this week’s edition Finobate Global Here are the latest fintech news from Germany, where investors are supporting innovation in embedded finance, payments companies are leveraging open banking, and the green shoots of the cryptocurrency spring are becoming increasingly evident.
Solaris secures funding
German embedded finance platform Solaris secured $103 million (€96 million) in a Series F round this week. This investment was led by SBI, one of the early investors in Solaris, with other existing investors also participating. Solaris will deploy additional capital, bringing the company’s total funding to more than $486 million (€450 million), to participate in the Allgemeiner Deutscher Automobil-Club (ADAC) credit card program, strengthen its core capital and make further investments in its platform. I plan to use it. .
“This is an important milestone for Solaris on our path to sustainable and profitable growth.” said Solaris CEO Carsten Höltkemeyer. “This funding highlights the high level of confidence our investors have in the transformation of our company.”
In addition to the investment, the Series F also included financial guarantees of up to $108 million (€100 million) in capital.
A pioneer in the finance-as-a-service business for nearly a decade, Solaris has grown into a leading banking and technology provider with more than 750 employees across 10 locations in Europe and India. The company’s BaaS solutions allow businesses to embed digital banking services, including payments, lending and identity verification, directly into their platforms. In addition to making it easier for businesses to launch customized financial products and services, Solaris has secured the necessary licenses, including e-money licenses for both the UK and EEA, ensuring compliance for businesses to do business across the region. Helping you navigate complexity.
Berlin-based Solaris realized net revenue of $140 million (€130 million) in 2022. Last fall, the company released the following study: Disrupting the Value Chain of Financial Services – How to Drive Revenue Growth Through Embedded Finance – It highlighted “easier access to services” as a key driver of demand for embedded financial solutions.
Micropayment partnership with Tink for Pay by Bank
Berlin-based payment processor Micropay has moved to an open banking platform. tincture add pay by bank On offer to pay. Residents of Germany, Austria and Switzerland, Micropay by Bank allows consumers to initiate payments directly from their bank account to a merchant’s account when purchasing goods and services. As a growing preference for both merchants and consumers, account-to-account (A2A) payments provide a secure and efficient experience for customers and lower costs for merchants.
“The DACH region is a key market for us, and Tink’s commitment to serving merchants across a variety of industries has been invaluable,” said Thomas Knoth, CSO, Micropayments. “Their payment methods deliver the speed, reliability and security consumers expect, creating a seamless experience for both merchants and consumers.” In a statement, Micropayments said it plans to further leverage Tink’s pan-European connectivity in the future.
Founded in 2005, Micropayment is a full-service payments provider that provides customers with software implementation, payment processing, detailed analytics, and more. The company offers nine payment options specifically designed for e-commerce and paid content services. Micropayment customers can integrate the technology through pre-built payment windows, pre-configured store logins, and white-label APIs and interfaces.
“Our collaboration with micropayments is off to a great start and is gaining traction in a highly competitive environment by providing merchants with a payment method that delivers everything consumers expect: familiarity, speed, reliability and convenience.” said Thomas Gmelch, Director of Payments at Tink DACH.
After debuting as Best of Show at FinovateEurope in 2014, Finovate alum Tink returned to the Finovate stage three years later to win her second Best of Show award. Most recently, the Sweden-based company announced a partnership with Deutsche Bahn, Germany’s modern shared mobility provider. The company plans to distribute Tink’s. Account Verification A solution that enables instant and secure account onboarding.
Berlin’s N26 launches cryptocurrency product N26 Crypto
N26, Europe’s most famous digital bank, launches its first cryptocurrency product. N26 encryptionwill be available to French customers. N26 kicked off the year by unveiling new stock and ETF trading products, and the bank’s cryptocurrency solutions are already available in seven of N26’s 24 European markets. This week’s announcement adds French traders and investors to the ranks of N26 customers, who can trade around 200 cryptocurrencies on the N26 app.
N26 Crypto is available to all eligible customers in France, or at least through a French or German IBAN. All membership levels have access to this technology, including those with free accounts. There are no additional costs to use N26 Crypto, and the bank says it will offer the widest range of cryptocurrencies for trading and investing compared to any other European banking app.
“Last summer, we set up a local French Iban to accelerate the deployment of the global banking services we want to offer to our approximately 3 million customers in France,” explained Jérémie Rosselli, N26 General Manager France and Benelux. “This allows customers to go beyond simply and intuitively managing their money on their smartphones, but also to invest in the N26 ecosystem,” said Rosselli.
The new offering is made possible through a partnership with Bitpanda GmbH, which manages transaction execution and coin storage. With just €1 to get started, N26 Crypto users pay fees of 1.5% for Bitcoin and 2.5% for other cryptocurrencies. Users can upgrade to N26 Metal to enjoy reduced transaction fees and other benefits.
Founded in 2013 by Valentin Stalf and Maximilian Tayenthal, N26 has 8 million customers and operates in 24 markets. The bank’s cryptocurrency product announcement follows recent headlines from the German bank. This includes our own launches. Instant savings We introduced our solutions to 13 new markets and appointed Mayur Kamat as our new Chief Product Officer.
Let’s take a look at fintech innovations around the world.
Central and Eastern Europe
- German challenger bank N26 has launched a new cryptocurrency trading product, N26 Crypto.
- Flowpay, a Czech-based fintech company that provides financing to small and medium-sized businesses, has raised $2.3 million (€2.1 million) in seed funding.
- German embedded finance platform Solaris has raised $103 million (€96 million) in a Series F round led by SBI Group.
Middle East and North Africa
- based in israel bio catch We partner with Google Cloud to deliver fraud prevention solutions to an expanding market.
- UAE-based Tungsten has secured a license from FSRA to operate in the Abu Dhabi Global Market (ADGM).
- Bahrain’s Eazy Financial Services has partnered with Tabby to offer BNPL services through its EazyPay POS terminal network.
Central Asia and Southern Asia
- The Business Recorder’s Syed Yousuf Raza looks at how Pakistan’s banking and fintech industries are coping with the evolving threat of fraud.
- The Government of India has signed a $23 million loan agreement with the Asian Development Bank (ADB) to increase access to fintech education, research and innovation in the Gujarat International Finance Tec-City.
- Fintech Alliance Nepal has joined the Asia Fintech Alliance.
Latin America and the Caribbean
- Colombian fintech Addi has secured $86 million through equity and debt financing.
- Uruguayan digital payments company dLocal predicts record total payment volume in 2024.
- Nubank Brazil CEO Livia Chanes spoke with Bloomberg News about the state of fintech in Latin America.
Asia Pacific
- Singapore-based cross-border payments company Thunes has expanded its strategic partnership with Visa.
- HeirWealth in Australia has integrated with: Envestnet | yodely Introducing open banking data sharing on asset registers for high net worth families.
- HSBC and Hong Kong Science and Technology Park Startup Hub announced “the first public-private partnership between Hong Kong’s largest innovation and technology ecosystem and a leading global bank.”
Sub-Saharan Africa
- We have partnered with the Cooperative Bank of Oromia in Ethiopia. Temenos We launch CoopApp and CoopApp Aluhuda for both traditional and Islamic digital banking experiences.
- dLocal collaborated with Ebury to provide optimized payment solutions for African customers.
- Safaricom, a Kenya-based telecommunications company, has partnered with Onafriq to provide remittance services to Ethiopia.
Photo credit: Kai Pilger