Fintech Highlights of February
In the ever-evolving world of fintech, several significant developments have taken place recently. Let's delve into some of the key highlights.
Israel-based Okoora, recognised as one of the world's top 250 fintech companies for the second year in a row, is expanding its operations to Germany. The company specialises in foreign exchange (FX) risk management, global payments, and embedded FX infrastructure for fintech platforms, leveraging artificial intelligence and machine learning to streamline currency risks and international payments [2][4].
While Okoora is not a German company, it serves international clients, including those in Germany, providing high-tech fintech infrastructure to help companies manage currency exposure and enable embedded FX capabilities within their platforms [1][4].
In a strategic move, Bezahl.de has announced a partnership with Mercedes, opening up new payment options, including installment payments, for customers using the Mercedes sales channel Xentry [5].
Nexi, on the other hand, has signed a contract with EPI (Wero) to increase acceptance among merchants and service providers. Nexi is preparing for Wero's nationwide rollout in retail by migrating the first merchants to Wero's network shortly after Wero's e-commerce launch in the second half of 2025 [6].
Wero, set to launch in e-commerce in the second half of 2025, is also preparing for nationwide rollout in retail. So far, Wero has enabled peer-to-peer payments, and by the end of 2025, payment functions for merchants and businesses will be possible [7].
Meanwhile, many Commerzbank customers have signed up for Apple Pay in just two months, indicating a growing trend towards digital payments [8].
On a less positive note, cryptocurrency exchange Bybit has reported a loss of $1.5 billion in a hack. Preliminary reports suggest the culprits are from North Korea, and no vulnerabilities were exploited [9].
Lastly, the trial against startup founder Charlie Javice, founder of Frank, begins today in New York. The US attorney's office has charged Javice with fraud, alleging that most of the customers reportedly acquired by Frank did not exist [3].
These developments underscore the dynamic nature of the fintech industry, with companies continually innovating and adapting to meet the demands of the market. Stay tuned for more updates!
References: 1. Okoora 2. Okoora Blog 3. Reuters: Trial begins for founder of student loan fintech startup Frank 4. Finextra: Okoora launches embedded FX infrastructure for fintech platforms 5. Bezahl.de 6. Nexi 7. Wero 8. Commerzbank 9. Decrypt: North Korea-linked hackers steal $1.5 billion from cryptocurrency exchange Bybit
- The fintech industry is marked by constant innovation, as demonstrated by Israel-based Okoora's expansion into Germany and its focus on foreign exchange risk management, global payments, and embedded FX infrastructure, which leverages artificial intelligence and machine learning.
- Businesses in general-news can benefit from advanced fintech technology, as shown by Bezahl.de's partnership with Mercedes that offers new payment options for customers.
- Technology continues to play a crucial role in fintech, as seen in Wero's preparation for a nationwide rollout in retail, which enables peer-to-peer payments and plans to add payment functions for merchants and businesses by the end of 2025.
