Afterbanks begins operations in Mexico.

Asia-Pacific

  • Rapyd launches its “all-in-one” payment capabilities in South Korea courtesy of a partnership with local PSPs.
  • Hong Kong-based virtual bank Mox onboards 35,000 customers in its first month of operation.
  • TechinAsia looks at the “brutal” competition in the Vietnamese e-wallet market.

Sub-Saharan Africa

  • Evolve Credit, a Nigerian loan and financial product marketplace, raises $25,000 in funding from Nigerian VC firm Microtraction.
  • Fintech infrastructure platform Nium announces expansion into Africa.
  • Two South African fintechs, B2B digital lender Lulalend and biometric digital identity company Paycode, earn recognition by the 2020 Inclusive Fintech Awards.

Photo by Poranimm Athithawatthee from Pexels

Canada Partners with Swiss, U.S. Fintechs; Neobank Raises Millions in Mexico

Canada Partners with Swiss, U.S. Fintechs; Neobank Raises Millions in Mexico

When it comes to taking advantage of the best that the world’s fintech has to offer, you won’t find financial services companies in Canada sleeping on the job. This week in the country’s payments space, Toronto, Ontario-based Versapay announced its acquisition of Solupay, a contactless payments company based in Ohio. We also learned that FinovateEurope alum unblu, which offers a digital conversational platform for FIs from its headquarters in Basel Switzerland, had teamed up with Calgary, Alberta-based digital technology solutions provider Celero.

By the end of the week, Canada’s largest credit education company, Borrowell, announced that it was partnering with multiple Finovate Best of Show winner MX. Borrowell, the first company in Canada to offer free credit scores via its partnership with Equifax, has launched a new bill tracking feature called Boost on its app. The company will use MX’s data cleansing technology to improve Boost’s analysis of user spending behavior to help users make better financial planning decisions.

“With MX, Borrowell is giving its customers greater clarity into how they can become more financially strong as a means to increasing credit strength,” MX Chief Customer Officer Nate Gardner said. “It is exactly this kind of innovation, partnership and money experience that MX loves to enable through our powerful data platform.”


Last week we featured an extended Q&A with Eric Rosenthal, Vice President and Managing Director for the Americas with Rapyd. If you’re interested in learning more about the fintech ecosystem in one of the most overlooked regions of the world, our conversation with Eric Rosenthal is a great place to start.

With that in mind, congratulations to Mexican challenger bank Klar, which raised $15 million in Series A funding in a round led by Prosus Ventures this week. Founded in 2019, Klar now has approximately $72 million in total debt and equity financing, and noted that the new capital will help the company build its engineering capabilities in its hubs in Berlin and Mexico.

“Klar is making credit accessible to all Mexicans, including those with no credit history,” Klar co-founder and Chief Financial Officer Daniel Autrique said. “We help people build credit by looking at how and where they spend their money, instead of being stuck with traditional credit scores that are backward looking and obsolete.” The company said that, since inception, it has issued more than 25,000 lines of credit among its 200,000 customers.


Here is our look at fintech around the world.

Sub-Saharan Africa

  • Stripe makes inroads in Africa with acquisition of Paystack.
  • A partnership between Standard Bank, Mastercard, and Google will help SMEs in Africa offer their services online as well as accept digital payments.
  • Trading Technologies teams up with Cape Town-based Applied Derivatives, which will distribute the TT platform from South Africa.

Central and Eastern Europe

  • PayRay, a factoring company based in Lithuania, receives banking license and begins banking operations in its home country.
  • Lithuanian online payments firm Interpaylink partners with iDenfy to provide remote user identification.
  • Advapay, a digital core banking platform provider based in Estonia, teams up with U.K.-based identity verification platform Sumsub.

Middle East and Northern Africa

  • Cairo, Egypt-based financial wellness platform NowPay raises $2.1 million in seed funding.
  • Central Bank of Bahrain launches the region’s first digital fintech lab, FinHub 973.
  • Commercial Bank of Dubai introduces cards and accounts for low-income consumers courtesy of partnership with Now Money.

Central and Southern Asia

  • Indian payments processor Razorpay secures $100 million in Series D funding, earning a valuation just over one billion.
  • Mastercard announces partnership with Indian regtech Signzy to bring the company’s video KYC technology to its banking customers.
  • Indian fintech Open partners with Equitas Small Finance Bank and Visa to offer business debit card.

