June 26, 2021 / 12:00PM / By FintechNGR / Header Image Credit:DarcMatter Resource Center
Cryptocurrency & Digital Assets
A bill to make Bitcoin a legal tender has been approved in El-Salvador, with a committee set up already to implement the legislation. Seeing that the country does not have its own native currency, it intends to use Bitcoin as a supplementary currency to the US Dollar that has been its fiat for the longest time.
Bank of England has laid down regulatory expectations for stablecoins, stating that it is expected that the digital token class would face the same regulatory standards as those attached to bank deposits.
Latest news on CBDCs show that French and Swiss central banks are looking at working with a private sector consortium to run a wholesale digital currency trial of a CBDC-based cross-border payments model for transactions in the wholesale markets.
Funding Rounds, Valuations & IPOs
On the Indian fintech scene, Tiger Global has led a $15.6 million investment in Indian B2B2C health insurance start-up Plum. In another news Temasek and General Atlantic are in talks to back Indian neobank, Open, looking to raise $100 million. In its series B funding 2 years back, Open was valued at $150 million and existing investors include Tiger Global and PayPal, although the latter has shut down domestic operations in the country.
Berkshire Hathaway has invested $500 million as part of a $750 million Series G funding round extension in Brazilian digital banking giant, Nubank, at a $30 billion valuation, while another cross-border commerce start-up in Brazil, Ebanx, has received a $430m investment from Advent with an additional commitment of $30 million to the firm's planned IPO in the US.
Zoom and Salesforce have committed $150 million in US based start-up, Monday.com, the project and workflow process management tech company currently targeting $6B+ IPO valuation, and on the European landscape, Scalable Capital, neobroker start-up that provides tools for investors to monitor and manage portfolios across shares and exchange traded funds (ETFs) has also recently raised $180M+ at a $1.4B valuation.
In the UK, 10x, a fintech that helps old banks build next-generation services, has raised $187 million which will likely bring its valuation to the range of $700 million. Also, two other London based companies, DNA Payments, payment processor, and, TreasurySpring, operators of a fixed-term fund have raised $10 million and Â£100 million respectively.
On the African scene, news has it that Nigerian payments processor, Paga, is on its way to becoming the next unicorn on the block. There isn't a detailed information on the company's current valuation yet, but its founder, Tayo Oviosu, has said Paga could attain said status in a year or two looking at the volume of transactions its processes as well as its expansion plans and partnership with VISA.
Acquisitions, Partnerships & Expansion
Visa recently announced a strategic partnership with Goldman Sachs for cross-border payments via the implementation of Visa B2B Connect and Visa Direct Payouts solutions - a move that will help Goldman Sach's commercial and corporate banking clients simplify complexities and costs associated with existing systems, near real-time visibility of payment status, fast and secure funds transfers, in addition to necessary reconciliation and compliance data.
With Huawei cloud partnership, Temenos has its eyes set on the Chinese market, and not without some solid footing seeing that it would be the first core banking software provider certified with Huawei on Infrastructure and Public Cloud.
Credits: Reuters, Paga, Techcrunch, Finextra
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