Tagged: south africa

April 15, 2025 @ 10:31 am By JD Alois  |  

Stich, a Fintech payments venture based in South Africa, has raised $55 million in a Series B funding round led by QED Investors. Other investors include Flourish Ventures, Norrsken22, and Glynn Capital. Existing investors include Ribbit Capital, PayPal Ventures, Firstminute Capital, and angels like Trevor… Read More

April 13, 2025 @ 5:26 am By Tony Zerucha  |  

Absa, in partnership with UnionPay International (UPI), is launching contactless payments to UnionPay cardholders across South Africa. The collaboration ensures that customers with UnionPay cards have checkout access at thousands of retail stores nationwide. With digital payments becoming increasingly popular, shoppers expect quick and hassle-free ways… Read More

May 12, 2024 @ 11:27 am By Michael Wong  |  

South African fintech company Lesaka Technologies, Inc. has announced a definitive agreement to acquire Adumo RF (Pty) Ltd for approximately ZAR 1.59 billion ($85.9 million). The deal, which hinges on shareholder and regulatory approvals, is expected to close in the third quarter of 2024. Under… Read More

June 30, 2022 @ 12:23 pm By JD Alois  |  

Largest CFTC Enforcement Action Ever Involving Bitcoin. The Commodity Futures Trading Commission (CFTC) has announced its largest enforcement action regarding Bitcoin ever. According to the CFTC, charges have been filed in a case involving a South African individual, Cornelius Johannes Steynberg, and his organizations involving… Read More

November 16, 2021 @ 12:36 pm By JD Alois  |  

NFTfi, a marketplace for non-fungible token (NFT) collateralized loans, says it has raised a $5 million Series A funding round. According to NFTfi, the round was led by 1kx, an early-stage crypto fund and will allow NFTfi to grow its operations, marketing, and product development… Read More

October 27, 2021 @ 10:36 pm By Tony Zerucha  |  

Banking software company Temenos today announced microfinance company Barko Financial Services plans to enter the retail banking market in South Africa with a new digital bank built on Temenos Transact and powered by The Temenos Banking Cloud. Barko will leverage the full front-to-back services, giving… Read More

March 11, 2021 @ 10:22 pm By Omar Faridi  |  

South Africa based Fintech group Adumo has secured R225 million (appr. $14.9 million) in capital from the International Finance Corporation (IFC), which is a member of the World Bank Group. The IFC Financial Institutions Growth Fund also contributed investments in order to expand access to… Read More

March 9, 2021 @ 3:47 pm By Samantha Hurst  |  

    Global fintech infrastructure platform, Nium, announced on Tuesday its clients are now able to send funds to their business partners located in Ghana, Kenya, South Africa, and Tanzania. Customers of Nium are also able to extend this service to their own consumers.  “Traditionally, businesses, fintechs and even consumers looking… Read More

February 24, 2021 @ 10:39 pm By Omar Faridi  |  

Tyme, a multinational digital banking group based in Singapore, has reportedly secured $110 million in capital through a Series B funding round. Tyme is focused on bringing foreign investments into South Africa. TymeBank aims to establish the foundation for its business expansion across ASEAN region,… Read More

February 24, 2021 @ 9:22 am By JD Alois  |  

Standard Bank Group, the largest African bank by assets, has partnered with Hedera Hashgraph, to address issues regarding the development of cross-border trade. Standard Bank will establish the continent’s first Hedera network node, according to a release. Hedera is an enterprise-ready blockchain that is designed… Read More

January 25, 2021 @ 8:06 am By Omar Faridi  |  

A recent study carried out by the Mastercard Economics Institute revealed that the Coronavirus crisis has presented Africa with significant growth opportunities for Fintech firms. The study has noted that the industry should, this year, play a key role in promoting greater financial inclusion in… Read More

January 18, 2021 @ 11:15 am By Samantha Hurst  |  

  Global information and insights company, TransUnion, announced on Monday it has partnered with South Africa-based financial marketplace, Fincheck, to make the credit application process easier and less frustrating for consumers. According to the duo, consumers are now able to access a free TransUnion credit report… Read More

December 17, 2020 @ 11:44 am By JD Alois  |  

The break up of the once high-flying Fintech Wirecard continues as the insolvency administrator has announced that Wirecard Solutions South Africa has been acquired by Adumo RF Pty Ltd,  subject to approval by the local regulatory authorities. Today’s announcement follows similar announcements of the various… Read More

November 2, 2020 @ 3:57 pm By JD Alois  |  

The US Commodity Futures Trading Commission (CFTC) and the South African Reserve Bank (SARB) have signed a Statement of Intent to cooperate and support innovation through each authority’s respective financial technology (Fintech) initiative. More specifically, the CFTC’s LabCFTC and SARB’s Fintech Unit. LabCFTC’s mission is… Read More

June 16, 2020 @ 11:40 am By JD Alois  |  

Planet42, a company based in Estonia but operating in Africa, has reported raising $2.4 million in a seed round led by Change Ventures with support from private investors including Martin Villig (Bolt), Ragnar Sass (Pipedrive), Marko Virkebau (MeetFrank), Kristjan Vilosius (Katana MRP), and others. Planet42… Read More

April 23, 2020 @ 10:47 pm By Omar Faridi  |  

Crypto and blockchain or distributed ledger tech (DLT) firms have been developing solutions to help people cope with the deadly Coronavirus (COVID-19) outbreak. Several crypto and Fintech firms and organizations have launched charitable initiatives in order to provide financial relief and other types of assistance… Read More

March 20, 2020 @ 10:48 am By Omar Faridi  |  

African Rainbow Capital Financial Services Holdings (ARC FinHoldCo) revealed on March 19, 2020 that it has invested R300 million (appr. $17.3 million) into South Africa’s first all-digital bank TymeBank. ARC FinHoldCo has reportedly increased its stake in TymeBank to 100% during the course of the… Read More

March 15, 2020 @ 3:08 pm By Omar Faridi  |  

Changpeng Zhao, CEO at Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, has revealed that the firm will introduce a fiat gateway for South African digital asset traders, which will allow them to make deposits in Rands. The announcement was made during the… Read More

March 9, 2020 @ 2:36 pm By Omar Faridi  |  

Standard Bank South Africa recently revealed that its migrating its core SAP cloud-powered platform to Microsoft Azure, in order to enhance customer experience and to be able to more effectively deploy new solutions. By teaming up with tech giant Microsoft, the financial institution hopes to… Read More

February 27, 2020 @ 8:59 am By Samantha Hurst  |  

Jumo, a South Africa-based fintech that is seeking to build next-generation financial services for emerging market entrepreneurs, announced earlier this week it raised $55 million in debt and equity funding to support its expansion into new markets and the launch of new products. Founded in… Read More