A fintech owner in London is under scrutiny for allegedly assisting notorious drug traffickers in laundering hundreds of millions of euros through a crypto exchange platform. Caio Marchesani, the 38-year-old Italian owner of Trans-Fast Remittance, a regulated payments business, is accused of knowingly hoarding cash for Sergio Roberto De Carvalho, a Brazilian drug lord, and managing crypto…
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The Ugandan mobility fintech Asaak recently spread its tentacles to Latin America after it bought the Mexican asset financing business Flexclub. The fintech’s CEO suggested that his company’s successful and profitable microfinance business partly influenced the decision to acquire the Mexican startup. Asaak’s Profitable Business The Ugandan mobility fintech Asaak recently said it acquired car…
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The first-of-its-kind architecture gives up to a 7x speedup over traditional training methods. A multidisciplinary research team from the University of Oxford recently developed a GPU-accelerated limit order book (LOB) simulator called JAX-LOB, the first of its kind. JAX is a tool for training high-performance machine learning systems developed by Google. In the context of…
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An Africa-focused remittances platform, Lemfi, recently said it has raised $33 million in a Series A round led by Left Lane Capital. Lemfi said it will use the capital raise to “expand its product offering to the United States, Europe, the Middle East, and Asia.” Making Remittances Less Complicated Lemfi, an Africa-focused remittances platform, recently…
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The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ “cross-border regulatory collaboration” and information sharing. The London Institute of Banking & Finance, which also signed an MOU, will offer training programs, workshops, and courses to leaders in the Egyptian fintech sector. MOU Agreement to Help Boost Innovation…
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Egyptian fintech startup Masroofi recently raised $1.5 million through an investment round supported by unnamed investors. The capital raise came shortly after Masroofi’s co-founders reportedly rejected a funding offer from investors in the “Shark Tank” program. Investors Drawn by Fintech Startup’s Focus on Children Masroofi, the Egyptian fintech focused on electronic payment services for children,…
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The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the…
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In 2022, X1 claimed to have 500,000 people on its waiting list for a credit card. Over the past two years, the startup has raised $62 million from venture capital firms. Crypto and stock trading app Robinhood has taken a new step to diversify its business portfolio by acquiring the credit card startup X1 in…
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Fintech and crypto firm Robinhood has announced the delisting of cardano (ADA), solana (SOL), and polygon (MATIC) on June 27, 2023. This development comes after the publicly-listed company revealed that it was “actively reviewing” its coin listings in the wake of recent U.S. Securities and Exchange Commission (SEC) enforcement actions against Binance and Coinbase. Robinhood…
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BitGo Holdings Inc., the renowned digital asset trust and security company, has revealed plans to acquire 100% of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust. The development marks a watershed moment for the Prime Trust clients, positioning them to enjoy business continuity, long-term stability, and regulated, secure solutions once…
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