PayTabs Group, MENA’s award-winning payment orchestration powerhouse today announced it had partnered with Nearpay, Saudi Arabia’s leading Payment Infrastructure as a Service fintech brand to offer users across Jordan and other PayTabs markets in the region, an elevated soft POS payment experience.

The collaboration aims to enhance the user experience of merchants and customers that use PayTabs Touch – PayTabs proprietary soft pos application across the region, including the MEPS FAST application in Jordan. As part of its payment orchestration platform, PayTabs soft POS technology is a modern leap in payment systems, seamlessly turning smartphones and tablets into swift payment terminals. This innovative solution streamlines transactions by ditching bulky hardware, empowering businesses of all scales to effortlessly process card payments.

With a user-friendly interface and robust encryption, it not only simplifies checkouts but also amplifies customer satisfaction. PayTabs soft POS technology enables merchants to conduct transactions anywhere, from bustling city squares to remote locations. This enhancement is set to redefine the landscape of mobile payment acceptance, offering friendly and efficient solutions for small and micro businesses. Businesses who sell out of a food cart, vendors running pop-up shops, or restaurants that offer table-side bill payments are a key demographic for tap-to-phone payment acceptance. PayTabs Soft POS, known for its secure features and reliability, will now be powered by Nearpay’s state-of-the-art POS infrastructure. This advancement aligns with the growing trend toward contactless payments, providing a secure and convenient option for both merchants and customers. The focal point of this partnership is the integration of Nearpay’s innovative ‘Tap to Phone’ technology into the PayTabs Touch app.

Commenting on the partnership with Nearpay, Eyad Musharbash, PayTabs Regional Head and Operating Partner for the LEVANT region said, “Two Saudi fintech brands are joining hands to power contactless payments the region. We are excited to collaborate with Nearpay to introduce this elevated Soft POS experience to our users. The integration of ‘Tap to Phone’ technology into PayTabs Touch will not only streamline payment processes for businesses but also offer millions of customers a modern and secure payment option.”

Mohammad Aleban, Nearpay CEO and co-founder added: “We’re excited about our partnership with PayTabs. Integrating Nearpay’s ‘Tap to Phone’ technology into PayTabs Touch is a game changer, streamlining payments for businesses and offering users a modern, secure option. This collaboration sets new standards for contactless payments, reflecting Nearpay’s commitment to transforming the payments landscape.”

SoftPOS enables smartphones or tablets with NFC capabilities to function as contactless payment terminals. Merchants transform their smartphones into secure and efficient point-of-sale terminals, enabling them to accept payments with just a tap. Individuals and businesses can accept payments from contactless cards and digital wallets on their devices while capturing necessary transaction authentication details. According to an exclusive report by The Insight Partners; due to the uptake of NFC enabled wearable technology and the increasing demand for contactless payments, the MENA NFC chip market is expected to reach USD1,191.20 million by 2028, a compound growth of 7.3% from 2021.

A new study from Juniper Research, the foremost expert in payments markets, has found the value of B2B payments will grow 40% by 2028, from $89 trillion in 2024, due to digital payment adoption in developing markets.

Instant payments will revolutionize B2B payments by enabling cheaper and more secure cross-border trade, with instant payments reaching 42% of all cross-border payments by 2028, at $16 trillion; up from just 17% in 2024, at $5 trillion.

Find out more about the new report: Global B2B Payments Market 2024-2028, or download a free sample.

Instant Payment Innovation Cutting Costs for Businesses

The research anticipates the adoption of ISO 20022, a universal standard for instant payments’ financial messaging, will drive third-party providers to build additional value-added services that create efficiencies for businesses. The extra remittance data that modern systems support can enable use cases such as automated accounting; drawing businesses to modern payment rails.

Report author Michael Greenwood stated: “The key advantage of the messaging language used in ISO 20022 is that messages are easier for machines to read. This makes it simpler to develop AI-based solutions around these payments; driving innovation.”

Digital Wallets Critical to Serving Small Businesses in Emerging Markets

The research found in many emerging markets, there were gaps in the access to banking for smaller businesses. This was restricting digital access and innovation. To better serve smaller businesses, B2B payment providers must focus on offering B2B payment capabilities via popular local digital wallets and mobile money services. This approach can then provide improved access to low‑cost digital payments, and can help B2B providers to create value-added services offering access to credit; a key pain point for small businesses.

