The Weekly Wrap: all you need to know by Friday COB | August 16th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Axis Bank has partnered with Visa to launch Primus, an ultra-premium credit card designed to redefine luxury. The new card will be an invitation-only offering to select ultra-high-net-worth Axis Bank customers.

Ultra-high net-worth individuals have distinct and complex banking needs that require specialized services beyond those provided to other clients. The Primus credit card is thus designed to appeal to India’s wealthy elite and their distinct tastes in style, exclusivity and access.

The new proposition from Axis Bank and Visa marks an entry into an exclusive segment of ultra-high-net-worth consumers, setting a new standard in experiences. The proposition, among other things, offers carefully curated luxury experiences for this set of discerning, sophisticated consumers, such as select culinary journeys and custom-made travel itineraries, private jet access, companion tickets and invitations to exclusive events such as exclusive product launches, music concerts and private art exhibitions.

Deals of the week

• Vayana raises $20.5m in Series D round led by SMBC’s Asia Rising Fund
• Revolut hits $45b valuation in employee share sale
• Amount secures $30m to deliver digital lending solutions for Credit Unions & Banks
• Skydo raises $5m in Pre-series A round led by Elevation Capital
• Setpoint bags $31m in Series B to modernise credit infrastructure
• Innoviti raises $8.3m in Series E round led by Random Walk Solutions
• Santander and Amazon issue reward-based Visa card in Germany

Be on the lookout for

Nominations for the IBSi Global FinTech Innovation Awards 2024 are now live! As we prepare for the 6th edition of our esteemed awards, we invite you to join an elite circle of visionaries transforming the financial technology landscape. Every year, we celebrate banking technologists who drive exceptional advancements in the fintech sector, recognizing efforts that redefine industry standards and enhance global financial services.

By submitting a nomination, you spotlight your company’s achievements and position yourself among global industry leaders. Our awards recognize a wide spectrum of innovations, from robust core systems to cutting-edge applications of AI and blockchain. No matter if you’re an established industry giant or a dynamic newcomer, the IBSi Global FinTech Innovation Awards offer a platform to showcase your impact on the industry. Explore available categories, learn from past successes, and submit your nominations today to claim your place as a leader in financial technology. Nominate Now!