
Africa Fintech Spotlight
Flutterwave’s Approach to Regulations Banks on Collaboration
For some Fintech companies, the ultimate goal is to upend the modern banking industry and usher in a new era of purely digital financial products. But for Flutterwave, it’s just the opposite.
The reliably innovative e-payments company takes a different approach to disruption. Instead of competing against traditional financial institutions or trying to subvert regulations, Flutterwave focuses on collaboration, working with regulators and banks of all sizes to expand access to financial services across Africa.
The fresh approach — the antithesis of the Silicon Valley model — is just part of how Flutterwave does business. By combining efforts, the greatest good prevails, said company founder and CEO Olugbenga “GB” Agboola.
Nigerian fintech startup Accrue secures $1.58 million in seed funding
Lattice Fund has spearheaded a $1.58 million seed round for Accrue, which the startup plans to utilize for expanding its payment infrastructure, strengthening its team, and improving its product offerings. Additional investors in this round include Kraynos Capital, Distributed Capital, Lava, and Maven 11.
Founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue began as a tool to simplify cryptocurrency investing for the average consumer. Initially, the startup gained traction during the crypto boom; however, the subsequent market downturn in 2022 led to a decline in interest and investment in cryptocurrencies.
Recognizing this shift, the team pivoted to focus on providing cross-border payment solutions, addressing the pressing issue for Africans seeking faster and more reliable methods of transferring money across borders.
Read more: https://innovation-village.com/nigerian-fintech-startup-accrue-secures-1-58-million-in-seed-funding/
Safaricom expands mobile investment services with Ziidi money market
Safaricom, the Kenyan telecoms and mobile money operator, has announced the launch of the Ziidi money market fund (MMF) giving customers an option to invest and grow their wealth using M-Pesa.
Ziidi MMF enables Safaricom customers to earn interest by investing funds from their M-Pesa wallet into the Ziidi account.
“The interest earned is accrued to the Ziidi wallet daily – allowing the investor’s money to grow and therefore generate more value,” Safaricom said in a statement.
PayPal’s SWOT analysis: stock navigates growth challenges amid fintech evolution
PayPal Holdings, Inc. (NASDAQ:PYPL), a leading digital payments platform with annual revenue of $31.46 billion, finds itself at a critical juncture as it navigates a rapidly evolving fintech landscape. The company has demonstrated resilience in recent quarters, maintaining its position as a prominent player in the Financial Services industry, but faces ongoing challenges in maintaining its market position amidst intense competition and changing consumer preferences.
Want deeper insights into PYPL’s market position and growth potential? InvestingPro offers exclusive analysis and metrics that can help you make more informed investment decisions.
The Bank of London fails to file accounts
The bank was due to file its 2023 accounts with Companies House by 31 December 2024.
In a statement provided to tax expert Dan Niedle, it says the accounts “are currently being worked on by the Bank and EY, its auditors, as a matter of urgency and they will be filed with Companies House in due course”.
In September, The Bank of London was handed a winding up order by UK tax authorities over unpaid bills just days after founder Anthony Watson stepped down as CEO.
Read more: https://www.finextra.com/newsarticle/45384/the-bank-of-london-fails-to-file-accounts
74% of Travelers Rely on Digital Wallets for Trips
For years, the travel and hospitality sectors have stuck to traditional payment options, such as cash and credit cards. But as consumers and staff demand quicker, more efficient ways to manage transactions, it’s clear these old systems are no longer enough. Enter real-time payment technologies that promise to impact operations and elevate experiences for consumers and employees.
A PYMNTS Intelligence report, “From Trips to Tips: How Faster Payments Can Elevate Travel and Hospitality,” in collaboration with The Clearing House, explores how adopting faster payment systems can benefit businesses and their customers.
