Welcome to The Fintech Times Bi-Weekly News Roundup on Tuesday 6 June 2023.
Fintech hires
Kraken, the cryptocurrency firm, has hired former StockX executive Vishnu Patankar as its new chief technology officer. Patankar has previously supported Fortune 500 companies including Microsoft, Amazon, and Intel. At Kraken, Patankar will be responsible for leading the engineering team and will also work closely with the company’s leadership to deliver the next generation of products and services.
Nium appoints Manuel Sandhofer as senior vice president and general manager, Europe, following unprecedented growth in the region. With plans to open an office in Amsterdam later this year and hire 50 new employees, he will help take Nium’s European business “to new heights”.
Ubiquity has hired John Goodale as executive director and head of Europe to lead its expansion in the UK and EMEA regions. The CX provider has also hired Brad Richardson as chief sales officer and Leonel de Oliveira as executive director of finance for Europe.
The Money and Pensions Service (MaPS) has revealed its CEO, Caroline Siarkiewicz, is stepping down at the end of January 2024. She was appointed as CEO in January 2020 having been acting CEO since June 2019. The search for a successor will commence shortly and will be led by MaPS’ chair, Sara Weller.
BharatPe appoints Kohinoor Biswas as its head for consumer lending. He will be responsible for leading the entire postpe business, the credit- first consumer vertical of BharatPe. This is the third leadership appointment for BharatPe in 2023. The company earlier announced the appointment of Aparna Kuppuswamy as chief risk officer, BharatPe Group and Sandeep Indurkar as chief business officer of banking and alliances.
POPcodes, a provider of value-added solutions and services to the payment industry, has promoted Ben Stevenson, formerly vice president of development, to chief technology officer. Stevenson explained how he hopes to continue to positively change the relationship between merchants and service providers, while “making a mark internationally”.
Partnerships
Reale Group, a player in the insurance industry, has partnered with Fabrick, a European company in open finance’, in order to advance its digital transformation and enhance its customer experience. Following a successful initial collaboration between the two companies, the partnership has evolved into a strong strategic alliance, marked by Reale Group’s investment in Fabrick’s shareholding with the acquisition of a minority stake in Fabrick.
Flutterwave, an African payments technology company, has collaborated with Token.io, Europe’s account-to-account (A2A) payment infrastructure provider, to power Pay By Bank transfer capabilities for Flutterwave’s platform. Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, in Q3.
Endava, a global provider of digital transformation, agile development and intelligent automation services, announces a partnership with online payments provider, Checkout.com. The partnership will help global merchants extract maximum value from each transaction, increasing sales and optimising costs, as well as creating a more seamless payment experience for customers.
Liquid C2, a pan-African technology group, has partnered with cloud contact centre solutions provider INOVO to offer its omnichannel cloud contact centre to clients in Zimbabwe, Zambia, Kenya, Rwanda, Uganda, and South Africa.
Dapi, a UAE-based fintech and part of Hub71’s global tech ecosystem, has partnered with Mastercard, in an attempt to introduce account-to-account payments on Mastercard Payment Gateway Services. Both parties revealed an aim to create an ecosystem that fosters financial inclusion, while driving innovation and growth in the region’s digital economy.
Bangkok Bank Hong Kong Branch has become the first Thai bank to access CLSSettlement as a third-party participant. By participating in CLSSettlement, the Bank can access the highest standards of FX settlement risk mitigation while also benefiting from improved funding and operational efficiencies through market infrastructure group CLS’s unique PvP system.
Funding and investment
Amplifi Capital, the fintech behind the brands My Community Finance and Reevo Money, has secured £50million in debt funding from M&G plc. The backing of M&G means Amplifi Capital can support the growth of credit unions in the UK, making them a viable alternative for savers and borrowers.
PayNearMe, a fintech aiming to improve the consumer payment experience, has closed $45million in Series D funding led by Queensland Investment Corporation. PayNearMe plans to use the funds to accelerate its growth, further develop its innovative payments platform, and create more data-driven value for its clients.
Company updates
The Saudi Central Bank (SAMA) has granted Spotii and Madfu permits, enabling the two firms to offer BNPL solutions in Saudi Arabia. The central bank hopes the move will entice “a new segment” of investors and companies to the region, by promoting its finance and fintech sector.
Pan-African technology group Liquid Dataport has launched its newest fibre route connecting Mombasa, Kenya, to Muanda on the west coast of the Democratic Republic of Congo. The move brings more reliable and affordable broadband connectivity to over 40 million people living and working in all the major cities along the route.
NatWest Group has completed its acquisition of a majority shareholding in workplace savings and pensions fintech, Cushon. The acquisition provides NatWest with a tech-enabled suite of financial well-being products and services to offer its commercial customers.
