Fintech companies raised $554m in investment last week

Fintech companies raised $554m in investment last week

Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week. A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple. Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million. According to finbold’s data, Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively. Other noteable fintechs include Extend $40…

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Lagos-based fintech firm, Paystack, acquired for $200m by Stripe

Lagos-based fintech firm, Paystack, acquired for $200m by Stripe

Stripe has acquired Paystack, an e-payment startup based in Lagos, Nigeria for a sum in excess of $200 million, TechCrunch reported on Thursday. The report added that the move is a critical step in Stripe’s plan to penetrate the African e-payment market. Paystack and Stripe share similarities such as the provision of a quick way to integrate payments services into an online or offline transaction by way of an API Paystack currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions, and online betting companies, and the…

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Global fintech lending on 25% growth to hit $335bn by 2021

Global fintech lending on 25% growth to hit $335bn by 2021

Lending by fintech to grow 9.1% SMEs’ search for fund driving momentum ___________________________________ Although traditional banks and credit suppliers still hold the largest market share for consumer and business loans, recent years have witnessed considerable demand for fintech lending. With millions of SMEs searching for necessary financial backing to support their businesses amid the COVID-19 pandemic, 2020 witnessed a new rise in the number of these alternative loans. According to data presented by BuyShares.co.uk, the entire fintech lending industry is expected to grow 9.15 per cent year-over-year to $291.5 billion…

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Why full potential of Nigerian fintech remains untapped, by McKinsey

Why full potential of Nigerian fintech remains untapped, by McKinsey

Despite the increased activity in the fintech sector in Nigeria and the positive multiplier effect in the economy, there is significant potential for further growth, report by McKinsey and Company, has said. According to the report, ‘Harnessing Nigeria’s Fintech Potential’, Fintech accounted for only around 1.25 per cent of retail banking revenues in 2019. It noted that while fintech investments in Nigeria grew to approximately $460 million in 2019, the majority of which was from external investors, this was only a small fraction of the $36 billion invested in fintech…

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McKinsey: Nigerian fintech startups raise over $600m in 5 years

McKinsey: Nigerian fintech startups raise over $600m in 5 years

The Nigerian fintech ecosystem raised more than $600 million in funding between 2014 and 2019, a new report by McKinsey & Company, a management consulting firm, has shown. The report, titled, ‘Harnessing Nigeria’s Fintech Potential’, noted that the country attracted 25 per cent at $122 million of the $491.6 million raised by African startups in 2019 alone, coming after Kenya which attracted $149 million. The report further explained that Nigerian fintech companies are primarily focused on payments and consumer lending. According to the report, banking in Nigeria remains an attractive…

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Interswitch, Opay, PalmPay, other fintechs attract $560m in 3 years

Investments in businesses leveraging technology for financial services (Fin- Techs) in Nigeria totalled $560 million in the last three years, a report by the Enhancing Financial Innovation & Access (EFInA) has revealed. This, according to the report titled ‘FinTech Landscape and Impact Assessment Study 2020 Report’, is a growth of over 190 per cent as more investors continue to harness the huge opportunities in the country’s FinTech landscape. As of this year, EFInA said there were over 200 FinTech companies in Nigeria offering services ranging from payments to savings and…

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MFS Africa partners inwi money to extend footprints to North Africa

MFS Africa, the Pan-African cross-border payments leader, Monday announced a partnership with Moroccan mobile money provider inwi money, bringing smooth and affordable international digital money transfers and payments to Morocco. The move marks MFS Africa’s first significant partnership in North Africa, which is home to approximately 2.9 million migrants, and whose emigrants account for approximately 4.4 or cent of the global migrant population. For the president people of Morocco, international payments and money transfers often play a critical role in day-to-day life, and MFS Africa’s digital payments hub can help…

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The Future Of Payments In Africa

Payments

By Murray Gardiner, MD, Bluecode Africa By 2050 the population of Africa is expected to grow to 2 billion, while the rest of the world experiences flat or declining population curves. Globally, about 1.7 billion adults (31% of adults) remain unbanked — without an account at a financial institution or through a mobile money provider. In 2014 that number was 2 billion. Account ownership is nearly universal in high-income economies – virtually all unbanked adults live in developing economies, according to the Global Findex. Women are also overrepresented among the…

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Awards Debut To Celebrate Most Innovative Fintech Brands

fintech

The leading financial technology and brands marketing publication in Africa, Africa Brands Magazine, has concluded plans to host the continent’s biggest Fintech Brands Awards in Lagos Nigeria. The most innovative Fintech Brands Africa Awards is a celebration of Africa’s Fintech Innovators and Leaders in 2020. The organizers said in a press statement on Thursday that the award is an initiative founded on the idea that Fintech can unleash unprecedented economic growth in Africa as oil continues to a challenge. The event is scheduled to hold 28th of August, 2020 at…

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Lockdown Pumps Up Cashbox’s Savings 40% to N1bn

cashbox

An indigenous financial technology (FinTech) firm, CashBox, has seen a 40 per cent growth month-on-month between March and July this year which has pushed customers’ savings to N1 billion. Sydney Aigbogun, its founder and chief executive officer (CEO) explained that before the outbreak of the virus which spurred lockdown, savers on the platform lodged between N30 million and N50 million on a monthly basis. “Since the lockdown was declared, that number has moved to about N200 million,” said. Speaking with reporters in Lagos, he said the firm plans to transform…

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