In today’s FinTech news, Effectiv is using its seed funding to boost its technology, while ArK Kapital plans to use its seed round capital to further grow its lending platform for tech startups. Plus, Yokoy is eyeing further expansion into Europe following its Series B round.
Risk Management Startup Effectiv Raises $4M Seed Funding
Effectiv is using its seed funding to advance its technology, grow its workforce and expand its marketing efforts. The startup onboarded its first client in June 2021 and has since processed over $1 billion in loan volume. Its interface is powered by artificial intelligence and aims to significantly lower costs associated with fraud and risk.
Expense Management Firm Yokoy Closes $80M Series B Funding
Yokoy is planning to use its fresh infusion of capital to expand further into Europe, expand beyond Europe, grow its workforce, and boost the technology that powers its spend management platform. This latest funding round brings the startup’s total funding to over $107 million.
ArK Kapital Raises $183M for Long-Term Alternative Financing Options
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ArK Kapital raised $183 million in seed funding led by Local Globe and Creandum. The startup is striving to help fast-growing high-risk startups secure funding when traditional lenders say no. Unlike banks that center their lending activities around what has already happened in a company, ArK’s solutions focus on what will happen.
Russia’s Payments System Gets Around Mastercard, Visa Departure
Although both Mastercard and Visa suspended operations in Russia, the country’s National Payment Card System (NSPK) oversees card transactions, which has enabled Russians to continue using their cards. The NSPK dates to 2014 when Russia was sanctioned for its invasion of Crimea.
Mastercard Teams With Crypto Exchange BTC Markets
Mastercard has partnered with Aussie crypto exchange BTC Markets to enable customers to make direct debit, prepaid and credit card payments. Previously, payments could only be made by a bank transfer. The partnership gives users the ability to convert cryptocurrency into fiat automatically and spend it anywhere Mastercard is accepted.
FinTech Payfare Broadens US Partnership with Visa
Instant payout and digital banking firm Payfare is adding real-time push payments platform Visa Direct to its product suite. Using a single integration, Visa Direct can send money to billions of endpoints around the globe. Payfare specializes in helping gig economy workers.
South Korea to Access Western Union With ICB App For Cross-Border Payments
Western Union has partnered with ICB’s mobile app Debunk Remit for cross-border transfers in South Korea. One of South Korea’s largest cross-border FinTechs, ICB processes $1.6 billion in transactions every year and works with more than 15,000 merchants.
