Daily Fintech Crunch: 23/03/2022

Dear All

Normal Service resumes (I hope some of you enjoyed the Crypto only Special edition which we published yesterday). Welcome to today’s fintech crunch.

⚡ Fintech:

• BNPL has found solid ground in India for various reasons. On top of the convenient, flexible, and transparent solutions that the service provides, BNPL has been utilized in India to provide everything from online education to medicine and food delivery. There are tons of massive opportunities that will rise in India, making it the largest BNPL market globally in the next five years.

• WhatsApp for Business is proving to be convenient for millions of customers thanks to its ease of accessibility, helping people recall their last interaction with a brand. Which is why this Latin-American-based financial education and management app Mozper is partnering with Connectly, helping them strengthen their engagement and connect with their customers on a more personal level. Connectly helps brands integrate their other systems, send bulk notifications, and automate chatbots through the third party application.

• JP Morgan Chase has been on a buying spree, with their latest acquisition of Global Shares at at least €450 million. The financial giant is counting $3.386 trillion in assets, a 26% yearly increase between 2019 and 2020. Last year alone, JP Morgan Chase made over 30 acquisitions, including OpenInvest, Nutmeg, and C6 Bank. 

• Mastercard is partnering with HSBC to launch the Mastercard Track Card to Account Transfer. This new B2B payments option in the UK will help businesses manage cash flow and allow businesses to make payments to their supplier, regardless of what payment methods their supplier accepts.

• Corporate card startup Ramp has hit a $8.1 billion valuation after securing a $200 million funding. This round saw Ramp’s valuation more than double since its last Series C round in August.

• Global crypto exchange Binance signed an MoU to acquire Brazilian securities brokerage Simpaul Investimentos. Binance has done business in Brazil before, but crypto exchanges need proper licensing and an existing operator.

• Robinhood launched on Tuesday a new debit card that allows spare change investing. The new cash card allows users to round up their change to the nearest dollar and invest it in assets of their choice. Users will also be rewarded a weekly bonus.

• China's Valuable Capital Group Ltd. (VCGL) has applied to the Capital Market Authority for a Saudi Exchange and Financial license. The application was made through its Saudi Arabian subsidiary, VCGL said on the sidelines of the inaugural Saudi Capital Market Forum 2022. VCGL is a leading fintech group founded in Hong Kong powered by Sina Corporation with dedicated online brokerage services.

• FlapKap announces launch and successful completion of a $1.2 million fundraise led by A15 firm. The company is the regionally contextualized version of Clearco and Wayflyer. It offers online businesses AI-based insight to help them optimize their advertising spend and maximize profits.

💸 Crypto & DeFi:

• Coinbase is planning to expand to international markets through its new Coinbase Wallet. The exchange platform’s mission is to “establish an open financial system throughout the world.” Coinbase already expanded into multiple regions, and is pushing for teams in the Middle East, North Africa, Latin America, and East and Southeast Asia.

• Avalanche and Chainlink are collaborating with Lemonade on weather insurance for farmers. Later this year, a newly founded DAO sponsored by the Lemonade Foundation will begin offering permissionless weather insurance to African farmers.

🧠 Metaverse & NFTs:

• As product companies like Apple, Meta, Alphabet, Samsung and others start developing wearables to support interaction in digital and non-digital spaces, and as we move on from 5G bandwidth to 6G bandwidth in about six to eight years, the Metaverse will be all around us. Buying the product will be 'one click' a-la Amazon, or you can put it into your personal cart for later. There is no doubt that the Metaverse will change the way we interact with brands.

• Yuga Labs, which owns three of the most well-known NFT brands, revealed today that it has raised $450 million in fundraising at a valuation of $4 billion. The company behind Bored Ape Yacht Club intends to use the funds to establish a media empire centered on NFTs, beginning with games and its own metaverse project.

• Through the protection of physical property, the insurance business contributes significantly to economic development. In order to support the metaverse, how will it evolve to cover increasing digital property risks? Only firms who are dedicated to producing engaging, user-friendly experiences while growing into the digital realm will succeed.

• Following the steps of JP Morgan and HSBC, Meta Bank Defi has declared its entry as the world's first decentralized 360 solution bank in the metaverse. "The objective is to implement decentralized banking and to assist people properly understand the principles of virtualization," Meta Bank Defi said.

🌎 Other News:

• Sheikh Mohamed bin Rashed announced that the UAE has approved the use of crowdfunding in public and private sectors. This decision is in the best interest of young entrepreneurs as it helps secure funding for innovative commercial ideas.

📑 Report of the Day:

• Payhawk and Curve have released a report on how fintechs work alongside the established financial services sector, particularly banks. The report uses case studies from both Payhawk (B2B) and Curve (C2C) to demonstrate the benefits that fintech offers.

Until tomorrow, goodbye and good night.

–Arjun Vir Singh.