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South-African startup Scale raises $700,000 to help fintechs issue customisable cards
Scale, a South African startup that provides brand and project management services for fintechs that want to enter new markets or build new product verticals, has raised $700,000 in pre-seed funding.
54 Collective, a sector-agnostic venture capital firm, and fintech-focused First Circle Capital, led the pre-seed round. Sunny Side Venture Partners and some angel investors also participated.
The one-year-old startup founded by Barbara Woollams and Miranda Perumal, a former director at Visa, also provides partnerships with payment infrastructure providers to fintechs. The company will use this funding to expand operations to Kenya, Zambia, and Cote d’Ivoire. Particularly, it hopes to deepen the reach of Scale Execute, its customisable card-issuing product developed in partnership with Visa and Mastercard.
Read more: https://techcabal.com/2024/10/03/scale-raise-pre-seed/
Accel, TCV and World Bank Support Zepz’s $267 Million Fundraise
(Bloomberg) — Zepz, the money transfer service formerly known as WorldRemit, has raised $267 million from new and existing investors to fund expansion in its core African markets and beyond.
Venture capital firm Accel led the funding round, which also included Leapfrog, TCV and Coller Capital. The International Financial Corporation, a global development institution and member of the World Bank Group, pledged to invest as much as $20 million.
Zepz declined to disclose its valuation. The group was last valued at $5 billion when it raised money in 2021, shortly after WorldRemit acquired cross-border payment firm Sendwave and rebranded. That integration led Zepz to lay off more than a quarter of its workforce in May 2023.
Experian Finalises Acquisition of Credit Reporting Rival illion for A$820 Million
Experian has completed its acquisition of consumer and commercial credit bureau, illion, for A$820 million.
John Banfield, CEO of illion, will step down following the acquisition’s completion.
The acquisition includes illion’s team, data, software, and intellectual property across Australia and New Zealand.
Read more: https://fintechnews.sg/101964/australia/experian-complete-acquisition-illion/
Ripple Accelerates Impact in UAE Receiving Payments Approval From DFSA
Ripple Global Payments & Financial Solutions for Businesses, the provider of digital asset infrastructure, has expanded its global footprint as a regulated entity as it secures in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
The in-principle licence approval from the DFSA underscores Ripple’s strategy to expand its presence in the Middle East, following the establishment of its regional headquarters in Dubai in 2020. With DFSA authorisation, Ripple is set to roll out its digital asset infrastructure to a broader customer base in the UAE, enabling it to introduce cross-border payments to its customers in the country.
Read more: https://thefintechtimes.com/ripple-accelerates-impact-in-uae-receiving-payments-approval-from-dfsa/
Fincra secures payment licence to expand services in South Africa
- Fincra, an African payment infrastructure provider, has received a Third Party Payment Provider (TPPP) licence in South Africa, allowing the company to extend its payment solutions to businesses in the country.
- This new regulatory approval marks a significant step in Fincra’s mission to make sending and receiving value across Africa and beyond as seamless as sending a text message.
Wole Ayodele, Fincra’s Chief Executive Officer (CEO) and Co-Founder, expressed enthusiasm about the development, noting that South Africa represents a prime market for the company’s growth.
“We have long recognised South Africa as an ideal market for us, and we are excited to contribute with our innovative payment solutions,” Ayodele said.
Read more: https://techpoint.africa/2024/10/03/fincra-payment-licence-south-africa/
Visa launches commercial payments hub
This strategic initiative will provide financial institutions and businesses efficient access to a wide range of commercial payment solutions, complementary capabilities and integrations into a range of fintech services, making it easier for them to manage their commercial payments.
The VCS Hub will be an integrated platform, providing a more modern, personalized and consistent experience for users to easily navigate and accomplish key payment-related tasks. Through a single sign-on structure, efficient onboarding process and a menu of services to choose from, users can expect a faster and enhanced experience.
Read more: https://www.finextra.com/pressarticle/102599/visa-launches-commercial-payments-hub
