The African fintech Enza has launched its platform. The fintech’s provides a token-based, cloud-native, and API-first platform with the focus on providing the richest possible API environment for easy integration. According to McKinsey, the electronic payments market in Africa is expected to grow by about 150% between 2020 and 2025.
Australian paytech company Till Payments has reportedly laid off 120 employees, about 40% of its workforce, as part of a major restructuring that has also seen the company appoint three new board members. Employees in the UK, North America, Australia and New Zealand were told that high inflation and challenging global economic conditions were responsible for the job cuts.
JP Morgan has invested strategically in leading Indian payments solutions provider In-Solutions Global (ISG). The company processes more than 17 billion transactions annually for its clients through its proprietary GeniusTM Payments-as-a-Service (PaaS) platform. It offers a market-leading stack and scalable capabilities that simplify the payment capture process, resulting in easy onboarding and a better customer experience.
Despite the depressive fintech environment, London-based Native Teams (website), a payment platform for mobile and flexible workers, has received €2 million in a seed round. The round was led by Eleven Ventures, one of the leading early-stage VCs in Southeast Europe. Other leading funds also participated in the round, including Croatia-based Fil Rouge Capital, Haatch Ventures from the UK and US fund Quake Capital.
At a time when cash is being used less and less, and large banknotes, in particular, are increasingly being phased out, the Swiss National Bank is standing firm. SNB Vice President Martin Schlegel sees an essential function for this "traditional form" of transaction and store of value.
XanPool, a cross-border payments infrastructure provider, is accelerating its expansion plans in Europe, the Middle East, North Africa and Latin America after raising $41 million from investors led by London-based Target Global this year. The Hong Kong-based startup bucked the global startup funding winter when it received $35 million from new investor Target Global and $6 million from existing investor Antler Elevate in the second quarter, valuing the company at $400 million.
The crypto scene is on alert after the collapse of the third-largest crypto exchange FTX. Allegedly, more than a million people have lost their money. A crisis of confidence has broken out. There is also a crisis in the FinTech segment, where some companies could soon run out of money. Thus, together with PayRate42, we have a list of some PayTechs that are interesting and safe for now!
Rumor has it that Musk wants to enrich Twitter with a payment function, transforming it into profitability. Elon Musk's $44 billion takeover of Twitter has sent the global tech and media scene into a tizzy. Now it was revealed that Twitter indeed has registered with the U.S. FinCen as a Money Service Business (MSB).