Geidea, recognized as one of the 25 top Fintech companies by Forbes Middle East, renowned for its innovative solutions and substantial market impact proudly announces its strategic partnership with Fils, a revolutionary force in simplified climate action, empowering businesses of all sizes to embed climate positivity into transactions using their API. Geidea's collaboration with Fils not only underlines its commitment to reshaping the digital payments landscape but also signifies a pioneering step towards a sustainable future, aligning seamlessly with Fils' mission to transform industries, including banking, travel, eCommerce, and fintech, towards environmental consciousness and carbon neutrality. This exclusive partnership is set to make a lasting impact on the UAE's digital payments sector and beyond.

Fresh from being the official payment and POS provider for the United Nations Climate Change Conference (COP 28), Geidea demonstrates its unwavering commitment to sustainability through this groundbreaking collaboration with Fils. In this innovative partnership, Geidea and Fils are set to embed sustainability into every aspect of their activities. Merchants will now have the capability to empower customers by providing estimates of carbon emissions for specific transactions using Geidea’s payment gateways. Whether it's flights, rides, products, or shipping, customers can gain valuable insights into the carbon intensity of their actions. This not only fosters a culture of sustainability but also enables informed decision-making.

After being given an estimate of their carbon footprint, the collaboration with Fils allows customers to seamlessly contribute to trusted carbon credit projects directly from any product interface. This streamlined process empowers users to actively support a greener future and reduce their carbon footprint effortlessly with every transaction. 

Commenting on this transformative partnership, Sailesh Malhotra, General Manager - GCC stated, "At Geidea, we are thrilled to continue leveraging our technology to contribute to impactful and tangible solutions. This partnership with Fils aligns with our mission to go beyond conventional payment services, introducing a new era where sustainability is integrated into the very fabric of digital transactions."

Nameer Khan, founder and CEO of Fils, stated, “Our collaboration with Geidea is a significant step in Fils’ journey towards leading sustainable innovation in the global fintech landscape. Starting from UAE this partnership will extend regionally, reinforcing our commitment to ESG values across key regions. Working with Geidea is not just about fulfilling our environmental mission; it’s a testament to Fils’ visionary technology and dedication to making every transaction a positive force for our planet. Together, we are setting new standards in sustainable finance, demonstrating that progress and environmental stewardship can go hand in hand.”

Airwallex, a leading global payments and financial platform for modern businesses, today announced a multi-year partnership with the McLaren Formula 1 team, one of the sport’s most iconic brands. As an Official Partner, Airwallex will support McLaren’s global financial operations through its treasury management and cross-border pay-outs and settlement product suite. This partnership between Airwallex and McLaren will help ignite the fintech giant’s growth trajectory as it continues to scale globally.

Specifically, McLaren will use Airwallex to optimise its supply chain payments for all Grands Prix. McLaren’s existing payments infrastructure limits payment to suppliers, such as hotel and event space providers, to a singular currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfer time and additional SWIFT fees. 

Airwallex’s financial technology will unlock multi-currency payment options for McLaren, providing the company the ability to hold core currencies and exchange them with speed and ease at any point while reducing the amount of SWIFT fees that may be payable by leveraging Airwallex's extensive global proprietary payment rail network.

As part of this partnership, Airwallex will also provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform - further enhancing their multi-currency collection capabilities and allowing them to offer a broad range of global and local payment options.

Zak Brown, CEO, McLaren Racing, said “In the competitive world of Formula 1, efficiency and performance are crucial both on and off the track. We are delighted to have Airwallex on board and use their innovative and trusted payment solutions to support our team’s financial operations.”

Jack Zhang, CEO and Co-Founder of Airwallex, said “There are very few brands that match McLaren’s heritage and global appeal. Like McLaren, Airwallex is constantly innovating to move faster and with greater precision – with a product that unites people around the world. Our partnership will play a key role in supporting our global expansion, and we look forward to working with the McLaren team in 2024 and beyond to support our mutual growth.”

