Fintech Processes $1 Billion in Payments via Word-of-Mouth
TechCrunch Fintech: This Week's Highlights
Greetings from TechCrunch Fintech! This week’s edition focuses on several key developments within the financial technology landscape.
Significant Milestones and Funding Rounds
We will be examining Juicyway’s impressive achievement of facilitating over $1 billion in international payments. This demonstrates substantial growth and market penetration.
Furthermore, we’ll cover CarDekho SEA’s successful completion of its initial external funding round. This investment signals confidence in the company’s expansion within the Southeast Asian market.
Innovative Fintech Solutions
A noteworthy fintech company is leveraging AI to connect financial advisors with potential clients. This innovative approach aims to improve client acquisition and optimize advisor-client matching.
Additional Updates
Beyond these highlights, this week’s newsletter includes further insights into the evolving fintech sector.
Please note that TechCrunch Fintech will be pausing publication for the holiday season. Mary Ann Azevedo, our dedicated fintech correspondent, will resume regular updates on January 7th. ❄️
Revolutionizing Cross-Border Payments
Stablecoin technology is poised to facilitate billions of dollars in international transactions, offering a new paradigm for global finance.
Juicyway, a fintech company based in Africa, is at the forefront of this innovation, utilizing stablecoins to enable swift and cost-effective cross-border payments.
Having operated discreetly for the past three years, the company has now publicly announced its success after processing over $1 billion in transactions for numerous African businesses.
Significant Transaction Volume
Juicyway reports having facilitated more than 25,000 transactions, resulting in a total payment volume of $1.3 billion from a user base of 4,000 individuals.
Remarkably, this substantial growth was achieved without a publicly accessible application or dedicated marketing campaigns; instead, the company benefited significantly from organic, word-of-mouth recommendations.
A New Era for Payments
While remittance services represent a typical client for cross-border payment platforms, Juicyway embodies a fresh approach.
It is part of a growing trend of platforms powered by stablecoin technology, which are disrupting traditional payment systems in both established and developing economies.
These platforms present a compelling alternative to conventional methods, offering increased efficiency and reduced costs for international money transfers.
Financial Updates: Recent Investment Rounds
Mynt has secured €22 million in a funding round spearheaded by Vor Capital. To date, the company’s total funding amounts to approximately €50 million. Sources indicate that this latest investment establishes Mynt’s valuation at around €200 million.
Significant Funding for Upvest
Upvest recently completed a €100 million Series C funding round, with Hedosophia taking the lead. The company has not publicly revealed its post-round valuation, but confirms it represents a substantial increase over its previous valuation.
KAST Receives Seed Funding
A $10 million seed investment has been jointly led by Peak XV and HongShan for KAST. This platform facilitates the holding and expenditure of stablecoins via conventional payment methods, functioning similarly to a dollar-denominated neobank.
CarDekho SEA's Valuation Surpasses $300 Million
CarDekho SEA has successfully raised $60 million in equity, resulting in a valuation exceeding $300 million. This marks the company’s initial external funding round, supplementing a prior $40 million investment from its parent organization, CarDekho Group.
Finny Secures Seed Round for Growth
Finny has obtained $4.2 million in a seed funding round, co-led by Maple VC and HNVR. These funds will be allocated towards expanding the engineering team and improving the platform. The platform leverages AI to connect financial advisors with potential clients.
These recent investments demonstrate continued interest and growth within the fintech and automotive sectors.