Latin America and the Caribbean

  • Brazilian payment solutions provider Ebanx announces expansion of operations into five countries in Central and South America.
  • Venio, a mobile app that provides financing to the unbanked, goes live in Mexico.
  • Chile’s third largest bank, Banco de Crédito e Inversiones (BCI), partners with Temenos to launch new corporate bank in Peru.

Asia-Pacific

  • The People’s Bank of China holds lottery to distribute millions in digital yuan valued at $1.5 million.
  • Vietnamese online payment portal AppotaPay scores payment intermediary license from State Bank of Vietnam.
  • PayMaya, a mobile payments platform based in the Philippines, launches new mobile payment device PayMaya One Lite, that enables acceptance of a range of digital payment types.

Photo by James Wheeler from Pexels

A Deep Dive into Fintech in Latin America

A Deep Dive into Fintech in Latin America

This week in Finovate Global we take a deep dive into the fintech ecosystem in Latin America through the lens of Rapyd, one of the companies that has been especially active in helping bring innovative financial services to the consumers of the region. We caught up with Eric Rosenthal, Vice President and Managing Director for the Americas with Rapyd for an extended Q&A via email.

Finovate: Rapyd just launched a new integrated payments solution in Mexico. How big of a deal is this for the company and its ability to serve the Mexican and Latin American markets? 

Eric Rosenthal: We have made significant investments in product sales and marketing strategy in Mexico and Latin America as these are critical markets to Rapyd’s growth. 

Rapyd has been quietly operating in Mexico since early 2018, building partnerships with local solution providers and developing relationships with businesses. With the launch of our integrated payments solution in Mexico, we formally announced our presence and the strong local partnerships we have developed which have enabled us to provide the full range of payment capabilities that merchants wish to offer to consumers based on how they want to pay. 

We intend to target local merchants that are looking into expanding their offerings in Mexico or that are looking into launching in other markets in Latin America or globally, as well as merchants outside of Mexico that have an interest in transacting with Mexico, either by disbursing or collecting funds. 

Mexico is a very strategic market for Rapyd. It is one of the five countries in the world where we have local entities and offer our full-stack capabilities – which means we offer all of our payment capabilities including collecting funds via bank transfers, cash and cards, disbursing funds across cash and bank transfers, and card issuing. It was one of the first countries we entered in 2018 – only two years since Rapyd’s founding – and the first country outside of the U.S. I personally opened as Managing Director for the Americas at Rapyd. 

Finovate: What can you tell us about this offering? What problem is it designed to solve and who is it designed to solve the problem for? 

Rosenthal: Whether we are talking about Mexico or any country in the world, the unfortunate reality of financial services has been and continues to be, that any merchant (marketplace, gig economy platforms, e-Commerce sites, etc.) trying to transact digitally will encounter payments infrastructure that is extremely fragmented. So if I am a Mexican merchant who is trying to solve the issue of collecting, disbursing, and issuing a card, I will need to integrate with three to five services providers – just in Mexico! 

Merchants that are expanding in Mexico or looking to enter new markets globally deal with this problem. It becomes exponentially harder to manage as they move into multiple markets. 

Rapyd is trying to eliminate the complexity that has come to characterize cross border finance. We look at how you simplify integration, and contracting processes and let companies dedicate their finite resources towards enhancing their core product instead of spending time and energy solving the challenges they face with payment and fintech integrations. 

Finovate: The company partnered with a number of major Mexican payment providers for this initiative. How important are these relationships for fintechs in the Mexican payments industry? 

Rosenthal: Our partners are what makes us unique – Rapyd is ultimately a network built on shared goals and collaboration. Through our partnerships we facilitate market entry that would otherwise be unattainable for many of these businesses to achieve on their own. Some of the areas we address include attending to merchants that are looking to scale their businesses as well as those looking to diversify their geographical coverage. In many cases, we have merchants that want to continue to work with their existing payment partners but in tandem begin to operate on the Rapyd platform as it offers a technology enhancement on top of what they are already doing, or simply because they are seeking a single point of reconciliation and settlement to minimize their operational overhead. 

