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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.
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.
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. Typically, pre-seed rounds are raised when the startup is still in the product development phase, yet to make revenue or discover product-market fit. Startups building financial infrastructure got noticed.
Fintech Farm , a newly launched fintech startup based in the U.K. that creates digital banks in emerging markets, confirmed to TechCrunch today that it has raised $7.4 Digital banks, neobanks, challenger banks or whatever you may call them, are among the biggest recipients of VC investments in fintech.
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.
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.
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.
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.
Geopagos , a payments infrastructure startup based in Buenos Aires, has raised $35 million in a round led by Riverwood Capital. Founded in 2013, the Argentinian startup serves as a white label infrastructure software provider, with the aim of giving businesses the ability to launch financial services.
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. The company makes money by charging fees for transactions and the financing of public market securities. “We billion valuation.
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.
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.
African capital markets exist in silos, as various exchanges within the continent are often inaccessible to investors outside their home countries. Per reports , major regional exchanges in Africa have raised over $80 billion in equity capital markets and $240 billion in debt capital markets.
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.”
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
JUMO , a South Africa- and London-based company that offers financial services to entrepreneurs and businesses in emerging markets, has raised $120 million in a new round of funding led by Fidelity Management & Research Company. billion to more than 18 million customers across these markets, granting up to 120 million individual loans.
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. The mobile money market in sub-Saharan Africa is growing exponentially. Wave , a U.S. L-R: Drew Durbin and Lincoln Quirk.
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.
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.
Nubank’s IPO is coming into closer focus after the Brazilian neobank filed privately to list its shares in both the United States and its home market, later releasing a public IPO filing. Since then, the fintech-focused fund has made more investments in the region. QED recently closed $1.05
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. Khalaf joined Marqeta in June of 2022 as its chief product officer and began leading the company’s go-to-market organization last August.
But with the SPAC market facing a lot of troubles, and the tech IPO market drying up at the end of 2021, Acorns scrapped its SPAC IPO plans in January of 2022. GoHenry will help it extend in that market segment. based fintechs already offering debit cards to children and/or teens, including Greenlight , Step and Current.
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.”.
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.
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.
India’s Decentro , the Y Combinator-backed startup that helps companies enter the fintechmarket 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.
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.
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. Image Credits: Pezesha.
Just over five months after raising a $9 million seed funding round , Latin American fintech Pomelo announced today that it is raising $35 million in Series A financing led by Tiger Global Management. The startup was founded earlier this year to build a fintech-as-a-service platform for Latin America. Image Credits: Pomelo.
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.
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.
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.
Fintech startup Yapily has raised a $51 million Series B funding round led by Sapphire Ventures. The company has been working on a single, unified open banking API for several European markets. The startup will also build integrations with banks in new markets in Northern Europe and the Baltics — and then beyond Europe. “At
Fintech regulations in Latin America could fuel growth or freeze out startups. But with the region’s thirst for innovation, the market is expected to expand nearly tenfold over the next decade, with open banking through the use of APIs leading the way and acting as digital transformation facilitators. How can we overcome it?
But founder Matthew Joseph Martin soon realized that the startup, backed by investors like Boost VC and Tim Draper, was serving a relatively niche market in the States. So he started researching markets with large populations of Muslim people. Indonesia emerged as the best choice. Meanwhile in Malaysia, where 61.3% out of its 33.6
The move comes just days after the payment card issuing company reportedly filed confidentially for an initial public offering, making it the latest fintech to make a move to the public markets. Providing card services to fintech companies around the world gives Marqeta a $4.3 billion valuation.
João Del Valle is the co-founder and CEO of EBANX , a Brazilian fintech unicorn that serves as the gateway to Latin America through its payments platform for global merchants, tech giants and other large companies from all over the world. Why online merchants need a new breed of infrastructurefintechs. João Del Valle.
As such, people in the country have little or no access to credit, given the other few options that exist in the market. One of these options, consumer loans, is being explored by Blnk , a fintech launched last October. Money Fellows, an Egyptian fintech digitizing money circles, raises $31M funding. monthly interest.
Gleaning his company vision from the enterprise side, Almond said what Venmo does for consumers, Paystand does for commercial transactions between mid-market and enterprise customers. The company said it will use the new funding to continue to grow the business by investing in open infrastructure.
to East African countries (Kenya, Uganda and Tanzania), thus ushering the Tanzanian fintech into the remittance business. The business opportunity for remittance is lucrative despite digital lenders vying for less than 20% of the international money market dominated by traditional offline players. and the U.K.
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