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But in conflict with CEO fears, 90% of IT leaders are confident their IT infrastructure is best in class. Still, IT leaders have their own concerns: Only 39% feel their IT infrastructure is ready to manage future risks and disruptive forces. No one wants to be Blockbuster when Netflix is on the horizon, he says.
Pomelo, a startup building a fintech-as-a-service platform for Latin America, has raised $9 million in a seed round of funding. The Buenos Aires-based startup’s new infrastructure aims to allow fintechs and embedded finance players to launch virtual accounts and issue prepaid and credit cards via “compliant” onboarding processes.
Less than a year after its $3 million seed round, San Francisco- and Africa-based fintech Pngme has snapped up another $15 million for its financial data infrastructure play. Pngme’s platform caters to fintechs and other financial institutions across sub-Saharan Africa.
2019 saw a stampede of fintech unicorns. Dana Stalder is a partner at Matrix Partners, where he invests predominantly in fintech, consumer marketplaces and enterprise software. 2019 saw a stampede of fintech unicorns. 2019 looks to continue another lights-out year for fintech startups. More posts by this contributor.
Fintech has fallen a long way from the highs of 2021, and while 2022 was largely about the reset of the funding environment, 2023 is going to be a year of recalibration for fintech companies. First, let’s take a look at the sectors likely to be most challenging: lenders, neobanks and fintechs that serve SMBs. Online lenders.
Nigerian fintech startup, Kuda, which bagged $10 million last year, comes to mind, for example. Just a month into 2021, Egyptian fintech startup Cassbana raised a $1 million pre-seed investment led by VC firm Disruptech in a bid to drive expansion within the country. Startups building financial infrastructure got noticed.
There’s been a massive proliferation of fintech services in the past few years, during which fintech companies competed to develop new products more quickly than their competitors. The crypto infrastructure space is relatively busy , with startups of all stages such as Blockdaemon and Cryptio competing for share.
Quiltt is wrapping its warm low-code fintechinfrastructure blanket around startups and small businesses that want to create financial services for their customers, but don’t have the budget resources for a big engineering team. The rise of API-first companies, in fintech and beyond.
Catalyst Fund , a global accelerator managed by BFA Global , announced the 8th cohort for its Inclusive Fintech Program today. Today, fintech is rapidly evolving to the point where it’s no longer a standalone vertical. African fintech dominates Catalyst Fund’s 2019 startup cohort.
Over the years, there has been a growing trend of fintechinfrastructure players around the world. Stitch , a South African fintech startup, is one of them and today, it is coming out of stealth and announcing its seed round of $4 million. This makes it the largest round raised by any API fintech startup in Africa at the moment.
Fintechs dominated the fundraising, accounting for nearly $3 billion, or two thirds of all the investment realized by startups across the continent last year, a report by markets insights firm Briter Bridges shows. billion investment that fintechs in Africa raised in 2020, and triple the amount in 2019.
The global downturn has impacted every sector, but fintech bore the brunt of it as public-market valuations fell off a cliff last year. CB Insights recently found that two of the largest global VC firms, Sequoia Capital and Andreessen Horowitz, actually backed more fintech companies in 2022 than any other category.
With so many fintechs laying off staff , it can be easy to assume that the entire industry is in distress. “The brightest stars in fintech today are similarly succeeding despite the macro backdrop because they’re solving real problems that consumers, businesses, and financial institutions are dealing with every day.”
Solid , which rebranded from Wise in 2021, raised a $63 million Series B round of funding to continue providing its fintech-as-a-service offering for companies wanting to launch and scale their own fintech products. We understood what they were looking for — that demand for modern infrastructure.
Plaid, the fintech giant, has announced the inaugural cohort of startups in its new accelerator program, FinRise. Plaid launches FinRise, an incubator for underrepresented fintech founders. This event, as well as advice on how private fintech startups can deal with policy issues, will be part of FinRise programming.
Clear Street , which says it is building “modern infrastructure” for capital markets, has raised $270 million in the second tranche of a Series B funding round at a $2 billion valuation. Want more fintech news in your inbox? Growth equity firm Prysm Capital led the financing, which brings the round total to $435 million.
The former commercial chief (Product, Sales and Marketing) at PayPal, he now leads fintech investing at Matrix Partners, where he also invests in consumer marketplaces and enterprise software. Fintechs could see $100 billion of liquidity in 2021. Matt is an early stage fintech investor at Matrix Partners. Matt Brown.
There’s always a fintech angle , even on Valentine’s Day. Other startups have taken notice too, entering the world of multiplayer fintech, a term that categorizes socially focused and consumer-friendly financial services. Money is emotional and complex, and the opportunity within the multiplayer fintech reflects just that.
Neobanks, other financial startups and the basic concept of “finance anywhere” are seeing huge gains at the moment, and today one of the key companies building the infrastructure that powers services like these is announcing a major growth round of funding to double down on the opportunity. Rapyd raises $300M on a $2.5B
Every week, I’ll take a look at the hottest fintech news of the previous week. There’s a lot of fintech news out there and it’s my job to stay on top of it — and make sense of it — so you can stay in the know. On a high level, it’s no surprise that funding flowing into fintech startups was down both globally and in the U.S.
Every week, I’ll take a look at the hottest fintech news of the previous week. There’s a lot of fintech news out there and it’s my job to stay on top of it — and make sense of it — so you can stay in the know. — Mary Ann Last week, I dug into CB Insights’ State of Fintech 2022 report.
Ecuadorian payments infrastructure company Kushki has raised $100 million in an extension to its Series B round, more than doubling its valuation to $1.5 At the same time, Kushki claims its infrastructure can help boost acceptance rates and reduce fraud. My weekly fintech newsletter, The Interchange, launched on May 1!
