Finovate Global France: Ledger Scores, Burger King Goes Crypto, and French Fintechs Get Funded

Finovate Global France: Ledger Scores, Burger King Goes Crypto, and French Fintechs Get Funded

This week’s edition of Finovate Global takes a look at the wave of funding that fintechs in France have received in recent weeks. The $108 million secured by hardware crypto wallet maker Ledger appropriately leads the pack. But there have been a handful of investments in a variety of French fintechs that are also noteworthy.

First up, though, it’s Ledger’s massive fundraising. The Paris, France-based crypto wallet designer and manufacturer announced that it raised $108 million in funding this week. The investment is part of the company’s Series C round and, as such, does not change Ledger’s $1.4 billion valuation. The funding does add to the $385 million the company raised in 2021.

Ledger’s latest investors are a lengthy list of new and existing backers. True Global Ventures, Digital Finance Group, and VaynerFund are among the new investors. Existing investors 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital, and Molten Ventures are among Ledger’s existing investors who also participated.

“Today, Ledger announced our funding round. These funds will accelerate our mission to bring a new generation of secure consumer devices to hundreds of millions exploring critical digital assets and blockchain-enabled technology,” Ledger chairman and CEO Pascal Gauthier wrote in a blog post at the Ledger website.

Ledger demonstrated its crypto hardware technology at FinovateEurope back in 2016. The company currently offers three hardware wallets, Ledger Nano X and Ledger Nano S Plus, and Ledger Stax. The latter model, the company’s latest, was only recently announced and is scheduled to begin shipping to customers within the next few months.

The investment in Ledger is a reminder that France remains among the more crypto-friendly countries in Europe, if not the western world. U.S. based Circle, the company behind both USDC and Euro Coin, recently announced that it had chosen France for its European headquarters. This is just one reflection of the country’s openness to the cryptocurrency industry.

News that Burger King fast food restaurants in Paris will begin accepting cryptocurrency for payment may be another. The company has partnered with Instpower, who will deploy its power bank rental machines in Burger King’s Paris locations. The power bank rental machines are connected to a pair of cryptocurrency payment services – Alchemy Pay and Binance Pay. Now Burger King consumers will be able to get their Whoppers, charge their mobile devices, and pay in crypto all in the same place. The move is a boon for Instpower as it seeks to expand the popularity of power banks in Europe. The collaboration is also a clear win for crypto, which benefits from both the publicity and the convenient new use case for crypto holders.

Ledger is not the only French fintech scoring investor dollars this month. N2F, a French startup that offers business financial management software, raised $26 million (€24 million) in a round led by PSG Equity. A French fintech called Elyn that offers try-before-you-buy services raised $2.7 million (€2.5 million) in pre-seed funding in a round led by Headline and Sequoia Arc. On the financing front, B2B lender Aria secured a $53.3 million (€50 million) debt facility courtesy of M&G Investments. The funding added to the $21.7 million (€20 million) debt facility the company announced last year.


Here is our look at fintech innovation around the world.

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

  • Poland’s Secfense joined the Cybersecurity program of Google’s Startups Growth Academy. Secfense demoed its passwordless authentication technology at FinovateEurope 2022.
  • Austria-based Finmatics secured $6.5 million (€6 million) in Series A funding for its technology that brings the power of AI to accounting and tax planning.
  • Swiss fintech Klarpay AG announced achieving profitability in its first year of operations.

Middle East and Northern Africa

Central and Southern Asia


Photo by Alessandro Bonanni

Finovate Global Indonesia: Kredivo Raises $270 Million; Broom Scores $10 Million in Pre-Series A Funding

Finovate Global Indonesia: Kredivo Raises $270 Million; Broom Scores $10 Million in Pre-Series A Funding

Kredivo Holdings has raised $270 million in Series D funding. The round was led by Japan’s Mizuho Bank. Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures also participated. Kredivo will use the funding to enhance its status as a digital financial service provider, particularly via online lending, credit cards, and its buy now, pay later offering. The company will also use the capital to power the launch of its neobank brand, Krom.

“The upcoming expansion into digital banking is deeply synergistic with the existing Kredivo product and also opens up a very promising channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia,” Kredivo Holdings CEO Akshay Garg said. “Finally, we are delighted to have Mizuho join us as a valuable investor and strategic partner.”

Formerly known as FinAccel, Kredivo Holdings operates a number of brands including its digital credit platform, Kredivo, which serves customers in Indonesia and Vietnam. Kredivo Holdings also maintains a bank entity, Krom Bank Indonesia (formerly Bank Bisnis Internasional). Most recently, the company announced that it is launching an Indonesia-based neobank called Krom.

The new funding takes Kredivo Holdings’ total equity capital to nearly $400 million, according to TechCrunch. Valuation information was not immediately available. Garg indicated to TechCrunch that the firm’s valuation has increased by 4x to 5x with each valuation round.

Last spring, Kredivo launched its Infinite Card. The offering is a virtual card that enables Kredivo customers to transact on e-commerce and online platforms using their linked Kredivo accounts. The Infinite Card can be used across all of Mastercard’s online merchant network.


Broom, an Indonesian firm that enables automobile dealers to secure short-term funding by using their car inventories as collateral, has raised $10 million in pre-Series A funding. The round was led by Openspace Ventures, and featured participation from MUFG Innovation Partners, BRI Ventures, AC Ventures, and Quona Capital. Broom will use the capital to diversify its product mix and “accelerate inventory turnover” for its customers.

The investment takes the company’s total capital to $13 million. Valuation information was not immediately available.

Founded in 2021 by CEO Pandu Adi Laras and CFO Andreas Sutanto, Broom launched its flagship service, Buyback, a year later. Buyback supports used car dealers in Indonesia who often struggle to secure financing. Laras noted that car dealers typically must wait until they sell enough of their existing inventory in order to raise the capital to acquire new inventory. Instead, with Buyback, dealers get access to short-term working capital via a temporary car sale service with a built-in repurchasing option. Rather than a loan, Buyback involves a temporary sale – including a change of ownership – after which the dealer can buy back the inventory “at a slightly higher price.”

With more than 5,000 used car dealer customers in Indonesia, Broom said that its technology has enabled dealers to triple their inventory size. Broom noted that the used car market in Indonesia is estimated to be worth $65 billion, with analysts expecting the market to grow to $70.3 billion by 2027.


Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa


Photo by Tom Fisk

Finovate Global Israel: From Innovations in Payroll to the Impact of Politics

Finovate Global Israel: From Innovations in Payroll to the Impact of Politics

Israel-based payroll and payments technology company Papaya Global unveiled its latest solution this week. The new offering, Papaya Global Payroll Payments, is a fully automated, embedded payments platform that facilitates global payroll processing and mass payments. The solution is designed to assist payroll vendors who typically outsource these payments to third party vendors who often are not best suited to handling payroll payments.

