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NEWS HIGHLIGHT
New marketing rules are set to be introduced by the UK’s financial regulator to reduce the number of consumers making “high-risk investments” that are not in line with their risk tolerance. The Financial Conduct Authority (FCA) yesterday set out rules that will impact the peer-to-peer lending and equity crowdfunding sectors, including clearer risk warnings and banning some incentives to invest, like refer a friend bonuses. Link here.
FINTECH NEWS
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Tabby secured debt financing worth $150 million from two US-based investors, in what the company said is the largest credit facility for a fintech firm in the Gulf region. While concerns over inflation and a looming recession have hurt such companies in developed markets, Dubai-based buy now, pay later startup Tabby expects demand to continue rising in the Gulf where access to credit is scarce. Link here.
Raincoat raises US$4.5 Million in a seed round led by Anthemis. With the new round, the company will have around US$4,650 in funding.Raincoat is a Puerto Rico-based startup that provides insurance solutions for weather-related disasters. Link here.
Cred finalises acquisition of smallcase for $400m. Cred is an Indian FinTech unicorn based in Bengaluru that provides a member only credit card management and bill payments platform. Link here.
Savana has closed a $45 million Series A round led by Canadian growth-stage investor Georgian. US banking tech heavyweight Fiserv also participated in the round and intends to expand its existing reseller agreement with Savana. Link here.
Kenyan insurtech Lami raises $3.7M seed extension led by Harlem Capital. Speaking to Techcrunch, Lami’s founder and CEO Jihan Abass further announced plans to offer additional insurance product lines, while also revealing that the startup has made an entry into Egypt and Nigeria. Link here.