EMEA Daily: Telecom MTN Looks for Investors in FinTech Unit; UK-Based Open Finance Partnership Platform mmob Raises $6.6M

In today’s top Europe, Middle East, and Africa news, South African telecom MTN is seeking minority investors after separating its FinTech unit from its traditional business; London-based embedded finance network mmob has completed a 5 million pound ($6.58 million) seed funding round.

Plus, German B2B used car trading platform 2trde raised $7.7 million, a PYMNTS study revealed 60% of acquiring banks say AI systems are their most important fraud detection tools, and tech companies launched a charity to encourage FinTechs to raise money for those impacted by the war in Ukraine.

Telecom MTN Looks for Investors in FinTech Unit

South African telecom MTN is looking for minority investors for its FinTech unit after separating it from its traditional business to capitalize on the division’s growth.

MTN, which calls itself the largest mobile phone company in Africa, is set to complete the separation by June 30. A similar project involving its fiber network division is scheduled to end next year.

The company is also expected to receive a mobile banking license in Nigeria, its largest market. Last year saw MTN’s mobile money transactions rise 57% to $24 billion.

UK-Based Open Finance Partnership Platform mmob Raises $6.6M

mmob, the London-based embedded finance network, has completed a £5 million ($6.58 million) seed funding round, the company announced

This round of funding is expected to allow the company to expand in the U.K. and Malaysia, the company said. The investment was raised from angel investors, high net worth individuals and banking executives.

Used Car Trading Platform 2trde Raises $7.7M

German B2B used car trading platform 2trde has raised  €7 million ($7.7 million) in a funding round led by Adevinta Ventures and Aster Capital, Adevinta.

The Munich-based company says it will use the funding to fuel its international growth, hire new talent and develop its product. It provides software for car dealers, leasing companies and manufacturers in the secondary used car market.

AI in Financial Services in 2022: US, EU and UK Regulation

The use of artificial intelligence (AI) or automated decisioning in financial services is widespread for many services, from assessing loan applications, to recruitment or to combat fraud.

A PYMNTS study found 60% of acquiring banks say AI systems are their most important fraud detection tools.

FinTechs Join Ukraine Fund Appeal

Nearly two dozen tech companies have launched a charity to encourage FinTechs to donate and raise money for those impacted by the war in Ukraine.

As more than 2 million Ukrainians have fled their homes and seek refuge in neighboring countries, Fintechs for Ukraine was created to support those in need because of the conflict.