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Moven Powers KSA-Based Neobank; Nigerian Fintech Scores $10 Million

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.

Central and Eastern Europe

  • Dusseldorf, Germany-based apoBank partners with Avaloq.
  • German challenger bank N26 announces withdrawal from the U.K. market.
  • Sifted highlights the “fastest growing fintech startups in Germany.”

Middle East and Northern Africa

  • A partnership between Moven and STC Pay seeks to launch a new challenger bank in Saudi Arabia.
  • The biggest bank in the country by assets, the National Bank of Egypt (NBE), has joined the RippleNet payment network.
  • Wamda interviews more than 600 startups as part of its examination of pre-seed startups in the MENA region.

Central and Southern Asia

  • Uber establishes its Uber Money team at India’s Hyderabad Tech Centre.
  • Deal Street Asia looks at how fintechs in India are re-invigorating banking.
  • BusinessWorld reviews ways fintech in India can help “bridge the gap” between banks and the public.

Latin America and the Caribbean

  • In a round led by DOMO Invest, Brazilian P2P marketplace IOUU locks in $1.3 million in its latest funding round.
  • Chile-based investment platform Fintual teams up with Invermerica in new foray into Mexican market.
  • Brazilian fintech Bloxs Investimentos raises $690,000 in new funding to build out its collective investment platform.


  • Vietnam’s central bank refuses to cap foreign ownership of e-payment companies at 49%.
  • Fintech News Singapore features “6 Agri-Fintech Startups in Asia to Follow in 2020.”
  • Thailand-based “crowdfunding bonds” fintech PeerPower announces pre-Series A round funding.

Sub-Saharan Africa

  • Nigerian fintech Aella Credit secures $10 million in debt financing.
  • CNBC Africa looks at how fintechs can help South African consumers avoid “credit traps.”
  • VentureBurn highlights the work of South African financial inclusion specialist Meerkat.

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