In today’s top stories from Europe, the Middle East and North Africa, British digital bank Zopa is launching a suit of regulated buy now, pay later (BNPL) products.
Also, payment solutions firm PayU is expanding its business in Africa by establishing operations in Ghana, and card issuer NymCard raised $22.5 million in new funding.
UK Digital Bank Zopa Unveils BNPL Offering
Digital bank Zopa wants to be a part of the United Kingdom’s BNPL industry — worth £6 billion (about $7.5 billion) — with the help of a new suite of regulated products.
The company said its BNPL service will be available for larger purchases between £250 and £30,000 (about $313 and $37,700) that could otherwise take customers months or years of saving.
“Against a backdrop of global financial uncertainty, Zopa is entering the buy now, pay later space to make instant, yet responsible lending decisions with products that are sustainable and fit for purpose,” said Zopa Chief Commercial Officer Tim Waterman. “Zopa is ushering in the era of BNPL 2.0, a regulated evolution of BNPL.”
PayU Boosts African Footprint With Ghana, New BNPL, QR Products
Payment solutions firm PayU is expanding its business in Africa by establishing operations in Ghana and debuting a pair of new products: BNPL and QR codes for payments.
The company also said it is updating its product through its partnership with Payflex in South Africa, and Scan to Pay and Pay by USSD in Nigeria.
“At PayU, we pride ourselves on our global reach and local expertise,” said Karen Nadasen, CEO of PayU South Africa. “We are always looking for ways to improve our services and ensure that our merchants have the tools to expand into new markets. We are also dedicated to enabling alternative methods of payment, catering to the preferences and needs of consumers in each market.”
BaaS Provider NymCard Raises $22.5M
Card issuer and Banking-as-a-Service (BaaS) provider NymCard has raised $22.5 million in a new funding round.
“With a presence in Abu Dhabi, Dubai, Riyadh, Cairo and Karachi, NymCard intends to use these funds to further grow its teams and strengthen its service in core markets, forming all the right local partnerships and setups,” the company said in a news release.
Based in Abu Dhabi, NymCard said this round brings its total financing to more than $35 million. The round was overseen by DisruptAD, Reciprocal Ventures and Shorooq Partners, with participation from Chimera, DFDF, Knollwood, Endeavor Catalyst, OTF Jasoor Ventures, as well as new and returning investors.
German B2B Payments Platform TIS Receives €50M in Debt Financing
German enterprise B2B payments firm Treasury Intelligence Solutions (TIS) has put together a debt facility with Kreos Capital to provide up to €50 million ($53.5 million) in financing.
The debt financing, which closed early last month, comes after TIS raised $40 million in equity financing, and will fund TIS for product innovations, possible acquisitions and expansion.
TIS Chief Financial Officer Bastienne Foeller said the funding showed “a high level of confidence in the strength of our business, the capabilities of our team, and our overall strategy.”
“With Kreos as our financing partner, TIS will have the ability to swiftly execute our strategic initiatives while having the flexibility to respond to new opportunities as they arise,” he added.
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