fintech digest
Qomodo Secures €34.5M in Funding Led by Fasanara, Worldremit Revolutionises Global Transfers & More
Research Team
17 November 2023
Milan-based fintech Qomodo raises €34.5 million to revolutionise essential expenses for physical retailers
Italian fintech Qomodo has raised €34.5 million in a pre-seed funding round led by Fasanara Capital. Qomodo is introducing a suite of smart payment solutions to physical retailers, including a Buy Now Pay Later formula for essential yet often unexpected expenses, increasing both customer peace of mind and business turnover.
WorldRemit taps into demand for easier international money transfers
The world of fintech has taken a few hits in the past few years. Klarna, the “buy now, pay later” credit provider, had its valuation slashed from $46bn to $6.7bn last year — although it has since posted its first quarterly profit since 2019. Meanwhile, Revolut, perhaps Europe’s most successful neobank, is still awaiting a licence in the UK, its home market.
US inflation broadly slows, erasing bets on more fed rate hikes
US inflation broadly slowed in October, which markets cheered as a strong indication that the Federal Reserve is done hiking interest rates.
The so-called core consumer price index, which excludes food and energy costs, increased 0.2% from September, according to government figures. Economists favour the core gauge as a better indicator of underlying inflation than the overall CPI.
British fintech Wise reports 280% jump in profit as higher interest rates boost income
British fintech firm Wise nearly quadrupled pre-tax profits in its half-year results out on Tuesday, citing a boost from higher interest rates.
Wise reported revenue of £498.2 million, up 25% year-on-year, in the half-year ended on Sept. 30, 2023. Including interest income, the company’s total income stood at £656 million for the period, up 58% year-on-year.
Singapore to pilot use of wholesale central bank digital currencies in 2024
Come 2024, Singapore will pilot the live issuance and use of wholesale central bank digital currencies, said Ravi Menon, managing director of the Monetary Authority of Singapore.
“We will take our experiments a step further next year,” said Menon at Singapore FinTech Festival 2023 on Thursday, without specifying more details on the timeframe.