Connect Money scores $8M to enable non-bank businesses to offer embedded finance services

Quick Summary:

Multiple businesses are tapping these platforms to circumvent the need to build their own tech infrastructure and the bureaucratic processes of acquiring the requisite regulatory approvals to offer financial services including card payments and lending.

Banking-as-a-service (BaaS) platforms are instrumental in driving access to digital financial services by introducing fintech capabilities to non-bank businesses.

They just pay a subscription service per-card per-month, which we then manage  from the back-end,” said Essawy, who prior to founding Connect Money co-founded LuckyOne, a consumer app for credit, offers and cashback rewards.

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Article Details

Author / Journalist: Annie Njanja

Category: Technology

Markets: United StatesEgyptIndiaKenyaMoroccoNigerNigeriaSaudi Arabia

Topics: Fintech Baas Algebra Ventures

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-25 @ 05:00:00 (3 days ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 1147 words

Reading Time: 7 minutes read

Sentences: 51 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 21379385

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