“Papaya Payroll Payments is a game changer, full stop.” Papaya CEO and co-founder Eynat Guez said. “No other company is offering fully automated, embedded payments designed for payroll. We are the first payroll payments company in the industry to help its clients navigate the needs of the local employee and the global employer.”

Papaya’s solution will also enable its customers to process payments faster given the fact that Papaya owns money transfer licenses globally and its technology is built specifically to facilitate payroll payments. The company said that payroll payments typically arrive within 72 hours, which it calls “an industry first.”

“We’re giving organizers with global workforces a true borderless solution for getting team members their payments quickly and accurately,” Guez said. “No more manual processes, no more late or inaccurate payments, no fees reaching the employees.”

Founded in 2016, Papaya Global maintains offices in Tel Aviv, New York, Austin, London, Kiev, Singapore, and Melbourne, Australia. Named to the Forbes Cloud 100 and CNBC’s Top Startups for the Enterprise, Papaya Global has raised more than $444 million in funding from investors such as Scale Venture Partners and Insight Partners.


E-commerce risk management platform Riskified announced late this week that it was pulling $500 million in cash and equivalents out of Israel. The move comes as concerns grow about a controversial judicial reform plan championed by the current government led by Prime Minister Benjamin Netanyahu. The proposal would give the executive branch greater control over judge selection and limit the ability of the country’s Supreme Court to strike down legislation.

Riskified CEO Eido Gal was quoted by Reuters as fearing that the Israeli government might limit transfers and withdrawals of large sums should the financial situation in the country “continue to deteriorate.”

In addition to transferring funds out of the country, Riskified reported that it will expand hiring in its research and development site in Lisbon, Portugal.

Riskified was founded in 2012 and is based in New York. The company is publicly traded on the NASDAQ under the ticker RSKD and has a market capitalization of more than $940 million.

Learn more about the challenges currently faced by startups in Israel in this explainer from Crunchbase News. Note that Papaya Global, mentioned above, also moved funds out of Israel earlier this year, citing similar concerns about the country’s business climate and political uncertainty. Shuly Galili, founding partner at UpWest, a Silicon Valley-based seed investor that specializes in funding Israeli startups, was quoted as saying that passage of the judicial reform legislation would result impact “investments coming into the country, founders staying or not staying in the country.” Galili added that the new law could result in between $7 billion to $10 billion in funds leaving Israel.


Here is our look at fintech innovation around the world.

Middle East and Northern Africa

  • U.S. payment service provider i2c forged a partnership with UAE-based Mashreq.
  • Egypt-based Paymob announced a collaboration with streaming platform Shahid.
  • Crunchbase News featured Papaya Global in its look at the challenges faced by startups in Israel amid the country’s political turmoil.

Central and Southern Asia

  • India-based fintech unicorn Slice acquired a 5% stake in Indian bank North East Small Finance.
  • Pakistan fintech platform for the country’s trucking industry, Trukkr, raised $6.4 million in funding.
  • GrayQuest, the largest education-focused fintech in India, secured $7 million in new Series A funding.

Latin America and the Caribbean

  • Mexican fintech Bitso launched its Bitso Card payment solution in partnership with Mastercard.
  • Brazilian financial giant Nubank appointed former Meta executive David Marcus to its board of directors.
  • AI automation provider Esker partnered with Ecuador-based outsourcing and consulting specialist BPONE.

Asia-Pacific

  • Philippines-based Security Bank Corporation partnered with ACI Worldwide to enhance its real-time payment capabilities.
  • WeChat added digital yuan to its payment platform offerings.
  • Indonesia’s Bank BTPN teamed up with Surecomp for its trade financing platform Doka.

Sub-Saharan Africa

  • A partnership between U.S.-based Clickatell and South African telecom Telkom will enable mobile messaging payments via WhatsApp.
  • Nigeria’s central bank issued new open banking legislation.
  • Diamond Trust Bank (DTB) teamed up with Mastercard in a strategic agreement that will enable banks to offer payment cards to fintechs in Kenya.

Central and Eastern Europe


Photo by Haley Black

Finovate Global Ireland: Hiring Tech Talent, Banning ChatGPT, and Shining a Spotlight on Fintech in Northern Ireland

Finovate Global Ireland: Hiring Tech Talent, Banning ChatGPT, and Shining a Spotlight on Fintech in Northern Ireland

Ireland’s Central Bank to Staff: No ChatGPT for You!

While organizations, institutions, and businesses of all kinds are scrambling to figure out how to best make use of generative AI technologies like ChatGPT, the Central Bank of Ireland already has staked out a position – at least for its employees.

Ireland’s The Business Post reported that the Central Bank of Ireland has banned its staff from using ChatGPT as part of its cybersecurity policy. The move was described to the newspaper as the implementation of “appropriate and relevant technical and organizational measures to ensure the on-going protection of the organization.”

The Irish Central Bank isn’t the only financial institution in the region giving ChatGPT the side eye. The Business Post reported that three of Ireland’s high street banks – AIB, Permanent TSB, and Bank of Ireland – are considering similar restrictions. The Central Bank’s decision comes just a month after JP Morgan and a number of Wall Street institutions including Goldman Sachs, Citigroup, Wells Fargo, and Bank of America banned their employees from using ChatGPT for internal communications.


Bank of Ireland to Boost Tech Staffing

In roles ranging from engineering and cloud technology to cybersecurity and data, the Bank of Ireland announced that it will be hiring 100 new technology workers. The goal will be to have the new workers develop new customer features on digital channels, help the bank execute its cloud strategy, and protect consumers from cybercrime.

“We have some exciting digital projects underway across the Group, and we’re looking for talented specialists who want to drive improvements in the banking experience for millions of customers,” HR director for Group Technology & Customer Solutions, Eimear Harty said. “Banking is changing fast, it’s exciting, and these new positions will be at the forefront of advances in the sector.”

The staffing decision comes in the wake of the bank’s recruitment of 230 technology specialists since 2021. The Bank of Ireland was fined $26 million (€24.5 million) by the country’s central bank over IT deficiencies that took the Bank of Ireland more than 10 years to fix.


Taxback International Teams up with WTS Global on VAT Compliance

Irish VAT compliance specialist Taxback International (TBI) has forged a strategic partnership with global tax practice WTS Global. The company will leverage TBI’s Comply platform to power its VAT compliance services around the world. Comply will give WTS Global a supported and configurable compliance platform that uses complex, country-specific rules to keep businesses compliant when operating in different – and changing – markets and regulatory regimes. In addition to using Comply to power its VAT compliance service around the world, WTS Global will also promote the technology in its global partner network.

