In today’s top payments news around the world, Nuvemshop, a LATAM alternative to Shopify, has notched $30 million in a venture capital round, while Alibaba is going deeper with its ShipStation partnership. Plus, PayPal is rolling out its PayPal "Pay in 3" buy now, pay later (BNPL) offering in the U.K.
Nuvemshop has landed $30 million in a venture capital round as it aims to bolster its business. The round was headed up by Kaszek Ventures and new lead investor Qualcomm, with participation by IGNIA, FJ Labs, Kevin Efrusy and Elevar Equity. Nuvemshop was started by Alejandro Vazquez, Santiago Sosa, Alejandro Alfonso and Martin Palombo.
Alibaba is deepening its collaboration with ShipStation as the eCommerce firm encounters pressure to grow internationally beyond its core China and Southeast Asia markets. ShipStation recently announced that it will now have the capacity to offer a “seamless fulfillment process” to American merchants selling their merchandise on Alibaba.
PayPal is launching its 'Pay in 3' buy now, pay later (BNPL) offering in Britain. The offering is like the firm’s 'Pay in 4' effort in the U.S. and Paiement in 4x in France. Pay in 3 will provide shoppers with choices to pay for products in the range of £45 (about $59) to £2,000 (about $2,605) with seamless repayments without intervention. There was a 39 percent rise year over year of individuals using BNPL services last year in the U.K.
Nium continues taking the globe by storm, and next up for the FinTech firm is a partnership with South Korean digital remittance company E9pay. Jeon Hyuk Goo, E9pay Co. CEO, said, “We believe that our partnership with Nium can help us expand our B2B (business-to-business) offerings in such a highly competitive market.” As of South Korea’s deregulation of remittances in 2008, the sector has reportedly experienced sizable expansion.