Edition 60| Neo Banking Newsbeat | Your Weekly Neo Banking Updates
☕ We’re back with this week’s Neo Banking Newsbeat—your perfect coffee-break buddy! So, grab your favorite brew and catch up on the freshest trends and insights from the FinTech and Neo Banking world! 🎉
1st WEEK OF OCTOBER 2024 🍂
Get ready to dive into all things digital finance, where we break down the latest buzz to keep you in the loop and ahead of the curve. Let’s get into it!
THE NEOBANKING MARKET TODAY📈
Here’s the latest from the Neo-banking Olympics!
SoFi is showing off with a 1.5% gain, but JPMorgan could use some encouragement after that slip!
Meanwhile, Nubank is on a roll with a cool 0.8% boost, and Wise? Looks like they’re taking the scenic route today!
Mastercard Agrees To Buy Subscription Management Startup Minna
Mastercard has agreed to acquire Swedish startup Minna Technologies, a company specializing in subscription management through bank apps. Minna helps users manage services, avoid unwanted charges from free trials, and switch utilities for better deals.
With the global number of subscriptions expected to rise to 9.3 billion by 2028, Mastercard sees this acquisition as a way to simplify subscription management for consumers
HSBC Writes Off Monese Stake
HSBC has written off its $35 million investment in Monese, a mobile banking fintech that targets expats and immigrants. Despite raising significant funds, Monese posted a £30.5 million loss in 2022, raising concerns about its future.
While the fintech did manage to secure more funding and split its business into consumer and corporate segments, other investors, like Sweden's Kinnevik, have also written off their stakes due to uncertainty.
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Paybyrd Taps Mangopay To Optimize Payments For Merchants
Paybyrd has partnered with Mangopay to enhance payment solutions for its merchant clients, including brands like TAP Air Portugal and Decathlon. This partnership enables Paybyrd to streamline payments
With this collaboration, Paybyrd aims to improve efficiency, reduce costs, and provide a smoother payment experience for its 2,200+ clients across retail, travel, and hospitality.
Kazang Pay Debuts Card Acquiring Service In Zambia
Kazang Pay has launched a card acceptance solution for merchants in Zambia, allowing them to accept VISA cards and mobile wallet payments on the same terminal they use for prepaid services. Payments are settled the same day to the merchant's Kazang wallet.
With around 12,000 terminals in Zambia, Kazang aims to expand card payments across most terminals within six months, offering low transaction fees and no rental costs for qualifying merchants. This move supports Zambia’s growing financial inclusion
AmEx And Boost Team On Virtual Card Payments For Suppliers
American Express has partnered with Boost Payment Solutions to automate virtual card processing for U.S. merchants accepting AmEx. Using Boost's Intercept® system, qualified merchants can streamline the handling of virtual cards, eliminating manual processes like entering card numbers from emails.
This automation speeds up payments, improves cash flow, and reduces errors. With 52% of U.S. commercial card spending expected to be on virtual cards by 2025, this collaboration enhances efficiency and security for suppliers, helping businesses run more smoothly.
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