In today’s FinTech news, it’s all about funding, partnerships, and acquisitions as Ripple teams with Modulr to make payments easier in Europe and Trust snaps up WonderLane to bring U.K. shoppers electronic point of sale and a speedier checkout process.
Meanwhile, Moove got $10 million from NBK to bring vehicle ownership to people across Africa. Nigeria-based Moove is Uber’s exclusive vehicle financing and supply partner in Sub-Saharan Africa.
Ripple, Modulr, Partner on Easier Payments
Payments platform Modulr and blockchain payments firm Ripple are teaming up to make payments smoother in the U.K. and Europe and Trust Payments is the first to give the new process a whirl.
Modulr’s Payments-as-a-Service solution works with Faster Payments and Bacs CHAPS, SWIFT and SEPA and is one of the only non-banks connected to the Bank of England. Ripple’s Liquidity Hub, allows users to buy sell and hold digital assets.
UK FinTech Trust Payments Acquires WonderLane
U.K. FinTech Trust Payments has acquired retail technology firm WonderLane in a move that will facilitate Trust’s electronic point of sale (ePOS) offering with WonderLane’s speedier checkout process, that also offers customer engagement and a single view of inventory.
Trust said its acquisition of WonderLane coincides at a time when consumers look for convenient and frictionless transactions.
Mobility FinTech Moove Closes $10M Financing from NBK Capital
With a $10 million financing facility from NBK Capital Partners Mezzanine Fund II, Moove Mobility is ready to move further along in its mission to democratize car ownership across Africa. The Nigerian startup offers revenue-based vehicle financing to mobility entrepreneurs in Africa. The company finances cars, bikes and lorries to mobility entrepreneurs through its alternative credit scoring technology and revenue-based financing model.
Moove operates in six cities across Ghana, Nigeria, South Africa and Kenya, with expansion plans in the works. Africa has a population of 1.3 billion people, with close to half in urban areas, yet in 2019, there were only 900,000 new vehicles sold.
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NEW PYMNTS DATA: 70% OF BNPL USERS WOULD USE BANK INSTALLMENT OPTIONS, IF AVAILABLE
About: Seventy percent of BNPL users say they’d rather use installment plans offered by their banks — if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments And FIs’ Untapped Opportunity, surveyed more than 2,200 U.S. consumers to better understand how consumers view banks as BNPL providers in a sea of BNPL pure-plays.
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