PayRetailers expands footprint in Africa with 8 new markets
PayRetailers, the payment processor for Latin America, has announced further expansion into Africa. With coverage now across 12 countries, the company offers a unified, simple payment solution that will be a game changer for cross-border online merchants looking for growth in Africa.
PayRetailers offers a simple, user-friendly, and scalable experience to businesses looking to expand their regional operations and give them access to major local payment methods like MPESA, Airtel, and MTN. The further expansion includes Burkina Faso, Cameroon, Kenya, Ivory Coast, Ghana, Senegal, South Africa and Nigeria. Three months ago, PayRetailers launched in Rwanda, Zambia, Uganda, and Tanzania.
This expansion effort further bolsters PayRetailers’ ability to unlock new growth opportunities for its clients, giving them easy access to additional emerging markets. For existing clients, in fact, this process requires zero integration efforts, as it is all handled via the same API.
Read more here: https://ibsintelligence.com/ibsi-news/payretailers-expands-footprint-in-africa-with-8-new-markets/
FUNDING | Egyptian Operations Fintech, SETTLE, Raises $2 Million After Processing Over $1 Million in its Testing Phase
Egyptian B2B fintech, SETTLE, has raised a $2 million pre-seed round and is looking to accelerate its transition into the global market and further develop its platform with a focus on enabling CFOs and business owners to make confident decisions based on real-time financial data.
The round was led by Shorooq Partners, with support from:
- El Sewedy Capital Holding
- Acasia Ventures, and
- Plus VC
SETTLE, founded in 2023 by Mostafa Mobarak and Kamil Sayour, seeks to streamline financial operations for businesses by simplifying payment workflows and providing real-time cash flow data and insights.
Currently in its pre-launch phase, the startup has already processed over E£50 million (Egyptian pounds/EGP) or around $1 million in transactions during its testing phase, spanning sectors like construction, energy, and contracting.
Read more here: https://bitcoinke.io/2024/09/settle-raises-funding/
Nigerian Regtech Regfyl Raises USD 1.1 M in Pre-Seed
Regfyl, a Nigerian startup that focuses on anti-money laundering (AML) compliance, has successfully secured USD 1.1 M in pre-seed funding. The funding comes from a group of notable investors, including Techstars, RallyCap Ventures, DCG Expeditions, Africa Fintech Collective, Musha Ventures, and several strategic angel investors. This financial support will enable Regfyl to further develop its AML compliance solutions and expand its operations.
Regfyl, a company established in 2023 by Dr. Tunde Ibidapo-Obe and Dr. Tomiwa Erinosho, is dedicated to simplifying anti-money laundering (AML) compliance for fintech companies and banks across Africa. In Nigeria, the Nigerian Financial Intelligence Unit (NFIU) has reported that over 90% of fintech companies are struggling to meet AML requirements.
Read more here: https://weetracker.com/2024/09/18/nigerian-regtech-regfyl-raises-usd-1-1-m-in-pre-seed/
Contactless takes the lead for Canadian in-store payments
The value of contactless payments increased by more than $80 billion over the 12 months, representing a year-on-year growth of 20%, according to the Canadian Payments Forecast from Technology Strategies International.
Cards account for three-quarters of contactless payment transactions in Canada, but smartphone and wearable payments have gained significant traction over the past few years, says the report. At the end of 2023 there were almost 30 million smartphones in use in Canada, with 74% of them being NFC-enabled. The number of in-store mobile transactions has grown by 42% over the year and now represents about 23% of all contactless payments.
Christie Christelis, president, Technology Strategies International, says: “There are a number of factors that have driven the high growth in contactless payments in Canada over the past ten years.
Read more here: https://www.finextra.com/newsarticle/44754/contactless-takes-the-lead-for-canadian-in-store-payments
JPMorgan Joins BIS Cross-Border Payments Project Using Digital Currencies
Some of the world’s biggest banks and payments firms are teaming to rethink cross-border payments.
As Bloomberg News reported Wednesday (Sept. 18), the Bank for International Settlements (BIS) has recruited the likes of JPMorgan Chase, Deutsche Bank, UBS, Visa and Mastercard for its Agora project.
That project, first announced in May, explores the development of an international tokenized asset trading platform that would use digital currencies backed by the central banks. It would let investors trade across borders using “virtually risk-free central-bank money,” the report adds.
“Given the high level of interest in Project Agora and its large scale, the BIS chose to work with the Institute of International Finance to convene the private sector participants,” project lead Morten Bech told Bloomberg. “This collaboration was very helpful in being able to complete the selection and onboarding process in a timely manner.”
