FinTech Futures: The Hottest Fintech Stories of the Week

January 12, 2024
1 min read

In the latest news in the world of finance and technology, UK-based fintech start-up Zilo has secured £25 million in Series A funding. The company plans to use the funds to accelerate product development, drive user acquisition, expand into new markets, and forge strategic partnerships. The funding round was led by Fidelity International Strategic Ventures and Portage, with participation from State Street and Citi.

Amethis, an investment fund manager focused on Africa, has purchased a majority stake in European banking solutions provider Capital Banking Solutions. The investment will help CBS accelerate organic growth and expand internationally through acquisitions. CBS offers core banking and wealth management solutions for European private banks and wealth management specialists.

China’s Ant Group is reportedly nearing a deal to acquire Dutch payments firm MultiSafepay. The acquisition is expected to value MultiSafepay at $200 million and will potentially make Ant Group more competitive in Europe’s payments market. MultiSafepay offers an end-to-end payments toolkit with over 30 local and international payment methods. Ant Group has been involved in various payment initiatives in recent years.

Canadian credit union FirstOntario is preparing for Canada’s open banking push by partnering with API developer Flinks and paytech Everlink. The partnership will enable FirstOntario’s members to have more control over their financial data, which will allow the credit union to offer a personalized array of financial services. Flinks and Everlink will provide the open banking infrastructure to support FirstOntario’s services.

In 2023, global fintech investment declined by 48%, according to data from UK industry body Innovate Finance. The total global investment in fintech reached $51.2 billion, down from $99 billion in the previous year. The number of funding deals also decreased from 6,397 to 3,973. The US received the most fintech funding, followed by the UK and India.

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