FinTech Focus: Catch latest developments of the week

By Gloria Mathias

FinTechs continue to play a pivotal role in transforming and reshaping the traditional contours of the financial industry. As technology becomes increasingly intertwined with financial services, FinTech innovations are not merely incremental but rather revolutionary, paving the way for enhanced efficiency, accessibility, and novel business models.

This week’s FinTech Focus brings forth a curated selection of the most significant developments that underscore the dynamic nature of this sector.

Let’s look at the top 6 announcements made by the FinTech bigwigs this week:

• Airwallex 

Airwallex is thrilled to announce its partnership with BILL, a financial operations platform for SMBs, to provide faster international payments for their customers. Through its proprietary global infrastructure, BILL’s customers will be able to pay “like a local’ from anywhere in the world, with the option to deliver payments same-day or next-day in local currencies.

• Capify 

Capify secured a $194 million credit facility from Pollen Street Capital. This new facility will support our future growth plans and enable us to provide funding to thousands of SMEs in the coming years.

• Flutterwave 

Flutterwave partnered with Acquired.com, a payment processing specialist, to offer faster and more secure outward remittances on the Send App.  This means that Send App customers in the UK & EU who are Acquired.com cardholders can now enjoy seamless money transfers to those that matter back home in a more secure, easy and reliable way. This partnership is in line with Send App’s commitment to providing the best possible money transfer experience for Africans in the diaspora, enabling them to connect with their loved ones conveniently.

• NPCI International Payments Limited (NIPL)

NPCI International is elated to announce its partnership with the Bank of Namibia, which will enable the deployment of a UPI-like real-time payment system in African nations. Once live, it will facilitate digital transactions in Namibia, enabling financial inclusion and cash displacement by serving the underserved.

• U GRO Capital

U GRO Capital successfully raised Rs. 1332.66 crore through CCDs and warrants. This sizeable equity capital raise highlights its commitment to advancing financial solutions and underscores our strategic vision for growth. Founder and MD, Mr. Shachindra Nath emphasises the significance of integrated financing in effectively targeting specific market segments.

• TransferGo

TransferGo is thrilled to announce that it has partnered with Tink.  A market-leading payment services and data enrichment platform, to add Pay by Bank to TransferGo’s payments offering. Pay by Bank is an embedded payment method powered by open banking that allows consumers to initiate payments directly from their bank account, and it’s already live for our UK customers.

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