Emily Odindo’s Post

🚀 Insights from the #GSER2024: Fintech startups have powered some of the largest global exits in recent years, sparking new waves of innovation for entrepreneurial ecosystems. Ecosystems thriving in the Fintech sub-sector include: • Already home to pioneering banks and a robust Fintech talent pool, the Tamil Nadu FinTech Policy 2021 aims to transform the state into a leading global Fintech hub by 2025. • Hungary and the Industrial and Commercial Bank of China signed a cooperation agreement to bolster financial and trade relations, with a focus on advancing Fintech and AI sectors. • Argentina has one of the highest number of unicorns per capita in Latin America including Buenos Aires-based Ualá, a Fintech with over five million users across Argentina, Mexico, and Colombia • Fintech attracts most of Bahrain’s startup funding and is supported by enablers including Bahrain FinTech Bay and the Central Bank of Bahrain, continuous regulatory developments, the enactment of open banking, and recent expansion in crypto assets regulation. • New York City’s more than 1,600 Fintech startups collectively raised 24% of the United State’s total fundraising in the sub-sector in 2023. • The Australian Securities and Investments Commission’s Enhanced Regulatory Sandbox allows Fintech companies to test their services for up to 24 months without an Australian financial services license. • In Ethiopia, Fintech products have emerged as a pathway for the under- and unbanked to achieve financial inclusion. Ministry of Innovation And Technology- Ethiopia supports Fintech startups through grants, training, and by creating a conducive environment. For more insights into Fintech, click here: https://buff.ly/4efwzUY #Fintech #startup #startupecosystem #founder #innovation

The latest data from CB Insights reveals a significant downturn in global fintech funding, marking the lowest investment levels since 2017. In Q1 2024, fintech startups raised $7.3 billion, a stark decrease compared to $16 billion in 2023 and $32.9 billion in the same quarter of 2022. Despite this downturn, there are still notable high-value deals, with Monzo leading this quarter with a $430 million raise, followed by Flexport at $260 million. The U.S. continues to lead in funding volume with $3.3 billion across 393 deals, surpassing Europe's $2.2 billion across 203 deals. While the total number of deals has increased by 15%, indicating a resilient interest in fintech, the average deal size has decreased. The sector also introduced 19 new unicorns, showcasing the potential for significant valuations despite broader financial constraints. This shift suggests a more cautious investment landscape amid economic uncertainties, but also highlights the enduring appeal of innovative fintech solutions. As the market adjusts, there may be opportunities for startups to redefine value propositions and for investors to engage with emerging trends at potentially lower valuations.

By 2030, the African fintech market will be worth around $65 billion, according to a recent report by Boston Consulting Group (BCG) and QED Investors. Africa's fintech market is indisputably a very vibrant one; we have seen some really notable startups turned tech giants, and investments flow into this sector. In the below article, Aymen Mtimet, Partner Advisory at Deloitte Francophone Africa, shares his insights on the evolution of fintech in Africa, its current challenges, and growth opportunities. Read more here: https://lnkd.in/dfZ34iep News Source: Africa News Agency Image credit: Business Insider Africa

📉 Fintech funding in Singapore fell by 35% to $1.49 billion in 2023, down from $2.31 billion in 2022. 💼 Despite the decline, fintech remains a top investment sector, making up half of all startup deal values in the region last year. 🌐 The funding downtrend continues into 2024, with a 13% decrease in fintech investments in Southeast Asia during Q1. - Want full insights? Subscribe to Tech in Asia to read the entire article.

The Ivorian fintech startup Daba Finance has emerged as the victor of The Ecobank Fintech Challenge this year, securing a substantial reward of US$50,000. Ecobank, a prominent independent banking group with a pan-African presence, caters to over 32 million customers across various sectors, including consumer, commercial, and corporate banking, spanning 35 nations on the continent. The Ecobank Fintech Challenge, now in its seventh iteration, is an annual competition that opens doors for both nascent and established startups to forge partnerships with Ecobank in its extensive network of 33 countries. This year’s challenge saw a dozen cutting-edge fintech startups vying for the judges’ approval and the coveted US$50,000 prize. Daba Finance distinguished itself amidst stiff competition, clinching the top award with its innovative platform designed to democratize investing. Click the link to read more: https://lnkd.in/dvzMwBRK #innovationvillage #dabafinance #ecobank #fintechchallenge #technews #techtrends #cashprize #competition #challenge #techtrends #technews #accelerator #ecoysstem #ivorycoast

