In today’s top stories from Europe, the Middle East and Africa, Western Union teams up with cloud banking platform Mambu to provide digital banking products in Europe.
Also, ADQ launches a $100 million fund to promote tech innovation in Jordan, and Swedish eCommerce platform Juni raises $206 million.
Western Union Partners With Mambu for European Digital Banking
Cloud banking platform Mambu and global money transfer giant Western Union have teamed up to deliver digital banking products to Europe.
Western Union’s digital banking app WU+ was built using Mambu and will integrate several features to allow money movement, card management, and transaction activity. Thanks to Mambu, Western Union can debut new banking products that can be configured with external applications.
“Our ambition is to provide market-leading financial solutions to our customers. By partnering with Mambu we have built our digital banking products and services starting in Europe with Germany and Romania,” Western Union Chief Data and Innovation Officer Thomas Mazzaferro said in a news release.
UAE’s ADQ Launches $100M Tech Fund in Jordan
The United Arab Emirates’ ADQ had opened a $100 million technology-focused venture capital fund with the Ministry of Digital Economy and Entrepreneurship in Jordan.
The fund is designed to support high-growth tech firms and the ongoing growth of the digital economy in Jordan, which is home to more than a quarter of all tech entrepreneurs in North Africa and the Middle East.
“We established the $100M Fund with the Ministry of Digital Economy and Entrepreneurship in recognition of the strong potential of Jordan’s tech ecosystem,” said H.E. Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ. “Jordan’s dynamic marketplace offers vast investment potential in sectors where we have significant expertise.”
Hello Pay Debuts Business Solution Package for EMEA SMBs
Hello Pay has launched a turnkey suite of business solutions for small- to medium-sized businesses (SMBs) and entrepreneurs designed to promote growth, reduce costs and increase their financial access.
Hello Pay’s SoftPOS tool lets customers process payments, access daily auto reconciliation and activate and control multiple devices with a single account. The company is also putting out its Business Solution to enhance its SMB offering, providing merchants access to loans, business cover, armed response and other tools.
“We realized that many of our clients require a solution that will reduce operational costs and provide protection and business growth,” said Zunaid Miya, managing director of Hello Pay. “With the Hello Pay Business Solution, merchants have access to services and benefits they would normally struggle to acquire.”
Juni, a Swedish FinTech Platform for eCommerce, Raises $206M
The eCommerce FinTech Juni has raised $206 million in Series B and venture debt funding, money the Swedish company says will fuel hiring, growth, and product development.
Founded in 2020, Juni is a financial management platform that works with companies on physical and virtual cards, credit cards, accounting, analytics and digital ads while also providing businesses a “holistic view” of their finances.
Samir El-Sabini, the company’s co-founder and chief executive, said he knew “first-hand the frustrations of running an eCommerce business and time wasted on spend management, the lack of visibility of cashflow and scaling ad campaigns.”
“With this funding, we will help ecommerce businesses win by building the right insights, features and integrations while injecting capital into their marketing spend,” he said. “We’re committed to building the best financial companion for eCommerce and we’re thrilled to have fantastic investors onboard who share our strategic vision.”
Factris Secures €10M to Finance Invoices for European SMEs
Small business working capital startup Factris has raised 10 million euros in financing from NN Investment Partners, an asset manager owned by Goldman Sachs.
Based in Amsterdam, the FinTech offers capital to small and medium-sized enterprises (SMEs) in Europe and personalized guidance, relying on factoring as its chief form of financing.
With factoring, Factris provides instant financing to SMEs on unpaid invoices instead of having to wait a month or longer for the invoice to be settled. Factris takes its fee by charging a percentage of the invoice. The company recently expanded into Belgium and Poland and works with SMEs in five countries in the European Union.
Lebanese Super App Toters Raises $18M for Expansion
Lebanese super app toters plans to expand its business in Iraq after raising $18 million in a Series B funding round.
Founded in 2017, toters initially offered food delivery service but has since branched out to include grocery delivery, payment services and courier services.
“Toters and other logistics platforms can serve as a key infrastructure layer within digital economies because they create earning opportunities for micro-entrepreneurs, which are the couriers, digitize small and medium-sized enterprises, and offer a platform upon which multiple digital services can be built,” Anissa Kanoun of IFC, which led the round.
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