Today in FinTech: GoTo IPO on Track; Khazna Using Capital for Underbanked; TD Auto Offers Dealers Real-Time Payments
In today’s FinTech news, GoTo’s public offering in Indonesia is moving forward, while Khanza’s funding will help Egypt’s underbanked population. Plus, TD Auto Finance offers car dealers real-time payments throughout the day.
GoTo Wins Approval for $1.1B IPO
GoTo Group is approved by the Financial Services Authority of Indonesia to move forward with a $1.1 billion initial public offering (IPO) on the Indonesian Stock Exchange under the ticker symbol GOTO. It is tracking to be one of the largest IPOs in the world so far in 2022 with a market cap of $28 billion.
Egyptian FinTech App Khanza Lands $38M in Series A
Khazna is using its debt equity funding to further its mission of helping Egypt’s unbanked and underbanked residents. The Egyptian FinTech offers general credit, salary advances, buy now pay later (BNPL) and bill payments.
TD Intros Real-Time Payments for Car Dealers as Contracts are Signed
TD Auto Finance is the first major auto lender offering real-time payments nationwide to car dealers. Its real-time payment capability enables dealer payments throughout the day as contracts are booked and avoid the overnight process of sending batch payments using ACH.
Royal Bank of Canada to Buy Wealth Manager Brewin Dolphin
The Royal Bank of Canada (RBC) is acquiring London’s Brewin Dolphin for $2.6 billion in Canadian dollars ($2 billion). Brewin Dolphin is among the largest British wealth management firms. The acquisition gives RBC a number three position in the U.K. and Ireland, in addition to its strong standing in Canada.
Klarna Unveils ‘Klarna Kosma’ Open Banking Unit
Buy now pay later (BNPL) giant Klarna has launched Klarna Kosma to focus on open banking. Kosma is intended to help financial institutions, FinTechs and merchants create their own FinTech apps and services and have access to 15,000 banks in 24 countries using a single API. In the past 12 months, Klarna has more than doubled the number of connected banks in its network.
QNB Reveals New Payment Services in Qatar
QNB Group, one of the largest financial institutions in the Middle East and Africa, is launching a strategy for cross-border payments with Ripple. Using RippleNet’s API to connect to financial institutions, QNB said it will quickly enhance cross-border payments and expand its remittance service across multiple countries.