Nasdaq-listed Remitly Global Inc. has signed a definitive agreement to acquire Rewire, an Israel-based remittance platform for migrant workers, for $80 million in cash and stock. The transaction is expected to close in the second half of 2022, subject to approval by Israeli and Dutch authorities. Rewire was founded in 2015 with offices in Tel Aviv and Amsterdam and said it is "geographically complementary" to Remitly.
U.S.-based fintech company AtoB has received US$155 million in Series B funding to fix the trucking industry's broken payment system. AtoB, a San Francisco-based fintech company seeking to improve the trucking industry's broken payments system, has received $155 million in Series B funding.
Financial insurance platform Qenta (website) has acquired digital currency company Noble Money, Inc. for an undisclosed amount, the FinTech said in a press release. Noble Money is working to scale digital currencies, starting with government adoption. The company is backed by investors that include 8 VC, Tribe Capital, Social Capital, and Green Sands Equity, all of which will join Qenta's investor group.
The Cyprus-based paytech Praxis Tech announced a partnership with the igaming software giant, Softswiss, which provides its clients a full-service infrastructure, including payment processing. As an omnichannel gateway provider, Praxis Tech offers Softswiss and its more than 300 clients a vast portfolio of PSPs and cashier opportunities. The partnership enables Softswiss to expand globally as the Praxis payment solutions allow it to address the requirements of different jurisdictions.
The recent troubles of fintech investment giants SoftBank and Tiger Global raise questions about the future funding of some of the most valuable fintechs. SoftBank and Tiger Global, known for their open checkbooks and overzealous fintech funding approach, lost billions of dollars as fintech and tech companies have gone under.
At the beginning of June, Berlin-based fintech Vantik had to file for insolvency. The fintech launched in 2018 with mobile savings accounts for young adults and put paid-in amounts into its own fund, from where the capital is invested in a globally diversified ETF portfolio. Vantik announced that the investment fintechs Evergreen and Vivid are taking over its clients' securities accounts.
US fintech company Astra (website) has partnered with Visa to enable faster payments for millions of end users and plans to offer instant card-to-card financing as a service. Astra uses Visa Direct, Visa's real-time payment service, to enable users to fund cards, wallets, and other accounts with their eligible debit cards.
More than four years after the acquisition of the peer-to-peer lending platform operator Lendico (website), ING is now fully integrating the fintech into its own business. In doing so, the Dutch want to expand business banking as a third pillar.