Alongside the product integration, Airwallex will become a partner of the McLaren Formula 1 team, with the Airwallex logo prominently displayed on the halo of the McLaren MCL38, on driver Lando Norris’ and Oscar Piastri’s overalls including the pit crew, as well as across other McLaren official branded material. 

A truly global sporting event with races held in 24 cities, Formula 1’s multi-market reach and impact are unrivalled. It has a global viewership of 1.5 billion annually1. Airwallex’s partnership with the McLaren Formula 1 team, a prominent and much-loved brand, aligns with its global ambitions to be the financial platform of choice for innovative businesses across the world. 

Today, Mastercard and Last Mile Solutions announced a new partnership to establish new payment standards for the Electric Vehicle (EV) charging industry, that will enhance the user payment experience at charging stations.

The new solution will enable CPOs to integrate their (existing) charging stations with a variety of payment terminal brands seamlessly, without the need for extensive integration efforts. The new payment gateway solution will unify the user experience and simplify payment terminal integration, onboarding and transaction processing.  

Through this collaboration, Mastercard and Last Mile Solutions are committed to fostering the uptake of electric vehicles throughout Europe by eliminating existing barriers and simplifying the charging process for drivers with interoperable and universal payment solutions.

The solution will be rolled out across Europe starting in early 2024 to enable CPOs to comply with the EU AFIR regulation that will come into force in April 2024.

“We are thrilled to be partnering with Last Mile Solutions. The transition to the mass adoption of electric mobility is key to building a more sustainable world. Achieving this requires partnerships like these to make the transition as seamless as possible, not only for consumers but also for infrastructure operators.” says George Simon, Executive Vice President, Market Development Europe, Mastercard.

“In the dynamic world of payment systems and EV charging, this strategic partnership between Mastercard and Last Mile Solutions will accelerate a seamless EV adoption. Our leadership in the market is anchored by providing an effortless payment terminal solution for charging stations for retrofit and newly built charging stations. This collaboration is designed to support Charge Point Operators to seamlessly facilitate integration and comply with AFIR. Our solution will allow operators to focus on their core business.” says Eric van Voorden, Chief Executive Officer, Last Mile Solutions.

Lendbuzz Inc, the AI-based fintech company that is disrupting the automotive lending industry, announced today that it has closed a $219 million securitization collateralized by a pool of auto loans made to obligors and secured by new and used automobiles, light duty trucks, and vans. This transaction is Lendbuzz’s first securitization of 2024, and the sixth since launching the program.

Lendbuzz Securitization Trust 2024-1 (“LBZZ 2024-1”) issued four classes of notes: Class A-1, Class A-2, Class B, and Class C. The LBZZ 2024-1 notes have been rated by S&P Global Ratings (S&P) and Kroll Bond Rating Agency (KBRA) as NR/K1+, AA-/AAA, A-/AA+ and NR/A-, respectively.

Goldman Sachs & Co. LLC acted as lead book-runner and structuring agent, with J.P. Morgan Securities LLC and RBC Capital Markets, LLC as joint book-runners; Regions Securities LLC acted as co-manager.

“This was an incredibly successful transaction for Lendbuzz with a first-time AAA rating, which is a testament to the Company’s focus on strong credit performance,” said George Sclavos, Chief Financial Officer at Lendbuzz. “We look forward to continuing to expand our asset-backed lender investor base, having added 12 first-time investors to the platform on this deal.”

Lendbuzz remains committed to growing its asset-backed securitization program and expanding its asset-backed lender investor base, helping to provide additional liquidity for asset-backed lender investors and maintaining a diverse financing strategy for Lendbuzz. The additional capacity will allow Lendbuzz to continue on its mission to offer fair access to credit for underserved populations.

Benepass, a flexible benefits platform for people-first companies, announced today that the company has raised $20 million in additional funding led by Portage and Clocktower Technology Ventures. Stephanie Choo, Partner at Portage has joined the Benepass Board of Directors. Workday Ventures and existing investors Threshold Ventures and Gradient Ventures also participated in the funding round.

The fundraise comes at a time when many large companies are looking to consolidate their benefits to control costs. Companies have accumulated diverse and costly point solution benefit vendors over the years, often underutilized by employees. This is no longer tenable in today's macroeconomic climate, so companies are analyzing and streamlining these offerings, aiming to cut down on vendors while maintaining employee satisfaction and engagement. This has fueled interest and excitement about flexible benefits platforms like Benepass.

