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Tyfone Invests in Youth Digital Banking Firm Incent to Boost Financial Education Initiatives
Incent, a leading provider of youth digital banking solutions, has partnered with Tyfone to enhance financial literacy among children and teenagers. While investment specifics are undisclosed, the collaboration aims to support financial institutions, improve financial management tools for youth, and expand Incent’s reach to more banks. Incent’s platform offers a secure banking experience for young users, retaining account ownership until they turn 18, and includes features like interactive learning tools and parental oversight. With Tyfone’s support, Incent plans to scale operations and empower families with resources to instill good financial habits.
OpenFX Secures $23M Funding to Revolutionize Global FX Settlement in FinTech
OpenFX, a FinTech startup founded by Prabhakar Reddy, has launched after securing $23 million in funding from investors like Accel and Lightspeed. The company aims to transform cross-border payments with real-time foreign exchange (FX) settlement, significantly reducing costs and transaction times. OpenFX’s platform settles 90% of transactions in under an hour, compared to the industry standard of 2 to 7 days. With plans to expand into Latin America and Asia, the company has achieved an annualized transaction volume of $10 billion in just one year. Reddy envisions OpenFX as essential infrastructure for an AI-driven economy in the $200 trillion FX market.
Panda Remit Partners with dLocal to Accelerate Cross-Border Remittances in Africa
dLocal has partnered with Panda Remit to enhance financial access in Africa by improving cross-border payments. This collaboration aims to address the inefficiencies in the current remittance infrastructure, which sees Sub-Saharan Africa with the highest global remittance costs, averaging 8.72% for a $200 transfer. By integrating with dLocal’s payment network, Panda Remit will reduce transaction costs, enhance payout speeds, and improve reliability, facilitating transfers through mobile wallets and bank services like M-Pesa and Airtel. Leaders from both companies emphasized the partnership’s potential to empower individuals and communities by providing efficient and affordable remittance solutions across the continent.
Sardine Secures $70M in Funding Led by Activant Capital to Boost Fraud Prevention Solutions
Sardine, an AI-driven risk platform focused on fraud prevention and credit underwriting, has raised $70 million in a Series C funding round, bringing its total funding to $145 million. Led by Activant Capital, the round saw contributions from major investors like Andreessen Horowitz and Google Ventures. Sardine automates fraud detection and compliance processes, having profiled over 2.2 billion devices, and serves over 300 clients, including FIS and GoDaddy. CEO Soups Ranjan noted the growing challenges for risk teams, with alert volumes surging 800%. The new funds will enhance Sardine’s AI infrastructure to improve efficiency against financial crime.
Hexa Secures €29M in European Bank Financing to Fuel Startup Growth and Expansion
Hexa has secured €29 million in funding through a financing agreement with four European banks, including Belfius and BNP Paribas Fortis. This revolving credit facility follows a successful €35 million equity raise in 2024 and aims to enhance Hexa’s startup initiatives. Established in 2011, Hexa has launched 50 companies and introduced 10 new startups in 2024, raising €70 million from notable investors. With the new funds, Hexa plans to accelerate operations and aims to launch 13 new ventures in 2025, targeting 30 startups annually by 2030.