Kafene raises $18m as it boosts US underbanked

A US digital platfom which helps the US underbanked obtain credit for big-ticket items has just raised $18m. Kafene offers flexible lease-to-own (LTO) financing options. The Series B round was led by Third Prime and existing investors. It was back in 2021 when Kafene rasied $30m, again led by Third Prime, in a Series A … Read more

Valencia Digital Summit nears

The VDS | Valencia Digital Summit 2022 takes place on Monday 24 October to Wednesday 26 October. It will showcase how technology, innovation and digitization can change, impact and transform every aspect of our lives in a positive way. It will address the role of technology in the main social and economic challenges faced by … Read more

Moroccan fintechs get the nod for The Web Summit

Two Moroccan fintechs have been invited to attend The Web Summit in Lisbon, Portugal. The first is Fastdok which has developed a SaaS tool that creates documents for multiple sectors. The second is Henceforth, which provides car repair loans. Both have been invited via the Summit´s startup programme, ALPHA. The Summit starts on Tuesday 1 … 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

European FaaS to grow by 16.5%

The Europe Fintech-as-a-Service market is expected to grow by 16.5 % CAGR from now until 2028. The prediction comes from Research and Markets. The report explained that platforms and applications that provide banking as a service (BaaS) have developed as a practical and economical way to deliver financial services based on open banking concepts. To … Read more

Neem raises $2.5m in seed money to help Pakistan underbanked

Pakistan fintech Neem has raised $2.5m in seed funding round, furthering its mission of bringing financial wellness to the country’s underbanked communities – both individuals and businesses.  Neem’s ambition is to bring an embedded finance model to Pakistan with a market opportunity of $167bn. Investors include SparkLabs Fintech, leading investment house in Pakistan Arif Habib … Read more

Emirates launches API developer portal

Emirates NBD has launched a ready-to-use financial API developer portal, labelled Emirates NBD API Souq. It hopes to provide fintech, developer and corporate clients with an all-in-one ecosystem to rapidly develop innovative financial solutions. The portal grants developers access to API suit across six categories of account services, payments, collections, real-time notifications, trade services and … Read more

Cledara raises $20m

SaaS monitoring fintech Cledara – based in the UK, Spain and US – has just closed a $20m Series A round. Fintech specialists CommerzVentures led the round, with Carbide Ventures and Massive pitching in. Nauta Capital and Notion Capital, existing investors, also put their hands in their pockets. The money will be used to boost … Read more

Be Mobile targets South African unbanked and underbanked

Be Mobile, a Canadian based neobank, has launched in South Africa and will target its low fee products at the country’s unbanked and underbanked via its app. Like many companies operating on the African continent, Be Mobile is looking to boost financial inclusion via digital innovation. Nearly 25% of the South African population is unbanked … Read more

NowNow raises $13m now now

New Nigerian fintech NowNow has raises $13m in seed funding. It said the money would drive financial inclusion by providing financial services to the unbanked and underbanked in the continent.

Dubai’s DIFC grows

The Dubai International Financial Centre (DIFC), one of the leading global financial centres in the Middle East, Africa and South Asia (MEASA) region, has grown in the first half of 2022. A total of 537 new entities registered during the first half of this year, representing an 11 per cent year-to-date increase. The total number … 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

UM6P invests in animal free diary products

Moroccan fund UM6P has made an investment in South African outfit De Novo Diary which develops animal free diary products. It produces milk proteins gained from the precision fermentation of yeast strains. This has in the past been difficult to achieve. They can then be used in a number of products to boost human nutrition. … Read more

Morocco named as future fintech star growth area

A new report has named Morocco as one of the key African regions geared for fintech growth. It is amongst one of 11 key markets in Africa picked out by the report entitled Fintech in Africa: The end of the beginning by McKinsey. The others are Cameroon, Côte d’Ivoire, Egypt, Ghana, Kenya, Nigeria, Senegal, South … Read more

Indian public sector banks to help underbanked

Indian public sector banks are to help the underbanked with new branch openings. Gujarat gets 38 new branches, Maharashtra 33, Jharkhand 32 and Utter Pradesh 31. The programme of new branch openings is part of a financial inclusion drive.