Taxback International CEO Karl Nolan called the partnership “a great endorsement for Irish fintech” and a testament to both the “talent and vision” in Ireland’s fintech industry. Founded in 1996, Taxback International is headquartered in Kilkenny. The company enables the real-time processing of more than 10 billion transactions across 180 countries. With “almost all” of the Fortune 500 among its clientele, Taxback International supports more than 12,000 customers in 129 countries.


A Look at the Rise of Northern Ireland’s Fintech Industry

Our sister publication, Fintech Futures, published a special feature on fintech in Ireland earlier this week. Sponsored by Invest Northern Ireland, the article discusses the way the region became a global hub for technology and financial services innovation in the wake of the Good Friday Agreement in 1998. The article also notes that the capital of Northern Ireland, Belfast, was “named a top three fintech location for the future” by the Financial Times in its 2019 Foreign Direct Investment Markets report.

“Today, there are roughly 46,000 people employed in the financial and related professional sectors in Northern Ireland,” the article noted. “In fact, Northern Ireland has the highest concentration of fintech employment in all of the United Kingdom.”

Read the rest.


Here is our look at fintech innovation around the world.

Middle East and Northern Africa

  • Bank of Israel issued a framework to enable international payments firms to use its payment network.
  • Dubai International Financial Centre (DIFC) announced a partnership with anti-financial crime compliance company Napier.
  • Codebase Technologies teamed up with enterprise information technology company Saudi Business Machines.

Central and Southern Asia

  • Indian fintech CRED introduced both a Buy Now, Pay Later service and a Tap to Pay feature.
  • Yubi became the first fintech to offer an indigenous open source language model for Indian fintechs.
  • India-based BaaS platform Mintoak secured $20 million in Series A funding.

Latin America and the Caribbean

  • Thanks to an approval from Brazil’s central bank, Brazilians can now use WhatsApp to pay SMEs in the country.
  • Latin American open finance platform Belvo went live with its payment initiation solution, Bipa, this week.
  • Brazilian fintech Blipay raised $6.7 million.

Asia-Pacific

  • Singapore-based cross-border payments company Tazapay announced a partnership with payments gateway Volt.
  • Vietnamese fintech Gimo that helps workers get on-demand access to earned wages secured $5.1 million in Series A funding..
  • Shanghai Commercial Bank selected Salt Edge to build a bespoke banking experience based on open banking.

Sub-Saharan Africa

  • MFS Africa announced a partnership with Western Union.
  • Cryptocurrency infrastructure provider Binance added support for African currencies including the Liberian Dollar, Gambian Dalasi, and Cape Verdean Escudo.
  • ImaliPay inked a deal with Renda to support order fulfillment for SMEs in Africa.

Central and Eastern Europe

  • German regtech Flagright announced a collaboration with Lithuania-based fintech kevin.
  • Tietoevry completed a major systems upgrade for Serbia’s Chip Card.
  • U.K.-based fintech myPOS partnered with Raiffeisen Bank to bring new payment technologies to businesses in Hungary.

Photo by Lukas Kloeppel

Finovate Global Canada: Paytech M&A, Mobile Top-Ups, and New Rules for Crypto Exchanges

Finovate Global Canada: Paytech M&A, Mobile Top-Ups, and New Rules for Crypto Exchanges

Canada Inks New Guidelines for Crypto Exchanges

In the wake of the FTX scandal and the so-called “crypto winter,” the Canadian Securities Administration (CSA) has issued a set of new regulations for cryptocurrency exchanges. The new guidelines involve both commitments to investor protection as well as a registration mandate. The mandate requires “crypto asset trading platforms” (CTPs) operating in Canada to provide a pre-registration commitment to Canada’s security regulators within 30 days – and begin a full registration process. Announced this week, CTPs in Canada will have until late March to comply. Those institutions that do not comply will not be allowed to legally serve Canadian clients. The regulations also institute a significant crackdown on the trading of stablecoins. Defined as “securities and/or derivatives” by the CSA in 2022, these digital assets can no longer be purchased or stored on cryptocurrency exchanges without written permission from the CSA.

“Recent insolvencies involving several crypto asset trading platforms highlight the tremendous risks associated with trading crypto assets, particularly when conducted on unregistered platforms based outside of Canada,” CSA Chair and Chair and CEO of the Alberta Securities Commission Stan Magidson said.

The new rules will undoubtedly make life tougher for cryptocurrency exchanges in the near-term. Nevertheless, the new regulations may provide more room for these businesses to operate than it may seem at first glance. From the multi-part registration process to the ability to secure permission to offer stablecoins, it seems clear that Canadian regulators are taking a relatively cautious approach to correcting the course of cryptocurrencies in the Great White North.


Ding and Western Union Bring Mobile Top-Up to Canadian Customers

The international mobile top-up platform Ding has teamed up with one of the leaders in the money transfer business. Ding has reached an agreement with Western Union that will enable customers in Canada to send international top-up payments to the mobile phones of more than five billion prepaid customers worldwide.

“We are thrilled to be teaming with one of the largest money transfer operations in the world,” Ding Chief Financial Officer Jonathan Rockett said. “The launch of Ding Checkout with Western Union will give consumers access to a complimentary service which they can use to support their friends and families around the globe. We are excited to unveil our capabilities as a digital value transfer platform and drive growth in both new and existing customers for Western Union.”

The partnership between Ding and Western Union will launch in Canada first. The partnership will give Western Union customers access to Ding’s network of more than 600 mobile operators across 140+ countries, covering 95% of the world’s population. The collaboration also gives Western Union customers a new way to add minutes and data quickly to their mobile plans.


Nuvei Completes $1.3 Billion Acquisition of Paya

At the beginning of the year, Canadian paytech Nuvei announced that it had agreed to acquire U.S. integrated payments and commerce solutions provider Paya for $1.3 billion. This week, Nuvei reported that the transaction has been completed.

“This is an important milestone for Nuvei as we continue to build a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments, and B2B,” Nuvei Chair and CEO Philip Fayer said in a statement. “I’m thrilled to officially welcome our new colleagues form Paya to the Nuvei family. We have been working diligently on our integration planning, and we are ready to begin the next step on this exciting journey as a single, unified team.”

Paya processed $50 billion in annual payment volume in 2022, with much of that amount coming from companies in verticals such as healthcare, non-profit, government, utilities, and other B2B end markets. Nuvei paid $9.75 per share for the NASDAQ-listed company, which went public via a merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp III in 2020.

Headquartered in Montreal, Quebec, Nuvei was founded in 2003. The company also made headlines this year in forging new partnerships with enterprise digital commerce platform VTEX, Colombian payment processor Redeban, and online business marketplace platform Le Panier Bleu.


Here is our look at fintech innovation around the world.

