Fintech

Technology • Internet & Web
Brazilian Central Bank authorises money transfers via WhatsApp
WhatsApp screens displaying bank transfers
WhatsApp screens displaying bank transfers Credit: WhatsApp

The Brazilian Central Bank granted on March 30th operating authorizations that allow the carrying out of bank transfers by WhatsApp. According to the model authorized by the Central Bank, WhatsApp will only initiate transactions between customer accounts at the financial institutions in which they are account holders. Also, according to the BC, transactions can be made from the date when WhatsApp makes the functionality available to the customer and the rate charged for the bank transaction will be defined by the application. In a press release, the Central Bank estimated that the measure could lead to a reduction in the costs of financial transactions.

Business • Entrepreneurship & Startups
Fintech unicorn TransferWise rebranded to Wise
Wise logo
Wise logo Credit: Wise

Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, the Estonian fintech unicorn company Transferwise announced on Monday the rebranding to Wise. The company has around 10 million international customers at present.

"The core experience of using Wise will remain faster, cheaper, and more convenient than anything else. Our mission remains the same. We’re still making — and always will be making — money work without borders," said Käärmann in a blog post

With offices initially in Tallinn later joined by London, where the company is headquartered, and other locations, including the United Arab Emirates.

Business • Markets
Brazilian fintech Nubank raises $400M Series G
NuBank logo
NuBank logo Credit: NuBank

NuBank, a fintech based in São Paulo, Brazil, is valued at $25 billion as the fourth most valuable financial institution in Latin America and the largest digital bank in the world by the number of customers and app downloads.

The round was led by private and public investors including Singapore’s GIC, Whale Rock, and Invesco. Current investors Tencent, Dragoneer, Ribbit Capital, and Sequoia also participated in the round.