Fast, neat combine for cross-border trade

In today’s FinTech news, FinTech-as-a-Service company Rapyd is taking over cross-border commerce platform Neat to provide expanded digital services to small and medium-sized enterprises (SMEs). Additionally, Indonesian fintech Ayoconnect raises $15m in Series B funding, while Nigerian brokerage app Bamboo raises $15m in a Series A round.

Rapyd Acquires Neat to Advance Cross-Border Commerce

With a global payment network supporting over 900 payment methods in over 100 countries and global payments in over 200 countries, Rapyd acquired Neat to integrate businesses’ add-on services and streamline the process. The combined entity will offer real-time payments with FPS, CHATS and SWIFT in Hong Kong, as well as faster payments in China. Virtual and physical Visa cards are also on deck, and eligible businesses can apply for a working capital line of credit.

Indonesian fintech Ayoconnect secures $15m Series B funding

Indonesian FinTech startup Ayoconnect has raised $15 million in a Series B funding round for its open funding platform, with plans to launch innovative products while increasing overall capacity. The startup was launched in 2016 and has over 200 application programming interface (API) clients and 4,000 integrated financial products. Ayoconnect’s Banking-as-a-Service APIs offer account opening, disbursement, credit, investment, savings and more.

Nigerian FinTech Brokerage App Bamboo Notches $15 Million Series A

Brokerage app Bamboo is expanding its penetration in Africa with $15m from a Series A funding round that will also be used by the Nigerian startup to accelerate its growth and roll out additional products. The company has over 300,000 accounts in Nigeria that allow users to buy and trade US stocks in real time using the local currency. Bamboo’s API is available for use by Asset Managers, FinTechs and Banks to enable clients to invest globally.

Convenience pushes consumers to open the banking system

US and Canadian consumers surveyed by Mastercard indicated a willingness to share financial information with FinTechs if the processes were quick and convenient. The survey showed that 90% of respondents in both countries are already using digital financial apps for money management. Some 82% said they have paid bills with apps, while 80% use them for banking.

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NEW PYMNTS DATA: 70% OF BNPL USERS USE BANK PAYMENT OPTIONS, IF AVAILABLE

On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed over 2,200 US consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.

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