Challenger Banks In South America News

Related Fintech Industry News

• January 2023: ToYou, a delivery app established in Saudi Arabia, and the shopping and payment app Tabby partnered to create a new BNPL service in the country.
• June 2022: Postpay, a leading BNPL provider in the Middle East, partnered with Tap Payments to offer more innovative and popularly used payment methods to businesses.

• November 2023: Stripe, a financial infrastructure platform for businesses expanded support for JCB, a leading card network in Japan and one of the top payment networks in the world. JCB is now available on Stripe in 39 countries and territories, making it easy for businesses in those markets to accept payments from 154 million JCB cardholders. 
• April 2022: Stripe, a platform for businesses' financial infrastructure, launched the Stripe Partner Ecosystem, a new partner program with top companies whose services help Stripe users do well in the internet economy.
• March 2022: The digital personal finance company SoFi Technologies, Inc. announced that it had finished buying Technisys S.à.r.l. ("Technisys"), a leading cloud-native, digital multi-product core banking platform. Technisys adds a unique, strategic technology and business to the SoFi family, bolstering SoFi in its pursuit to provide best-of-breed products as a one-stop-shop financial services platform and complementing and enhancing SoFi's Galileo business in SoFi's overall pursuit to build the AWS of fintech.

• February 2023: The German neobank N26, also active in Switzerland, was looking for an acquisition allowing its customers to trade stocks and index funds.
• January 2023: The German neobank Rukky announced it has filed for bankruptcy after less than three years in operation. The decision to file for insolvency came after Ruuky failed to secure fresh funding from either new or existing investors.

The buy now pays later payment platform has significantly increased during the COVID-19 pandemic due to the rise in purchasing the consumer's goods through the online channel during Lockdown. Moreover, an increase in customer spending on health treatment, a rise in the cost of luxury electronic products, and an increase in the use of online payments services are some of the important factors that will accelerate the growth of the buy now pay later market during the COVID-19 outbreak.

The COVID-19 pandemic has adversely affected the economies of various countries across the globe. International Monetary Fund Analysis has expected the global economy to shrink by 3% percent in the year 2021 compared to the year 2020. Due to decreasing GDP, the purchasing power of people across the globe is also expected to decrease. Over 20 million citizens in the U.S. have applied for unemployment benefits. Owing to all these factors, people across the globe may use BNPL platforms to pay their bills. The online transactions using BNPL platforms are also expected to increase during the forecast period.

July 2021 - Z1, a digital bank geared at Latin American GenZers based in Sao Paulo, has secured USD 2.5 million in a round led by Homebrew in the United States. Z1 is a digital banking software designed specifically for teenagers and young people. The company was formed on the idea that Brazilian and Latin American teenagers may become more financially independent by using its app and linked prepaid card. Z1 is focused on Brazil but the startup has plans to expand into other countries in Latin America over time.

June 2021 - Conductor, a leading payments & banking as service platform in Latin America, has announced the arrival of its technological platform in Mexico, considered strategic for the internationalization and global expansion of the company.

• December 2023: Conferma Pay and Mastercard expanded their partnership to enable mobile virtual card payments. Mastercard’s commercial bank clients were expected to be able to offer the convenience of contactless virtual card payments to their corporate customers using Conferma Pay.
• May 2022: Mastercard and fintech giant OPay announced a strategic partnership for broader financial inclusion and economic prosperity by opening digital commerce to millions across the Middle East and Africa.

In February 2023, the French MACIF Group announced that it was acquiring windshield repair company Mondial Pare-brise. Across France, Mondial Pare-Brise is the third largest player in the space and has a network of 806 locations. Macif is the first French insurer that acquire a car glass repair and replacement network.

In February 2022, AXA executed a share repurchase agreement with an investment services provider. AXA will buy back its shares for a maximum of USD 0.55 billion (EUR 0.5 billion) to neutralize earnings dilution from disposals.

• December 2022: ERGO launched a new brand claim and accompanying product campaign focusing on 'Making Insurance Easier' in all its marketing and customer communications.
• July 2022: Hanover Insurance introduced the Hanover i-on Sensor program to reduce business debt. Hanover Insurance Group is a leading non-life insurance company. Through strategic partnerships, Hanover's i-on-sense program provides business owners and organizations with a comprehensive suite of technology services to help prevent theft, property damage, workplace injuries, and other losses.

• January 2023: ToYou, a delivery app established in Saudi Arabia, and the shopping and payment app Tabby partnered to create a new BNPL service in the country.
• June 2022: Postpay, a leading BNPL provider in the Middle East, partnered with Tap Payments to offer more innovative and popularly used payment methods to businesses.

• December 2023: Cathay Insurance Vietnam joined hands with SAWAD to unveil an all-inclusive "Dual Finance" initiative. This program empowers customers to seek financial assistance while securing mandatory insurance coverage seamlessly. To cater to its clientele's diverse needs, Cathay has set to roll out a personal injury insurance scheme in December, complementing its existing financial support and automobile insurance offerings.
• November 2023: In a significant move, Vietnam joined the Association of Southeast Asian Nations (ASEAN) Compulsory Motor Insurance Scheme (ACMI). Under this scheme, all motor vehicles, while in transit or en route to any ASEAN member state, must have mandatory third-party motor liability insurance.