In brief

9 June 2021

Payments provider SumUp has teamed up with Google Pay to allow merchants to make more efficient transactions using the SumUp Card.

Through the alliance, SumUp cardholders in the UK, France, Italy, Germany, Austria and Switzerland can now add the card to their mobile wallet.

Other merchants can also create virtual cards via Google Pay to enable access to all the benefits of a SumUp Card until the physical card arrives.

Dimitri Gugunava, VP banking at SumUp, said: “At SumUp, we’re always looking to help our merchants find new ways to improve their businesses, particularly as we move out of this pandemic and hopefully towards a more economically positive future.

“Collaborating with Google Pay is an important development for us, because it means we can remove layers of friction for small businesses who need to make quick payments on the go.”

7 June 2021

Klarna has launched an interest-free shopping app that allows users to pay in three instalments at any online retailer without ever paying more than the original product price.

The buy-now-pay-later outfit’s new Shopping feature allows its users to shop at any online retailer, irrespective of whether they are partnered with Klarna.

Klarna’s goal is to eliminate the need to use a credit card.

Klarna CEO Sebastian Siemiatkowski said: “At Klarna, we believe that no one should ever have to pay credit card fees or high interest rates and now, thanks to our new in-app shopping feature, they don’t have to.

“Shoppers now can interact with their favourite retailers without having to leave the Klarna app, to create a smooth, safe and frictionless shopping experience.”

The feature is currently live in other markets including the US, Australia and Sweden.

10 June 2021

Zumo has announced that it is a key signatory of the Crypto Climate Accord (CCA), a global initiative that aims to harness the collective efforts of the crypto community to support the industry’s transition to 100% renewable energy and achievement of net-zero emissions by 2040.

As a CCA signatory, Zumo has commited to work alongside other CCA supporters on key projects that prioritise climate stewardship across the industry and seek to decarbonise the wider crypto sector.

Zumo will strive to facilitate and accelerate the development of the operating standards necessary to achieve the objectives of the accord.

Via voluntary open-source working groups and a ‘big tent’ approach, Zumo and fellow CCA supporters will determine key areas in which their expertise can help to drive action.

They will engage with stakeholders and generate ideas and targets towards realising the accord’s shared vision.

8 June 2021

Research conducted by Celent on behalf of Icon Solutions and MongoDB has revealed the bank data services that corporates will pay for, and the ones they consider to be 'table stakes'.

Findings show the services that corporate clients would be most willing to pay for are real-time cash balances (84%), enhanced security and fraud prevention (74%) and a single real-time balance dashboard across multiple bank partners (70%).

The report also highlights the risk of customer churn, as corporates do not expect to pay for services such as virtual accounts and ISO 20022 compliance support and would switch providers to access them.

Expectation versus Reality for Payments Data Monetisation surveyed 217 corporate treasurers and CFOs and 168 bank executives.

It provides unique insight into the business challenges facing corporations and their expectations for data-driven services, along with banks’ plans to address customer requirements through payments data monetisation.

11 June 2021

BharatPe has acquired multi-brand loyalty programme provider Payback India from American Express and ICICI Investments Strategic Fund.

Financial details of the deal, which is a first for BharatPe, have not been shared.

Launched in 2010, Payback India is said to have over 100 million members across the country and a network of more than 100 offline and online partners.

The platform allows customers to earn and redeem points on every transaction at its partner merchant outlets.

The acquisition builds on BharatPe’s strategy to develop a network of more than 20 million small merchants by 2023.

Following the transaction, Payback India employees will join the BharatPe group. Payback India will become a wholly owned subsidiary of BharatPe, and will retain its current brand name.

BharatPe Group presidents Suhail Sameer and Gautam Kaushik, and BharatPe general counsel Sumeet Singh have joined the board of Payback India.

10 June 2021

Tech firm HC3 has partnered with mobile payments provider Papaya to enable banks to leverage mobile technology to streamline bill payments.

HC3 partners with banks and credit unions to redesign loan and DDA statement documents to improve the consumer experience.

Through its partnership with Papaya, the firm will enable financial institutions to offer a free payment app that allow users to pay bills using a photograph of the document.

Papaya’s VP of strategic partnerships, Joel Libassi, noted: “With Americans paying roughly 14.9 million bills a year, it’s important to offer a mobile capability to easily pay their statements.”

HC3’s print and digital statements are designed to enhance customer communications by offering relevant information in a format that improves readability and supports increased fulfilment.

The payment app developed by Papaya will allow users to take photographs of loan documents to make a payment.

10 June 2021

Fintech firm Sightline Payments, which provides digital payments solutions for the sports betting and casino markets, has acquired Joingo for an undisclosed amount.

The acquired entity offers a mobile engagement and loyalty platform for the casino gaming industry.

Claimed to be only app solution focused exclusively on the casino gaming industry, Joingo serves over 100 casino operators in North America.

Its patented mobile loyalty platform enables casino brands to offer personalised and interactive mobile marketing campaigns for mobile users to boost reach, loyalty and revenue.

Sightline Payments CEO Joe Pappano said the acquisition positions Sightline to provide a more robust digital payments experience in casinos.

The addition of Joingo will enable the firm to offer a cashless gaming solution to its casino customers. The deal also expands Sightline’s solutions portfolio and strengthens its focus on offerings that improve revenue.

11 June 2021

Swedish fintech Klarna has raised an additional $639m in a funding round led by SoftBank’s Vision Fund 2.

The fundraising increased the buy-now-pay-later leader’s valuation to $45.6bn, cementing Klarna’s position as highest-valued private fintech in Europe.

Klarna’s existing investors such as Adit Ventures, Honeycomb Asset Management and WestCap Group also participated in the round.

The company plans to utilise the proceeds to support international expansion and fund global retail growth.

Klarna Founder and CEO Sebastian Siemiatkowski said: “Consumers continue to reject interest-and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs.

“Klarna’s more transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth.

“I’m very proud of the investors who are supporting Klarna’s ambition to challenge these outdated models to empower consumers.”

9 June 2021

Dubai-based fintech Ziina has raised $7.5m in a new funding round to accelerate its expansion to Saudi Arabia and Jordan by 2022.

The round was led by Avenir Growth Capital and Class 5 Global, and was joined by Wamda Capital, FJ Labs, Graph Ventures, Goodwater Capital, Jabbar Internet Group and Oman Technology Fund’s Jasoor Ventures.

Angel investors including Checkout.com CEO Guillaume Pousaz, and Paypal and Venmo executives also invested in the funding round.

Ziina was launched in 2020 as a peer-to-peer payments app. It enables UAE consumers to link local bank accounts and transfer money to contacts without having to use account numbers or Swift codes.

The firm also plans to use the new capital to bolster its workforce and roll out a mobile wallet, which will replace its current app.

9 June 2021

UK-based digital payments app Bottlepay, which facilitates real-time cross-border transfers of both fiat money and cryptocurrencies, has expanded its service in Europe.

The firm said it will now provide cross-border payments across the continent using euros and bitcoin.

Powered by the Lightning Network, Bottlepay is claimed to be the first platform to allow users to send and receive bitcoin or pounds sterling instantly through Twitter.

The app went live in the UK in March this year, following its launch in beta mode on Google Play and App Store a month earlier.

The European version of Bottlepay can be topped up with euros and be used to make payments and buy bitcoin, according to media reports.

Both the UK and European versions of the app are said to support bitcoin payments internationally. This includes withdrawals from crypto ATMs and online merchants.