Alternative payment SaaS provider Mambu, has locked down USD2m in funding led by Point Nine Capital and Runa Capital with participation from existing investor Kizoo Technology Ventures. Founded in 2011, the Stuttgart-based start-up offers micro-finance providers in developing countries cloud-based software they can use to manage loans as small as USD50.
Microfinance is a booming market as major lenders are often reluctant to engage with consumers in developing markets. Mambu claims it reaches 200,000 consumers in more than 20 countries via clients including SEAP Microfinance in Nigeria and FINCA Costa Rica. CEO Eugene Danilkis says the capital will be used for product development and recruitment.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.