How Revolut and Mastercard Are Helping Fintech Do Good

Revolut and Mastercard have teamed up this month to help rebuild schools in Mozambique after they were destroyed by a cyclone this spring. The effort, which is timed with UN’s Universal Children’s Day, aims to raise $207,000 (£160,000) to help get children in Mozambique back to school.

Revolut accountholders are able to show their support by making an in-app donation to Save the Children. Revolut and Mastercard will match donations from Revolut Mastercard customers. The goal is to complete the fundraising by January 2020 so that the schools can be built in time for the school year.

The campaign is made possible by the Donation feature Revolut launched in July. The feel-good feature allows cardholders to set up a recurring payment, make a one-off donation, or round up their purchases to the nearest whole number and donate the spare change. In addition to partnering with Save the Children, Revolut also facilitates donations to WWF and ILGA-Europe.

This campaign is part of a larger philanthropic trend moving through fintech lately. Other fintechs facilitating charity efforts include Meniga, which recently formed a partnership with the UN to allow users to donate their cash-back rewards to fight climate change, and Radius (recently acquired by Kabbage) which launched its Data for Good campaign to help the company’s employees and customers give back to their communities.

Revolut debuted its digital banking technology at FinovateEurope 2015 in London where the company’s CEO and founder Nikolay Storonsky showed off the app’s money transfer capabilities that help users avoid banking fees without actually using a bank.

Last month, Revolut launched in Singapore and announced plans to make its products available in the U.S. in the next couple of months. And in early October the company tapped investment bank JP Morgan to conduct a $500 million funding round and issue it a $1 billion convertible loan. The loan will turn into shares if Revolut receives a U.S. banking license.

Finovate Alumni News

On Finovate.com

  • How Revolut and Mastercard Are Helping Fintech Do Good
  • Keepabl Partners with ClauseMatch to Boost GDPR Compliance
  • More Than $1 Billion Raised by 21 Finovate Alums in Q3 2019

Around the web

  • Gartner names Exagens a 2019 “Cool Vendor.”
  • Trulioo appoints Zac Cohen as chief operating officer.
  • Trustly reaches 100 live gaming brands with its Pay N Play player registration and verification product.
  • Tradeshift moves Bucharest team to larger office in Tower Center, announces plans to hire more staff next year.
  • Globitex taps Salt Edge for strong customer authentication.
  • After Belfast launch earlier this year, Signifyd recruits 63 people with plans to recruit 150 more over the next three to five years.
  • Revolut and Mastercard team up with Save The Children to support Universal Children’s Day.
  • The San Diego Union-Tribune names Jack Henry & Associates a top place to work in San Diego for the fourth year in a row.
  • CredoLab, Neener Analytics, and Vymo win finalist spots in the India FinTech Forum’s IFTA 2019 awards.
  • Chetu ranked as the number two of 50 top software development firms in the U.S.
  • Payments company VoPay teams up with Plaid to offer a new credit card alternative to consumers in North America.

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

Visa’s Minority Stake in Interswitch Creates Africa’s Latest Fintech Unicorn

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

FinovateMiddleEast returns to Dubai next week, November 20 and 21. Learn about our Day One and Day Two agendas, our demoing companies, and then visit our FinovateMiddleEast registration page and pick up your ticket today.

Central and Southern Asia

  • Yes Bank launches India’s largest banking developer platform.
  • Pakistan-based digital lending platform Finja closes $3 million convertible note funding round.
  • India’s National Stock Exchange launches an open trading API sandbox.

Latin America and the Caribbean

  • Mastercard partners with Mexico’s weex wallet to offer physical debit cards.
  • Colombian fintech Simetrik inks agreement to serve as payment gateway for Mercado Pago transactions.
  • Brazilian lender Banco Inter unveils new e-commerce app.

Asia-Pacific

  • MoneyGram and Wing partner to launch new mobile wallet in Cambodia.
  • Bank of International Settlements (BIS) and the Monetary Authority of Singapore (MAS) agree to locate the BIS Innovation Hub Centre in Singapore.
  • New Hong Kong license in hand, Tencent announces plans to build a blockchain-based digital bank.

Sub-Saharan Africa

  • Visa acquires minority stake in Nigerian digital payments company Interswitch Group, an investment that takes the African firm’s valuation to $1 billion.
  • South African P2P insurance provider Pineapple wins $1.5 million (R22.5 million) in taking home top prize in the Connecticut Innovations VentureClash 2019 competition.
  • Kenya institutes data protection law to support investment in its technology sector.

