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Underbanked.
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, 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
We can definitely be accused of using the word ‘revolution’ a little too quickly in fintech. But India really is going through something of a real fintech revolution. Estimates show that digital transactions will make up 65% of the country’s total transactions by 2026, climbing from 40% today. Almost 78% of the country’s population has … Read more
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
Fairbanc has raised $4.8m in pre-A round led by Vertex Ventures Southeast Asia and India. The technology platform enables B2B BNPL for Indonesian micro-businesses. It is based in Indonesia and Silicon Valley. Joining in the fun were Indonesian conglomerate Lippo Companies, Asian Development Bank (ADB) and Accion Venture Lab. The Fairbanc platform means that Indonesian … Read more
Qualified investors can now acquire a native token called Multicoin (MTCN) which is being offered by the new social ecommerce platform Boom, just has launched in Nigerial and France. The platform allows consumers to buy, sell and pay for everything online without a bank account by leveraging blockchain technology and MTCN. Peter Alfred-Adekeye, founder and … Read more
TomoCredit has raised $122m in equity and debt. TomoCredit is a female, immigrant founded credit card lending to over 40 million credit-invisible immigrants and international students with no credit history in the US. The round attracted a number of strategic investors including Morgan Stanley’s Next Level Fund, MasterCard, and debt from Silicon Valley Bank. The … Read more
In the Philippines the Yuchengco-led Rizal Commercial Banking is to develop a scorecard to help provide credit to the country’s unbanked population. Its said the listed bank wants to address the challenges in evaluating loans to the unbanked in order to accelerate financial inclusion through data analytics.
DreamStart Labs and BRAC Bank are to provide digital financial services to unbanked women in Bangladesh. The two have agreed that BRAC will use technology from DreamStart to help women in rural communities access affordable small business loans. DreamStart is a fintech for emerging markets and BRAC is a leading commercial bank in Bangladesh. With … Read more
SurgePays, a US technology and telecommunications company focused on the underbanked and underserved communities which listed on Nasdaq last autumn, rings the bell today to celebrate its IPO. Brian Cox, SurgePays CEO, led the ceremony alongside members of the Company’s management and advisors. “This is an extremely exciting moment for the SurgePays team. Ringing the … Read more
Fasset Technologies, a global digital asset gateway in the Middle East, is to collaborate with Mastercard to expand financial capabilities in Indonesia. Fasset and Mastercard will co-develop solutions to support and expand financial and digital capabilities across the country. This includes Mastercard leveraging its domestic and global insights to drive local adoption of new technologies … Read more
Nigerian credit organisations fid it hard to source accurate data on the underbanked said CEO and founder of Carmachain, Ted Martynov. Carmachain is one company trying to put this right. It is the largest data company in Nigeria with active connections to over 80 million unique profiles. Its ambition is to decentralise data that empowers … Read more
Muhoot Finance is to open 150 new branches across India. It is one of the country’s largest gold loan NBFC and recently got permission from the RBI to expand. Gold loan financers are increasingly being used in India by the underbanked to access credit otherwsie unavailabe to them.
KASINKORNBANK (KBank) is spending some US$3bn billion on technology to help boost banking access for Thailand’s unbanked and underbanked people. The programme will also help very small enterprises and the self-employed.
El Salvador’s Chivo digital wallet has largely failed as a digital wallet for cryptocurrency, but it just might succeed as a dollar debit app for unbanked citizens. So says US based think-tank The National Bureau of Economic Research (NBER). It calculated that just 20% citizens continued to use the country’s Chivo digital wallet after receiving … Read more