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Welcome to another episode of our Daily Fintech Podcast.
This podcast episode is sponsored by PayRetailers. PayRetailers is a Spanish company and a leader in online payment services dedicated to creating a fast and simple payment process for merchants and shoppers. The company offers a full range of payment solutions to help e-commerce companies accept online payments through a single API. By accepting local payment methods, PayRetailers allows anyone to make online purchases, even if they don't have credit or debit cards. Visit www.payretailers.com
THE NEWS HIGHLIGHT OF THE DAY IS
Zip Co and Sezzle have mutually agreed to cancel their merger. This is due to the current industry climate which has seen the financial prospects of both companies severely damaged.
JUST IN:
Paris-based BlackFin Capital Partners, private equity and venture capital firm focusing on financial services, announced on Monday the second closing of its Tech 2 fund at €350M.
ALSO:
For the first time in history, remittances to Mexico surpassed $5B USD in May 2022, according to data from Banxico. The average remittance value is $401 USD, and 5%+ of all households in the Mexico receive one.
FURTHERMORE,
Chilean insurance-tech startup Betterfly plans to expand overseas after its latest funding round swelled its valuation to $1 billion. The company is preparing to begin operations in seven new markets in 2022 -- Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica –- using the proceeds of its Series C round, according to founder and Chief Executive Officer Eduardo della Maggiora.
WHAT ARE THE LATEST INSIGHTS?
Small and Medium Businesses (SMBs) make up an essential value pool for the banking and financial services industry, accounting for more than 90% of all companies and more than 50% of jobs worldwide. Despite being such an important value pool, SMBs have remained an underserved market for their business banking needs. The finance gap for formal SMBs in emerging markets is estimated to be USD 5 trillion.
LET’S HEAR ALL ABOUT MERGERS AND ACQUISITIONS:
M2P Fintech, an Asian financial Infrastructure company recently announced it has acquired Finflux, a cloud lending platform.
AS FOR PARTNERSHIPS
The Philippine Postal Corporation (Post Office) has partnered with UBX, a fintech unit created by the Union Bank of the Philippines, to launch a capacity development project which will allow the postal agency to offer financial services.
Agrotoken, a global tokenization platform focused on agrocommodities, has teamed up with Pomelo and Algorand as strategic allies for the implementation and development of a card designed for the agricultural sector.