Senegalese fintech startup Rubyx secures $440k loan from Proparco
Senegalese lending startup Rubyx has been granted a EUR400,000 (US$440,000) loan by French development finance institution Proparco to speed the rollout of its new algorithmic loan offering for startups and microfinance institutions on the continent.
Rubyx has developed a cloud-native, API-driven digital lending platform that enables service providers to rapidly launch innovative loan products and meet the evolved expectations of borrowers.
The startup’s EUR400,000 (US$440,000) loan comes through the Bridge by Digital, supported by Digital Africa and deployed by Proparco, which enables innovative African companies to benefit from bridging finance of up to 24 months to accelerate their development between two rounds of financing.
Read more here: https://disruptafrica.com/2024/09/11/senegalese-fintech-startup-rubyx-secures-440k-loan-from-proparco/
Nigerian fintech Risevest enters Kenya, finalises acquisition of Hisa
- Risevest, a Nigerian fintech, has acquired Hisa, a Kenyan investment startup. The acquisition, approved by Kenya’s Capital Markets Authority (CMA), will allow Risevest to operate in Kenya.
- However, Hisa will still retain its brand, staff, and operations. Eke Urum, CEO of Risevest, told TechCabal that there are no plans to change Hisa’s name, which resonates well with Kenyans.
- Following the acquisition, Hisa’s CEO, Eric Jackson, will become Chief Technology Officer (CTO), and co-founder Eric Asuma will take on the role of Strategy Advisor. Leah Njoroge, Finance Associate at Hisa, will become Head of Operations, reporting directly to Urum, who will now oversee Hisa as part of his portfolio of acquired startups.
Risevest, backed by Ventures Platform and Techstars, claims to have around 600,000 users on its platform, while Hisa was valued at $5 million post-money after receiving $250,000 in pre-seed funding from investors such as Faida Investment Bank.
Read more here: https://techpoint.africa/2024/09/11/risevest-completes-hisa-acquisition/
Exclusive: TD Markets Secures Crypto Asset Service Provider License in South Africa
TD Markets has obtained a Crypto Asset Service Provider (CASP) license from South Africa’s Financial Sector Conduct Authority (FSCA), Finance Magnates learned exclusively. The license authorizes TD Markets to offer regulated cryptocurrency services, enhancing security and consumer protection in the rapidly growing digital asset market.
TD Markets Secures Crypto License
“As an FSCA-licensed broker, we are now authorized to offer you a regulated and secure environment for accessing cryptocurrencies and cryptocurrency-related products,” TD Markets has informed its clients in an official message, seen by Finance Magnates.
Read more here: https://www.financemagnates.com/forex/brokers/exclusive-td-markets-secures-crypto-asset-service-provider-license-in-south-africa/
Probe compliance leads the way in AML solutions across Africa
As Nigeria & South Africa edge closer to their May & January 2025 deadlines to exit the Financial Action Task Force’s Grey List before they are blacklisted, African businesses are under mounting pressure to comply with Anti-Money Laundering (AML) regulations.
In response, Probe Compliance has emerged as a top provider of AML solutions on the continent, offering innovative tools that help organizations stay ahead of the game, ensuring top level compliance aiding the Nigerian Government to achieve it’s aim and objectives of achieving an improved and compliant financial ecosystem.
Founded to aid organizations in combating financial crime, Probe Compliance has quickly become a trusted partner for banks, fintech’s, financial houses, Insurance firms, legal firms, real estate etc. across Africa.
Read more here: https://nairametrics.com/2024/09/11/probe-compliance-leads-the-way-in-aml-solutions-across-africa/#google_vignette
Fintech in China: Leading the Charge for Economic Progress in 2024
In 2024, China’s fintech landscape is playing an increasingly central role in its economic development, as the country continues to solidify its position as the world’s second-largest economy.
According to the World Bank, China’s GDP per capita now exceeds $12,700, making it the world’s second-largest economy by nominal GDP, just behind the US.
China’s economy is diverse, with leadership across various sectors, including manufacturing, agriculture, and financial services. Over time, its traditional lower-end manufacturing has shifted to more knowledge-intensive industries, with companies like Huawei becoming global technology leaders.
Read more here: https://thefintechtimes.com/the-fintech-landscape-of-china-in-2024/
Nigeria: LOTUS Bank restates commitment to expanding digital banking
The management of LOTUS Bank has expressed the financial outfit’s commitment to expanding digital banking and enhancing cashless economy.
The bank disclosed this at the launch of its newest customer-focused campaign, ‘Bank Your Way to Millions’.
The campaign, according to the bank, aims to offer both new and existing customers the chance to earn substantial cash rewards for their daily banking activities, providing them with more reasons to engage with the bank’s digital services.
Read more here: https://www.zawya.com/en/business/banking-and-insurance/nigeria-lotus-bank-restates-commitment-to-expanding-digital-banking-jggf3at4
UK Government moves to clarify crypto’s legal status
The UK’s new Labour government is introducing a bill that will ensure that Bitcoin and other digital assets can be considered personal property, boosting legal protection for owners.
The Property (Digital Assets etc) Bill will mean that .digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law.
Read more here: https://www.finextra.com/newsarticle/44716/uk-government-moves-to-clarify-cryptos-legal-status
Enfuce Ensures Payment Flexibility for European and UK Cardholders With Launch of E2 2-in-1 Card
Payment flexibility is something paytechs must strive to achieve as consumers’ demands are constantly evolving. While some users are keen on digital payments, others want to continue using a card. To make a variety of payment options more accessible to the latter, Enfuce, the payment processor, has expanded its E2 card to the UK and Europe following a partnership with payments giant, Mastercard.
The Enfuce E2 card offers both credit and debit primary account numbers (PANs) in one card. It offers greater flexibility for cardholders while ensuring they only need to remember one PIN. While the concept of a ‘combination card’ is commonplace in the Nordics, throughout the rest of Europe it is yet to be adopted.
Read more here: https://thefintechtimes.com/enfuce-ensures-payment-flexibility-for-european-and-uk-cardholders-with-launch-of-e2-2-in-1-card/
Church of England completes national roll-out of contactless giving devices
The Church of England has completed a three-year project to roll out contactless giving devices to more than 2200 churches, which have raised almost £4 million in donation so far.
With cash usage falling, in 2021 the CofE embarked on pilots to establish the best method for allocating contactless giving devices and delivering training to churches to enable people to make donations via cards and mobile devices.
Read more here: https://www.finextra.com/newsarticle/44715/church-of-england-completes-national-roll-out-of-contactless-giving-devices