So, for us, our partners are absolutely critical. What does it mean for the Mexican ecosystem? It ultimately means a better level of service for our end clients. We went out and found partners that are best in class, a handful of which we have announced publicly, and then others that we have not announced, but all of them are the best at what they do. So if you are a potential merchant looking for top of the line providers, you can trust that Rapyd has done the footwork, from the necessary technical integrations, ensured the network is compliant, performed the business due diligence, and also established attractive commercial terms with our partners. On behalf of the client, we minimize the effort and time of what would otherwise have been an enormous effort to set up what we set up on their behalf. Rapyd allows them to focus on their core business and not worry about the challenge of building and maintaining mission-critical payments infrastructure. 

Finovate: Many people in fintech here in the U.S. are aware of the fintech ecosystem in Europe and Asia, and even the Middle East, to a degree. We hear much less about fintech in Latin America. What are some important things for people to understand about that ecosystem?

Rosenthal: I personally have spent a lot of time living in Latin America. I lived in Peru for about 3 years and in Mexico for 3 years, so I have always felt a strong connection to the ecosystem. My perspective, shaped by having also lived in Southeast Asia, is that the Latin American ecosystem to a certain degree is a few years “behind” (in time, not in quality) and therefore the attention that has been given previously to APAC and Europe has to do with the fact that the ecosystem in Latin America is perceived to be a few years behind. 

The amount of time it takes for new initiatives to take hold or knowledge to transfer across the globe is significantly compressed. For example, most of what Rappi is doing is modeled after what Grab was doing in Southeast Asia three years prior. But yet you are now seeing that Rappi itself has significantly compressed its innovation cycle to launch new solutions and products. 

While the Latin American market may be less known for the time being globally, it is very well known by, and relevant to, those that have been operating in the region for some time. 

Finovate: What are some of the more unique aspects of fintech in Central and South America? 

Rosenthal: What is unique about Latin America is that it has a significant advantage over other markets, in my opinion when we talk about scalability and ease of adoption. While there are differences across cultures and of course dialect and language- don’t forget that Brazil has close to 250 million people speaking Portuguese, in the grand scheme of things Latin America is well suited for scale because of the commonality of language and ease of talent mobility- making the replicability of business models seamless. 

All that being said, we do continue to confront one challenge in Latin America, that is of course the sheer size of the market. Operating across 18 countries means 18 different regulatory regimes and few regional banking partners that are truly regional and that can offer the full set of capabilities.

But where there is fragmentation there is opportunity for Rapyd. Our ability to weave together multiple partners has positioned us as the single largest cash payment provider in the region. We have over 400,000 cash payment locations across Latin America, a large bank transfer network spanning each country we operate in, the ability to offer card acquiring in most of the countries we operate in, and the ability to hold the vast majority of Latin America currencies. That is something that even some of the world’s largest financial institutions are not able to provide. All of this together puts us in a prime position to serve clients that are looking for multi-country regional solutions. We believe that other companies such as Rapyd are playing a major role in removing these artificial technology barriers and borders between countries and are laying the foundation for more and more companies to scale with ease across the region and ultimately build more globally recognized fintechs. 


Photo by Gonzalo Facello from Pexels

Italy’s New Payments Goliath; Nigerian Fintech Funds SMEs in the CEE

Italy’s New Payments Goliath; Nigerian Fintech Funds SMEs in the CEE

Italy’s Nexi to Acquire Rival SIA in $5.4 Billion Deal

Italy has a new payments behemoth on the block courtesy of a big acquisition in its financial services industry. Nexi, the country’s biggest payments processor with more than $1.16 billion (€984 million) in revenue in 2019, has agreed to acquire banking and fintech solution provider SIA. The purchase price on the all-stock deal comes in at nearly $5.4 billion (€4.6 billion), and will create a new payments contender in the European market with a market capitalization estimated at $17.7 billion (€15 billion).

The acquisition will mark the second big deal in Europe’s payments space this year; Worldline agreed to acquire Ingenico Group earlier this year for $8.6 billion (€7.8 billion).

The combined company will be led by Nexi CEO Paulo Bertoluzzo, and will have two million merchants and 120 million cards. Analysts have suggested Nexi will be able to double its 2019 annual revenue to $2.13 billion (€1.8 billion) post acquisition, and enhance its business in Central and Eastern European markets in particular.


