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Global

UPDATE 1-Ethiopia’s State Telecoms Monopoly Launches Mobile Money Service

“Ethiopia’s sole mobile operator, Ethio Telecom, launched a mobile phone-based financial service on Tuesday, seeking to boost growth by offering cashless transactions. Mobile financial services have become a significant part of African telecom operators’ businesses since Kenya’s Safaricom pioneered them with M-Pesa in 2007, giving people an alternative to banks. The new service, telebirr, will […]
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Providers

Simple Bank Shutdown Goes Awry Leaving Customers Without Account Access

“The online bank Simple shut down on Saturday and was supposed to seamlessly transition customers’ accounts over to its parent company, BBVA. But instead, many users found themselves unable to access their bank account at all, as BBVA’s website returned an assortment of error messages, from “system error” to warnings that their account information was […]
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Who’s Winning the BNPL Race in Europe & the US? | Sifted

“Klarna, the buy now pay later fintech, saw its customer base grow faster than any of its European and US rivals last year — putting the company in a strong position ahead of a rumoured public listing. The Swedish fintech recorded 8m mobile downloads in Europe alone last year, while its closest rival Clearpay got […]
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U.S. Justice Department Probing Kabbage, Fintechs Over PPP Loan Calculations

“The U.S. Department of Justice is investigating whether financial technology companies including Atlanta-based Kabbage Inc may have erred while distributing billions of dollars in pandemic aid to struggling small businesses, three people with knowledge of the matter told Reuters. The investigation, led by the Justice Department’s civil division, is examining whether Kabbage and other fintech […]
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Fifth Third Joins List of Banks Offering Low-cost Deposit Accounts

“Fifth Third Bancorp in Cincinnati has begun offering low-cost deposit accounts aimed at helping retail customers avoid overdraft fees and access their paychecks sooner. The $207 billion-asset Fifth Third will give customers extra time to replenish balances before an overdraft penalty is charged, post direct deposit payroll funds earlier than before and make advances against […]
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Providers

Swedish Buy-now-pay-later Company Klarna Launches in NZ

“Swedish buy-now-pay-later operator Klarna​ has joined the array of part-payment providers in New Zealand, promising to tackle a “broken” banking sector. Klarna chief executive Sebastian Siemiatkowski​ said it offered more than the traditional buy-now-pay later payment system. Its app allowed users to shop at a range of stores, including those that had not signed up […]

On The Wires

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New Clover, PayBright Relationship Gives More Small Businesses the Power to Offer Canadians Buy Now, Pay Later

“Small business owners in Canada using the popular Clover® platform from Fiserv, a leading global provider of payments and financial services technology solutions, now have the option to offer PayBright’s buy now, pay later (BNPL) plans at checkout. Merchants that use Clover can easily enable PayBright’s solutions by downloading the PayBright app available in the Clover […]
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Providers

Akoya | Easily Access and Securely Share Consumer Financial Data

“Akoya LLC announced today that Jack Henry & Associates, Inc. has joined the Akoya Data Access Network. The agreement will enable more than 400 banks and credit unions using Jack Henry’s Banno Digital Platform to securely connect with fintechs and data aggregators through the application programming interface (API)-based network this year. By integrating with Akoya, […]
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Providers

Marqeta Partners With Afterpay For In-store Digital Card Offering in Australia and New Zealand

“Marqeta , the global modern card issuing platform, announced today it has partnered with Afterpay to issue “virtual cards” as part of its in-store solution in the ANZ market…The Marqeta platform’s innovative tokenization capabilities allow cards to be instantly issued and provisioned immediately into a mobile wallet and helped power the launch of Afterpay’s in-store […]