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Fintech Tag

Fintech Startup CredPal Secures US$1.5m In Funding Round For Credit Cards Adoption And Usability

NIGERIA – CredPal, Nigerian consumer fintech startup, has announced its raise of US$1.5 million in a recent funding round from leading investors to drive adoption and usability of credit cards in the country. The investors that took part in this round include US seed-stage accelerator, Y Combinator, Lagos-based fintech investment holding company, GreenHouse Capital, an unnamed digital insurance company, and other VC firms. Founded by Fehintolu Olaogun and Olorunfemi Jegede in 2018, CredPal started with of providing point-of-sale consumer credit to lower-to-middle class income earners in Nigeria. Read also: Asian VC, Sherpa Ventures, Comes For African Startups With A New $1m Debut Fund With this new investment round, Olaogun says...

Cape Verdean Fintech Startup Makeba Raises $2.8m Through Crowdfunding

Makeba, an Africa-focused fintech startup in Africa that combines point-of-sale payments and money transfer into mobile applications exceeded its minimum-raise goal, bringing in more than $300,000 in its latest round of crowdfunding via the WeFunder platform. The pre-money valuation of the company is $30 million, and interested individuals can invest in the company for as little as $240 through the crowdfunding platform, according to a release. So far, 246 investors have invested $2,862,500 million in debt and equity, giving it the go-ahead to deploy in its first test market of Cape Verde, Africa. Makeba: Easier payments and remittances for emerging markets | Wefunder Makeba has also entered into a partnership...

Guest Contribution: Disruptive Digital Solutions Is Rewiring The DNA Of Banking

Imagine a bank whose customers can tap on a wearable device to make a payment, regularly receive updates on changes they could make to their investment portfolio through AI-generated insights. A bank that enables its customer to own their data through the application of blockchain technology and share it with lenders as a validated credit history when applying for a loan anywhere; that bank is likely to remain fully operational for the long term. According to a PWC global CEO survey, 70% of financial services leaders stated that the speed of technological change is one of their biggest concerns. Clients demand more convenience and customization from...

A Guide To Understanding Fintech Business Funding Options

Ventureburn is hosting a new webinar series in partnership with Bridgement, a fintech startup that assists SMEs to replenish cash flow via an easy-to-use online platform.  In preparation for the webinar, Daniel Goldberg, CEO, and co-founder of Bridgement explains what business owners should know about alternative funding options.  Fintech has been around for several years, and now more than ever people are starting to understand the power of technology in enhancing and automating financial services and processes.  Read also: Why Africa's Animation Scene Is Booming One such fintech startup, Bridgement, has created a simple and fast funding option – arguably South Africa’s quickest for SMEs.  Why fintech funding? There are many reasons...

Fintech, E-commerce Firms Go Big In Buy Now, Pay Later Service Ahead Of Festival Season

Fintech companies and e-commerce firms are increasingly focussing on buy-now-pay-later options, wherein consumers can buy an item and get interest-free credit for 35-45 days . Interest is subsequently charged on any amount that remains to be paid. Until now, most players focused on extending a credit line to borrowers, wherein the customer could withdraw any amount until he exhausted the credit line. However, considering that it is a point-of-sale loan, interest rates are higher than personal loans. “A traditional loan is the cheapest. A credit line is more expensive than a traditional loan and pay-later loans would have higher interest rates ranging between 20% and 36% per annum," said Gaurav Gupta,...

Banking License Handed To New Fintech – FX Firms Should Go This Route

Fintechs that nobody has heard of are the darling of VC investors, and now equally welcomed by British authorities which are granting them banking licenses. Surely FX firms with their own infrastructure can do this better than an indebted startup? Now’s the time to rival electronic banks The world has changed for everyone during the course of 2020. It makes no difference whether a large corporation, or an ordinary man in the street, the draconian and absurd lockdowns have driven everyone into private confinement in many parts of the world, and as a result, the amount of previously analog services that have now had to resort to...

Nigerian Agritech/Fintech Startups Have A Big Customer Education Problem

On the evening of June 12, 2020, three longtime friends — all in their mid-twenties — finally had a long-overdue reunion by taking advantage of the public holiday that accompanies the commemoration of Democracy Day in Nigeria. As it so often happens when the youthful trio gets together, it was only a matter of time before the conversation moved from “important nothings” to money matters. As they were all keeping busy working full-time jobs with subpar pay, they were always on the lookout for ways to beef up funds. When one of the trio, Val (not real name), spoke of a legit agro-investment startup that offers up...

China is pushing its currency into Africa through fintech partnerships

On September 9, UnionPay International announced a partnership with Interswitch East Africa, the regional business of the Nigerian-based Interswitch Group. Under the partnership, Interswitch became a Third-Party Service Provider (TPSP) for China’s UnionPay. This means UnionPay cards will be accepted across ATMs, Points-of-Sale, QR Payments and online payments in the East African region. The recent deal is part of an existing partnership between the two payments heavyweights. In 2013, UnionPay teamed up with Interswitch to allow UnionPay’s cardholders to make transactions at over 11,000 ATMs and 70,000 merchants in West Africa and Uganda. The new partnership extends UnionPay’s reach to more African countries and also allow Chinese travellers to make transactions...

LabEight* Ventures Launches “LabEight* Africa”

LabEight* Ventures, a Canadian Venture Initiative, launched LabEight* Africa to operate out of Lagos, Nigeria in July 2020 as an innovative financial product designed to capture value missed by existing financial products, and bring together an ethos of operationally focused venture capital investing. We focus on tech and tech-enabled startups with a social impact approach.  Managing Partner Jason D. Salvagni strongly believes there couldn’t have been a better time to Launch LabEight* Africa. In his words “With all the turmoil in the world at present, LabEight* Africa’s mission is now more important than ever. Our commitment to raising up African entrepreneurs – in Africa – to benefit Africa; Our commitment...

Standard Bank bags’ 35% stake in South African fintech, TradeSafe

Standard Bank has acquired a 35% stake in South African fintech, TradeSafe. According to, Jethro O’Brien, the CEO TradeSafe, the merger will help curb fraud, scam, & unpaid invoice payments in South African commerce, and the fees that both the online platform and Bank will be charging is less than what a reputable Bank or law firm would charge in a transaction. “Both TradeSafe and Standard Bank realised the necessity for a fast, secure, and affordable escrow solution in the wake of the increasing volume of scams, fraud and unpaid invoice payments in South African commerce. Our fees come in at a fifth of what a reputable law...

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