The Open Finance Association kicks-off

Open Finance Association

The Open Finance Association (OFA) has been launched with 13 fintechs as members. Why: To further open up financial data and payments for consumers and businesses through API (application programming interfaces) technology. What does it aim to do? enable consumers and businesses to access their data across all their financial accounts, and make use of … Read more

TradFi in danger of missing out on embedded finance boom

Traditional finance is in danger of being let behind as the embedded finance market rockets. So said Bain in a recent report which predicted that the embedded finance transaction value is to more than double to $7 trillion in US by 2026. Embedded finance poses a major challenge to traditional financial institutions, threatening to separate … Read more

Value of contactless payment transactions to jump

The value of contactless payment transactions will reach $10 trillion globally by 2027, up from $4.6 trillion in 2022. What’s more, the investment in the underlying contactless payments ecosystem, such as contactless‑enabled POS (Point-of-Sale) terminals and device-level support, will be the key driver of contactless transactions value growth over the next five years. So says … Read more

NFT transactions to nearly double by 2027

NFTs to doudle

The global number of NFT (Non-fungible Token) transactions will rise from 24 million in 2022 to 40 million by 2027. The good news comes from research house Juniper, but there are a couple of caveats. Firstly the environment impact on the environment as transactions rely on heavy power usage and the fact that NFTs operate … Read more

Remitly acquires Rewire for $80m

Israeli-based Remitly Global, a global digital financial services provider for immigrants and their families, has acquired Rewire, an Israeli-based financial services platform for migrant workers. The $80m price tag was a mix cash and stock. Founded in 2015 with offices in Amsterdam and Tel Aviv, Rewire’s remittance platform builds customer relationships and is geographically complementary to Remitly. Rewire’s customers create … Read more

Global players expanding prepaid card solutions in Mexico

The Mexian prepaid card market is expected to increase from US$19.57bn in 2022 to reach US$33.80bn by 2026. The report, from Research and Markets, shows that the emergence of innovative prepaid card solutions has accelerated the growth of the prepaid card market in Mexico. With a rising fintech industry coupled with a large unbanked population, … Read more

Seamless goes public via SPAC

Fintech Seamless, geared towards the unbanked in South East Asia, is going public via a SPAC vehicle called INFINT Acquisition. The valuation is around $400m. Seamless helps the unbanked and migrant workers in South East Asia. One of the Seamless solutions umbrella is Tranglo. It’s a cross-border payment hubs that provides smart services not only … Read more

KMS launches Kaypay, a BNPL commerce platform

KMS has launched Kaypay for Vietnamese users from August 2022. Kaypay is an application that combines a social commerce platform with a pay-later payment method. KMS is a global software company committed to implementing a transparent buy now, pay later service and bringing authentic products to its end users. Kaypay is a no-service-fee for users … Read more

NIPOST targets 38 million unbanked Nigerians via payment firms

The Nigerian Postal Service (NIPOST) has signed a deal with eGate and Visa to facilitate digital financial services to target around 38 million unbanked adult Nigerians.  This includes the issuing of payment cards and the support of financial inclusion across Nigeria. The Postmaster General/CEO of the Nigerian Postal Service (NIPOST), Dr Ismail Adebayo Adewusi, told … Read more

OneLoads loads up with $11m

OneLoad, which targets micro-retailers in Pakistan, has raised $11m. The round was led by Sarmayacar and Shorooq Partners, and included Bill & Melinda Gates Foundation’s Strategic Investment Fund, making its first investment in Pakistan. The money will be used to fund its growth as it works on helping the world’s third largest unbanked population. It’s … Read more

B9 sets out to boost alternative for unbanked with further raise

B9, aimed at helping the unbanked and those targeted by predatory lenders, has raised £2.6m. The round was led by Sky Light Invest and included Mbanq and the founders of Wrike. B9 has developed a fast-growing payroll solution platform, aimed at promoting creditworthiness through employment data and economic behaviour. In 2021 it raised $5 million … Read more

Dbank raises $17m as it focuses on pan-Islamic underbanked

Dbank, a Pakistani fintech which has ambitions to bring inclusive financial services to underbanked people across the pan-Islamic world, has raised $17.6m. The seed round was led by Sequoia Southeast Asia and Kleiner Perkins. Joining in were Brazilian digital banking giant Nubank, RTP Global, Rayn and Askari Bank. Dbank was formed by two former Google … Read more

SuperAtom has raised $22m to expand products

Singapore-based SuperAtom has raised $22m in order to expand its digital banking and credit products across the globe, starting in Mexico and then expanding into the wider Latin America region. The Series C round was led by Malaysia-based digital investment fund Nue 3 Capital and values the Singapore-based company at $370m. SuperAtom focusses on providing products … Read more