The Weekly Wrap: all you need to know by Friday COB | December 1st

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

Codebase Technologies, a global digital banking technology provider, has announced a strategic joint Banking-as-a-Service (BaaS) venture with Egypt-based eFinance Investment Group, a payment and digital banking tech company, to accelerate the speed of digital banking transformation in the country.

This initiative marks a significant step forward in modernizing and enhancing the region’s financial services landscape. The joint BaaS venture will help financial institutions in Egypt transform by providing them with a full range of digital banking, neobanking, lending, and payment solutions.

Tamer Al Mauge, Managing Director – MENA at Codebase Technologies, stated “We are thrilled to combine eFinance’s industry and market expertise with our extensive global project experience and the digital banking capabilities of Digibanc. BaaS offers both established players and emerging entrepreneurs a rapid route to market for innovation and launch new products. Together, we will introduce a service that will profoundly influence Egypt’s digitization journey.”

Deals of the week

• Plum partners with Eurobank, secures €10m investment
• Enfuce bags €8.5m from Vitruvian Partners, Visa and Maki.vc
• Payground raises $19.7m in Series A to boost healthcare payments
• Rich Data Co raises $17.5m in Series B round to expand in North America
• Paysend raises $65m in latest funding round led by Mastercard
• PhiCommerce raises $10m in Series A1 funding led by Singapore-based BEENEXT
• Enfuce bags €8.5m from Vitruvian Partners, Visa and Maki.vc
• Pisa-based RegTech innovator Aptus.AI secures €3m pre-Series A
• Worldline partners with Volksbank to issue payment cards in Italy
• Pine Labs’ brings next-gen Credit Issuing Platform, Credit+
• Federal Bank joins NeML to streamline payment processes for farmers
• PROVEN Group expands Olympic Banking System to 3 companies

Be on the lookout for

We TraiCon Events will be hosting Bahrain’s premier FintTech event titled as “FinTech Revolution Summit” scheduled on 14th & 15th February 2024 in Manam Bahrain – A Leading Financial Hub of MENA.

This summit aims to bring together 750+ BFSI experts & FinTech leaders to discuss and deliberate the trends around financial technology and investment opportunities for finance sector. This dedicated event is the best opportunity to discover Bahrain Vision 2030 goal to become a cashless society. FinTech founders, central bank officials, FSI experts, regulators, policymakers, technologists, entrepreneurs, investors, academics, and media from around the world will come together to learn, discuss, debate and network.

Many FinTech and banking technology solution providers, cybersecurity companies, ePayment & wallet companies, threat management, forex software and payment gateway companies would be participating in the FinTech Revolution Summit as Sponsors or Exhibitors who will be showcasing their host of solutions towards the future of finance.