Central and Eastern Europe

  • Swiss software firm Netcetera acquired Slovenian mobile app and digital identity development company Kamino.
  • Saldo Bank launched in Lithuania.
  • Germany-based business financial management (BFM) company finway secured $10 million (€9.2 million) in Series A funding.

Middle East and Northern Africa

  • Remittance processor Remitly went live with its outbound remittance solution in the UAE.
  • Morocco-based fintech Gwala raised pre-seed funding to support its on-demand payment solution for employees and employers. The amount of the investment was not disclosed.
  • Saudi Arabia-based fintech Hala acquired UAE payments company Paymennt.com – previously known as PointCheckout.

Central and Southern Asia

  • India-based banking-as-a-service platform Decentro launched in Singapore this week.
  • Pakistani digital lending platform AdalFi announced a $7.5 million investment led by UAE-based COTU Ventures, Chimera Ventures, Pakistan-based Fatima Gobi Ventures, and Zayn Capital.
  • Indian payments solution provider PayU launched its 3D Secure 2.0 SDK.

Latin America and the Caribbean

  • Mexican mobile banking app Tudi selected ThetaRay as its AML/transaction monitoring partner.
  • Brazil-based fintech Celcoin announced its $16.3 million acquisition of open finance company Finansystech.
  • Refresh Miami interviewed Juan Pablo Jiménez, Chief Sales Officer of Ecuador’s first unicorn, Kushki.

Asia-Pacific

Sub-Saharan Africa

  • South African mobility fintech company, Planet42, raised $100 million in combined equity, debt, and a credit facility.
  • WorldStage profiled Nigeria-based Islamic fintech startup HalalVest.
  • Kenya-based micro-lender Power Financial Wellness secured $3 million in seed funding.

Photo by Andre Furtado

Finovate Global Hong Kong: Digital Payments, Cross Border Partnerships, and New Leaders

Finovate Global Hong Kong: Digital Payments, Cross Border Partnerships, and New Leaders

Hong Kong and Shanghai Banking Corporation (HSBC) launched a new digital payments solution this week. The new offering, called HSBC Merchant Box, is designed to make it easier for SMEs to make international payments across regional and global e-commerce platforms using real-time exchange rates.

HSBC Merchant Box will be available to selected HSBC commercial customers initially. The technology is subscription-based and is fully integrated into HSBC Business Internet Banking. A range of fee options helps make the offering more affordable for businesses of different sizes and payment requirements. The company noted that it will extend the service to all customers in Hong Kong “in the coming months.”

Cross-border ecommerce is a significant factor in China’s external trade operations, HSBC Head of Commercial Banking Frank Fang explained. As a major regional trade hub, Hong Kong is seen as especially well-located to take advantage of the opportunity for greater and easier trade between companies in the area. HSBC Merchant Box also arrives at a time when there is greater travel between Hong Kong and mainland China due to the easing of COVID restrictions regionally.

“Simple and cost-efficient payment management solutions are key to the success of small- and medium-sized ecommerce merchants,” HSBC Managing Director and Regional Co-Head of Global Payments, Asia Pacific Yvonne Yiu said. “HSBC Merchant Box reduces the complexity of cash flow management for SMEs by giving them speed, control, and visibility on their international receivables and payments.”


Speaking of Hong Kong and payments, HK-based digital payment platform developer Yedpay announced a new partnership this week. Yedpay is teaming up with Venture Cap, the Thailand-based subsidiary of ASL Securities, as well as the Hong Kong Polytechnic University and Easylink to help drive fintech innovation in the ASEAN region. “ASEAN” refers to the Association of Southeast Asian Nations and includes Vietnam, Thailand, Singapore, Philippines, Myanmar, Malaysia, Laos, Indonesia, Cambodia, and Brunei.

The announcement was made as part of the 16th Asian Financial Forum (AFF). YedPay offers an open payment platform that helps merchants process credit card transactions and e-wallet payments in brick-and-mortar locations as well as online. The firm has played a major role in developing Hong Kong’s cashless market, and in helping Hong Kong’s taxi industry go digital. At the forum, Yedpay COO Beatrice Tai said that the company planned to expand its business across borders, with an initial stop in Thailand. Yedpay also expects to launch new diversified financial products and build an “ASEAN Payment Hub” that would connect markets in ASEAN, Hong Kong, Taiwan, and mainland China.

Co-founded in 2014 by Chief Operating Officer Beatrice Tai, Yedpay offers an all-in-one payment platform for merchants. The company’s solution supports multiple payment methods on a single device, giving customers greater flexibility when making payments and making the collection process easier for merchants. Yedpay is also known as The Payments Cards Group Ltd.


Hong Kong-based digital bank ZA Bank introduced new CEO and Executive Director Ronald Iu. He was appointed to his new position after serving as Chief Strategy Officer for Za Bank parent company ZA International in February 2022, and was subsequently promoted to Chief Risk Officer at ZA Bank. The banking and finance executive has more than 20 years of experience in the industry, having been chief executive at Airstar Bank, a General Manager and Executive General Manager at China CITIC Bank International Ltd, and CEO of HKCB Finance Ltd.

Iu takes the top spot from outgoing Rockson Hsu who was ZA Bank CEO for nearly four years. ZA Bank has not yet announced a new Chief Risk Officer.

One of the first virtual banks to be established in Hong Kong, ZA Bank received its license from the Hong Kong Monetary Authority in 2019, publicly launched in 2020, and introduced its business banking services for local SMEs in 2021. The firm currently has more than 600,000 users.


Here is our look at fintech innovation around the world.

Sub-Saharan Africa

  • Is Nigeria ready for a “cashless economy”? Techpoint Africa looks at the country’s attempt to redesign its currency as a cautionary tale.
  • Tempo France and Nairagram teamed up to enable remittances from the EU to 20 countries in Africa.
  • TechCabal reviewed the “State of Buy Now, Pay Later” in South Africa.

Central and Eastern Europe

  • Germany’s DekaBank will apply for a crypto custody license.
  • Lithuania-based iDenfy partnered with real estate auction platform Residenture to bring greater security to the Swiss firm’s onboarding process.
  • Germany-based B2B payments company launched its new B2B service MonduSell.

Middle East and Northern Africa

  • Sales and automation specialist InvestGlass teamed up with Arab Bank.
  • In partnership with Plug and Play Abu Dhabi, Emirates Islamic bank launched a new fintech accelerator program.
  • A partnership between Uber and HSBC will bring on-demand cashouts to unbanked drivers in Egypt.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific


Photo by Jimmy Chan

Finovate Global Estonia: Partnerships, Fundraising, and the Fight Against Financial Crime

Finovate Global Estonia: Partnerships, Fundraising, and the Fight Against Financial Crime

In this week’s edition of Finovate Global, we take a look at a handful of developments in Estonia’s fintech industry. With a population of more than 1.3 million, Estonia has the Baltic Sea to the west, the Gulf of Finland to its north, Latvia on its southern border, and the Russian Federation on its eastern flank. The Northern European nation achieved its independence from the Soviet Union in 1991 following the “Singing Revolution” between 1988 and 1990. Estonia is considered a high-income economy per the World Bank, and has been referred to as a “Baltic Tiger” due to the country’s rapid growth.


