QI Tech (the “Company”), a leading financial services infrastructure provider in Brazil, today announced it has extended its Series B round, raising additional equity with current investor General Atlantic, a leading global growth investor, as well as Across Capital.
Liz Oakes has been appointed and Carolyn Wilkins has been reappointed as external members of the Financial Policy Committee (FPC), the Chancellor of the Exchequer, Jeremy Hunt, has announced today (25 April 2024).
Fidel API Holdings Limited (“Fidel Limited”), the holding company of Fidel API, a fintech transaction infrastructure platform, has completed an asset sale of its loyalty business to Enigmatic Smile (“ES”), a global reward technology facilitator.
“The SEC argues that nearly every token should be registered under U.S. securities laws,” commented a16z crypto’s general counsel Miles Jennings.
Co-founders Keonne Rodriguez and William Lonergan Hill are charged with money laundering related to the privacy-protecting wallet.
The banking sector has often overlooked the financial needs of those with irregular incomes, poor credit histories or migrant backgrounds, creating a gap in the market for companies to provide accessible and transparent financial solutions. Virraj Jatania, founder and CEO of a UK-based challenger bank Pockit, outlines its dedication to providing vital financial services to underserved communities in the UK, as well as plans to expand it offerings and customer base in the future. Tell us more about your company and its offering Virraj Jatania, founder and CEO, Pockit Pockit provides vital financial services to more than 900,000 customers in the UK – those whose needs aren’t met by the traditional banking system. Our customers include people with irregular incomes, poor credit profiles and migrants with no address history. Pockit’s current offering is a digital account with all the services you would expect from a traditional banking service and more, such as direct debits, faster payments, our Income Advance credit product, ‘Fast Track to Credit’ credit builder product, overseas payments, a pre-payment debit card, and a programme of cashback rewards on spending with selected retailers and offers on broadband, phone and TV contracts. What problem was your company set up to solve? Over one million adults in the UK are unbanked, and almost eight million people in the UK rely on the limited functionality of basic bank accounts. Worldwide, three to four billion people are financially underserved, including up to 130 million in Europe. There are too many banks and providers of traditional finance that prefer people with steady incomes and higher deposits. Pockit fills the gap left by these mainstream institutions, who would rather stay where they are comfortable, which inevitably drives financial exclusion amongst the most vulnerable. We feel especially compelled by the fact that there are many millions more facing financial stress in the wake of the cost-of-living crisis and inflation. Since launch, how has your company evolved? We’ve spent the past nine years building a robust and truly useful service for our customers. Over the last three years, we have really focused on making our business model more sustainable and commercially viable through a combination of improvements to revenue and reductions in cost to serve. These efforts have put us on a solid footing so that with our growing user base and continued support from investors, we can continue our growth and drive towards profitability. The solid footing that we are now on means that we can launch new and exciting products that we hope will greatly impact the consumer finance market. For instance, last month, we released our innovative Income Advance product, allowing customers to borrow money without the high interest rates and risks of loan sharks and payday lenders. The service costs a flat £4.99 fee per advance, with no additional interest charged, offering a financially responsible and regulated option for consumers. We are looking to launch other new products in the future that will continue to both meet and exceed our customers’ needs. What has been the biggest challenge or most ‘tricky moment’ to overcome? Unfortunately, we were caught up in the collapse of Wirecard back in 2020. They were highly credible and trusted across the sector by the likes of not only us but also Revolut, Monzo, Curve and more. As a result, we were one of a large group that identified their offering as fit-for-purpose for a growing fintech business and the debacle took us all by surprise. That said, Pockit has learned a lot since Wirecard, specifically the due diligence we carry out on key supply chain partners. This includes us better understanding their financial stability and key policies and, if appropriate, probing about any potential issues with the regulator. What are your biggest achievements or ‘proudest moment’ so far? Our biggest achievement has to be the impact that we have made in reshaping the consumer finance market by offering vital services to individuals who are left behind by high-street banks because they have irregular income flows, are on low wages, have poor credit histories or lack housing history because they have recently arrived in the UK. This was demonstrated in the launch of our Income Advance product. Amid the backdrop of a cost-of-living crisis and reduced availability of credit, we have launched a product that has consistently delivered take-up rates of approximately 50 per cent among our existing customers, strong repayment rates and low default rates. This felt like a vindication of our entire ethos of providing key services responsibly, affordably and sustainably to an underserved market. We do not want to rest on our laurels; having 900,00 customers is a huge achievement, but we want to continue to grow our customer base and launch innovative new products on our mission of supporting the financially underserved. How would you describe the culture of your company? We have a team that are unwaveringly committed to democratising financial inclusion. Empowering the millions of people who have been left behind by traditional financial services is core to our mission. Pockit champions a hard-working culture, which is important to deliver our audacious goals. At the same time there has to be an environment people enjoy being in, so we ensure the hard work is offset by doing things our team members enjoy and having an open door policy across the business. What’s in store for the future? One of Pockit’s key plans is to continue to grow its customer base. In the UK alone, 20.2 million people are financially underserved who could really benefit from Pockit’s services, not to mention the benefits Pockit can bring to the many millions more facing financial stress in the wake of the cost-of-living crisis and inflation. So we know the market demand is there. In addition to growing our customer base, we are broadening our product offering. As well as the recent launch of our Income Advance product, we have an ongoing trial and plan to fully roll out our ‘Fast Track to Credit’ credit builder product, which will help people locked out of the financial system improve their credit scores. The product involves creating a virtual loan, held in savings, against which the customer pays a monthly sum of £9.99, mirroring a repayment scheme. These repayments are reported to the three major UK credit agencies, Experian, TransUnion and Equifax, in order to assist customers in building their credit profiles. Our credit builder product will build on Pockit’s success in creating a safe, regulated and sustainable route to access a wider range of financial services for our customers. Beyond this, we are exploring additional products within the lending vertical to help customers manage the cashflow volatility they face in the month and this will be complemented with helping customers to save more through budgeting features, savings accounts, insurance products and more partners on our perks and rewards programme. The post Behind the Idea: Pockit appeared first on The Fintech Times.
