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Moove raises $76m in new funding to bolster business growth
Moove, a mobile FinTech, has received $76 million in new funding, including $28 million in equity from new and existing investors.
Funding round led by Mubadala Investment Company (Mubadala), $10 million in venture capital debt from funds and accounts managed by BlackRock, and $38 million in undisclosed amounts previously raised in the last few years 12 months ago.
The African-founded company will use the funding to further its mission to build the largest technology-driven financial services platform for mobile entrepreneurs and strengthen its position on the global stage.
“We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets, including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide.’’
Ladi Delano, Co-founder and Co-CEO of Moove.
This investment is an endorsement of Moove’s ability to serve its customers and execute across multiple developing and developed markets. The funding signifies the start of a relationship that will also see Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, join the Moove advisory board.
“Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”
Faris Sohail Al Mazrui, Head of Ventures & Growth, Mubadala.
Moove aims to provide financial services to people who do not have a bank account or are not served by traditional lenders, so that they can receive income-based financing and access ownership. property ownership as well as financial stability.
TerraPay secures in-principle approval for MPI license from Monetary Authority of Singapore
TerraPay, a payments infrastructure company, has been approved by the Monetary Authority of Singapore (MAS) in principle for a Major Payments Institution (MPI) license, becoming a regulated payments company best.
TerraPay’s global customers and businesses can access its vast network through this coveted MAS endorsement, enabling fully compliant, affordable, and transparent cross-border remittances. . It facilitates fully compliant international money transfers, easy business payments, and alternative payment methods.
The payments company will leverage this license to tap into the region’s enormous potential and strengthen its local presence and existing partnerships in Singapore, Korea, Vietnam and the Philippines.
“I am incredibly proud of the comprehensive network of partners, employees, countries, and licenses we have established worldwide, enabling us to offer simplified payment services for everyone. Obtaining the approval in Singapore is a game-changer, solidifying our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally.”
“At TerraPay, our core values revolve around inclusion and innovation. We are inspired by Singapore’s fintech journey, which aligns perfectly with our mission to improve lives and contribute to a dynamic, inclusive economy. The approval from MAS reinforces our commitment to excellence as we aim to become the most regulatory-approved payments company in the world.”
Ambar Sur, Founder and CEO, TerraPay.
In May 2023, TerraPay announced its Series B equity funding round, in which the company raised more than $100 million for global expansion plans, allowing it to strengthen the network. existing payments and expanding infrastructure and global regulatory and compliance capabilities.
The team has built an expansive payments highway that allows businesses to create a seamless customer experience with an uninterrupted, secure, real-time global process for any payment, no matter how large. or small. TerraPay partners with banks, mobile wallets, remittance operators, merchants and financial institutions, creating a larger and more inclusive international financial ecosystem.
Flynas & Tabby bring 4-month installment payments for travel tickets
flynas, the airline of Saudi Arabia and a low-cost airline in the Middle East, has partnered with Tabby, a financial services and shopping app based on MENA, to provide travelers with payment solutions flexible math.
This partnership comes at a favorable time for travelers, especially with the increasing demand for air travel around the world. It also reflects flynas’ desire to provide customers with a flexible and convenient travel experience.
Payment solutions allow flynas customers to pay for their trips in four interest-free installments. In addition, travelers can now secure their tickets with flexible payments, making travel easier and allowing buyers to explore new horizons and create lasting memories with Loved Ones.
“We are delighted to partner with flynas to bring flexible payment solutions to the air travel industry. This timely partnership will bring air travel closer to so many people looking to go on new adventures and reconnect with their loved ones worldwide”.
Hosam Arab, CEO and Co-Founder of Tabby.
flynas confirms that this agreement reflects flynas’ commitment to providing innovative services and enhancing its growth for digital transformation in the aviation industry.
Tabby creates financial freedom the way people buy, earn and save by reshaping their relationship with money. The shopping and financial services app is active in Saudi Arabia, UAE, and Kuwait, and was valued at $660 million in a recent funding round from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst.
HSBC launches embedded finance venture with Tradeshift
HSBC and B2B FinTech Tradeshift have formed a new joint venture focused on developing integrated financial solutions and financial services applications.