First up is news on the regtech front. Estonian startup Salv announced that it recently secured a $4.3 million (€4 million) seed round extension. The funding was led by New York-based ffVC and featured participation from Germany’s G+D Ventures, as well as existing investors. Salv’s signature offering, Salv Bridge, is a real-time collaborative crime-fighting platform that leverages the power of its network to reduce non-compliance and combat financial crime. The company said that the funding will help accelerate development of its technology, as well as support Salv’s expansion into other markets, starting with Poland.

“The digitalization of the financial industry has resulted in an avalanche of financial crime, and the numbers are only projected to grow,” Salv CEO Taavi Tamkivi said. “Salv Bridge is proven to be effective against money laundering, sanctions, and fraud.”

The new funding takes Salv’s total capital raised to $8.2 million. Headquartered in Estonia’s capital city of Tallinn, Salv was founded in 2018. The company wrapped up 2022 with a pair of new partnership announcements – teaming up with Estonian-based banking platform Tuum and collaborating with greentech innovator Single.Earth.


Speaking of partnerships, Estonia-based identity verification and AML services provider Veriff announced a partnership with digital asset company Baanx. Veriff will provide identity verification services to the firm, enabling Baanx to confirm user identity during the onboarding process. Veriff’s technology can verify more than 11,200 government-issued identification documents from more than 190 countries and in 47 different languages.

“Cryptocurrencies are disrupting the world of finance, and the crypto industry has evolved dramatically over the past few years,” Veriff COO Indrek Heinloo said. “However, transactions between users are generally anonymous and instantaneous, providing more opportunities for fraudsters and criminals looking to evade conventional anti-money laundering controls. And right now, fraud rates for crypto transactions are at an all-time high.” Heinloo added, “it has never been more important for online banking platforms that offer crypto services to be several steps ahead of these bad actors.”

Veriff was founded in 2015 and is based in Tallinn. The company has raised more than $192 million in funding from investors including Tiger Global Management and Alkeon Capital, who led the company’s Series C round in January of 2022. Also this month, Veriff announced the appointment of Javier Ortega as the firm’s new Chief Revenue Officer.


In recent years, Finovate has showcased a handful of Estonian fintechs. Among the Finovate alums that call Estonia their home are: Bankish, which demoed its technology at FinovateEurope 2020; Modularbank, which made its Finovate debut at FinovateEurope 2019; and Crypterium, which demoed its technology at FinovateFall 2018. At FinovateEurope 2023 next month, we will feature our latest Finovate alum from Estonia: call center performance management software provider, Ender Turing. Learn more about our upcoming fintech conference, FinovateEurope, March 14 through 15 in London, at our FinovateEurope hub.


Here is our look at fintech innovation around the world.

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

  • Tech.eu profiled Germany-based connectivity platform, Team Viewer, and its new partnership with global consumer goods company Henkel.
  • Lithuanian regtech firm AMLYZE teamed up with fraud prevention company Ondato.
  • Turkey-based fintech Papara reached 15 million users, ranking the firm among Europe’s largest neobanks.

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean


Photo by Marlene Leppänen

Finovate Global Africa: Revolutionizing Payments and Promoting Inclusion with Paga’s Tayo Oviosu

Finovate Global Africa: Revolutionizing Payments and Promoting Inclusion with Paga’s Tayo Oviosu

This week on Finovate Global, we feature an extended conversation with Paga founder and CEO Tayo Oviosu.

Serving more than 21 million unique users in Africa, Paga is a payments and financial services ecosystem that makes it easy for people to request, send, and receive money; pay bills; get remittances and more. Founded in 2009, Paga is Nigeria’s leading mobile money company.

We caught up with Tayo Oviosu to discuss the current state of fintech in Nigeria and in sub-Saharan Africa, in general. We also talked about how Paga is helping boost financial inclusion and empowerment in the region, and what we can expect from the company in 2023.


Paga was recently recognized with placement on the CB Insights 250 list – one of seven African start-ups featured. What is going right with fintech in sub-Saharan Africa these days? 

Tayo Oviosu: It was an honor to be ranked by CB Insights in its Fintech 250 list and, as one of only seven African start-ups featured, it speaks to the pioneering approach we are introducing to the world – revolutionizing payments and creating a financial services ecosystem for Africa.

As sub-Saharan Africa gains recognition on the global stage, we are seeing innovative and pioneering products emerge and rise in popularity amongst consumers, diversifying the products they can choose from.

In 2020, we saw Stripe acquire Nigerian fintech Paystack – which disrupted the ecosystem and spoke to a future-oriented outlook that has validated the region as an exciting space, full of potential. This speaks to the increase in funding and investment opportunities in the region.

As the ecosystem continues to rapidly grow, the vision of an integrated African market is closer to being realized, with new opportunities constantly emerging. At Paga, this is something particularly pertinent to our mission of making life possible for businesses and individuals. Our consumer ecosystem (Paga) helps people send, pay, and bank digitally. We now serve over 21 million unique users at our agents and consumer direct channels. We developed our seller ecosystem (Doroki) to help businesses digitize their payments and to manage their business operations digitally. Our Platform-as-a-Service offering enables ecosystem businesses and developers to build, launch, and grow, via our API infrastructure. 

Looking at Nigeria specifically, what is the most interesting thing going on in fintech in Nigeria right now?

Oviosu: We are seeing more options for customers come to fruition through a growing market. Fintechs are competing innovatively to meet customers’ different needs with various tailored products.

Subsequently, there are more lending products and services, which are crucial in affording consumers more flexibility, and options to help them reach their goals and needs, and unlock their potential.

Overall, the landscape is improving in terms of communication between companies and regulators – helping firms overcome short and long-term obstacles in compliance.

The recognition of Paga amongst such a global cohort speaks to the innovation we are driving – and the calibre of our ecosystem. Our market potential, investor profile, technological innovation, and business relationships are on a global scale. To have a Nigerian platform lauded globally is an achievement in the Nigerian fintech space in and of itself.

Let’s talk about Paga. What services does Paga offer and who is the company’s target market?

Oviosu: Paga offers an extensive, hybrid payments ecosystem for online and offline customers. We make it easy for people to send, pay, and bank digitally.

