Insights from Happenings in the Fintech Landscape - 230721

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Friday, July 23, 2021 / 10:26 AM / by FintechNGR / Header Image Credit: Finance Magnates


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Funding Rounds, Valuations & IPOs

Customer verification is a huge hassle for most fintechs in Nigeria and Africa and it is interesting to see startups pulling on innovative technology like Smile Africa raise $7 million in funding to build identity and KYC verification tools for Africa.

 

Nigerian Digital Investment platform, Chaka, is in the news again with a raise of $1.5 million dollar pre-seed investment just a few weeks after its announcement as first recipient of the newly created Digital Sub-Broker/Sub-Broker Serving Multiple Brokers Digital Platform License by SEC.

 

The first half of 2021 has been quite some funding roller coaster for Nigerian fintechs and despite the rough regulatory terrain, investors seem to have to have their eyes on that sector as another fintech, Lidya, also recently just raised $8.3 million just a year after its expansion to Europe.

 

In the UK, leading fintech and international remittance disruptor Wise, has completed largest direct listing on the London Stock Exhange at £8 billion.

 


Cryptocurrency & Digital Assets

On the CBDC scene, Japan is set to commence digital currency pilot with financial institutions in August. Singapore's Central Bank has also joined IMF and World Bank to push state digital currencies.

 

Russian bank is also set to begin a pilot of its digital ruble with 12 of the nations bank and is looking to commence testing in 2022, while France has embarked on its 5th CBDC experiment in partnership with BNP Paribas and Euroclear.

 

NFTs are not about to quickly exit scene as a Berner's Lee NFT recently sold for $4.5 million. Investments are also still going strong as Ripple recently invested NFT market place, Mintable.

 


Acquisitions, Partnerships & Expansion

Expansions might signal massive growth but could also be a strategy for maintaining status quo market share as Spanish lender, Satander, looks to foray into the European investment banking space following low rates with retail operations.

 

JP Morgan has been very deliberate about its acquisitions with quite an interesting portfolio mix and this time it is set to acquire Open Invest and has also recently taken a 40% stake in Brazilian digital bank C6.

 

Visa is not doing too badly with expansion as it has added a few features to its platform and done a few acquisitions and partnerships through out Q1 , Q2 and now Q3 and it is set to acquire open banking platform Tink for more than $2 billion.

 

Partnerships are fast becoming one of the quickest route for fintechs to increase service offerings to customers and this time around fintech payment provider Klarna has partnered with Liberis to offer its e-commerce clients revenue-based financing.

 

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