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OpenFX, Palla, Conduit, and Cart.com Raise Over $120M for Cross-Border Payments and Expansion | DeepNewz VC

Business Bytes

Business Bytes · 3m ago

OpenFX, Palla, Conduit, and Cart.com Raise Over $120M for Cross-Border Payments and Expansion | DeepNewz VC

ConduitPay, a cross-border payments company, has successfully secured $36 million in a Series A funding round. Key investors include Dragonfly, Altos Ventures, Circle Ventures, and Digital Currency Group. The funds will support ConduitPay's expansion efforts, enhancing their service offerings in the global payments landscape. The investment highlights growing interest in innovative fintech solutions for seamless international financial transactions.

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US firm ACI Worldwide sees a spot in cross-border payments business here

Economic Times

Economic Times · 1y ago

US firm ACI Worldwide sees a spot in cross-border payments business here

ACI Worldwide, an instant payments company based in the US, is targeting the emerging cross-border payments market in India. The CEO, Thomas Warsop, emphasized the need for regulators to simplify and reduce the cost and time required for cross-border payments in order to unleash the potential of instant payments. ACI Worldwide is actively exploring opportunities to expand its customer base in India, aiming for 6-7% growth worldwide by 2023-2024. Warsop believes that bilateral agreements between countries will pave the way for a global standard for instant cross-border payments.

Elevation Capital-backed fintech Skydo plans new funding round

VCCircle

VCCircle · 7m ago

Elevation Capital-backed fintech Skydo plans new funding round

Fintech startup Skydo, backed by Elevation Capital, is preparing to raise a new funding round to enhance its growth. The company is advancing towards offering a cross-border payments service, with significant progress highlighted by a top executive. Based in Bengaluru, Skydo recently achieved a milestone by securing necessary permissions from the Reserve Bank of India, aligning with its strategic development goals. This funding will support its expansion and service enhancement efforts.

Skydo secures RBI licence to offer cross-border payments

Economic Times

Economic Times · 7m ago

Skydo secures RBI licence to offer cross-border payments

Skydo Technologies, a Bengaluru-based cross-border payments company, has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border entity. With this license, Skydo plans to expand its offerings, simplify cross-border payments for over 12,000 Indian exporters, and increase its payments volume significantly. Additionally, it has secured Payment Service Provider approval from Amazon, enhancing its services for exporters in Amazon's Global Selling program. The company aims to broaden its operations to include credit and treasury services.

UAE's National Pulse invests in Singapore fintech firm Aleta Planet

VCCircle

VCCircle · 1y ago

UAE's National Pulse invests in Singapore fintech firm Aleta Planet

United Arab Emirates (UAE) strategic management company, National Pulse, has invested in Singapore-based payments solutions provider, Aleta Planet. The financial details of the investment were not disclosed. The investment will allow Aleta Planet to expand in the UAE, Middle East, and Africa, providing cross-border payment services for businesses in the region. Aleta Planet facilitates global payments, including through platforms like UnionPay, and handles around $2 billion in cross-border payments annually. With National Pulse's support, Aleta Planet aims to reach $6 billion in transactions within the next year. The companies also plan to establish a joint venture focusing on business-to-business cross-border transactions.

PayPal gets RBI nod for facilitating outbound cross-border payments

YourStory

YourStory · 3m ago

PayPal gets RBI nod for facilitating outbound cross-border payments

PayPal Payments Private Limited, an Indian subsidiary of PayPal Holdings Inc., has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator for Cross Border Exports. This regulatory nod enables PayPal to facilitate outbound payments for Indian merchants in global trade under a regulated framework. While PayPal focuses on outbound cross-border payments in India, the competitive landscape is intensifying with similar approvals for other firms like Cashfree Payments and Amazon Pay.

Stablecoin Market Hits $250B Led by Tether, USDC; B2B Payments Reach $36B, Circle Files IPO, Senate Blocks GENIUS Act | DeepNewz VC

deepnewz

deepnewz · 2m ago

Stablecoin Market Hits $250B Led by Tether, USDC; B2B Payments Reach $36B, Circle Files IPO, Senate Blocks GENIUS Act | DeepNewz VC

The content discusses the role of stablecoins in reinforcing USD dominance, simplifying cross-border transactions, and transforming crypto payroll systems. Megan Knot, CEO of Franklin Payroll, highlights their potential to revolutionize financial operations globally.

NPIL Signs MoU With Greece’s Eurobank To Facilitate Foreign Inward Remittances To India

Inc42 · 1y ago

NPIL Signs MoU With Greece’s Eurobank To Facilitate Foreign Inward Remittances To India

India's National Payments Corporation of India (NPCI) International Payments Limited (NIPL) has signed an MoU with Greece's Eurobank, enabling cross-border payments to India through the Unified Payments Interface (UPI). The collaboration will facilitate foreign inward remittances from Greece to India, offering streamlined payment solutions to the Indian diaspora in Greece. NIPL and Eurobank will handle fund settlement, reconciliation, and dispute resolutions in their respective jurisdictions. Greece joins countries such as Sri Lanka, Mauritius, Bhutan, Nepal, the UAE, and Canada in adopting UPI for cross-border payments.

PayGlocal gets RBI nod to operate as online merchant payments company

Economic Times

Economic Times · 11m ago

PayGlocal gets RBI nod to operate as online merchant payments company

Tiger Global-backed payments startup PayGlocal has received an online payment aggregator license from the Reserve Bank of India (RBI). This license will enable PayGlocal to offer payment services to e-commerce merchants. PayGlocal has also applied for a cross-border payments license, which is currently being processed. The company has raised $17 million in funding from investors including Tiger Global Management. The RBI has already licensed 37 entities in the online merchant payments sector and has granted operating licenses to four fintech companies in the cross-border payments space.

Xflow receives RBI’s approval to operate as cross-border payments aggregator

IndianStartupNews

IndianStartupNews · 1m ago

Xflow receives RBI’s approval to operate as cross-border payments aggregator

Xflow, a cross-border payments platform, has received in-principle authorization from the Reserve Bank of India to act as an online payment aggregator for cross-border transactions. This approval covers both export and import flows, strengthening Xflow's market position and facilitating global payments for businesses. Xflow plans to serve 30,000 businesses by year-end. The company has also launched India's first AI-powered tool for tracking currency trends, backed by investors like Lightspeed and Stripe.

Cashfree raises $53 mn from Krafton, Apis; bullish about UAE expansion

The Arc Web

The Arc Web · 6m ago

Cashfree raises $53 mn from Krafton, Apis; bullish about UAE expansion

Cashfree Payments raised $53 million in a Series C round, led by Krafton and Apis Growth Fund II, boosting its valuation to $700 million. The company plans to use funds for UAE expansion and enhancing cross-border payments, having acquired Telr for $15 million. Currently processing $80 billion with 800,000 merchants, Cashfree targets 80% revenue growth in FY25. The RBI's payment aggregator license lifted restrictions, spurring a 130% surge in merchant sign-ups.

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