UK to unveil rules to target push payment fraud

In today’s major news from Europe, the Middle East and Africa (EMEA), the UK’s Payments System Regulator (PSR) is set to roll out new rules targeting card fraud. push payments allowed (APP). Additionally, Dubai-based fintech Pemo secures $12m in seed funding, African healthcare startup CarePoint raises $12m, and Dutch payments company Mollie partners with in3 provider Buy Now , Pay Later (BNPL).

UK payments regulator to get more powers to tackle authorized push payment fraud

PSR said the new rules and legislation will give it more tools to continue its fight against APP fraud. APP scams occur when people and businesses are tricked into sending money to an account operated by a fraudster. To reduce this fraud, PSR released a new rule in February that paved the way for more banks and building societies to adopt Confirmation of Beneficiary (CoP), bank account name verification services. CoP stops fraud and accidentally misdirected payments by verifying that a payee’s account name matches the name and account details provided by a payer. From June 1, all payment service providers (PSPs) will need to ensure that the CoP service is available.

Dubai-based FinTech Pemo Secures $12M Seed Funding

Pemo has raised $12 million in a seed funding round that will help the company continue product development and expand into the Middle East and North Africa (MENA). Alongside this, the company also launched an all-in-one expense management platform for small and medium-sized enterprises (SMEs) in the region, with features such as scanned invoices, automated approval workflows, One-click bill payments and cash flow tracking over time.

African healthcare startup CarePoint raises $10 million

CarePoint has raised $10 million in a bridge funding round as it builds what it calls “micro-technology enabled clinics” to help patients in Africa. The Ghana-based company enables patients to access virtual care with its MyCareMobile app, which provides doctor consultations, test results and around-the-clock emergency response via teleconference.

Mollie teams up with in3 for BNPL in the Netherlands

Mollie and in3 have teamed up to offer interest-free installments in their home country of The Netherlands. “BNPL can increase conversion rates and average purchase order value by allowing for more flexibility,” said Ken Serdons, commercial director of Mollie, adding that working with in3 will give Mollie’s customers access to a ” Interest-free alternative BNPL payment method with a guaranteed payment.

Temasek leads $160M Series D for Thought Machine expansion

London-based cloud banking technology startup Thought Machine has closed a $160m Series D funding round led by Temasek that gives the company a post-money valuation of $2.7bn, double its its value at the end of 2021. Thought Machine raised $200 million in November at a valuation of $1 billion. Its total funding to date is over $500 million. The company plans to use the capital to expand its global presence while building the capabilities of its platform and other products.

Hotel start-up Bob W acquires Estonian Stay, tripling its Estonian presence

Finnish hospitality startup Bob W is tripling its presence in Estonia following the purchase of Estonian Stay, the largest operator of short-term apartments in the Northern European country. The terms of the contract are not disclosed. Bob W is a technology-driven hospitality provider offering an alternative to hotels and short-term rentals in Estonia, Finland, Spain and the UK, and plans to expand into Germany and the Netherlands. -Low.

Kenyan software startup Bamba secures $3.2m seed funding

Kenyan enterprise software startup Bamba plans to expand its engineering team and improve its app after raising $3.2 million in a seed funding round. The Nairobi-based company develops mobile business software for micro-merchants in Africa. Founded this year by CEO Bastian Gotter, Bamba is in stealth mode and hopes to use the funds to expand its user base across 12 sub-Saharan African countries.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

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