As part of the deal, HSBC will invest $35 million in Tradeshift in two phases and join its board of directors. The deal is part of a funding round that is expected to raise at least $70 million from HSBC and other investors.
The new joint venture will allow the bank and FinTech to deploy a range of digital solutions on Tradeshift and other platforms. It will also help Tradeshift expand its trade offering to businesses globally. Details on the joint venture will be announced ahead of its expected launch in early 2024.
“Enabling and growing global trade has been in HSBC’s DNA for almost 160 years. We are very excited to partner with Tradeshift to help businesses and their suppliers trade more smoothly using world-class technology and solutions that the joint venture will deliver.”
“This agreement supports our strategy of being a digital-first bank, which includes our commitment to partnering with FinTechs and embedding our solutions into the platforms of others.”
Barry O’Byrne, CEO of Global Commercial Banking at HSBC.
“The world’s biggest trade bank and the world’s largest trade network are joining forces. Our deepening partnership with HSBC delivers a strong foundation from which to scale and accelerate our vision of a trade network that creates economic opportunity for businesses everywhere.”
“HSBC’s reputation and global infrastructure bring instant credibility and broad appeal to any financial solutions brought to market through the Tradeshift platform. It is transformative, and it is a tremendous validation of the innovation and product architecture we have developed over the past decade.”
Christian Lanng, CEO and Co-founder of Tradeshift.
HSBC supports approximately 1.3 million businesses worldwide and is the world’s largest commercial bank, facilitating over $800 billion in annual trade flows. Tradeshift powers over $260 billion in gross merchandise value annually to one million business users on its platform.
Plaid and Cross River partner to offer real-time payments in the US
Cross Riverbank, a technology infrastructure provider that offers embedded financial solutions, has announced the expansion of its partnership with Plaid, a data network helping the digital financial ecosystem, to deliver multi-rail payment solutions to US businesses and their customers.
“Expanding our relationship with Plaid to power their real-time offerings is a significant milestone in our commitment to driving financial innovation and ensuring faster, secure, and seamless payment experiences,”
“By combining the strengths of our proprietary banking core and advanced API technology with Plaid’s expertise in financial technology tools, millions of Plaid customers will have access to their money when and where they need it.”
Adam Goller, Head of FinTech Banking at Cross River.
Plaid chose Cross River to support Plaid’s real-time solutions because of the company’s ongoing relationship with Cross River’s proprietary API technology and innovative solutions. Cross River’s proprietary API-based core creates direct, efficient, and simplified connections to multiple payment networks ACH, RTP, and upcoming FedNow service.
“Real-time payments can deliver significant efficiency and cost benefits to businesses and help them deliver amazing new experiences for consumers by delivering money when and where they need it,”
“We are excited to expand our relationship with Cross River to deliver innovative real-time payment solutions on top of its API-based processing core.”
John Anderson, Head of Payments at Plaid.
The partnership’s first real-time offering is Instant Payouts on Plaid Transfer, a real-time multi-channel payment solution for instant deposits and payments. Plaid Transfer manages bank transfers and payments, allowing businesses to receive payment authorization, risk analysis, and transfer funds, all in a single API.
It also provides instant payment eligibility information. Businesses can seamlessly route transactions to ACH without complicating their customers if the account is not eligible for Instant Payments.
Tymit and VISA team to offer installment credits to banks & merchants
Tymit has established a strategic partnership with Visa to accelerate the adoption of installment credit among major financial institutions and merchants in the UK and Europe. This partnership aims to enable banks and merchants to offer co-branded and white label installment credit schemes powered by Tymit.
As one of the pioneering installment credit card services, Tymit offers installment plans for popular merchants like Frasers Group with Frasers Plus. Building on this success, the company is now focusing on providing its ability to enable white-label and co-branded installment credit programs to major financial institutions and merchants.
“Our partnership with Visa signifies a significant milestone as we empower financial institutions and merchants to swiftly and cost-effectively bring installment credit solutions to market,”
“With our proven track record and expertise in installment credit, we are poised to meet the needs of the industry by offering innovative co-branded installment credit cards and white-labeled installment credit programs.”
Martin Magnone, CEO and Co-founder of Tymit.