For the individual customer, we allow simple seamless payment transactions, transfers, and bill payments – embedding our services into the daily needs of our users. We also help businesses to achieve their goals; powering reliable, real-time transactions, allowing online payment collections, and bill payments – all with minimal transaction charges. For Paga agents in our offline channels, we create jobs and incentives for those helping serve their communities – and also offer financial support via our overdraft offering. We also help developers to build, by enabling them to leverage our extensive platform via our (payment) APIs and providing them with the needed technical support.

In November, we launched our cards in partnership with Visa – both physical and virtual cards – enabling our consumers to pay at over 100 million merchant locations globally, anywhere Visa is accepted. This is just another example of how we make life possible for all our users.

Our current target market is largely contained in Africa, and driving accessibility to what is still a comparatively under-served market. That said, we have plans to expand beyond this and we will keep you posted on our journey.

What makes Paga unique in the payments business?

Oviosu: Paga emerged within the context of a largely cash-dependent economy, with both individuals and businesses suffering from this inefficiency. We took on the mission of improving financial accessibility in Africa as part of the digital payments revolution – and our growth is ever-accelerating as we do so. Our transaction values are soaring: from achieving our first two trillion Naira (over $4 billion based on current official exchange rates) from January 2012 to March 2020, to achieving our most recent two trillion Naira from February 2022 to September 2022 – in just eight months!

Our ecosystem aims to solve payments and services for consumers and sellers, but what makes us unique is our ecosystem approach. We understand that cash is still popular in Africa, and so we provide onramps and offramps in order to increase our reach. Our on-and-offline infrastructure makes us accessible and we pride ourselves on our deeply connected ecosystem – connecting our users to all the banks, enabling seamless transactions to individuals and merchants, and ensuring convenience for our users in their day-to-day lives.

Our customer-first approach is embedded into our DNA, and as we enter new phases of innovation, we strive to solve problems and provide opportunities for our users – whether that be helping people to save, helping businesses digitize, or offering lending services to consumers and SMEs amongst others. Foundational to this is our Platform-as-a-Service and our strong infrastructure – for consumers, sellers, and third parties.

You recently launched a Visa-branded virtual naira card. Why virtual first?

Oviosu: We wanted to address the need in Nigeria for effective virtual cards. As a digital financial services company, we felt a digital product would adhere to our mission and address our customers’ needs quickly and effectively. We have always sought to simplify the use of and access to payments and financial services.

Customers are able to activate their digital cards in less than 20 seconds – immediately gaining access to Visa’s global network. Moreover, for both physical and virtual, we offer benefits unique to Paga’s digital platform, such as real-time transaction notifications, seamless payments via unique ‘JustPaga.me’ pages, and unique Nigerian Uniform Bank Account Numbers (NUBANs) that serve as added protection for the card.

Paga and Visa have worked together before. What makes Visa a good partner for Paga right now?

Oviosu: On our mission to power payments and accessibility, our partnership with Visa has facilitated the growth of our reach. Visa’s significant coverage means we can reach even more consumers and diversify our offerings for our existing consumers. Through our strategic partnership, we can carry more Africans into the financial system and bridge the accessibility gap.

The partnership has also further strengthened aspects such as reliability and security – facilitated in collaboration with Visa’s Cybersource in launching our direct online card processor. The partnership has been instrumental in bettering the user experience.

What can we expect from Paga in 2023? New services? New markets?

Oviosu: We are focused on deepening our current offerings in our ecosystem. We are staying true to our customer-focused mission and are constantly seeking to better serve all our users.

In 2023, we expect to see more significant partnerships occurring in the fintech space, as well as more niche focuses. This will widen options for businesses and consumers to meet their needs. More widely, this will accelerate economic growth as jobs are created, and infrastructure is improved. We are also looking to increase our reach. Currently, our customer base stands at over 20 million, with 140,000 agent points. We are projected to reach 40 to 50 million users in Nigeria – but are also looking beyond this. Earlier last year, we announced our operational license in Ethiopia – in partnership with the Bank of Abyssinia – and as we continue to work towards making it simple for people to send, pay, and bank digitally, we invite you to watch this space!


Here is our look at fintech innovation around the world.

Latin America and the Caribbean

  • TechCrunch profiled Mexican fintech Zenfi.
  • Mexico-based “fintech meets healthtech” startup Medsi raised $10 million in debt financing.
  • Want to learn more about the new fintech law in Chile? InvestChile has you covered with a new e-book.

Asia-Pacific

  • Indonesian fintech iSeller raised $12 million in Series B funding to help businesses digitize their sales.
  • Bangladesh’s central bank launched its QR code payments system nationwide this week.
  • Philippine-based payments processing firm PayMongo introduced new president and CEO Jojo Malolos

Sub-Saharan Africa

  • South African cross-border money transfer company Mama Money announced a partnership with Zimbabwe’s AFC Commercial Bank.
  • Zawya looks at the relationship between financial literacy and the rise of insuretech in Africa.
  • Ecobank and MTN teamed up to launch mobile money microfinancing in Guinea

Central and Eastern Europe

  • Germany-based fraud prevention company Hawk AI secured $17 million in Series B funding.
  • Munich Re and Unifiedpost announced a new strategic partnership this week.
  • Lithuanian technology company iDenfy to provide identity verification and AML services to Finora Bank.

Middle East and Northern Africa

  • Egyptian embedded finance provider XPAY teamed up with Finastra to help support its growth agenda.
  • MoneyGram announced a strategic partnership with MENA-based VoIP solution, BOTIM.
  • Open ecosystem regtech firm Konsentus went live in the Middle East and North Africa this week.

Central and Southern Asia

  • Worldline launched its digital payments suite for small businesses in India.
  • Bangaldesh Finance announced a partnership with SM Fintech.
  • Forbes India looked at the country’s “matuing fintech ecosystem.”

Photo by McBarth™ Obeya

Finovate Global Israel: Earnix Introduces New CEO, 40Seas Raises $111 Million, and a Look at Early Stage Startups

Finovate Global Israel: Earnix Introduces New CEO, 40Seas Raises $111 Million, and a Look at Early Stage Startups

Earnix, an Israel-based company that provides insurers and banks with real-time, dynamic pricing and rating solutions, introduced a new Chief Executive Officer this week. Robin Gilthorpe will take over the top spot at the firm effective February 1st, replacing outgoing CEO Udi Ziv, who served as Earnix’s CEO for six years.

“Today’s end-customer demands unparalleled experience, alongside highly personalized and customizable solutions,” Gilthorpe said in a statement. “Earnix solutions serve as the go-to platform for financial services companies to address the growing demands of the world’s leading financial and insurance companies.”

Gilthorpe is a finance and insurance industry veteran with more than 25 years of experience at firms such as TIBCO, Vertexone, and Watersmart Software. He was most recently Chief Operating Officer at insurtech company Salty where he helped generate a “nine-figure outcome” in the firm’s sale to CDK Global.

