EMEA Daily: Mastercard, OPay, Team up in Middle East

In today’s top Europe, Middle East and Africa news, Mastercard joins forces with mobile payments firm OPay to promote financial inclusion in Africa and the Middle East.

Also, Deutsche Bank backs MarketFinance’s plan to lend $125 million to small businesses in the U.K., and SmartCash Payment Service Bank works to reach unbanked customers in Nigeria.

OPay, Mastercard Tie-Up Drives Financial Inclusion in Middle East, Africa

OPay and Mastercard have joined forces to drive financial inclusion across the Middle East and Africa by expanding digital commerce in the region.

OPay, a mobile payments FinTech startup was launched in Nigeria in 2018 by founder and CEO Yahui Zhou. Its partnership with Mastercard lets merchants in Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the United Arab Emirates further engage with businesses around the world.

Mastercard said it wants to develop more inroads to help emerging markets. Its partnership with OPay and similar FinTechs will help it build new pathways to support financial inclusion and the next generation of super-apps.

Deutsche Bank Backs MarketFinance’s Efforts to Lend $125M to UK SMBs

London-based FinTech MarketFinance has raised debt from Deutsche Bank that will help the company lend 100 million British pounds (about $125 million) to small and medium-sized businesses (SMBs).

MarketFinance says it is also expanding its lending capacity to include underserved SMBs, and it will continue to serve limited companies and LLPs. Borrowers will have access to between 10,000 pounds to 500,000 pounds (about $12,500 to $625,000) within 24 hours of applying.

“Closing a funding deal from a high-caliber institution like Deutsche Bank is a huge milestone for our business and a testament to our lending track record, our technology and our people,” said MarketFinance Vice President Capital Markets Marion Delille. “More than that, this facility will allow us to continue to deliver on our mission to make finance frictionless for U.K. [SMBs].”

Airtel Africa’s Smartcash PSB Launches in Select Nigerian Cities

SmartCash Payment Service Bank (SmartCash PSB) – a subsidiary of Airtel Africa – is bringing its digital financial services to certain Nigerian cities to reach unbanked consumers and expand digitization efforts in the region.

Airtel Africa CEO and Managing Director Segun Ogunsanya said in a news release that bringing SmartCash PSB to Nigeria is the beginning of its “journey to revolutionize the financial services landscape in the country” while also boosting the larger economy.

Ogunsanya added that SmartCash PSB will provide savings accounts and other financial services to the “millions of Nigerians” who lack access while offering “payment and remittance services, debit and prepayment cards.”

BNPL B2B Firm Treyd Nets $10.5M to Launch in UK

Swedish buy now, pay later (BNPL) company Treyd has raised $10.5 million in a Series A round, and is now planning to expand to the U.K.

The company offers BNPL services for international supply chains, and pays suppliers while giving companies 120 days to pay the balance.

Treyd says it chose the U.K. based on its view that that country is “a leader” and balances “being open for business and protecting consumers,” with strong regulation, data and eCommerce protection.

“We have proven that B2B pay-later works in Sweden, and this round allows us to take that idea to the world,” Treyd CEO and co-founder Peter Beckman said. “Treyd will be able to free up capital and create new opportunities for thousands instead of hundreds of companies.”