Tymit’s installment credit solutions provide an attractive alternative to traditional credit cards and BNPL programs, specifically designed to address the ever-changing payment challenges faced by merchants and consumers.
By partnering with Tymit, financial institutions and merchants gain access to technology and expertise, allowing them to create co-branded credit card programs with installment options.
This strategic move positions Tymit as a viable option for merchants looking for traditional credit card programs while offering the added advantage of buy now, pay later (BNPL).
“We are excited to partner with Tymit to provide our clients with innovative solutions that address the pressing challenges faced by the industry,”
“This collaboration will empower financial institutions and merchants to meet the changing needs of their customers, offering greater flexibility on card payments whilst enabling an embedded finance ecosystem.”
Federico Sanavio, Credit Products Solutions & Partnerships at Visa.
Cashflows launches new cloud-based in-person payments solution
Cashflows, the platform that allows merchants to accept payments, has launched a new cloud-based direct (point of sale) payment solution. The platform is designed for merchants, independent sales organizations (ISOs) and independent software vendors (ISVs) who want to provide merchants in all industries with a fast and reliable direct payment solution.
As part of the Cashflows payment platform, the solution directly supports a wide range of Android and Linux devices. Connectivity to WiFi and 4G networks is unsurpassed, as is easy integration with ePOS systems.
The solution is device independent and secure and complies with all relevant PCI standards.
The solution is easy to use, with transparent and fixed monthly rates per device.
Cashflows’ new partner leasing model allows ISOs and ISVs to deliver the best Android devices to retailers without the need to purchase the device first.
This opens up new revenue streams with minimal maintenance, upgrade and compliance responsibilities, enhancing Cashflows’ partnership proposition.
All terminals are integrated with Cashflows smart reporting portal, so merchants can access real-time sales data from online and in-person payments in a single dashboard.
This holistic view of trading performance allows traders to understand and act on the information provided.
“Our mission is to change the payments industry for the better, and our new in-person solution is designed to do just that. We have developed a simple, flexible, and function-rich solution that partners and customers can use out-of-the-box, with no complicated setup. When combined with our omnichannel data portal and the expert human support of our teams, we are enabling merchants and ISO and ISV partners to focus on what really matters – growing their business. This is payments, perfected by people.”
Paul Clarke, Chief Product, and Innovation Officer, Cashflows.
Pinpad POS devices that integrate with counters or ePOS systems via APIs and proof of concept (POC) with card diagrams for Tap on Phone functionality will be released by the end of 2023. This will expand merchant flexibility by allowing users to use their own devices as card terminals.
Nuvei and Plaid extend partnership to expand pay-by-bank
Canadian FinTech Nuvei and Plaid have extended their global partnership to support businesses by accepting bank-based payments for multiple use cases, including recurring payments and payouts, and to serve additional verticals within the e-commerce landscape.
Nuvei and Plaid plan to scale their partnership globally before the end of the year. Nuvei’s global reach, including local acquiring in 47 markets, combined with the Plaid network which covers 12,000 financial institutions across the US, Canada, UK, and Europe, will enable businesses in multiple regions to enhance their online checkout by offering pay-by-bank experiences.
While bank-based payments are typically not guaranteed, the Nuvei, Plaid partnership offers merchants the ability to assess transaction risk in real time and reduce return rates through Plaid Signal, a network-based machine learning model.
Moreover, Nuvei’s Instant Bank Transfer combines the speed of bank payment processing with Plaid’s seamless and secure user experience for bank account linking, which has been used by approximately 1 in 3 US consumers with a bank account to connect to digital financial services.
“Consumers are increasingly turning to online bank transfer payments, but their user experience has often been poor. Nuvei Instant Bank Transfer eliminates the barriers to adoption, democratizing this payment method for consumers and offering merchants a genuine revenue-driving alternative to card payments. Our partnership with Plaid makes online bank transfer payments even more seamless for millions of U.S. consumers, which is why we are excited to be expanding our partnership to target a broader range of e-commerce verticals.”
Nuvei CEO and Chair Philip Fayer.
“The shift to bank-based payments is a natural, inevitable progression and will become a seamless part of most payments experiences in the next few years,”
“Plaid and Nuvei have a proven track record of helping companies streamline account funding experiences through bank transfers. We are excited to extend our partnership with Nuvei to bring safe, secure, and seamless bank-based experiences to more companies and industries within the eCommerce realm.”