Welcome to my weekly fintech-focused column. Fintech M&A hasn’t been as robust as one might expect in recent months. So when Goldman Sachs announced this week it was buying NextCapital – a fintech company that provides automated advice to corporate retirement plan participants – my ears perked up.
According to an interview , QED only invested in the company after being impressed with its CEO, David Vélez, instead of due to a larger push into Latin American fintech. Since then, the fintech-focused fund has made more investments in the region. TechCrunch: On a high level, why are you and QED bullish about fintech in Latin America?
This is where fintech can step in. As more and more retailers make this move, partnering and collaborating with fintechs can help them build, scale and secure their financial offerings. Building infrastructure and providing top-notch cybersecurity is at the core of what we do, not the sideshow.
Power , a fintechinfrastructure startup, is now kicking off its full-stack credit card issuance platform after a year in stealth mode and with $16.1 Also in fintech, Dust was leading the decision science team at Amount prior to Acorns. That is the vision we are building at Power — building modern fintech to power commerce.”.
Marqeta has agreed to acquire two-year-old fintechinfrastructure startup Power Finance for $223 million in cash, marking the first acquisition in the publicly-traded company’s 13-year history. Marqeta’s acquisition is just one of several M&A deals in the fintech space so far this year. million and revenue of $191.6
The round, which marks Fidelity’s first investment in an African company, also saw the participation from fintech giant Visa and London-based investment management firm Kingsway Capital. Presently, the fintech only states Cape Town, Nairobi, Porto and London as its primary operational and tech hubs.
Laura Spiekerman is the co-founder and chief revenue officer of Alloy , an identity-decisioning platform for banks and fintech companies. We’ve all seen the headlines: Fintech is struggling. But fintech is resilient. Infrastructure providers have a unique opportunity to be a bright spot amidst all the doom and gloom.
Fintech Farm , a newly launched fintech startup based in the U.K. Digital banks, neobanks, challenger banks or whatever you may call them, are among the biggest recipients of VC investments in fintech. He started Fintech Farm with Nick Bezkrovnyy , a former director at KPMG U.K. million in seed funding.
Francophone Africa has its first unicorn, and if you’ve been following tech on the continent, you will be very unsurprised to hear that it’s coming from the world of fintech. But despite being one of the largest alternative financial infrastructures known globally, this represents only a fraction of the overall market. .
based fintechs already offering debit cards to children and/or teens, including Greenlight , Step and Current. As the IPO market has dried up, many industry observers had predicted that the fintech space would see more consolidation. Want more fintech news in your inbox? Sign up here. We’d love to hear from you.
India’s Decentro , the Y Combinator-backed startup that helps companies enter the fintech market by deploying its APIs, has raised $4.7 “Whenever a fintech startup or a company wants to launch a new product in the market, it takes them a minimum of a few months to launch. million in a Series A round.
Every week, I’ll take a look at the hottest fintech news of the previous week. There’s a lot of fintech news out there and it’s my job to stay on top of it — and make sense of it — so you can stay in the know. — Mary Ann. Based on that categorization, the fintech space ranked third behind food and transportation, respectively.
The fintech’s new growth strategy follows its plan to power its embedded finance offering beyond its current markets, including Uganda and Ghana, to bridge the financing gap affecting millions of micro, small medium-sized enterprises (MSMEs) across these markets. The opportunity and impact in solving working capital problems for SMEs is huge.
African fintech Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in just twelve months. A year later, the African payments giant, with an infrastructure reach across 34 countries on the continent, now processes 200 million transactions worth more than $16 billion.
Fintech startup Yapily has raised a $51 million Series B funding round led by Sapphire Ventures. The core difference between us and most of the players in the space is our focus on the infrastructure,” founder and CEO Stefano Vaccino told me. “The Unlike Tink or TrueLayer, Yapily operates in the background.
Southeast Asia is already home to a thriving fintech scene, where Grab , GoTo and Sea have built super apps that encompass financial services, and startups like Xendit , Akulaku and Dana (to name a few) have raised hundreds of millions of dollars for payments, banking services and other financial tools. Indonesia emerged as the best choice.
Traditional banks often overlook this segment because of their spending power or financial status and fintechs have seized the opportunity to cater to their needs. This has enabled the company to build a fintech ecosystem that connects consumers, merchants, and micro-enterprises via a digital platform and payment solutions. .
to East African countries (Kenya, Uganda and Tanzania), thus ushering the Tanzanian fintech into the remittance business. The European fintech unicorn , now a financial super app of some sorts, started off providing multi-currency bank accounts, fee-free currency exchange, peer-to-peer payments and a feature for businesses.
One of these options, consumer loans, is being explored by Blnk , a fintech launched last October. It plans to “accelerate financial inclusion within underserved communities across the country” and support its “AI-powered” lending infrastructure. . Money Fellows, an Egyptian fintech digitizing money circles, raises $31M funding.
In 2019, William Hockey, the cofounder of fintech business Plaid, announced that he would step down from his position as Plaid’s chief technology officer and president. But he’s been anything but idle, quietly creating the platform for what he believes is the first bank of its kind: a “financial infrastructure” bank.
XanPool , a payment infrastructure provider that facilitates faster crypto and fiat settlements, announced today it has raised a $27 million Series A led by Valar Ventures. XanPool plans to continue offering its infrastructure to third-party exchanges, wallets and decentralized applications instead of launching its own app.
Data sovereignty and the development of local cloud infrastructure will remain top priorities in the region, driven by national strategies aimed at ensuring data security and compliance. The Internet of Things will also play a transformative role in shaping the regions smart city and infrastructure projects.
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