EMEA Daily: UK to Unveil New Rules to Target Push Payment Fraud

UK to Unveil Rules to Target Push Payment Fraud

In today’s top Europe, Middle East and Africa (EMEA) news, the United Kingdom’s Payment System Regulator (PSR) gets ready to roll out new rules targeting authorized push payment (APP) fraud. Plus, Dubai-based FinTech Pemo lands $12 million in seed funding, African health startup CarePoint raises $12 million, and Dutch payments firm Mollie teams up with buy now, pay later (BNPL) provider in3.

UK Payment Regulator to Get More Powers to Fight Authorized Push Payment Fraud

PSR said news rules and legislation will give it more tools to continue its fight against APP fraud. APP scams occur when people and businesses are duped into sending money to an account run by a fraudster. To reduce this fraud, the PSR published a new rule in February that paved the way for more banks and building societies to adopt Confirmation of Payee (CoP), bank account name-checking services. CoP stops fraud and accidentally misdirected payments by checking whether the name of a payee’s account matches the name and account details provided by a payer. Beginning June 1, all payment service providers (PSP) will need to ensure that the CoP service is available.

Dubai-Based FinTech Pemo Snags $12M in Seed Funding

Pemo has raised $12 million in a seed funding round that will help the firm continue its product development and expand across the Middle East and North Africa (MENA). Meanwhile, the company has also launched an all-in-one spend management platform for small- to medium-sized businesses (SMBs) in the region, with features that include digitized invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring.

African Healthcare Startup CarePoint Raises $10M

CarePoint has raised $10 million in a bridge funding round as it builds what it calls “micro-tech-enabled clinics” to help patients in Africa. The Ghana-based company lets patients access virtual care with its MyCareMobile app, which provides consultations with doctors, test results, and 24-hour emergency response via teleconferencing.

Mollie Teams With in3 for BNPL in the Netherlands

Mollie and in3 have partnered to offer interest-free installments across their home country of the Netherlands. “BNPL can increase conversion rates and the average order value of purchases by allowing for more flexibility,” Mollie Chief Commercial Officer Ken Serdons said, adding that working with in3 will give Mollie customers access to an “alternative interest-free BNPL payment method with a guaranteed payout.”

Temasek Leads $160M Series D for Thought Machine’s Expansion

London-based cloud banking technology startup Thought Machine has concluded a $160 million Series D funding round led by Temasek that gives the company a post-money valuation of $2.7 billion, double its value at the end of 2021. Thought Machine raised $200 million in November at a $1 billion valuation. Its total funding to date is more than $500 million. The company plans to use the capital to expand its footprint worldwide while also building out the capabilities of its platform and its other products.

Hospitality Startup Bob W Acquires Estonishing Stay, Tripling Estonian Presence

Finnish hospitality startup Bob W is tripling its presence in Estonia following its purchase of Estonishing Stay, the largest short-stay serviced apartment operator in that northern European country. Terms of the deal were not disclosed. Bob W is a tech-driven hospitality provider that offers an alternative to hotels and short-stay rentals in Estonia, Finland, Spain and the U.K., and it has plans to expand to Germany and the Netherlands.

Kenyan Software Startup Bamba Secures $3.2M Seed Funding

Kenyan enterprise software startup Bamba is planning to expand its engineering team and enhance its app after raising $3.2 million in a seed funding round. The Nairobi-based company builds mobile-first enterprise software for micro-merchants in Africa. Founded this year by CEO Bastian Gotter, Bamba is in stealth mode and hopes to use the funds to extend its user base across 12 sub-Saharan African countries.