Central and Eastern Europe

  • Billon, a Polish-British blockchain company, joins initiative with Raiffeisen Bank International to digitize the euro.
  • Trusted identities innovator OneSpan partners with Poland’s Bank Millennium.
  • Visa teams up with Georgian challenger bank Space.

Middle East and Northern Africa

  • A new interest-free, credit service, Postpay, goes live in Dubai.
  • Executive Magazine looks at the fintech industry in Lebanon and the role of regulation in stimulating growth.
  • Tunisia announces the digitization of its national currency, the dinar, making the first country to convert a portion of its money supply to digital form.

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Finovate Alumni News

On Finovate.com

  • Spreedly Raises $75 Million in Growth Funding.
  • NLP Innovator Eigen Technologies Closes $37 Million Series B.
  • nCino Brings AI to its Bank Operating System with nIQ.
  • Lloyd’s Syndicate to Insure Ledger’s Vault.

Around the web

  • DriveWealth partners with Bamboo to give Nigerians real-time access to trade 3,500+ stocks listed on the U.S. stock market.
  • OnDeck builds liquidity with new $125 million securitization.
  • Salt Edge teams up with Exprivia to expand access to open banking solutions.
  • Insuritas partners with Security Federal Savings Bank to launch digital insurance agency platform.
  • Coinbase adds five new currencies to its Coinbase Card – XRP, BAT, REP, ZRX, and XLM – as it brings its card to ten new countries.
  • Mastercard launches Mastercard Accelerate, a worldwide initiative that gives fintechs access to the company’s suite of digital solutions to help differentiate their offerings.
  • Finastra inks partnership with UAE-based United Arab Bank, which will deploy the company’s Fusion Corporate Channels and Fusion Cash Management solutions.

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

Finovate Alumni News

On Finovate.com

  • Fintonic Becomes Latest Challenger Bank to Receive Banking License.
  • Risk Tolerance Specialist Tolerisk Integrates with SS&C’s Black Diamond.
  • PayPal Launches Business Loans in Canada.
  • DaonPartners with Union Systems to Boost Digital Onboarding and Authentication.

Around the web

  • eMoney Advisor launches mobile budgeting app called Project Avocado and unveils developer API store.
  • Flywire announces the general availability of a new offering for adventure travel.
  • Mastercard and Revolut partner to launch Revolut cards in the U.S. by the end of the year.
  • The Ledger Nano X receives CSPN certification issued by the National Agency for Information Systems Security.
  • Bank of Hawaii taps Terafina for new digital account opening platform.
  • Biz2Credit and Infosys announce partnership.

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

Finovate Alumni News

On Finovate.com

  • Kreditech Raises $24 Million to Fuel Global Expansion.
  • Fiserv Delivers DNA to Duca Financial Services Credit Union.

Around the web

  • Overbond unveils COBI Sandbox to enable clients to test and build business use cases and prototypes.
  • In collaboration with open banking solution provider Crassula, Paysend launches its new business account Paysend Connect.
  • Worldline closes 36.4% stake acquisition in equens Worldline.
  • Moven parent company receives patent for financial wellness product.
  • Mastercard launches Threat Scan to assess bank fraud exposure.

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

Kreditech Looks to India for Expansion; Mexico’s Klar Scores $57.5 Million in Funding

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Asia-Pacific

  • Singapore’s United Overseas Bank (UOB) partners with proptech innovator SoReal to launch SME property valuation solution.
  • Bank of China and IBM announces plans to collaborate on digital transformation, customer experience enhancement, and other innovations in financial services.
  • North Korea announces plans to develop its own cryptocurrency.

Sub-Saharan Africa

  • United Bank of Africa (UBA) inks deal with U.S.-based fintech Ovamba Solutions.
  • FairMoney picks up nearly $11 million in funding to help build a new digital bank in Nigeria.
  • Angolan e-commerce platform Roque Online wins Seedstars Luanda pitch contest.

Central and Eastern Europe

  • Bulgaria’s third largest bank by assets, Fibank, teams up with Mastercard and Garmin to launch new pay watch.
  • Commerzbank announces plans to sell Polish subsidiary mBank.
  • Warsaw, Poland’s The First News profiles Neontri (formerly Braintri).
  • National Bank of Romania unveils new fintech innovation hub.

