In today’s FinTech news, Atlantic Money emerges from stealth mode with fixed-rate money transfers, while South African telecom MTN seeks investors for its FinTech unit. Plus, United Kingdom tech firms launch the charity Fintechs for Ukraine.
Former Robinhood Employees Launch Fixed Fee Transfer Service Atlantic Money
Neeraj Baid and Patrick Kavanagh, ex-Robinhood alums, launched Atlantic Money with an international team that is comprised of former employees of Wise, Tinkoff, Monzo, Amazon and Freetrade. Offering fixed-rate global money transfers, Atlantic Money just came out of stealth and links retail customers directly to the global foreign exchange (FX) markets.
Telecom MTN Looks for Investors in FinTech Unit
In the midst of spinning off its FinTech division, South African telecom MTN — the largest mobile phone company in Africa — is seeking investors once the separation is finished, which is anticipated in June. The FinTech unit was separated due to its growth. MTN is also tracking to receive a mobile banking license in Nigeria, its largest market.
FinTechs Join Ukraine Fund Appeal
The charity Fintechs for Ukraine is urging FinTechs to donate and raise money to support the more than 2 million Ukrainians fleeing their homes as a result of the Russia invasion. Funds raised will be donated directly to Save the Children’s Ukraine Appeal. Fintechs for Ukraine was launched by more than 12 technology companies and organized by the European FinTech community. Many tech professionals from the U.K. live and work in Ukraine.
UK-Based Open Finance Partnership Platform mmob Raises $6.6M
London-based embedded finance network mmob has raised $6.58 million in a seed round to drive the company’s expansion plans in Maylasia and the U.K. The company’s network of partners helps deliver embedded finance to financial and non-financial brands and empowers FinTechs to expand by integrating products best suited to their customers’ needs.
Regulators’ Tough Approach to Bank Mergers May Have a Silver Lining
Mergers and acquisitions (M&As) in the banking sector have moved slowly, often taking a year or more to get a hearing by the Federal Reserve and Office of the Comptroller of the Currency (OCC). The Department of Justice (DOJ) Antitrust Division’s review of the banking guidelines is assessing if online banks and other non-traditional banks should be in its merger analysis, a silver lining since the DOJ could favor traditional banks in merger reviews.
DoorDash Launches BNPL in Australia With Afterpay
As prices keep rising, DoorDash is turning to buy now, pay later (BNPL) with Afterpay to make it easier for customers to pay over time. PYMNTS January “Main Street Merchant Index: Optimism Amid Inflation Edition,” done in collaboration with Melio, showed that only 8% of food, entertainment and accommodation businesses currently offer BNPL, however 25% plan to implement BNPL in the next year.
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