"Portage invests in entrepreneurs who are reshaping financial services. We expect to see more consolidation of point solutions in the benefits space and believe that Benepass is at the forefront of this growing trend," said Stephanie Choo, Partner at Portage. "Our investment into Benepass will help to scale their mission to help companies distribute meaningful benefits that support the personal and professional well-being of their team."

The additional capital will be used to fuel growth by expanding distribution and technical partnerships with brokers, payroll, and HRIS providers. It will also fuel the building of new features for administrators and employees, including cash back on benefits and enhancing the user experience of the platform to help employees better understand and use their benefits. Benepass will also use the funds to leverage generative AI to produce insights into employee benefits behavior that will help enterprise customers better support their employees, understand benefits usage, and optimize benefit costs.

"Benepass is helping shift the approach around how companies take care of their employees, and we're excited to partner with them on their next stage of growth," said Barbry McGann, SVP and Managing Director, Workday Ventures. "We invest in companies that are shaping the next generation of enterprise technology and believe that is reflected in Benepass's mission to unlock personalization and global equity in benefits through its proprietary fintech stack and commitment to the user experience."

Tokenbridge, a token aggregator and distribution platform streamlining the wealth and fund management ecosystem, today announces the introduction of new features to support the construction, distribution, and evaluation of tokenized model portfolios.

The new functionality is designed to modernize and simplify the model portfolio ecosystem by improving connectivity between tokenized and un-tokenized funds and securities, enabling greater automation. For institutions and distributors, Tokenbridge’s model portfolio token design significantly reduces the volume, complexity, and cost of processes through several key features:

• Greater connectivity with model portfolio providers: providers of model portfolios can issue smart contracts via the blockchain that dynamically manage the rules and characteristics of their models enabling wealth managers and advisers to far better match suitable model portfolios to their clients’ desired investment outcomes.
• Greater connectivity between distributors and clients: distributors can execute their chosen model portfolio smart contract, creating a ‘personalized’ token on behalf of clients.
• Constant portfolio evaluation: Tokenbridge’s infrastructure allows for the evaluation of the client’s portfolio against the selected model by comparing the issuer’s smart contract with the fund tokens (and untokenized units) in the consumer’s portfolio so that rebalancing of the underlying (for example, for drift) is instantly reflected in the client’s portfolio.

For investors, tokenized model portfolio functionality offers greater flexibility to choose or switch model portfolios and paves the way for ‘hyper-personalization’, ensuring that their portfolios accurately reflect their investment preferences in both the tokenized and TradFi (untokenized underlying funds and securities) ecosystems. This is achieved by automating the acquisition of fund tokens (and untokenized units) to match the composition of their desired, customized model portfolio.

Stephen Ashurst, CEO of Tokenbridge, said: “The fund ecosystem is ripe for modernization. Model portfolios are hugely popular and growing fast globally and for good reason as they provide investors with access to sophisticated diversified portfolios underlying constructed by experts. The historic complexity and expense of connecting such a broad ecosystem – from fund managers to model providers to distributors and investors – is vastly simplified with the intelligent use of fund tokens and smart contracts.

“Tokenbridge’s model portfolio infrastructure is designed to facilitate this change – giving broader access and a simpler, more effective and more personalized experience to the next generation of investors. As tokenization gathers pace, for wealth managers and advisors, our technology means that client portfolios can be easily linked to popular retail models and any changes to those models will be instantly reflected in the client’s portfolios. A tokenized funds ecosystem represents a natural next step for the industry, vastly improving current processes, benefiting participants across the ecosystem, and aligning with regulators concerned about access to advice and investor outcomes. Our model portfolio token design ensures that TradFi assets are also connected to the distributed ledger world, offering advisers and their clients the best cost advantages of today with their brand-name favourites”.

This announcement follows Tokenbridge's full platform launch in late 2023, as well as the addition of several senior advisors to its advisory board.

WiseAlpha, the first company to invent fractional bonds, has announced a new wealth management portal and white-label solution, making it easier than ever for wealth managers to give clients access to fractional bonds. 

