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Facebook and PayPal invest in Southeast Asian ride-hailing giant GoJek

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Facebook and PayPal have made investments in GoJek, joining Google and Tencent among other high-profile technology firms that have backed the five-year-old Southeast Asian ride-hailing firm that also offers food delivery and mobile payments.

Facebook, for which it is the first investment in an Indonesia-based firm, and PayPal did not disclose the size of their checks. GoJek told TechCrunch that Facebook and PayPal were participating in its ongoing financing round, which brings it total raise-to-date to over $3 billion.

For Facebook, which in April invested in India’s top telecom operator Reliance Jio Platforms, backing GoJek unlocks a similar opportunity: Helping millions of small businesses.

Matt Idema, chief operating officer at WhatsApp, said the company will work with “indispensable” service GoJek to “bring millions of small businesses and the customers they serve into the largest digital economy in Southeast Asia.”

“The majority of small businesses in Indonesia rely on cash to operate due to the country’s large unbanked population. Digital payments are safer than cash, both for businesses and customers. And digital payments help more people participate in the economy and give businesses access to credit which is crucial for business growth,” he wrote in a blog post.

PayPal, which last year invested in money lender Tala ahead of the startup’s launch in India, said the commercial partnership will enable the global payments giant to “significantly grow” its scope and scale in Southeast Asia.

“This new relationship is another positive step in our journey towards becoming the worldwide payments partner of choice, and helping to fuel global commerce by connecting the world’s leading marketplaces and payment networks,” PayPal said in a statement.

GoJek, which disclosed it had raised $1.2 billion in March to employees and was valued at about $10 billion, said it has amassed over 170 million users in Southeast Asia. In March, the company, which competes with Singapore-headquartered Grab, said it had raised nearly $3 billion over the years.

“We have the opportunity to achieve something truly unique as we aim to help more businesses to digitise and ensure that many millions more consumers are enjoying the benefits that the digital economy can bring,” said Andre Soelistyo, who was appointed as co-chief executive of GoJek last year, in a statement. Gojek founder Nadiem Makarim resigns his top job at the firm to join Indonesian cabinet in October last year.

More to follow…

Source: https://techcrunch.com/2020/06/02/facebook-and-paypal-invest-in-southeast-asian-ride-hailing-giant-gojek/

Fintech

Novatti’s Ripple partnership live to The Philippines

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Leading Australian digital banking and payments company Novatti, reports that its recently signed partnership with global payments disrupter Ripple, is now live with revenue-generating transactions taking place.

Ripple uses its decentralised, global financial network, RippleNet, to provide its partners with the ability to process global payments instantly, as well as providing access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, a top five global cryptocurrency currently valued at more than USD$40 billion.

Novatti signed a new partnership with Ripple in December 2020 to provide Novatti’s fintech customers with access to these capabilities.

The initial focus of the partnership was to target cross-border transactions between Australia and the South- East Asia region, particularly the Philippines. This focus is delivering new customers, with Novatti now partnering with the Australian subsidiary of the Philippines’s largest non-bank, Filipino-owned, remittance service provider, iRemit, through RippleNet. This alone is expected to result in several thousand transactions a month being processed by Novatti through RippleNet. Revenue from this partnership is dependent on take-up of the services. Importantly, discussions are already underway to also expand this service to new financial services clients in South East Asia.

Managing Director of Novatti, Peter Cook, said, “We are delighted to see this partnership delivering for both Novatti and Ripple in such a short period of time. The partnership with Ripple not only provides Novatti’s customers with access to new, innovative payment solutions, it also highlights how Novatti’s partnerships translate into revenue.”

“Forming our partnership with Ripple was part of Novatti’s broader strategy to develop a banking and payments ecosystem that enables our existing platforms to scale quickly. In addition to Ripple, Novatti’s ecosystem now includes partnerships with world-leading payment and fintech companies including Visa, Apple Pay, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta and Decta.”

“The early success of Novatti’s partnership with Ripple also highlights the benefits of our broader overseas expansion since the start of this year, with new licences obtained for the New Zealand market and Emersion now up and running in the US. As shown through Ripple, this expansion opens Novatti up to new revenue opportunities, and provides us with greater exposure to the global demand for digital payments that we expect to accelerate going forward.”