John Anderson, Head of Payments at Plaid.
Intergiro teams up with Silverflow for cutting-edge card processing technology
Intergiro, a Swedish FinTech providing payment and banking infrastructure, has unveiled a groundbreaking partnership with Silverflow, a cloud platform specialising in global card processing.
This collaboration aims to empower Intergiro to offer its clientele advanced card network capabilities, augment processing efficiency, and grant unprecedented access to card scheme data.
This strategic move aligns with the burgeoning demand among digital merchants for progressive payment processing mechanisms. Silverflow’s platform, already endorsed by prominent payment service providers and acquirers, such as Deutsche Bank and Buckaroo, promises to equip Intergiro’s ecosystem with cutting-edge card scheme innovations at an accelerated pace.
This not only fortifies Intergiro’s financial suite with acquiring capabilities but also enriches its digital issuing and banking services, offering comprehensive and detailed reporting functionalities.
Intergiro serves as a Swedish FinTech enterprise, offering a comprehensive financial ecosystem tailored for innovators and disruptors. Their suite encompasses card processing, card issuing, and banking tools consolidated into a unified API.
Silverflow, on the other hand, operates as a pioneering payment processing platform custom-designed to meet contemporary payment requisites while remaining adaptable for the future. Embracing a cloud-native approach, they present a singular API interface to the card networks, simplifying complexity, reducing costs, and amplifying innovation opportunities.
“The payments landscape is constantly evolving and it’s more important than ever for our merchants to have access to the latest technologies being rolled out by the card networks,” said Johan Ryer, CCO of Intergiro. “Silverflow’s platform is bringing some of the latest card scheme innovations to Intergiro at pace and easily accessible, which will enable our clients not only to save costs but also meet the payment processing needs of new digital businesses.”
Anne Willem de Vries, CEO and co-founder of Silverflow, commented, “We are very excited about our new partnership with Intergiro. We are looking forward to powering Intergiro’s processing back-end and bringing our easy-to-use platform, data capabilities, and the latest card scheme innovations to Intergiro’s merchants.”
Bain Capital invests $200m to transform mutual insurance landscape
Known for its strategic investments, the firm intends to elevate the industry’s service standards and operational efficiency, through the inception of this group, according to InsurTech Insights.
The launch of The Mutual Group is a result of Bain Capital Insurance’s acquisition of GuideOne Insurance Company’s operational platform. GuideOne, a niche-market mutual insurance carrier established in 1947, stands as the catalyst for this groundbreaking venture, and becomes the first company to join the group.
As the inaugural member of the group, GuideOne will receive $200m. These funds are earmarked to fortify its balance sheet, augment surplus positions, and further fuel growth in service of policyholders. This strategic step is in line with the company’s mission to reinforce long-term stability by enhancing operational efficiencies and bolstering underwriting performance.
Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies, has been brough to the helm of the Mutual Group as Chairman.
Additionally, Tim Fleming, GuideOne’s Senior Vice President of Core Commercial Lines, steps into the role of Chief Executive Officer. He said, “The Mutual Group is an exciting new platform that combines GuideOne’s nearly eight decades of experience as a niche mutual insurance carrier and its highly specialised team with the insurance investing acumen and strategic vision of Bain Capital Insurance.”
The vision for The Mutual Group extends beyond conventional insurance offerings, aiming to provide a unique spectrum of services encompassing underwriting, claims processing, reinsurance acquisition, and a robust technological suite housing policy administration, enterprise billing, and claims administration systems.
Set to launch with an impressive annual premium portfolio of around $800m, servicing over 50,000 commercial policyholders and backed by a workforce of over 400 employees, The Mutual Group establishes its formidable presence within the insurance sector. With its headquarters based in West Des Moines, Iowa, this initiative represents a significant force poised to redefine insurance practices.
Canapi Ventures raises $750m fintech fund
Founded by former Comptroller of the Currency Gene Ludwig and Live Oak Bancshares CEO Chip Mahan, Canapi launched with its first fund in 2020, securing backing from more than 30 banks and strategic investors for a $545 million fund.
