Banking Infrastructure

South African banking-as-a-service (BaaS) company Jumo has bagged $120m from a recent funding round co-led by Visa, Fidelity Management and Kingsway.

ZenBusiness, the platform that strives to empower entrepreneurs, has secured $200m in Series C funding led by Oak HC/FT and SoftBank.

Founded in 2014, FinTecSystems is specialised in open banking infrastructure and data analysis to help companies make data-driven and automate decisions. At a time when companies are scrambling to protect their assets from criminal actors, could FTS’ open banking infrastructure be a flood barrier against the rising wave of financial crime?

Digital payments network MFS Africa has raised $100m in Series C funding, marking another milestone in the company’s expansion.

Productfy, a banking as a service platform that offers embedded financial products, has raised $16m in its Series A funding round.

According to a recent report from global professional services company Accenture, banks could increase annual revenues by almost 4% by embracing innovative business models of digital-only banking and financial services.

Brazil-based QI Tech, a FinTech that provides a range of financial services through APIs, has raised $50m in Series A funding.

Consumer savings platform Accrue has inked $4.7m from a seed funding round led by Twelve Below.

New York-based neobank Lili has raised $55m from a Series B funding round led by Group 11.

FinLync, which claims to be transforming corporate finance and treasury offices, has closed its funding round on $16m.