In today’s top EMEA news, NatWest acquires youth-oriented FinTech RoosterMoney and African FinTech Finclusion raises $20M for enterprise development. Plus, the U.K. brick-and-mortar retail scene is equipped to handle Amazon entry, one-third of U.K. SMBs are ‘highly indebted,’ according to Bank of England, and Kenyan B2B distribution firm MarketForce expands to Nigeria.
NatWest Acquires Youth-Geared FinTech RoosterMoney
U.K. financial institution NatWest has acquired youth-oriented FinTech startup RoosterMoney for an undisclosed amount, according to a press release.
Launched five years ago in London, the pocket money app has about 130,000 customers in the U.K. and focuses on educating children about personal finance in a user-friendly way that’s connected to rewards, chores and other parental-monitored metrics.
UK Brick-and-Mortar Retail Scene Equipped to Handle Amazon Entry
After the launch of its first 4-star store in New York in 2018, Amazon has chosen the U.K.’s Bluewater shopping center in Kent as the location of its first 4-star shop outside the U.S.
The 3,500-square-foot store offers a curated range of non-food products from the top categories across Amazon.co.uk – products rated four stars and above by customers – including books, electronics, games and homeware.
Kenyan B2B Distribution Firm MarketForce Expands to Nigeria
MarketForce, a Kenyan company providing B2B distribution for retail clients, is expanding to Nigeria following a recent funding round.
According to a Friday (Oct. 8) report from Disrupt Africa, the company plans to begin operations in the West African country which is home to 40% of Africa 100 million-plus merchants, assisting merchants with FMCG (fast-moving commercial goods) issues.
Bank of England: One-Third of UK SMBs ‘Highly Indebted’
England’s central bank has issued a new report warning that a third of small businesses are highly indebted, making up two-thirds of the £79bn increase in U.K. corporate debt between the end of 2019 and the first quarter of this year.
That’s more than double the amount since before the COVID-19 pandemic, leading the Bank of England (BOE) to warn of possible fallout from higher risk taking and to caution banks to be more prudent when it comes to digital assets, the Financial Times reported on Friday (Oct. 8).
African FinTech Finclusion Raises $20M for Enterprise Development
Finclusion Group, which works with online monetary and credit score providers to enhance financial inclusion across Africa through data-driven lending, recently raised $20 million for enterprise development across the continent, according to a Euro Journal report on Friday (Oct. 8).
The financing, raised in a partnership with Lendable, will be used to develop Finclusion’s expansion throughout Sub-Saharan Africa, together with South Africa, Tanzania, Kenya, eSwatini and Namibia, creating more financial inclusivity in these areas.
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