Founded in 2001, Earnix made its Finovate debut in 2016 at FinovateSpring in San Francisco. In the years since then, the company has forged partnerships with companies like AI cloud platform DataRobot, cloud insurance software company Majesco and, last fall, J.D. Power. Also last fall, Earnix unveiled its Underwrite-It solution which helps businesses build and manage rules and decision logic to enhance decision-making during the underwriting process.

Earnix has raised more than $100 million in funding. The company includes Insight Partners, Israel Growth Partners, and Jerusalem Venture Partners (JVP) among its investors.


Israel-based cross-border trade financing company 40Seas secured $111 million in financing this week. The total includes $11 million in seed funding and a $100 million credit facility.

The seed funding round was led by Team8 and featured participation from ZIM Integrated Shipping Services. ZIM also was the entity behind the $100 million credit facility 40Seas received this week. The agreement comes with an option to extend the credit facility to $200 million.

40Seas leverages AI and data analytics to determine creditworthiness, and offers flexible payment arrangements to provide small importers and exporters, freight forwarders, and sourcing agencies with critical working capital. The company made its soft launch in October of last year and says that it already has financed transactions for “dozens of SMEs.”

The Organization for Economic Cooperation and Development (OECD) reports that small businesses represent more than 40% of all cross-border trade volume. Nevertheless, compared to large, multinational corporations, SMEs are “seven times more likely to be denied trade financing,” according to the World Trade Organization. Among the obstacles to these firms are siloed banking jurisdictions, working capital constraints, legacy processes, and more. To this end, 40Seas helps exporters get paid as quickly as possible and gives importers payment options that enable them to grow their businesses without incurring sizable additional debt.

“Given today’s harsh macroeconomic conditions, now more than ever, SMEs need easy access to financing to have the best chance of survival,” 40Seas co-founder and CEO Eyal Moldovan said.

40Seas is headquartered in Tel Aviv and has offices in New York City, Toronto, and Shenzhen.


Last month CTech published a short list of what it called the “five most promising early-stage fintech startups” in Israel. The list was based on the opinions of “prominent investors in the Israeli market” and looked at both “business potential” and “managerial depth.”

The businesses represented included travel insurance (Faye), an automated accounting platform (Trullion), a compliance platform (Sedric), a loan exchange for SMEs (Lama AI), and a payments workflow automation company (Nilus). Combined, the five companies have raised more than $47 million in funding from investors including Viola Ventures, F2, Third Point Ventures, Greycroft, Homeward Ventures, StageOne, Foundational Capital, and Bessemer Venture Partners.

We’ll keep an eye on these and other innovative fintechs that are helping build Israel’s unique fintech ecosystem.


Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa


Photo by Haley Black

Finovate Global Scandinavia: Subaio Partners with Aiia, Boost.ai Brings Conversational AI to DNB

Finovate Global Scandinavia: Subaio Partners with Aiia, Boost.ai Brings Conversational AI to DNB

Denmark-based Subaio announced this week that it was teaming up with fellow Danish fintech – and fellow Finovate alum – Aiia. Subaio will leverage its partnership with Aiia to better assess creditworthiness for its new white label offering. The collaboration will streamline creditworthiness assessment through a combination of Aiia’s access to financial data and Subaio’s recurring payments detection technology.

“To create automation and a product that works for solid credit scoring across industries, we need as solid and deep quality of data as possible to label the transactions and categorize them afterwards,” Subaio Chief Commercial Officer Soren Nielsen said. “That’s why we chose Aiia to help us bring this next exciting step in the Subaio journey up to speed.”

In some ways, partnerships like this are being encouraged by regulatory decisions. The EU’s revised Consumer Credit Directive of 2021 mandates that financial services firms document customer income and recurring expenses before offering financing to help lower the number of non-performing loans.

“With Aiia, Subaio will be able to offer their customers a hassle-free, cost-efficient and data-driven solution to assess creditworthiness,” Aiia SMB & Fintech Director Tanya Slavova said. “With our high quality data in mind, this open banking empowerment will grant borrowers better loan assessments based on the accurate overview of the consumer’s actual financial situation.”

Founded in 2016 and headquartered in Denmark, Subaio made its Finovate debut at FinovateEurope 2020 in Berlin. At the conference, the company demoed its white label subscription management service, which gives customers a comprehensive overview of their recurring payments, helps them cancel unwanted subscriptions, and provides notifications to enable customers to avoid “subscription traps.” The company returned to the Finovate stage two years later for FinovateEurope 2022 in London with a demo of its automatic creditworthiness assessment solution.

Subaio has raised $4.9 million in funding from investors including Global PayTech Ventures. Thomas Laursen is CEO.

Making its Finovate debut at our all-digital FinovateEurope 2021 conference, Copenhagen, Denmark-based Aiia was launched in 2017. A leading open banking platform in Northern Europe, the company demoed its account-to-account payment services at FinovateEurope 2021, showing how the technology facilitates everything from one-off payments for ecommerce to bulk payments for SMEs using a single API. Aiia was acquired by Mastercard in the fall of 2021 for an undisclosed amount. Rune Mai is CEO and co-founder.


In other fintech news from the Nordics, Boost.ai, a Finovate alum from Norway, announced that it will bring its conversational AI technology to Nordic bank DNB. Specifically, DNB will use Boost.ai’s technology to automate more than half of the bank’s chat traffic with its Aino virtual agent. Aino presently automates upwards of 20% of the bank’s customer service requests. According to DNB, more than one million of its customers have interacted with Aino.

Boost.ai VP of EMEA Sanjeev Kumar praised DNB has “one of the many forward-thinking organizations that are reaping the benefits of embracing a conversational AI solution.” Kumar highlighted the fact that conversational AI helps free up staff to enable them to focus on higher-order and more complex customer service tasks. Headquartered in Oslo, DNB is the largest financial services group in Norway. DNB offers a full range of financial services, including loans and savings, insurance and pension products, as well as advisory services for both retail and corporate customers.

“Artificial intelligence is an important part of our digital strategy,” DNB SVP and Head of IT Emerging Technologies Jan Thomas Lerstein said. “In leveraging AI, our aim is to revitalize our value chains, creating better service for our customers and, of course, value for the bank.” Lerstein added that DNB is evaluating other AI-enabled solutions including voice APIs to help the bank reach “higher levels of personalization.”

Boost.ai made its Finovate debut at FinovateFall in New York in 2019, demoing its virtual agent technology. Founded in 2016 and headquartered in Sandnes, Norway, the company introduced a new CEO – Jerry Haywood – in the fall of 2022. Haywood took over the position from founder and previous CEO Lars Selsås, who will focus on product development and innovation going forward.


Here is our look at fintech innovation around the world.

