In today’s FinTech news, account-to-account (A2A) payments are top of mind for Token.io, while Amazon offers buy now, pay later (BNPL) options to consumers in Egypt. Plus, Interswitch raises $110 million in fresh capital, and BlueTape is expected to launch a virtual card to give construction pros BNPL options.
Token.io Raises $40M To Drive Push for Account-to-Account Payments
Open banking payments platform Token.io is using its fresh capital to continue advancing the shift from traditional payment methods like cards and wallets to open banking account-to-account (A2A) payments. Token.io CEO Todd Clyde said the open banking payments space is estimated to top 116 billion.
Amazon Offers BNPL Option to Shoppers in Egypt
Amazon is moving into Egypt with a BNPL product via valU Consumer Finance. valU is offering the installment payment method on amazon.eg to eligible customers. As part of the agreement, Amazon will acquire $10 million in the global depositary receipts of EFG Hermes, the investment bank that owns valU.
Nigerian FinTech Unicorn Interswitch Raises $110M
Africa’s second unicorn Interswitch has picked up $110 million to drive digital payments across the continent through its brand’s Verve, a debit card offering, and Quickteller, a multichannel consumer and business payments platform. The startup hit unicorn status following its $200 million funding round in 2019.
BlueTape Launches Pay-Over-Time Virtual Card for Contractors
BNPL firm for construction company professionals BlueTape is rolling out a virtual card to give contractors the ability to finance building supply invoices. The installment billing tool enables general contractors and subcontractors to pay back BlueTape in 30, 60, 90 or 120 days with no fees and no payments for the first 30 days.
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