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The Monday Roundup: what we are watching this week | January 8th

By Puja Sharma

January 08, 2024

  • Automatic Payments
  • Bill Payments
  • debit solution

Monday RoundupThe Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Split bills into interest-free installments

Flying moneyBumper, the FinTech company that enables flexible payments for car repairs, has closed a $48 million Series B financing, to accelerate its growth.

Bumper helps drivers split repair bills into interest-free installments. It ensures that car owners can cover the costs of repairs or maintenance more easily and flexibly. At the same time, it allows dealers and repair shops to offer their customers digital payment methods that help them do business and increase profitability.

The funding round was led by Autotech Ventures, with investments from Shell Ventures, as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital. This increase brings Bumper’s total investment volume to date to $64m.

BankHSBC is reportedly interested in acquiring Tesco’s banking arm. According to Sky News, it has tabled an offer for the business.

Barclays, alongside Lloyds Banking Group, are also believed to be participating in the race, which kicked off in February last year when it was first reported Tesco Bank’s interest in exploring a sale, with Goldman Sachs being roped in as an advisor. Founded in 1997 and headquartered in Edinburgh, Scotland, Tesco Bank employs over 3,500 people and claims to serve more than five million customers in the UK, offering savings accounts, insurance products and credit cards.

Direct debit solution

CoinNorlantic Capital, a cross-border private markets firm, was established to provide next-gen private equity investors—European and U.S. high-net-worth individuals, wealth managers, and family offices—diversified access to diversified, and fast-growing markets in the world.

The firm offers investors access to top-tier private equity managers through its broadly diversified fund complemented by its direct investment strategies.

Tharald Sund Fongaard, a Norwegian who has spent most of his professional career investing in the U.S. middle market, founded the firm in 2023. Norlantic’s cross-border platform is supported by its strong Norwegian partners: The Blystad Group, a major family office and Ness, Risan & Partners, a leading alternative asset manager.

Credit cardOoredoo has announced a strategic partnership with the Commercial Bank to launch direct debit solution for seamless bill payments.

This collaboration introduces an innovative direct debit solution through the CBQ Mobile App, enabling customers to effortlessly establish automatic payments for their Ooredoo services through standing orders.

Ooredoo and Commercial Bank are jointly reshaping the landscape of customer bill payments in Qatar. This new partnership provides a modern alternative to traditional bill payments and empowers customers to effortlessly settle their balances through a flexible and convenient standing order on their CBQ Mobile App.

What is the buzz

Money bagFinTech unicorn MobiKwik filed its draft red herring prospectus (DRHP), marking its second attempt to raise Rs 700 crore through the fresh issue of shares. The DRHP comes without any offer-for-sale (OFS) component, but the company aims to raise Rs 140 crore in a pre-IPO round.

The company, co-founded in 2009 by Bipin Preet Singh and Upasana Taku, doesn’t plan to sell any of its existing shares in its upcoming initial public offering (IPO), according to its prospectus.

MobiKwik, backed by Peak XV, Abu Dhabi Investment Authority, and American Express, had filed for an IPO in 2021 to raise about $250 million. However, the global meltdown and worsening funding crisis deterred the IPO plans.

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