Middle East and Northern Africa

  • The first digital business bank in the UAE, E20, goes live after 18 months in development.
  • Fintech Abu Dhabi announces strategic partnership with UAE Banks Federation.
  • Turkey’s Takasbank introduces blockchain-based, gold-trading platform.

Central and Southern Asia

  • Courtesy of a partnership with Amazon and Financial Software and Systems, United Bank of India launches voice-powered banking.
  • Sri Lanka’s Sampath Bank introduces new virtual teller machines in the country’s capital city of Colombo.
  • German online lender Kreditech looks to expand operations in India in the wake of $22 million equity fundraising.

Latin America and the Caribbean

  • Mexican alternative credit and debit services provider Klar raises $57.5 million in funding.
  • Mastercard brings its Tap on Phone payment acceptance solution to Costa Rica.
  • Brazilian fintech Creditas looks to lure away British technology talent disenchanted by Brexit.

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Finovate Alumni News

On Finovate.com

  • Betterment Now Wants Your Liquid Cash, Too.
  • Finovate Alums Honored at PayTech Awards 2019.
  • BlueRush Inks IndiVideo Deal with Nikia Dx.

Around the web

  • DriveWealth announces collaboration with U.S.-based registered investment advisor Vested Finance to give investors in India access to U.S. stock.
  • Mastercard forges new partnership with SumUp, boosting the number of electronic payment acceptance locations across 27 countries in Europe.
  • Singapore-based Cheers Paytech chooses core banking technology from Mambu.
  • New Zealand’s seventh largest bank, TSB, goes live with Temenos Infinity for online account opening and onboarding.
  • ThetaRay launches version 4 of its analytics platform to help banks detect and prevent cybercrime.
  • BeSmartee announces direct integration with real estate document collaboration and recording technology solution provider Simplifile.

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

Finovate Alumni News

On Finovate

  • ClickSWITCH to Power Digital Direct Deposit Switch for Current.
  • Standard Bank Leverages Mobile Teller Tech from Infosys Finacle.
  • Fiserv to Enhance Risk Management for Pan-American Life.

Around the web

  • New integration between Revolut and TrueLayer brings Open Banking to money management app Emma.
  • Via its Mastercard Send push payments solution, Mastercard and Evolve Bank & Trust team up to back Branch and similar companies to ensure prompt payment for gig workers.
  • Envestnet helps Voya Financial launch hybrid roboadvisory offering.

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

Settle Launches Mobile App in Croatia; Sr. Pago Partners with American Express

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Middle East and Northern Africa

  • RISQ Teams Up with Aion Digital to Boost SME Lending in MENA.
  • ACI Worldwide teams up with Egyptian Banks Company, which will leverage ACI’s UP Retail Payments solution.
  • The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has begun issuing digital banking licenses.

Central and Southern Asia

  • Bangalore-based neobank for workers NiYO raises $35 million in new funding.
  • WebMoney Transfer goes live with its WMY wallet in Uzbekistan.
  • India’s Recko, a company that provides AI-powered digital transaction reconciliation, picks up $1 million in seed capital.
  • Swiss payments technology company BPC opens offices in Pakistan.
  • Nikkei Asian Review highlights Vymo and its entrance to the Japanese market.

Latin America and the Caribbean

  • Jumio to power digital identity for Brazil-based BTG Pactual.
  • Mexico’s Sr.Pago announces partnership with American Express.
  • Mastercard Brazil partners with Airfox and banQi to bring lower-cost banking options to Brazilian customers.

Asia-Pacific

  • Bank of Thailand implements SimCorp Dimension to manage its reserve management and monetary policy operations.
  • Vietnam’s central bank warns against fraud in the P2P lending market.
  • Regulators in the Philippines introduce new rules governing crowdfunding.

Sub-Saharan Africa

  • Temenos to power digital transformation for Rwanda’s Bank of Kigali. The company will also replace core and front office legacy systems for South African microfinancier Barko
  • Ghana to launch universal QR code payment method later this year.
  • Mobile payments startup OPay raises $50 million in funding in round led by Sequoia China, IDG Capital, and Source Code Capital.

Central and Eastern Europe

  • Settle launches its mobile payments app in Croatia.
  • Czech-based fintech developer Turing Technology closes second round of funding.
  • Slovenia’s Telekom Slovenije introduces its mobile wallet.

Top image designed by Freepik