The fund made 20 investments across areas such as fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology. It claims to have helped to facilitate nearly 100 partnerships between its LPs and portfolio companies – including Alloy, Built, Thoropass, and Greenlight.
The so-called Canapi Alliance is now up to 70 members, ranging from community to regional to super regional banks and service providers.
The second fund will continue to make similar investments but also look to target firms working on the governance of AI, cybersecurity, and the intersection of financial services and climate technology.
Says Ludwig: “Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners, creating strong symbiotic value in this important ecosystem.”
PayGround Announces $19.7M Oversubscribed Series A Funding Round
PayGround, a healthcare fintech payments platform, today announced closing a $19.7M oversubscribed Series A financing led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners and Plug and Play Ventures. The funding will bolster the company’s rapid expansion into hospitals and health systems, building on its success in the ambulatory market, as well as grow its senior leadership team.
The company has grown annual revenue by over 560% over the past three years, demonstrating its ability to deliver on its mission to simplify how individuals and families pay for healthcare so they can spend their time on more important things.
“Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place,” says Drew Mercer, co-founder and CEO of PayGround. “Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It’s a win-win for all key stakeholders.”
“Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients. With this current round of funding, PayGround will continue to grow as a recognized and trusted partner for providers and patients — modernizing the way healthcare payments are made in the U.S.,” says Andrew Wegrzyn, Principal at SixThirty. “PayGround continues to enhance the patient and provider relationship, ensuring that advanced financial technology benefits patients and providers alike.”
Funds will also be allocated to enhance PayGround’s platform with additional value for hospitals, health systems, independent practices and patients that will further enable payor connectivity.
“PayGround’s modern, patient-centric approach to healthcare payments fills a meaningful market need,” says Matt Perlman, Partner at IA Capital Group. “We believe in PayGround’s vision to help payors, providers and patients collaborate to cover out-of-pocket expenses, and we’re excited to connect PayGround with IA’s broad network and experience with insurance companies as they continue to innovate how people pay for healthcare.”
“PayGround has proven its value in helping consumers better understand and pay for healthcare expenses, while improving the revenue cycle process for both provider and patient,” adds Justin Kaufenberg, Managing Director at Rally Ventures. “Our team is eager to partner with PayGround and to contribute our expertise in identifying areas of opportunity and increasing revenue streams.”
Curve selects Nuvei to facilitate international expansion
Nuvei Corporation, a Canadian FinTech company, has selected Curve, a financial super app that consolidates your cards into a single smart card, to provide card purchasing and alternative payment methods (APM) to transfer consumer funds to and from their Curve digital wallet.
Nuvei’s comprehensive, customizable and flexible payments technology enables FinTech applications and card issuers to accept VISA and Mastercard transactions. Card payments are optimized using Nuvei’s smart routing engine to maximize card payment acceptance and reduce operating costs. All relevant APMs in each Curve-operated market will soon be available to Curve customers.
“Our goal at Curve is to be the most customer-centric app, simplifying the way they spend, so industry-leading customer experience is critical to Curve’s service. Consumers simply will not tolerate delays or the inability to transfer funds, so we are proud to partner with Nuvei. Their proven optimized card acceptance rates, platform stability and low latency guarantees that we’re offering the peak payments service to our customers.”
Curve’s Founder & CEO, Shachar Bialick.
Curve also benefits from Nuvei’s customizable, real-time reporting tools, allowing the company to monitor all transactions through a single, comprehensive analytics portal. This capability is especially important for the financial services industry in routing payment traffic efficiently and optimizing payment flows. In addition to providing payments services in Curve’s established markets in Europe, Curve is leveraging the global reach of the Nuvei acquisitions to accelerate its international growth plans.
“Payments play a critical role in the user experience for financial services providers, and the market is becoming increasingly competitive. We are proud to partner with Curve to enhance the product it is offering to its customers, and to enable to Curve to reach its customers, wherever they are and however they want to pay.”
Philip Fayer, Nuvei Chair and CEO.
Globacap raises $21m Series B to digitise private capital markets
Capital markets technology company Globacap has completed a $21 million Series B funding round with the aim of digitizing and automating the global private capital markets.
