In this week’s top Europe, Middle East and Africa news, cell phone operators in Kenya are joining a central bank initiative to integrate the nation’s payment systems; London-based Zilch has partnered with Experian to exchange reporting of payment plan data.
Plus, German HealthTech firm Avi Medical raised $54.5 million in a Series B round; Apple’s plan to develop a payment processing system could test the limits of the European Digital Markets Act; and after rejecting two takeover offers, British fashion retailer Ted Baker said it’s ready to consider a sale.
Kenyan Mobile Service Providers Join Payments Network
Cell phone operators in Kenya are joining a central bank initiative to integrate the nation’s payment systems by allowing mobile payments across networks.
The first phase of the project will allow Telkom Kenya Ltd. and Airtel Networks Kenya Ltd. customers to pay for products and services through Safaricom Plc’s M-Pesa, one of the largest mobile-money platforms in the East African nation.
Zilch, Experian Partner on Customer Affordability
London-based Zilch’s partnership with Experian aims to exchange reporting of payment plan data under the United Kingdom’s Credit Reporting Act (CRA) and continues Zilch’s efforts to ensure its customers’ financial health.
The partnership with Experian allows Zilch to connect to the comprehensive database to determine how much its 2 million customers can afford.
German HealthTech Avi Medical Raises $54.5M
Munich-based HealthTech firm Avi Medical raised 50 million euros ($54.5 million) in a Series B round led by London-based venture capital firm Balderton Capital.
Avi Medical said it plans to use the funding to increase the number of its clinics in Germany to at least 100 by 2024. The HealthTech currently operates from eight locations in the country.
Apple’s Financial Service Ambitions May Clash With EU’s DMA
Apple’s plan to develop its own payment processing system may test the limits of the recently approved European Digital Markets Act (DMA). The measure will impose new obligations and restrictions on mostly Big Tech firms by year’s end.
The tech giant is reportedly planning to bring some financial services in-house, including the development of its own payment processing system. However, it could also add credit checks, risks assessment for loans and other financial services, which may raise questions about the interpretation of the law.
UK Clothing Retailer Ted Baker Now Open to Sale
One week after declining a pair of takeover offers from an American private equity investor, British fashion retailer Ted Baker said it’s ready to consider a sale.
The company said its board will conduct a process to establish whether there is a bidder prepared to offer a value that the panel considers attractive relative to the prospects of Ted Baker as a listed company.
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