PayRate42 listed the Nigerian e-Money Institution PalmPay (website) in its "Green Compliance" list, suggesting that it is a reliable partner for merchants and their clients. PalmPay serves over 5 million users, with its monthly transaction volume standing at over $100 million as of June 2021. The company has partnerships with Chinese mobile brands Tecno, Infinx, and itel, which includes pre-installation of the startup’s app on 20 million phones.
FinTelegram reports that the Israeli crypto payment processor Oobit Technologies Pte. Ltd d/b/a Oobit announced that it has registered as a digital asset service provider in Italy. This will allow Oobit to offer crypto products and services to its growing customer base in Italy. The payment processor's Estonian crypto license was archived as of August 3, 2022.
The African-based startup Moove (website), the world's first mobility fintech and Uber's largest vehicle provider in EMEA, announced its London launch as part of its global expansion. Move has launched in Europe with a 100% electronic vehicle (EV) rental-purchase model that provides access to new zero-emission vehicles for a flat weekly fee.
Berlin-based financial technology company Topi (website) raises $45 million from investors. The fintech offers dealers a platform through which they can offer their products for rent. This way, medium-sized companies, for example, can equip themselves with new computers, smartphones, or printers - without high one-off costs.
The Berlin fintech Solaris (website) had to accept a higher loss last year due to increased personnel expenses. The pre-tax loss at the Berlin-based fintech rose by around 24% year-on-year to almost 42 million euros. The company hired 88 new employees and employed 425 people in December 2021. This led to an increase in costs of almost 44% year-on-year to around €40.4 million.
After the hype years of 2020 and 2021, BNPL provider Klarna is struggling badly. After the massive down-round and mass layoffs, the Swedish unicorn has to report today a pretty tough first half of 2022. As a result, the operating loss has tripled compared to last year's period.
Paytech company Abrantix has appointed former chief market officer of French payments giant Worldline, Roger Niederer, as its new CEO. According to a statement, Niederer brings global expertise in fintech and merchant services, M&A and internationalization experience, and a worldwide network. He replaces founder Daniel Eckstein, who will remain with the company.
Fintech startup Tortoise, a platform that rewards consumers for saving for their purchases, has received an undisclosed amount of funding from Sriharsha Majety, co-founder and CEO of Swiggy, and Lizzie Chapman, co-founder and CEO of fintech ZestMoney, as part of a mentorship round.
The Kenyan embedded finance fintech company Pezesha (website) secured an $11 million pre-Series A equity round led by Women's World Banking Capital Partners II with participation from Verdant Frontiers Fintech Fund, cFund, and Cardano blockchain maker Input Output Global (IOG). The round also included a $5 million loan from Talanton and Verdant Capital Specialist Funds.