Investors include financial markets heavyweights Moore Strategic Ventures, LLC, Cboe Global Markets, Inc. and the Johannesburg Stock Exchange (JSE), as well as GABI Ventures and Asia-focused investment firm QBN Capital.
Globacap aims to unlock the potential of private capital markets through digitalization and automation. Workflow automation as a service brings the same efficiency as public procurement to the private market. It streamlines tedious processes from issuance and ongoing management to transferability and settlement of securities, thereby reducing costs and improving the efficiency of market intermediaries.
Globacap has grown rapidly since its launch six years ago. It houses 15 white labels for global institutions and an ecosystem that has managed more than 70 private placements and completed more than $350 million in private asset secondary transactions, with automated settlement and currently manages $14 billion in private securities.
The capital markets technology company will use this new funding to enhance its marketing and sales efforts, expand into new geographies and invest in its product development for expansion customer base. It also plans to build on the success of its white label product which helps digitize and automate processes across private capital markets and is used by leading intermediaries including the JSE and Instinet.
“Private capital markets are rapidly growing, but their opaque nature is holding them back from reaching their true potential. We are bringing public markets-like infrastructure to private capital markets to improve access, boost liquidity, and remove administrative burdens. Securing considerable backing from world-leading investors during a time of market turbulence, risk aversion, and uncertainty is a powerful validation of our mission to transform and drive efficiency in private capital markets. We are in a unique position to grow through the current market turmoil, leading with strength as market conditions eventually improve.”
Myles Milston, Globacap Co-Founder and CEO.
NMI acquires Sphere’s commercial division to expand underwriting capabilities
NMI, a wholly owned commerce enablement technology company, has acquired the commerce division of payments software and technology company Sphere.
The acquisition will strengthen NMI’s underwriting and risk management capabilities and enable NMI’s partners, including independent software vendors, independent sales organizations and FinTech innovation, creating merchant accounts within the existing NMI platform.
“The addition of Sphere’s Commercial Division allows us to add yet another module to our stack of payment enablement tools, providing our partners with the modularity and choice to better customize payment experiences for their merchants,”
“These added capabilities of underwriting, risk management and merchant account creation are a game changer, not only for our partners but also for their merchants in the race to provide the most convenient, painless experience for end consumers.”
Vijay Sondhi, CEO of NMI.
The addition of Sphere’s commercial division’s underwriting and risk management capabilities will enable NMI partners to monetize a larger portion of the value chain by providing additional liquidity to their seller. While NMI partners will still be able to use their own merchant accounts as they normally do, this acquisition will provide partners with another option to create merchant accounts through the platform NMI, allowing them to increase the flexibility required by traders.
“It is a natural fit to combine our capabilities with NMI’s platform because our vision aligns well with NMI’s goal to provide partners access to any and all the payment capabilities they could need,”
“Partners today are looking to own as much of the payments ecosystem as possible, and we are adding another layer to that by combining forces with NMI.”
Tom Bannon, COO and President, Sphere Commercial Division.
Moniepoint enters Nigeria’s personal banking market
Moniepoint Microfinance Bank, a business banking platform in Nigeria, has announced plans to enter the personal banking market by launching a consumer and debit card app.
Moniepoint Microfinance Bank, another subsidiary of Moniepoint Inc., will extend its trusted banking infrastructure from the businesses it serves to its customers and employees.
Millions of people will benefit from the seamless and reliable debit card payments of the corporate banking platform, with more than 1.5 million businesses currently using the platform. Global payment processors, including Mastercard and Verve, will issue these debit cards.
“Launching a personal banking product means we can connect businesses and their customers more effectively, backing them with our reliable infrastructure and services. We have always been committed to providing financial happiness, so it was a natural next step when dealing with so many businesses to offer our reliable services to their customers and employees. By taking this step, we are determined to power the dreams of millions of people across the continent.”
Ope Adeyemi, SVP for Channels and Sales Tools at Moniepoint.
The app will allow users to make transfers, pay bills and buy airtime, while its debit card can be used at ATMs, point-of-sale terminals and online. line. Merchants will also benefit from seamless transactions when customers use Moniepoint cards. Other services, such as salary advances, will be rolled out in the coming months. The launch of Moniepoint Microfinance Bank’s personal banking product continues its strong performance in the corporate banking market.