back Back

The Weekly Wrap: all you need to know by Friday COB | July 8th

By Gaia Lamperti

July 08, 2022

  • APIs
  • Deals of teh week
  • FCA
Share

The Weekly Wrap

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

The Big Story

India announce it will make its Unified Payments Interface (UPI) and Aadhaar identity service available to other countries via “open APIs and digital public goods that aim to unlock the economic primitives of identity, data, and payments at population scale,” as per the India Stack website.

First launched in 2016, the UPI has now handled 99 billion transactions, recording 2200 every second in May. In a speech during Digital India Week, prime minister Narendra Modi boasted about the success of the instant payments network, UPI, claiming: “Everyone, including the World Bank, has appreciated it as the best platform.”

“Therefore, today digital products like UPI are the centre of attraction for developed countries of the world, or those countries which cannot invest in this type of technology. Our digital solutions have the reach, are secure and have democratic values,” he added.

UPI has been central to India’s efforts to use digital payments to boost financial inclusion. Modi says this has proved a huge success: “Once, I found that a beggar in Bihar was begging on a platform and he was taking money digitally.”

Deals of the week

  • YuLife raises $120 million in its Series C funding round to accelerate global expansion
  • Lucinity raises $17 million in a Series B funding round to fight financial crime
  • UnDosTres raises $30 million to develop new financial products
  • Finli raises $6 million to bring mobile payment management to service-based businesses
  • Finalis closes $10.7 million in seed funding
  • Griffin announced that it had raised $15.5 million in funding
  • Crescent raises $5 million pre-seed round, launches platform to help companies improve cash management

Be on the lookout for

Fintech group Fiinu has announced its receipt of a UK banking licence from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). The Group has also completed a reverse takeover, with its shares admitted for trading on the London Stock Exchange’s AIM segment at a valuation of approximately £53 million.

Events & appointments

Next week, we’ll be at London Fintech Week, a 5-day long conference to dive deep into interesting concepts and the evolution of the FinTech industry. Meet us there!

Previous Article

July 08, 2022

6 FinTech tweets you should see!

Read More
Next Article

July 11, 2022

Mastercard strengthens its MENA leadership team

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 21, 2025

Visa and MISA partner to drive digital payments in Vietnamese businesses

Read More

March 21, 2025

ABK-Egypt and Visa partner to drive digital payments in Egypt

Read More

March 21, 2025

From BNPL to Biometrics: How Gen Z pays for travel in 2025

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More