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Source: https://australianfintech.com.au/novattis-ripple-partnership-live-to-the-philippines/

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Fintech

Zip boosts small business cash flow with new line of credit launching Zip Business Trade Plus

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Leading buy now pay later (BNPL) company Zip.Co, has today launched the next iteration of its small business accounts: Zip Business Trade Plus. With the aim of helping small business owners level-up and access the capital they need to manage cash flow, pay for day-to-day essentials and grow their business, Zip Business Trade Plus offers a line of interest free credit between $3,000 and $150,000.

The news comes as small businesses rally following the end of JobKeeper and predictions that up to 150,000 Australians could stand to lose their jobs in the wake.

There are over two million small businesses in Australia and 70 percent of those outline cash flow as a key issue. Approved within 24 hours, Zip Business Trade Plus extends a generous and transparent line of credit to those businesses, providing a fast alternative to credit cards, bank loans and overdrafts.

Once approved, small businesses can use their Zip Business Trade Plus account online or in-store by selecting Zip at checkout. The funds can also be used to pay any domestic invoices or bills using BPAY.

Geof Alexander, General Manager of Zip Business said, “JobKeeper was a vital lifeline for small businesses throughout COVID, but now that the program has ended, small businesses will need to turn somewhere else for financial support. That’s where we come in.

“Cash flow, additional equipment, staffing costs, or simply getting a bit of extra capital to support your ambition are all small business needs that Zip Business can help with. We know this pandemic has been hard, but resourceful people thrive in hard times – and Aussies small business owners are nothing if not resourceful. Now is the time to harness that entrepreneurial spirit with  Zip there to help you.”

In order to be eligible for a Zip Business Trade Plus account, businesses must have an active ABN or ACN, have been in business for six months and generate at least $5,000 in sales per month. Small business owners can apply for a Zip Business Trade Plus account here. Zip’s lending criteria applies.

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Source: https://australianfintech.com.au/zip-boosts-small-business-cash-flow-with-new-line-of-credit-launching-zip-business-trade-plus/

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Fintech

Novatti Free Webinar: The Power of Cards from BNPL to Crypto

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Hosted by leading digital banking and payments company Novatti, you are invited to hear from leading industry experts on the topic of Card Payments and its value-add to the Buy-Now-Pay-Later and Cryptocurrency markets.

With more than 5 million BNPL accounts in Australia and almost 1 in 5 Australians owning crypto, both BNPL and Crypto are the two hottest payment trends that are set to accelerate further in 2021.

Learn how BNPL and Crypto players, as well as other Fintechs and Enterprises, can leverage solutions like Zero Balance Cards and “Just In Time Funding” to power their business and customers.

When: 22 April 2021

Time: 1pm

Link: https://kapara.rdbk.com.au/landers/f76a7d.html

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Source: https://australianfintech.com.au/novatti-free-webinar-the-power-of-cards-from-bnpl-to-crypto/

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Fintech

Cirralto confident of “multiple” new commercial payment and point-of-activity lending opportunities

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Cirralto Ltd (ASX:CRO) has loaned its long-term fintech partner Invigo $2 million as it seeks to extend strategic commercial funding programs and support the deployment of B2B buy-now-pay-later products.

The company and Invigo first formed a strategic partnership in August 2019, to launch an integrated platform for their respective customers to access.

Cirralto supplies industries with a broad range of B2B payment services, digital trading software and integrated solutions, while Invigo provides easily accessible business finance and business management tools.

The $2 million loan is expected to “unlock multiple commercial payment and point-of-activity lending opportunities”, with a broad B2B BNPL pilot program with several retailers and manufacturers, including several hundred trading partners, to be undertaken as part of the deal.

To read more, please click on the link below…

Source: Cirralto Ltd confident of “multiple” new commercial payment and point-of-activity lending opportunities

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Source: https://australianfintech.com.au/cirralto-confident-of-multiple-new-commercial-payment-and-point-of-activity-lending-opportunities/

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