CB Insights has named NayaPay , a prominent E-Money Institution from Pakistan, to its seventh annual Fintech 100 list, highlighting the 100 most promising private fintech companies worldwide. “The 2024 Fintech 100 winners represent high-momentum firms that are shaping the future of financial services,” stated Laura Kennedy, Principal Analyst at CB Insights. “This year's cohort is notably leveraging AI across a variety of solutions while also demonstrating diversity in their impact on emerging and developing economies, addressing issues from fraud prevention to financial inclusion.” Danish Lakhani, CEO of NayaPay, expressed, “We are truly honored to be recognized by CB Insights as one of the most promising fintech startups of 2024. This recognition reinforces our commitment to empower millions of unbanked and underserved consumers and businesses in Pakistan, enabling them to manage their finances with ease, security, and trust. We will continue to innovate and tailor our offerings to address the unique needs of Pakistan's expanding digital economy.” The list primarily features early- and mid-stage startups that are driving fintech innovation. CB Insights’ research team selected the winners based on various datasets, including deal activity, industry partnerships, team strength, investor backing, employee numbers, and proprietary scores for Commercial Maturity and Mosaic. The team also reviewed Analyst Briefings submitted by the startups. Having recently been included in the Forbes Asia 100 to Watch list and awarded Best Fintech at the Pakistan Banking Awards, NayaPay is transforming how individuals and businesses in Pakistan handle their finances by providing intuitive solutions for everyday transactions and more. With strategic partnerships with global leaders like Visa and Alipay+, NayaPay is bringing the world closer to Pakistanis, fostering financial empowerment, and pioneering innovations to meet its users' evolving needs. . . . . . . . . . #initiatemagazine #initiate #initiator #Fintech #NayaPay #Innovation #FinancialInclusion #CBInsights #PakistaniStartups #DigitalEconomy #AI #FinancialServices #BankingAwards

Kazakhstan fintech market sees exponential growth: key trends and future outlook: Fintech now dominates venture capital deals in the country, accompanied by a noticeable rise in "bank+fintech startups" partnerships. Market Trends.

💻 Nala’s $40M Series A: Expanding Beyond Remittances in Africa’s Fintech Landscape 🤖 Nala, an African remittance startup, has secured a $40-million Series A funding round led by Acrew Capital, with participation from DST Global, Norrsken22, and others. This significant investment will fuel Nala’s global expansion, including scaling its remittance services to Asian and Latin American markets. The company is also launching a B2B payments platform called Rafiki, which aims to serve global businesses making payments into and out of Africa. 🤖 Nala’s consumer app currently enables money transfers across 11 African markets, with plans to expand to 249 banks and 26 mobile money services. The startup has achieved profitability and is on track to reach 500,000 customers. This funding round highlights the growing opportunities in the remittance sector, with the World Bank predicting strong growth in sub-Saharan Africa and other emerging markets. Nala’s success story demonstrates the potential for innovative fintech solutions in emerging markets. The company’s expansion from remittances to B2B payments shows how startups can leverage their core strengths to diversify their offerings. The significant investor interest in Nala also underscores the attractiveness of fintech solutions that address cross-border payment challenges in Africa and beyond. As the remittance market continues to grow, there are ample opportunities for startups to develop cost-effective, reliable digital payment solutions.

The MENA region is witnessing a fintech revolution, with remarkable growth in startups and funding volumes. However, challenges such as talent shortages and limited access to capital persist, hindering further development. The MENA fintech sector has seen exponential growth, with the number of startups skyrocketing and funding volumes soaring. Despite the growth, talent shortages and capital gaps remain significant hurdles, slowing down the sector's progress. Governments and private-sector entities must collaborate to address market fragmentation, strengthen capital markets, and attract talent. Initiatives such as regulatory changes, passporting agreements, and talent development programs are essential to fuel sustained growth. How can stakeholders work together to foster an environment conducive to fintech innovation and ensure the sector's long-term success? #fintech #MENA #investments