Today in FinTech news, Flutterwave is bringing digital payments to the East African country of Tanzania, while startup Stilt is earmarking its Series A capital to expand its mission-driven lending platform. Plus, J.P. Morgan shareholders want tech spending transparency from CEO Jamie Dimon.
FinTech Flutterwave Debuts in Tanzania
African FinTech Flutterwave has been approved by the Bank of Tanzania to launch offices in Dar to advance the adoption of digital payments by enabling merchants and customers to trade through its platform. The company’s expansion to the East African nation follows its $250 million Series D funding round in February.
Stilt Raises $114M Series A in Debt and Equity Funding
Mission-driven FinTech startup Stilt is using its fresh capital to expand its business aimed at leveling access to transparent credit products to those typically shut out — immigrants, international students, Deferred Action for Childhood Arrivals (DACA) and visa holders. Launched in 2015 and backed by Y Combinator, Stilt has facilitated loans to people from over 150 countries.
Investors Call out JPMorgan’s Dimon for Lack of Tech Spend Candor
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Shareholders are questioning J.P. Morgan Chase CEO Jamie Dimon about the lack of investment spending transparency. Typically known for financial restraint, Dimon has been steadily increasing project spending over the years, most recently concentrated on technology investments. The bank said the elevated expenditures could cause it to miss the profitability target of tangible common equity.
Gemini Payments Granted Digital Money License in Ireland
The Central Bank of Ireland issued its 18th digital money license to Gemini Payments, an affiliate of the New York cryptocurrency exchange Gemini Trust Co. founded by billionaire investor twins Cameron and Tyler Winklevoss. The company opened a Dublin office in 2021 and applied for a license in 2020.
Mastercard, Global Processing Services Team on FinTech Payments Tech
Mastercard is formalizing and expanding its strategic partnership with Global Processing Services (GPS) to build the FinTechs of the future. With its application programming interface (API)-first payment technology, the GPS platform plays a central role in enabling FinTechs to innovate quickly and securely.
Federal Agencies Ask Contractors to Support Digital Payments
The General Services Administration, Department of Defense and NASA are working on moving contractor payments to a digital system. The direction is part of a drive by the federal government to streamline data collection. Payment automation is also being considered.
Mastercard Rolls out New Payment Tools to Reduce Friction
Mastercard’s new smart payment decisioning tools — Payment Success Indicator and Payment Routing Optimizer — are part of Finicity’s open banking suite of services. The solutions facilitate payments and account creation while also offering sophisticated data analytics and machine learning.
