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Global Fintech News - AFN

Global Fintech Trends – May 22 2024

Kenyan ICT Practitioners to Obtain Gov’t Licences – Proposed Ministerial Bill

The ICT Authority Bill 2024 proposed by Kenya’s ICT Cabinet Secretary, CS ELIUD OWALO, intends to regulate the sector by demanding practitioners obtain operational licences for the services they provide. If the bill is signed into law, the ICT Authority will categorize services according to skills and experience, and provide accreditation for practitioners based on that template.

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Flutterwave, only Africa-focused Company to make CNBC’s 2024 Disruptor 50 List

Flutterwave, Africa’s leading payment technology company, has earned a spot on the prestigious 12th annual CNBC Disruptor 50 list alongside companies like OpenAI, Stripe, Monzo Bank. This recognition underscores its innovation and expansion, achieved amidst challenging market conditions and economic downturns. The list features 50 companies with 39 of those companies having a majority of their operations and market in the US. Other 11 other companies in the list either have shared operations between the US and other countries or are based in France, UK, Australia, Canada, Mexico, Sweden and Israel.

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OpenseedVC Launches $10 Million Fund to Support Tech Startups in Africa and Europe

OpenseedVC, a new operator-led fund, has launched its $10 million angel-style early-stage fund, aimed at being the first investor in seasoned operators starting tech companies across Africa and Europe. OpenseedVC plans to invest primarily in the Future of Commerce, Health, and Work sectors, aligning with the UN Sustainable Development Goals. The fund, backed by founders, operators, and high-net-worth individuals (HNIs) from Africa, Europe, and the US, will provide up to $150,000 in starter cheques and access to a network of over 50 seasoned experts to support new tech ventures.

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MTN reaffirms its commitment to lead digital solutions for Africa’s progress at maiden 3i Africa Summit in Accra

The leadership of MTN Ghana has reinforced the business’ commitment to leading digital solutions for Africa’s progress at the maiden edition of the 3i Africa Summit held in Accra. The focus of the summit was on Innovation, Investment and Impact. The theme for the summit is in line with MTN’s Ambition 2025 strategic intent anchored on building the largest and most valuable platform business with a clear focus on Africa.

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Safaricom eyes Sh19bn debt in Ethiopia money

Safaricom PLCis planning to raise up to $150 million (Sh19.6 billion) in local currency debt in Ethiopia once the country’s securities exchange becomes operational in the third quarter of 2024.

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Stripe launches payment and financing tools in the UK

Stripeis strengthening its position in the UK, opening a flagship London office in the heart of the City and launching its first Open-Banking-powered payment method and new financing options for small businesses. The UK is Stripe’s second largest market, with around 600 businesses joining the US-headquartered giant’s network every day. These firms will be the first in the world to be given access to Stripe’s first Open-Banking-powered payment method, Pay by Bank. Already being used by some companies, Pay by Bank promises a low-cost, real-time payment method that allows consumers to pay directly from their bank account.

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Vitesse, a payments and treasury management platform for insurers, raises $93M to fuel US expansion

U.K. fintech Vitesse PSP Limited has closed a $93 million Series C round of funding led by investment giant KKR. KKR said it’s making the investment through its Next Generation Technology Growth Fund III, a $3 billion fund it closed last year. Founded out of London in 2013, Vitesse is the handiwork of Paul Townsend and Phil McGriskin, who had sold an e-commerce payments company called Envoy to WorldPay back in 2011.

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Brazil’s Nubank profit surges to nearly $400M in Q1 2024

Brazilian digital bank Nubank got off to a great start in 2024. The digital bank booked a $380 million net profit during the first three months of the year as it accelerated its pace of cross-selling and continued to expand its customer base. The Latin American fintech flagship, operating in Brazil, Mexico and Colombia, reported a 167% year-over-year increase in net income, up from $142 million in the year-ago quarter. While the company reported 99.3 million customers by the end of the quarter, it recently announced it had surpassed the 100 million client threshold as of this month.

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Teen fintech, Copper, Abruptly discontinues its Banking, Debit Products

Another fintech startup, and its customers, has been gravely impacted by the implosion of banking-as-a-service startup Synapse. Copper Banking, a digital banking service aimed at teens, notified its customers on May 12 that it would be discontinuing bank deposit accounts and debit cards on May 13. In a letter to customers, CEO and co-founder Eddie Behringer said the company had learned the previous week that the banking middleware provider they used, Synapse, was sunsetting its service “imminently.”

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