BlockDAG Smashes $20 Million Presale Amid Moon-shot Keynote as Raboo (RABT) & Bitcoin SV Prices Dip In a stunning display of market dominance and innovation, BlockDAG has shattered expectations with a staggering $20.6 million presale, setting a new precedent in the cryptocurrency world. This monumental achievement was amplified by a groundbreaking keynote address delivered from the moon, catapulting BlockDAG into the spotlight and marking it as a pioneer in crypto marketing. Meanwhile, the cryptocurrency landscape saw contrasting fortunes as both Raboo (RABT) and Bitcoin SV experienced declines in their market prices. Raboo, known for integrating SocialFi and AI in meme coin creation, and Bitcoin SV, with its characteristic volatility, faced downward trends even as BlockDAG soared. This juxtaposition highlights the unpredictable nature of cryptocurrencies, where innovation and strategic marketing can drive success amidst the market’s inherent fluctuations. Bitcoin SV Experiences a Volatile Market Journey Bitcoin SV has shown considerable price volatility, exemplified by a recent drop to $257, despite reaching significantly higher valuations earlier. This fluctuation is part of Bitcoin SV’s ongoing market story, characterised by dramatic shifts that have seen it achieve an all-time high earlier in the month, following a sharp 300% increase and subsequent declines. These fluctuations underscore the unpredictable nature of altcoins, which often mirror Bitcoin’s market movements but with amplified intensity. From soaring highs to swift declines, Bitcoin SV’s journey is a testament to the volatile essence of cryptocurrencies. Raboo (RABT): A New Paradigm in Meme Coins Emerging in the crypto world, Raboo (RABT) brings a fresh perspective by integrating social networking capabilities with cutting-edge artificial intelligence. This platform facilitates user interaction and offers avenues for content creation and potential earnings, setting it apart from conventional cryptocurrencies. Raboo’s commitment to fostering a sense of community and ensuring fair distribution of resources highlights its potential as a noteworthy investment in the evolving market landscape. By focusing on these core values, Raboo aims to become a leading choice for investors looking for innovation and community-driven projects in the cryptocurrency space. BlockDAG’s Strategic Promotional Tactics BlockDAG’s approach to marketing is not just about widespread visibility; it’s about creating meaningful engagement. By announcing a $2 million giveaway that necessitates participation in the presale, BlockDAG is rewarding its community and fostering a deeper connection with it. This strategy is designed to encourage high participation and engagement, further amplified by the clever placement of a promotional video at Shibuya Crossing, a bustling hub known for capturing global attention. This strategy is emblematic of BlockDAG’s broader ambitions to attract and retain a vibrant community of supporters and investors. By leveraging such high-impact promotional tactics, BlockDAG aims to secure a dominant position in the crypto market. BlockDAG’s visionary roadmap underscores its commitment to sustainable growth and technological superiority. With plans to secure a spot among the top 50 projects on platforms like Coinmarketcap and CoinGecko, BlockDAG is meticulously planning its development in four strategic phases. Each phase optimises performance and maximises returns for the BlockDAG community, emphasising user-driven development and community engagement. Conclusion: A Historic Presale and Expansive Reach As the countdown to the end of BlockDAG’s presale continues, with only 17 days left, the excitement around the $2 million giveaway and the Shibuya Crossing billboard is palpable. These elements, combined with the groundbreaking teaser from the moon, are not just promotional strategies but are pivotal to expanding BlockDAG’s reach and solidifying its position in the global market. Join BlockDAG Now! Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here. The post BlockDAG Elevates Crypto Engagement with $2 Million Moon Teaser and Innovative Marketing appeared first on The Merkle News.
Through Facebook’s Move-based Ethereum virtual machines, Movement Labs aims to enhance smart contract security and transaction throughput within the Ethereum ecosystem.