In today’s top Europe, Middle East and Africa news, Facebook is fighting misinformation in advance of the French presidential election, and more than 5 million people in the U.K. use open banking services.
Plus, Finnish software maker Relex Solutions raised $568 million in investment capital for AI robots; United Kingdom-based currency provider Sokin will debut an eCommerce world in the metaverse; and Boxy, the autonomous convenience store startup, has raised $28.4 million.
Facebook Launches Tools to Fight Disinformation in France
Meta Platforms is wasting no time fighting what it calls misinformation on its company-owned Facebook pages in advance of the French presidential election, according to a Wednesday (Feb. 16) announcement.
The tech giant has launched a series of steps to help voters better deal with online information about the race, the announcement stated. France is set to vote twice in April on whether to give President Emmanuel Macron a second five-year term or choose another candidate.
OBIE Reports More Than 5M in UK Use Open Banking
More than 5 million people in the U.K. use open banking services, the country’s Open Banking Implementation Entity (OBIE) announced Thursday (Feb. 17).
That figure comes from data provided by the CMA9, the nine banks and building society mandated by the U.K.’s Competition and Markets Authority (CMA) to implement open banking.
Transport SaaS Startup Freterium Raises $4M in Seed Funding
Freterium, a Morocco-based transport management software provider, has raised $4 million in seed funding, the trucking logistics tech startup announced.
The Software-as-a-Service (SaaS) company was launched two years ago, and its transportation management software product is designed to connect shippers with their logistics network to collaborate in real-time, helping to trim time and shipping costs, the company said.
Relex Solutions Raises $568M for Growth of AI Robot Fleet
Finnish software maker Relex Solutions raised 500 million euros ($568 million) in new investment capital at a 5 billion euro ($5.6 billion) valuation through a fundraising round that will help the company better meet retailers’ needs for artificial intelligence robots during ongoing supply chain slowdowns.
Blackstone Growth led Relex’s latest funding round, which also included several institutional investors taking a minority stake in the company. The new money comes after venture capital firm TCV invested $200 million in the platform.
InPost Group, Vinted Partner on European eCommerce Delivery
European eCommerce delivery provider InPost Group has signed a five-year deal with secondhand clothing eCommerce platform Vinted to become one of its shipping partners in the U.K., Poland, Italy, France, Belgium, the Netherlands, Portugal and Spain, according to a Thursday (Feb. 17) press release.
Nigerian FinTech Earnipay Nets $4M in Seed Funding for On-Demand Pay
FinTech on-demand salary access provider Earnipay has closed a $4 million seed round, the Nigerian company announced.
The cash will be used to speed development of its tech platform to serve large employers. Earnipay said it will provide employees with tools to make better financial decisions and improve their quality of life. The company said it expects to offer its on-demand salary to 200,000 employees by the end of 2022.
Sokin Launching eCommerce Metaverse World
United Kingdom-based global currency account provider Sokin will debut an eCommerce world in the metaverse, allowing brands and businesses to grow from its brick-and-mortar locations into the virtual world, according to a company announcement Thursday (Feb. 17).
Sokin’s metaverse world said it will process full eCommerce transactions, and host a 3D community of brands and retailers, including sporting goods, fashion and more.
Autonomous Store Startup Boxy Raises $28M
Autonomous convenience store startup Boxy has raised $28.4 million (25 million euros), fueling its plans to expand across its home country of France, the company announced.
The company said it will use the money to help meet its goal of opening a new store per week this year, or 1,000 stores online by 2025. Founded in 2019, Boxy aims to help French consumers who can’t access retail in the biggest cities.
Gucci Parent Kering Rides eCommerce Explosion to Record Revenue in 2021
Online sales for Gucci parent company Kering were up 55% in 2021, a key driver in the company’s overall upward trend across its earnings results, which showed the company’s online sales doubled since 2019 and are now 15% of its overall retail sales.
Kering’s revenue was 40% higher in 2021 than in the previous year and 18% higher than in 2019, the release stated. Fourth-quarter sales growth was up 39% compared to 2020 and grew 34% compared to 2019.
UAE Introduces Federal Licensing for VASPs
Federal licensing for virtual asset service providers is in the last stretch of becoming a reality in the United Arab Emirates (UAE) as the Securities and Commodities Authority (SCA) moves to amend legislation.
Licensing is expected to be available by the end of March, and the UAE is planning to draw in major cryptocurrency players from around the world.
Credit Suisse Woes Reveal Gaps in Banks’ AML Defenses
The recent high-profile money laundering cases involving big banks in Europe has put a spotlight on just how thieves are making off with the cash.
Annegret Funke, head of Financial Crime at Featurespace, told PYMNTS that the breadth of the schemes, in the hundreds of millions of dollars, shows that financial institutions’ anti-money laundering defenses must be updated, modernized and, integrated.
Paris Instant Credit Provider Younited Predicts Record Year
Younited, a European instant credit provider, reported record growth in 2021 and expects to reach 5 billion euros ($5.7 billion) in gross merchandise value by the close of this year, the Paris-based company announced.
In less than five years, Younited’s instant credit across five countries represents 60% of the European market, with nearly half outside of France, the company said.
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