Curious about fintech in the EU’s third most populous member state? EY’s 2020 FinTech Waves report provides an in-depth overview of Italy’s fintech market, which grew from 16 fintech startups in 2011 to 345 fintech startups in 2019. The report notes that the country’s banking sector, though challenged by legacy systems in many instances, is focused on leveraging technology to improve efficiency and boost revenues. Five areas where Italian fintech startups have been especially active, based on EY’s research, are crowdfunding, machine learning/AI, smart payments and money transfers, lending, and insurtech.

“According to our analysis, the Italian FinTech ecosystem is heterogenous, small in size, but with high potential,” the report authors write. Read the full 100+ page report.


Nigerian Fintech Sees Opportunity in CEE SMEs

Lidya, which helps finance small businesses in its home country of Nigeria, has tuned its radar to opportunities far away: in Eastern Europe, to be specific. Earlier this week, the company announced that it had lent three million to small businesses based in the Czech Republic and Poland. Lidya went live in the Czech Republic in March and began offering its services in Poland one month later.

Lidya currently operates in 14 countries in Africa. The company’s expansion gives it the opportunity to lend not only to more small businesses, but to make larger loans, as well. Loans in Lidya’s native Nigeria average $1,500, and are available for as low as $150; Lidya co-founder Ercin Eksin said he anticipates that its operations in Europe could yield loan sizes 4x as big, given the GDP per capita difference between African markets and those in the CEE.

For more on Lidya and the technology scene in sub-Saharan Africa, check out this TechCrunch interview with Lidya CEO and co-founder Tunde Kehinde.


Here is our look at fintech around the world.

Sub-Saharan Africa

  • South African challenger bank Bettr readies for 2021 launch.
  • Ventureburn features PayCurve, an “ethical salary early access solution” provider based in South Africa.
  • Nigeria’s ImaliPay introduces new tailored financial products for gig economy workers.

Central and Eastern Europe

  • Four of Estonia’s biggest banks partner with AML startup Salv to launch pilot program AML Bridge.
  • Vienna, Austria-based Trality, which is developing a trading bot for cryptocurrencies, raises $1.95 million (£1.5 million) in new funding.
  • Estonia’s Sparq secures $517,800 (€440,000) in funding from Baltic International Bank.

Middle East and Northern Africa

  • Fintech Magazine features Commercial Bank of Dubai COO Stefan Kimmel on digitization in banking.
  • Dubai-based financial services platform Rise introduces its Xare app for expatriate workers to remit money back home.
  • Albawaba profiles five of the “biggest fintech startups” in the Middle East: PayTabs, Bayzat, Liwwa, Tribal Credit, Aqeed.

Central and Southern Asia

  • State Bank of India (SBI) launches the country’s first contactless payments wristwatch.
  • Uni, an Indian fintech startup that seeks to bring affordable financing options to the underserved, raises $18.5 million in seed funding.
  • A collaboration between Pakistan’s National Center for Cybersecurity and the National Clearing Company of Pakistan Limited has led to the creation of an AI-based cybersecurity system to help spot suspicious activity in financial transactions.

Latin America and the Caribbean

  • Financial Times looks at the role of Colombian fintechs in the overall landscape of banking in Latin America.
  • IBS Intelligence reviews the top five fintech funding rounds from September, highlighting Neon, dLocal, Marco Financial, Ideal, and Zoop.
  • In a world in which ride-sharing apps are getting into fintech, Costa Rican fintech Omni announced this week that it was launching a ride-sharing service.

Asia-Pacific

  • Bank of Thailand introduces the world’s first blockchain-based platform for government savings bonds.
  • Indonesian fintech BukuWarung, which provides financial services to small businesses, raises as much as $15 million in new funding.
  • MyMy, a digital payments startup based in Kuala Lumpur, Malaysia, raises $2.8 million (RM 12 million) in the country’s largest fintech seed round to date.

Crypterium Makes Crypto Virtual; ndgit and Entersekt Partner on Open Banking

Crypterium Makes Crypto Virtual; ndgit and Entersekt Partner on Open Banking

Crypterium Launches Virtual Card

Earlier this month at FinovateFall Digital, it was heartening to hear a number of fintech founders and CEOs highlight the blockchain and cryptocurrencies among the technologies they are most excited about in 2021. While a number of other enabling technologies such as AI and machine learning are in the spotlight right now and others, such as 5G and the IoT are waiting impatiently in the wings, innovations in digital assets and cryptocurrencies have seemed less common in 2020 compared to years past.

