The FinTech transactions from this week, which raised a total of $853 million, included participants from various nations.
The top 10 agreements this week included seven different nations as participants. With four (Arta, Island, Laika, and Brightside), the US took the lead, followed by Algeria (Yassir), Canada (Hopper), Poland (Ramp), Mexico (Mendel), Egypt (Blnk), and Agrolend (Brazil).
Yassir, an incredible app from Algeria that offers ridesharing, food delivery, and banking services, raised the most money this week.
BOND, DN Capital, Dorsal Capital, Quiet Capital, and others contributed to the company’s capital raising. Customers may manage all of their everyday operations using this ecosystem that functions as an all-in-one solution.
Super applications are growing more and more well-liked worldwide. A free booklet explaining what super app is and why they are so popular was been published by WealthTech business Currencycloud.
Because of companies like WeChat, these services gained popularity in China and have subsequently spread to other countries.
These have grown in popularity since they not only provide simplified management for clients but also better assist those who have not received service from conventional financial institutions.
72% of users are interested in a super app, according to a recent PYMNTS survey. The UK respondents to the poll expressed the highest interest in these kinds of apps, with 74% of their responses indicating interest.
Investment money has mirrored the popularity of these apps. Lydia, a financial services mega app located in France, recently raised $100 million in funding and saw its valuation rise to $1 billion.
In contrast, Toss, a South Korean company, closed a $410 million round with a valuation of $7.4 billion. Revisiting the top ten transactions from this week’s financing rounds there was a variety of industries there.
Three of the agreements (Yassir, Arta, and Brightside) were in the wealth technology sector, while two firms were involved in marketplace financing (Blnk and Agrolend).
The top ten also included PayTech (Hopper), Ramp (cryptocurrency), CyberTech (Island), RegTech (Laika), Infrastructure & Enterprise Software, and others (Mendel).
Marketplace loan firms may become highly sought-after as global recession worries grow. Many companies are currently recovering from the consequences of the Covid-19 outbreak but are once again in a survival struggle.
Many of these businesses could consider borrowing as a source of funding. SME Finance CEO and co-founder Mindaugas Mikalajnas were interviewed by FinTech Global on the function of SME financing amid their market slump.
Since SMEs make up the majority of businesses, many will be in need of assistance; nevertheless, Mikalajnas thinks conventional players are not the greatest candidates to do so.