In today’s FinTech news, it’s all about growth as TabaPay lands SoftBank funding while eyeing different verticals, M-KOPA secures fresh capital for new market expansion and Shift4 buys two companies to pick up unexplored verticals.
Meanwhile, Tranglo is now offering Ripple’s on-demand liquidity (ODL) service, Cheddar acquires Upside Bank to tap its tech and MX Global gets new funds to drive brand buzz.
SoftBank Backs Money Movement Service TabaPay
Real-time money transfer platform TabaPay received funding from SoftBank Vision Fund 2 to help the company build out its international footprint in response to consumer demand.
TabaPay offers clients direct access to 15 banks and 14 networks across numerous locations worldwide using a single application programming interface (API). The fresh capital will also be used to expand into new industry verticals.
FinTech M-KOPA Raises $75M to Expand Platform for Underbanked
African FinTech startup M-KOPA raised $75 million in a growth equity round that will be used to help the company scale its product suite beyond asset financing to include health insurance, cash loans, and buy now pay later (BNPL) merchant partnerships.
Launched in 2011 and headquartered in Kenya, M-KOPA serves underbanked populations in several African markets, including Uganda, Nigeria and Ghana.
Payments Firm Shift4 to Acquire Finaro, The Giving Block
Payments firm Shift4 is acquiring cross-border eCommerce payments provider Finaro and cryptocurrency fundraising for non-profits The Giving Block.
The new purchases are intended to help Shift4 grow into new market segments, including eCommerce, gaming, stadiums, restaurants, specialty retail, charitable giving and cryptocurrency enablement.
Tranglo, Ripple Partner on Real-Time Cross-Border Payments
Tranglo is teaming up with Ripple for its on-demand liquidity (ODL) service, which will be made available across Tranglo’s 25 payment corridors.
Ripple’s ODL operates across Ripple’s global financial network RippleNet. The digital asset XRP is used as a bridge between two currencies, eliminating the need for users to pre-fund destination accounts.
UK Banking Platform Cheddar Acquires Upside Saving
London-based payments platform Cheddar has snapped up open banking technology firm Upside Saving for an undisclosed amount.
Cheddar plans to tap Upside’s technology to enhance the payments process for consumers. Upside’s marketing platform connects retail brands with consumers by extending cashback rewards tailored to the user.
MX Global Gets Investment From Binance, Cuscapi Berhad
Malaysian FinTech MX Global landed an equity investment from Binance and a Redeemable Convertible Preference Shares (RCPS) investment from Cuscapi Berhad. MX Global plans to use the capital to hire fresh talent, further develop its technology and generate brand awareness.
Western Union Business Solutions Now Convera, Says is Largest Non-Bank Global B2B Payments Platform
The digital ink is drying on the $910 million acquisition deal for Western Union Business Solutions (WUBS) by Goldfinch Partners and The Baupost Group. When the deal fully closes, WUBS will be rebranded as Convera and will operate as a new standalone business-to-business payments company.
FinTech Takes Fresh Approach To Financing The Buying and Selling of Perishable Produce
In an interview with PYMNTS, ProducePay founder and CEO Pablo Borquez explained how the startup is tapping technology to add a financing service for growers and move the sector from paying by check to electronic payments.
The AgTech platform offers produce supply businesses chain trade protection and capital and market insights.
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