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Tag: Fintech

CBN fines Paystack ₦250m ver alleged regulation breach
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CBN fines Paystack ₦250m over alleged regulation breach

The Central Bank of Nigeria has slammed a ₦250 million fine on Paystack, one of the country’s leading fintech firms, over alleged regulatory violations tied to its newly launched consumer app, Zap by Paystack. The apex bank believes that Zap—a peer-to-peer money transfer service introduced in March—operates as a digital wallet, which is not permitted […]

C-One Ventures acquires Bankly to expand fintech footprint
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C-One Ventures acquires Bankly to expand fintech footprint

Nigerian investment firm with interests in technology and finance, C-One Ventures, has acquired Bankly, a licensed microfinance institution known for serving Nigeria’s unbanked and underbanked communities. The acquisition, announced this week, includes Bankly’s operational assets, regulatory licenses, and entire team. These will be integrated into C-One’s expanding fintech ecosystem, which already includes Fulcrum, a supply […]

Revolut reports $1bn profit in 2024
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Revolut reports $1bn profit in 2024

Digital banking giant Revolut has posted a record net profit of $1 billion (£790 million) for 2024, more than doubling its earnings from the previous year, according to its newly released annual report. Revenues surged 72% to $4 billion (£3.1 billion), while its global customer base jumped 38% to 52.5 million users. “2024 was a […]

Moniepoint gets nod to acquire Kenyan Kopo Kopo
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Moniepoint enters remittance market with new app, Monieworld

Nigeria’s newest tech unicorn, Moniepoint, is setting its sights on the country’s lucrative remittance market with the launch of Monieworld, a new money transfer app designed for the UK-Nigeria corridor. Unveiled this week, Monieworld allows UK residents to send money directly to any Nigerian bank account. Transfers can be made either from a Monieworld account […]

Nigerian lender Sycamore expands, gets SEC fund manager license
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Nigerian lender Sycamore expands, gets SEC fund manager license

Nigerian digital lender Sycamore has secured a fund manager license from the Securities and Exchange Commission, marking a significant expansion beyond its core lending business. With ₦10 billion in assets under management, the company is now set to offer diversified investment portfolios targeting both retail and institutional investors. The new license enables Sycamore to operate […]

Fintech Stripe hits $91.5bn valuation
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Fintech Stripe hits $91.5bn valuation

Stripe announced on Thursday a tender offer for employees and shareholders that values the fintech company at $91.5 billion — a 41% increase from its $65 billion valuation last year — potentially pushing back its plans for an initial public offering. The deal highlights a rebound in the global venture capital landscape, fueled by central […]

Kuda sued over gender discrimination, wrongful termination in UK
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Kuda sued over gender discrimination, wrongful termination in UK

A former executive of Kuda Technologies Limited has filed a lawsuit in the United Kingdom, alleging gender discrimination, a toxic work culture, and wrongful termination. Rosemary Hewat, who previously served as the fintech company’s Group Chief People Officer, claims in court documents that Kuda and its CEO, Babatunde Ogundeyi, fostered a workplace environment that marginalized […]

Raenest secures $11m in Series A funding to expand cross-border payment
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Raenest secures $11m in Series A funding to expand cross-border payment

Nigeria-based fintech focused on cross-border remittances and multi-currency accounts for businesses and freelancers, Raenest, has secured $11 million in a Series A funding round, bringing its total funding to $14.3 million. The funding round was led by QED Investors, with additional participation from Norrsken22 and follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This […]

Bento lays off entire tech team amid salary dispute
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Bento lays off entire tech team amid salary dispute

Payroll management company Bento abruptly dismissed its 10-person tech team on Friday following a protest over delayed salaries, TechCabal reported. The layoffs came just one week after the company was accused of failing to remit millions of naira in taxes and pensions and allegedly forging tax receipts for Lagos State customers. Founder and CEO Ebun […]

Fintech PiggyVest pays out ₦835bn to users in 2024
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Fintech PiggyVest pays out ₦835bn to users in 2024

PiggyVest, renowned for its savings and investment tools, disbursed a record ₦835 billion to customers — a testament to its reliability and growing popularity. By the end of the year, PiggyVest had amassed over 5 million users, cementing its status as a trusted financial partner for millions of Nigerians. In addition, the company’s rebranded social […]

Nigerian fintech Moove partners Alphabet's Waymo, enters US
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Nigerian fintech Moove partners Alphabet’s Waymo, enters US

Nigerian-born fintech startup, Moove has announced a strategic partnership with Waymo, Alphabet’s self-driving vehicle division, to manage fleets of autonomous vehicles in Phoenix, Arizona, and Miami, Florida. The collaboration highlights Moove’s innovative revenue-based vehicle financing model and underscores its aggressive global expansion strategy. The partnership comes on the heels of Moove’s impressive fundraising efforts, including […]

Wise faces regulatory action over anti-money laundering controls
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Wise faces regulatory action over anti-money laundering controls

British money transfer firm Wise has been placed under a formal remediation plan by European regulators due to issues with its anti-money laundering controls, the Financial Times reported on Friday. A review conducted by the Belgian National Bank, which oversees Wise’s operations in Europe, found that the company lacked proof of address for hundreds of […]

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