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe


Photo by Mihis Alex

Finovate Global China: Ant Group Expands Consumer Finance Business with Major Capital Commitment

Finovate Global China: Ant Group Expands Consumer Finance Business with Major Capital Commitment

China’s recent emergence from severe COVID lockdowns has caught the attention of investors, who sent shares of Chinese companies soaring in the final months of 2022. The momentum has continued into 2023 with many observers and analysts suggesting that, while China’s COVID-related woes may not be over, the country and its $17+ trillion economy may be well on the way back to normal.

Or even better than normal. Even before the COVID crisis, China had shown renewed signs of economic illiberalism that had worried many Western investors. Most prominent of these concerns was the treatment of Chinese entrepreneur Jack Ma. Ma is the co-founder of Chinese technology giant Alibaba Group who stepped down as executive chairman in 2018 and, By the fall of 2020, had departed the board entirely. Rumors swirled that Ma was reacting to pressure from Chinese authorities in the wake of a controversial speech in which Ma criticized both the Chinese regulatory authorities as well as Chinese banks. As New York Times reporter Li Yuan observed in December 2020:

Lately, public sentiment has soured and Daddy Ma has become the man people in China love to heat. He has been called a ‘villain,’ and ‘evil capitalist’ and a ‘bloodsucking ghost’ … Instead of Daddy, some people have started to call him ‘son’ or ‘grandson.’ In stories about him, a growing number of people leave comments quoting Marx: ‘Workers of the world, unite!’

This was a stark reversal for a man who had become, as Li Yuan noted “synonymous with success” in China. As Ma’s star faded, so did the immediate fortunes of his corporation’s star affiliate – Ant Group – which was forced to suspend its IPO slated for that year.

But it appears as if those dark days for Jack Ma and the companies he founded have ended. This week, Ant Group – a major affiliate of Ma’s Alibaba Group that owns Alipay, the world’s largest mobile payment platform – secured approval from the China Banking and Insurance Regulatory Commission to boost the registered capital for its consumer finance unit by more than 2x from 8 billion yuan to 18.5 billion yuan. Ant Group had launched its consumer finance division in 2021 as part of a restructuring effort designed to placate Chinese regulatory concerns. The decision by Chinese authorities is believed to be the clearest indication to date that the dark clouds that have hovered over Ma, Alibaba, and Ant Group have begun to clear.

That said, there is no word yet on whether or not Ant Group’s IPO plans are back on track. For example, CNBC reported this week that Ant Group still has not received a financial holding company license from the People’s Bank of China. Being able to treat Ant Group more like a bank from a regulatory perspective – which would include the firm becoming a financial holding company – was among the chief objectives of the country’s central bank.


Here is our look at fintech innovation around the world.

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa


Photo by zhang kaiyv

The Best of Finovate Global 2022: Embedded Finance, the Data Economy, and Open Banking

The Best of Finovate Global 2022: Embedded Finance, the Data Economy, and Open Banking

This week’s edition of Finovate Global showcases some of the fintech founders and CEOs we’ve had the good fortune to interview this year. From embedded finance to the emerging data economy to the connection between open banking and serving the world’s un- and underbanked, fintech innovators in developing economies continue to deliver for both their local communities as well as for consumers around the world.


Finovate Global Egypt: Cartona CEO and Co-founder Mahmoud Talaat

Cartona embraces the vision of a cashless society, investing in embedded finance and payments. We offer pay after four days or pay in four equal installments every 7-10 days. We have made sure our product is easy to use and seamlessly integrated into the ‘check-out’ section for ordering, with collection being all digital or through our supplier network.

Providing retailers with this technology-integrated financial solution not only boosts financial inclusion but also enables them to grow their business and provide customers with essential products at affordable prices. To supplement our core ordering business, embedded finance is what we believe is a key challenge and we see a clear need for it by retailers in the industry.

Read the rest of our interview with Mahmoud Talaat of Cartona.


Finovate Global Finland: Building a Strong Data Economy with ReceiptHero’s Chris Moore

We are surrounded by data in our daily lives, most of it is unstructured and in hard to reach places. Receipts printed on paper are just that: unstructured and, as a customer, it’s hard to apply that purchase data to good use. Part of my opening remarks at FinovateEurope was that we are showered by amazing digital payment innovations and sadly the post purchase experience has mainly been left to stay in the analog world.

Purchase data is core to building a strong data economy, as this data has so far been siloed and in a format that is hard to receive in real-time. It’s not really been leveraged or valued as it should be. ReceiptHero is breaking down those silos and enabling a world where a consumer can have this data instantly in their banking app or in an approved service where the data is used to better the customer experience. 

Read the rest of our conversation with Chris Moore of ReceiptHero.


Finovate Global UAE: Abdulla Almoayed of Tarabut Gateway on Open Banking in the MENA Region

MENA’s young and tech-savvy population is still underbanked, and a driving factor behind Open Banking’s growth are companies and regulators who are keen to facilitate this huge opportunity in a responsible manner.

Moreover, banks in the region understand the benefits that Open Banking brings to their institutions. Open Banking enables them to stay relevant and to compete in today’s banking sector by providing enhanced digital offerings and customer-centricity.

Tarabut Gateway acts as the matchmaker between service providers and customers, creating a competitive fintech ecosystem where users receive the best, personalized products, and services.

Read the rest of our interview with Abdulla Almoayed of Tarabut Gateway.


Here is our look at fintech innovation around the world.

Sub-Saharan Africa

  • Ghana-based fintech Bezo Money raised $750,000 in new funding.
  • TechCabal featured an interview with Ibrahima Kourouma, co-founder of Paylia and payments platform for African merchants and consumers.
  • The first graduates the new fintech-focused journalism training program sponsored by pan-African banking organization Ecobank Group and AMA Academy were announced this week.

Central and Eastern Europe

Middle East and Northern Africa

  • Egyptian fintech PayMint teamed up with Egypt’s Commodities Exchange
  • The central bank of the UAE announced plans to launch an Instant Payment Platform in 2023.
  • Israel-based fintech Nilus that helps companies better monitor their payment data raised $8.6 million in seed funding.

Central and Southern Asia

  • India’s Cashfree Payments launched its Buy Now, Pay Later offering.
  • Akhtar Fuiou Technologies (AFT), a fintech headquartered in Pakistan, secured approval from the country’s central bank to begin pilot operations for an Electronic Money Institution license.
  • J.P. Morgan made a strategic investment in India-based payment solutions provider, In-Solutions Global (ISG).

Latin America and the Caribbean

  • TechCrunch profiled Mexican lending startup Aviva.
  • Chilean fintech Destacame secured $10 million in Series B funding.
  • Crypto.com became the first cryptocurrency exchange to be granted a Payment Institution License from Brazil’s central bank.

Asia-Pacific


Photo by Valentin Antonucci