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This Week in Fintech: TFT Bi-Weekly News Roundup 26/07

The Fintech Times Bi-Weekly News Roundup this week sees the launch of SumUp Magic Pay and new hires for J.P. Morgan and The Indigo Group.

Funding and investment news

Europe’s first social and community-based investing app Shares has closed a $40million Series B funding, led by Valar Ventures. This doubles Shares’ total investment to date, boosting the company’s plans to expand across Europe and launch its crypto-asset proposition.

Bunch, a Berlin-based tech platform that launched its investment pooling product in Germany and the Netherlands, has raised €7.3million seed round led by Cherry Ventures. The capital will be used to expand across additional geographies and asset classes.

Funding roundup

Job moves

Payment processor VizPay has nearly doubled its staff in four months to allow it to invest back into the local community and grow its merchant base in line with its ongoing commitments to small businesses across America.

J.P. Morgan has hired Brook Johnson as its new head of EMEA Client Service and Implementations in its payments business. A veteran of Silicon Valley Bank and HSBC, Johnson’s appointment will bolster the expansion and growth of business in the region.

Simon Manley has been appointed as the new chief commercial officer for The Indigo Group to help accelerate its growth plans and further strengthen its management team.

Injazat, the UAE’s technology provider of digital transformation, cloud and cyber security has announced the appointment of Martin Yates as Chief Technology Officer to promote innovation to support the company’s ongoing growth plan.

Tomasz Borowski has joined digital neobank Tonik as group chief operations officer (COO). Borowski brings 20 years of experience in consumer finance, primarily focused on building efficient operations.

job hires

Mergers and Acquisitions

The Movo Investment Group has announced a significant investment in insurtech Durell, acquiring a 50 per cent stake in the business. Tom White, managing director of Durell, comments: “We’re very proud of what we have built but now is the right time for us to make a step change – to bring our technology to a wider market and build on what we’ve done with schemes to develop a B2B community with Movo.”

Partnerships

Hub71, Abu Dhabi’s global tech ecosystem, has announced a partnership with legaltech startup Clara to support Hub71-based startups and provide them with access to Clara’s digital platform,

PayMongo, a Manila-based online payment processing platform, has partnered with Atome Philippines to expand BNPL acceptance among merchants in the country.

CellPoint Digital, a provider in payments orchestration, announced a new partnership with Chargebacks911, the first global company dedicated to helping merchants combat post-transactional fraud. The partnership will provide merchants with end-to-end solution for optimising payments revenue.

Barcelona-based community fintech 11Onze has teamed up with insurance company Tuio, to offer a unique insurance proposal.  11Onze Segurs is a tech-driven, agile, transparent, affordable home insurance service for its members that subverts the traditional insurance model. 

Ripple, a provider of enterprise blockchain and crypto solutions, has announced a partnership with Singapore-based major payments institution FOMO Pay which will utilise Ripple’s crypto-enabled enterprise technology to improve its cross-border treasury flows.

Gamers8, the biggest esports and gaming event worldwide, announced that stc play, Saudi Arabian gaming platform, is to be a strategic partner of this summer’s entertainment extravaganza in Riyadh.

partnerships roundup

Company Updates

Kwik is expanding its offer of digital services with the launch of KwikStore, a free e-commerce storefront solution that allows any African business owner, merchant, social vendor entrepreneurs and SMEs to create their own online stores from a smartphone.

Next-gen payment processor for the gaming industry ZEBEDEE announced the implementation of its play-and-earn technology platform into three classic games as an extension of a partnership with innovative mobile games studio VIKER.

Vantage, the multi-asset trading platform for retail and professional traders, today announces the launch of its new social trading product, V Social – a professional ‘social network’ that allows traders to auto-copy signals, execute trades, chat and analyse performance.

SumUp, the financial partner for over four million small businesses worldwide, has announced the launch of SumUp Magic Pay a QR code payment solution for the hospitality sector.

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