THIS WEEK’S FUNDING NEWS OVERVIEW
👀 Are you interested in funding news from the FinTech space?
💡 Read all about it in my weekly overview article and get the latest funding news from the global FinTech space in your inbox every week.
REPORT
After a wave of FinTech exits and sky-high valuations in 2021, 2022 brought us all back to reality. The F-Prime Fintech Index was down 72% for the year (see first slide below).
While 2022 was a tough year and 2023 still has much uncertainty, we have three reasons to remain very bullish on the category:
👉 FinTech will continue to eat the world ala embedded fintech,
👉 public FinTechs disruptors are still growing revenue at high rates,
👉 FinTechs low industry penetration with significant room for revenue growth.
👀 NEWS HIGHLIGHT
EBANX has been authorized by the Central Bank of Brazil to offer a payment initiator service through Pix. The Payment Initiation Service Provider license expands the range of services the global payments giant, a direct participant of Pix, is able to offer to its customers.
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📰 ARTICLE
Nubank saw an increase in default rates of more than 90 days in the fourth quarter of 2022, from 4.7% in the previous quarter to 5.2%, but the digital bank’s earnings report was still better than analysts expected, and it plans to accelerate personal lending this year after tempering its credit offering in 2022.
BRAZIL
Celcoin buys Finansystech for US$16.3M and plans to double monthly financial transactions. In its third acquisition in just over a year, the company has strengthened its position in open finance. To do so, it acquired Finansystech, an infrastructure solutions company for the Central Bank's data sharing initiative.
Lanistar has gone live with Google Pay operability to its virtual payment card in Brazil. This is the first time the Lanistar service has been approved for use through Google's proprietary secure payment platform.
Unlimint is expanding its alternative payment methods portfolio with the addition of Brazilian online payment solutions, Mercado Pago. The collaboration will allow Unlimint’s merchants to expand to Brazil and offer local customers popular payment options.
ECUADOR
TEMENOS announced that Diner’s Club Ecuador has gone live with Temenos Core Banking, Payments and Analytics on the cloud with Amazon Web Services. The completion of the project marks the launch of Diner’s Club Ecuador as the first digital bank in the country.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.