In at this time’s prime Europe, Middle East and Africa information, UK investing app Freetrade surpasses funding purpose by 800%; Sweden calls on Europe to pull the plug on bitcoin mining. Plus, Kenyan FinTech Asilimia closes $2M pre-seed funding, Pan-African agency M-KOPA’s pay-as-you-go mannequin, and UK lawmaker requires pressing BNPL regulation.
U.Okay. investing app Freetrade exceeded its fundraising purpose by greater than 800% in its first of seven days of fundraising on crowdfunding platform Crowdcube, pulling in additional than 8.1 million kilos ($10.8 million), in accordance to Freetrade’s investment page. More than 6,100 traders have contributed investments, in accordance to Crowdcube. Freetrade, a commission-free investing app, has greater than 1 million customers and 1 billion kilos in shopper belongings, in accordance to the corporate’s crowdfunding video.
Sweden’s monetary and environmental regulators have known as on the European Union to pull the plug on proof-of-work bitcoin mining due to the damaging impression on the atmosphere, in accordance to a number of reviews. Erik Thedéen, director basic of the Financial Services Authority of Sweden, and Bjorn Risinger, director basic of the Swedish Environmental Protection Agency, are each anxious that crypto mining will trigger the nation to be unable to meet local weather obligations.
FinTech startup Asilimia raised $2 million in a pre-seed funding spherical, with $1 million coming from a variety of European Angel traders and $1 million in a debt spherical that included Bpifrance and GreenTec Capital Partners, in accordance to reviews. The Kenyan startup mentioned the pre-seed funding will assist staff progress and growth whereas debt funding will allow Asilimia to prolong credit score to micro, small and medium enterprises (MSMEs).
Mayur Patel, chief business officer of M-KOPA tells PYMNTS that the pay-as-you-go mannequin utilized by the corporate to finance life-enhancing merchandise for underserved clients in sub-Saharan Africa is extra inclusive than the BNPL service supplied in additional mature credit score markets.
The use of purchase now, pay later (BNPL) within the United Kingdom practically quadrupled in 2020 to 2.7 billion kilos (about $3.6 billion) of transactions, in accordance to official information from the Financial Conduct Authority (FCA). Stella Creasy, a U.Okay. MP, has made but once more one other pressing name for BNPL regulation that may stop shoppers, particularly younger folks, from taking on extra debt than they will afford.