Corporate Bonds can give predictable income and equity-like returns without the same level of volatility. Before WiseAlpha, it was almost impossible for individual investors to access the bond market in any meaningful way despite the government and corporate debt securities market being valued at nearly €128 trn by the ICMA. Every investment required a  huge amount of complex paperwork and a minimum investment of £100,000 turning into a  predominantly institutional market.  

WiseAlpha’s proprietary tech platform made the whole process easy, and its Fractional  Bond product reduces the minimum investment to just £100 so that individual investors can easily buy the bonds of FTSE companies such as Ocado, Marks & Spencer or foreign corporations like Apple. 

The new B2B2C Solutions service for institutional clients takes the Fractional Bond product to the next level. It is now easy for Wealth Managers, banks, or brokers, to partner with  WiseAlpha and make Fractional Bonds available to their clients. This can be done using the  WiseAlpha interface, or they can provide a white-label solution so that partners can present the portal with their branding.

WiseAlpha has already partnered with a leading wealth management company and a bank,  details of which will be announced soon.  

WiseAlpha believes there will be huge growth in this area over the coming years. Over £100  million of volume has already been traded by individual investors on the WiseAlpha platform which will rise exponentially as it expands through institutional partnerships. 

WiseAlpha’s latest fundraising round was oversubscribed shortly after launch. It represents the next step for a company dedicated to the democratic revolution in the corporate bond arena by giving those same private investors exposure to its growth. 

Rezaah Ahmad, Founder & Executive Director, said today, “Our purpose is the democratization of the corporate bond market. The FCA recently expressed a desire to widen its participation in this market. At WiseAlpha, we were ahead of the curve, making it easy and affordable for individual investors. Our new partnerships with wealth  managers and banks will broaden access further, and we will be there for investors every  step of the way.” 

Sunbit, the company building financial technology for everyday expenses, announced today that it closed a $310 million debt warehouse facility led by Citi and Ares Management Credit funds. Established in 2016 to transform how consumers access, use, and benefit from credit, Sunbit will leverage the funds to meet ever-increasing consumer demand for the company’s market-dominant Buy Now, Pay Later (BNPL) solution and the next-gen, no-fee Sunbit Card.

Arad Levertov, CEO of Sunbit, said, “Today, millions of people choose Sunbit to manage their everyday needs and so much more. By offering virtually everyone a more transparent and fair alternative to what is currently in their wallet, we attract customers for life. We take this trust seriously. Regardless of what markets we enter or what products we offer, every major decision will be tested against what matters most: how many customers we’re reaching, whether they come back to Sunbit, and how their experiences were. We thank Citi and Ares for their support in arranging this facility.”

Jeffrey Kramer, Partner in the Ares Credit Group, commented, “We are excited to be partnering with the Sunbit management team as they continue to grow their technology-driven consumer finance platform. This transaction is another example of Ares’ ability to provide a scaled and flexible financing solution to help a company such as Sunbit achieve its strategic objectives.”

Repeatedly recognized for sustained and rapid business growth, Sunbit’s commitment to offering consumers access to best-in-class inclusive and personalized financing choices remains steady with an average 90% approval rate, without charging fees of any kind. As of the end of 2023, Sunbit supported over 2.6 million loan customers with over $1 billion per year in merchant transaction volume.

Sunbit is the leader in BNPL financing in the automotive services sector, serving customers of approximately 40% of the franchise dealerships in the U.S. 1, and is one of the fastest-growing companies serving the dental market2. In addition, Sunbit’s BNPL financing technology has been directly integrated into more than 15 SaaS vertical platforms, extending adoption and accessibility.

Consumers consistently select Sunbit BNPL technology when given the choice, and more than 1 in 3 become repeat customers.

By late 2023, the invite-only, next-gen, no-fee Sunbit Card was used for nearly $340 million in purchases by more than 110,000 consumers in 12 months and experienced high customer engagement.

James Paris, Chief Capital Officer of Sunbit, said, “This facility from Citi and Ares is a testament to our strong underwriting and financial performance, especially over the past several years, as well as our outstanding and unwavering focus. Even with ongoing macro headwinds and caution prevalent in the capital markets, it is exciting to see the consistent execution and strong momentum here at Sunbit, today and beyond.”