FinTech Weekly - Global Fintech Pulse - Issue #481

Tanzania's fintech ecosystem is experiencing significant growth, with a surge in the development of new solutions. The quality of these innovations is reflected in their technical performance, as all categories maintain a standard above 50%, indicating that the solutions being provided are of solid quality.

The "FinTech Blockchain - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offerings, revealing that the global market for FinTech Blockchain, valued at $2.1 billion in 2023, is expected to surge to $49.2 billion by 2030, with a robust CAGR of 56.4% over this period. This report offers a detailed analysis of market trends, drivers, and forecasts, providing valuable insights for informed business decision-making.

Wegofin is an innovative fintech platform that streamlines payment processing and financial management for businesses in India. By utilizing advanced technologies, such as artificial intelligence (AI), Wegofin aims to boost operational efficiency, minimize transaction failures, and enhance the overall customer experience. Serving as a one-stop hub, it offers a range of financial tools and products tailored for businesses of all sizes, from startups to established enterprises.

In the crowded fintech space, small-ticket loans are emerging as one of the few profitable avenues. Fintech firms currently rely on partnerships with other NBFCs, but many are moving toward acquiring their own licenses to enhance profitability. For instance, PhonePe entered the lending market in May 2023, issuing loans to millions of merchants, and is considering applying for an NBFC license. Similarly, CRED's founder has established a new NBFC. Experts note that an NBFC license allows fintech companies to cross-sell to existing users and increase revenue per user, leveraging low customer acquisition costs to build sustainable businesses.

Remitly (NASDAQ: RELY) has opened its first Greater Vancouver area office in New Westminster, situated along the Fraser River. This new office represents a key milestone in Remitly's expansion into Canada, allowing the company to tap into the region's vibrant tech ecosystem. The New Westminster location will function as a center of excellence, supporting product development in several priority areas for the business.

The Nuvei and Plusgrade acquisitions drove investment in Canada’s FinTech sector to an unprecedented level in the first half of the year, as highlighted in a new KPMG report. Nuvei’s $6.3 billion USD exit from the public market in the second quarter significantly contributed to the sector's total investment, which reached $7.8 billion USD, surpassing the $7 billion USD raised in all of 2021. This raises the question of whether Canadian FinTech is experiencing a resurgence.

Jai Kisan, a rural fintech startup, has obtained an NBFC license through its acquisition of Kushal Finnovation Capital Private Limited. This license will allow Jai Kisan to create and offer more tailored and diverse credit products for farmers and business customers. The company also announced plans to not only originate loans but to co-lend in collaboration with major financial institutions, including public sector banks in India.