EMEA Daily: Siemens Wants to Build Industrial Metaverse

In today’s top news from Europe, the Middle East and Africa (EMEA), German engineering giant Siemens teams with chip maker Nvidia on a new metaverse operation. Plus, Proxtera launches a program to increase financial inclusion in Africa, while British money management platform Cleo raises $79 million.

Siemens, Nvidia Team up for Industrial Metaverse

German engineering and technology firm Siemens is collaborating with chip maker Nvidia to launch a metaverse that lets businesses reduce the cost of running their plants and accelerate new production designs. The deal is the center of Siemens Xcelerator, its just-launched open, cloud-based, digital platform that is designed to expand the firm’s digital business.

Proxtera Debuts Financial Education for MSMEs in Asia, Africa

Proxtera has teamed with several other entities, including the Monetary Authority of Singapore, to launch an open financial education and action program designed for Asian and African microbusinesses and small- to medium-sized businesses (SMBs). The project — dubbed the SME Financial Empowerment program — is aimed at helping these businesses thrive in a digital economy that has been accelerated by the pandemic.

Money Management Tool Cleo Picks up $79M in Series C

London-based money manager Cleo has raised 76 million euros (about $79 million) in a Series C funding round led by Belgian investment company Sofina. Founded in 2016, the United Kingdom startup has created an artificial intelligence (AI)-powered financial management tool called the Cleo Intelligent Assistant. Since its launch, the company has amassed more than half a million users in the U.K., United States and Canada. Cleo’s product collates users’ financial data, analyses it for patterns, and then offers financial advice through a chatbot-style interface.

Germany’s Rewe Grocery Chain Opens Autonomous Store in Berlin

Israeli frictionless checkout provider Trigo has debuted a new hybrid autonomous grocery store alongside Rewe, a German supermarket group. Rewe Group is one of Germany’s biggest retailers and the country’s second-biggest food retail chain, with more than 6,000 stores. The collaboration lets Rewe employees and loyalty card shoppers visit a shop, choose their products, and walk out without checking out at a normal lane.

Linnworks Partners With Payoneer on Cross-Border Transactions

U.K.-based eCommerce technology firm Linnworks has joined forces with eCommerce payments service provider Payoneer to simplify its customers’ cross-border and B2B transactions. Linnworks’ platform lets retailers integrate a range of third-party services, while also offering tools to connect, manage and automate commerce operations. The partnership is expected to give retailers more options for receiving and making payments, as well as competitive currency conversions for clients.

Czech FinTech 4Trans Plans Expansion After $18M Fundraise

4Trans, a Czech firm specializing in financial productions for supply chain and transportation companies, has taken in 18 million euros (about $18.8 million) in new funding, which is expected to fuel its expansion plans. The funding comes in the wake of an expansion period for 4Trans, which saw its client base and income increase as customers wrestled with supply chain troubles.