In today’s top stories from Europe, the Middle East and Africa, Western Union is partnering with cloud banking platform Mambu to deliver digital banking products in Europe.
In addition, the ADQ is launching a $100 million fund to promote technological innovation in Jordan, and the Swedish e-commerce platform Juni is raising $206 million.
Western Union Partners with Mambu for European Digital Banking
Cloud banking platform Mambu and global money transfer giant Western Union have teamed up to provide digital banking products in Europe.
Western Union’s WU+ digital banking application has been built using Mambu and will integrate multiple features to enable money movement, card management and transaction activity. Thanks to Mambu, Western Union can launch new banking products that can be configured with external applications.
“Our ambition is to provide our clients with market-leading financial solutions. By partnering with Mambu, we have built our digital banking products and services starting in Europe with Germany and Romania,” Thomas Mazzaferro, Western Union Chief Data and Innovation Officer, said in a statement. Press.
UAE’s ADQ launches $100m technology fund in Jordan
The ADQ of the United Arab Emirates had opened a $100 million technology-focused venture capital fund with the Ministry of Digital Economy and Entrepreneurship in Jordan.
The fund is designed to support high-growth tech companies and the continued growth of the digital economy in Jordan, which is home to more than a quarter of all tech entrepreneurs in North Africa and the Middle East.
“We established the $100 million fund with the Ministry of Digital Economy and Entrepreneurship in recognition of the strong potential of Jordan’s tech ecosystem,” said HE Mohamed Hassan Alsuwaidi, Managing Director and CEO of the ‘ADQ. “Jordan’s dynamic market offers vast investment potential in sectors where we have significant expertise.”
Hello Pay launches business solutions package for SMEs in the EMEA region
Hello Pay has launched a turnkey suite of business solutions for small and medium-sized enterprises (SMEs) and entrepreneurs designed to foster growth, reduce costs and increase their financial access.
Hello Pay’s SoftPOS tool allows customers to process payments, access daily automatic reconciliation, and activate and control multiple devices with one account. The company also offers its Business Solution to enhance its SME offering, giving merchants access to loans, trade cover, armed response and other tools.
“We realized that many of our customers needed a solution that reduced operational costs and provided protection and business growth,” said Zunaid Miya, General Manager of Hello Pay. “With the Hello Pay Business solution, merchants have access to services and benefits that they would normally struggle to acquire.”
Juni, a Swedish FinTech platform for e-commerce, raises $206 million
eCommerce FinTech Juni has raised $206 million in Series B funding and venture debt, funds that the Swedish company says will fuel hiring, growth and product development.
Founded in 2020, Juni is a financial management platform that works with businesses on physical and virtual cards, credit cards, accounting, analytics, and digital ads while providing businesses with a “holistic view” of their finance.
Samir El-Sabini, the company’s co-founder and managing director, said he knows “first-hand the frustrations of running an e-commerce business and the time wasted managing expenses, lack of cash flow visibility and scaling advertising campaigns”.
“With this funding, we’ll help e-commerce businesses win by building the right information, features, and integrations while injecting capital into their marketing spend,” he said. “We are committed to creating the best financial companion for e-commerce and are thrilled to have fantastic investors on our side who share our strategic vision.”
Factris obtains 10 million euros to finance the invoices of European SMEs
Small business working capital startup Factris has raised €10 million from NN Investment Partners, an asset manager owned by Goldman Sachs.
Based in Amsterdam, the FinTech offers capital to small and medium-sized enterprises (SMEs) in Europe and personalized support, relying on factoring as its main form of financing.
With factoring, Factris provides instant financing to SMEs on unpaid invoices instead of having to wait a month or more for the invoice to be paid. Factris charges its fees by charging a percentage of the invoice. The company has recently expanded into Belgium and Poland and works with SMEs in five European Union countries.
Lebanese super app Toters raises $18 million for expansion
The Lebanese super app plans to expand its operations in Iraq after raising $18 million in a Series B funding round.
Founded in 2017, toters initially offered a food delivery service, but has since branched out to include grocery delivery, payment services and courier services.
“Toters and other logistics platforms can serve as a key infrastructure layer in digital economies, as they create income opportunities for micro-entrepreneurs, who are the couriers, digitize small and medium-sized enterprises and provide a platform -form on which multiple digital services can be built,” IFC’s Anissa Kanoun, who led the round.