FinTech Focus: Catch latest developments of the week

By Gloria Mathias

Social media platforms can offer insights helping FinTech and digital payments companies analyse consumer behaviour and preferences, the most critical factors in present times, as well as trends in the industry.

With the ever-evolving digital landscape, it has become imperative for financial institutions to offer services that cater to the changing needs of consumers, and channels of interaction like social media can bridge that gap.

Similarly, numerous financial technology companies utilise social media platforms to make announcements pertaining to product offerings, mergers, partnerships, and other developments to garner wider attention and better reach their target audience.

Let’s look at the top six announcements made by the FinTech bigwigs this week:

• Backbase

Libyan Islamic Bank is partnering with Backbase to transform its digital banking experiences through our platform, enabling seamless onboarding and reduced branch visits, eliminating legacy systems for cutting-edge capabilities, and paperless processes for improved customer convenience.

• Corpay 

Corpay announces the latest expansion of its Corpay Cross-Border Solutions business with the opening of a new back-office support centre in Chennai, India. This move marks a significant milestone in Corpay’s ongoing global growth and strengthens its commitment to serving internal stakeholders.

• JCB 

JCB announced a significant development with Worldpay from FIS. JCB Contactless is now available for cardmembers, facilitating seamless and efficient transactions at Worldpay from FIS merchants utilising Ingenico terminals across the United Kingdom. This marks a substantial advancement in contactless technology, offering a convenient and secure payment experience for our valued 154 million card members.

• Tabby 

Tabby is rounding up the year in a big way, securing $700M in debt financing from J.P. Morgan and extending our Series D to $250M at a $1.5B valuation with participation from Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital Investment Company. The deal represents the largest asset-backed facility obtained by a FinTech company in the MENA region.

• Tamara

Tamara is thrilled to announce the closing of its Series C investment round of $340 million at a valuation of $1 billion, co-led by SNB Capital and Sanabil Investments, marking a significant milestone in Tamara’s journey. This historic investment not only cements Tamara as the first Saudi fintech unicorn startup but also positions the company for a transformative leap in an underpenetrated and underserved sector. Our vision goes beyond BNPL, and with the Series C funds, we’re set to transform shopping, payments, and banking across Saudi Arabia and the GCC.

• Updraft 

Updraft has raised a £272 million debt and equity round, allowing the business to build on our mission to help UK households move away from expensive credit cards and overdrafts.

Through this latest round, it completed a £250m forward flow arrangement with Jefferies Financial Group, with Santander CIB providing senior financing, and secured a further £22m Mezz and equity investments led by Quilam Capital, MoreThan Capital, LC Nueva AIF, and Auluk Investments. The influx of capital will see Updraft reach profitability in 2024 and invest in our platform business.

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