Today In Payments Around The World: LinkAja Closes Grab-Led $100M Series B; Kuda Lands $10M For Mobile-First Services
In today’s top payments news around the world, Indonesian FinTech LinkAja closed a Series B funding round headed up by Grab, while Nigeria-based Kuda landed $10 million after a funding round. Plus, Canadian payment services company Interac is collaborating with Walmart Canada to expand debit card payment methods in store and online.
LinkAja, an Indonesian FinTech, closed a Grab-led Series B funding round that had participation from Mandiri Capital Indonesia, BRI Ventura Investama and Telkomsel. The company is a result of an alliance of the leading state-owned enterprises (BUMN) in Indonesia. Over 80 percent of the upstart’s 58 million-plus registered users are from tier 2 and tier 3 cities in the nation.
Kuda, which is based in Nigeria and runs a mobile-first challenger bank, now has $10 million following a funding round that was reported to be the largest see round ever raised in Africa. Target Global headed up the round, while SBI Investment and Entrée Capital also participated alongside many other investors. Kuda rolled out last year and has since racked up nearly 300,000 clients.
Interac, the Canadian payment services company, is teaming with Walmart Canada to grow debit card payment methods in store and through the web. The new debit functions from Interac are expected to roll out in the spring of next year, letting Walmart customers pay for items and services on proprietary wallets.
Alibaba is actively aiming to grow its offline presence via its new Xunxi manufacturing arm. The Chinese tech firm recently opened three new “smart” factories catering to eCommerce brands that need to bolster their manufacturing functions. Its initiative is being operated by Xunxi in coordination with Alibaba’s Taobao online shopping site.