That makes the news of Crypterium’s new virtual card – and Apple Pay compatibility – all the more welcome for those who believe the best days for cryptocurrencies are still to come. The Estonia-based company, founded in 2017 and making its Finovate debut one year later, announced this week the availability of its new Crypterium Virtual Visa Card. The new free option gives users the ability to chose between a physical, plastic card, a virtual card, or both, and enables them to make all their contactless purchases with the convenience of a single virtual card on their mobile device. Cardholders can load their cards daily from €2 to €5,000, and have immediate access to their funds.

The company noted that it plans to enable users to integrate their virtual card with Google Pay as well. A timeline for this update was not specified.

Crypterium helps make cryptocurrencies practical by enabling users to load their digital wallets – and now their virtual cards as well – with Bitcoin, Ethereum, and Litecoin, and use those cryptocurrencies to transact with more than 42 million retailers. The company has 500,000 users worldwide, operates in more than 180 countries, and has processed more than 50 million payments.


Entersekt and ndgit Partner to Boost Open Banking

A partnership between two Munich, Germany-based firms – identity verification innovator Entersekt and open banking platform provider ndgit – will make Entersekt’s authentication and smart messaging solutions available on ndgit’s Marketplace. The marketplace offers a curated environment for financial services companies to access a variety of fintech solutions.

Entersekt partners with banks and other enterprises around the world to fast-track their digital enablement journeys, helping them respond to changing consumer preferences while meeting their compliance obligations with confidence,” Central Europe country manager for Entersekt Uwe Hartel said. “We are proud to join forces with ndgit, which has a very similar outlook. Together, we can drive innovation in open banking, securely.”

More than 30 banks and businesses around the world use ndgit’s API platform to digitize their operations and take advantage of the opportunities in open banking. In 2017, the company implemented the first open banking system for Switzerland, earning the Euro Finance Tech Award that year for best fintech bank partnership. At ndgit’s most recent Finovate appearance at FinovateEurope last year, the company demonstrated how its platform powered a PSD2-enabled digital loan application with minimal data entry and a fully secure risk profile.


Here is our look at fintech around the world.

Asia-Pacific

  • Hong Kong-based financial infrastructure company Airwallex secures an additional $40 million in an extended Series D round.
  • PayMongo, a Philippines-based online payment platform, announces a $12 million Series A round led by Stripe.
  • South Korea’s Kakao Pay plans to be the first mobile payment fintech in the country to go pubic.

Sub-Saharan Africa

  • Will South African banks make paper checks a thing of the past?
  • Vodacom Tanzania opens its M-Pesa API to encourage developers to build new use cases for its mobile payment service.
  • Nigeria’s Jumia teams up with Airtel Kenya to enable consumers to make online transactions using Airtel Money.

Central and Eastern Europe

  • Germany fintech Deposit Solutions goes live in the U.S. with its savings portal SaveBetter.com.
  • Romanian card processing firm Romcard / Supercard (formerly Wirecard Romania) is acquired by Portuguese payments company SIBS.
  • Polish ecommerce platform Allegro earns valuation of $11.2 billion in Warsaw’s biggest IPO to date.

Middle East and Northern Africa

  • National Bank of Bahrain introduces its Tap & Go contactless payment service at POS terminals and cards.
  • The Fintech Times features Noha Shaker, founder and Secretary-General of the Egyptian Fintech Association as part of its MENA Women in Fintech Series.
  • Are banks stifling fintech innovation in Israel’s financial services industry? Crowdfund Insider reviews concerns from the country’s Competition Authority.

Central and Southern Asia

  • Quartz takes a look at Amazon’s interest in the mobile payments market in India.
  • Pakistan-based fintech and logistics hybrid PostEx secures “six-figure, pre-seed investment” from angel investor Farhan Abbas Sheikh.
  • HatchX, the first fintech accelerator in Sri Lanka, showcases seven startups that are building insurance, payments, and credit solutions.

Latin America and the Caribbean

  • Facial recognition technology from FacePhi is helping senior citizens in Argentina collect their pensions without fear of fraud.
  • Euromoney looks at the potential impact of Chile’s new financial portability law on the country’s digital banking industry.
  • Argentina’s Ualá, a mobile payments startup backed by George Soros and Steve Cohen, goes live in Mexico.

Photo by Erik Karits from Pexels