Regional fintech announcements show market movement

Three fintech firms have made investment, expansion or regulatory announcements this week, showing market movement after concerns that investment is drying up. 21.co, the parent company of crypto currency issuer 21Shares, which announced a Middle East hiring spree and expansion in August, announced on Wednesday a $25 million funding round led by London-based hedge fund Marshall Wace. Zurich-based 21.co said the round values the business at $2 billion and that it will continue to drive targeted growth, market expansions and strategic talent acquisitions. In a statement, 21.co said the funding round was the company’s first in more than two years, and highlighted that it had been raised during the so-called Crypto Winter, when values of the digital currencies, including Bitcoin, crashed earlier this year. The funding was announced after fears that investment in the market may be dwindling. Major investor SoftBank said last month that its fintech investments would be “more selective”. The SoftBank Vision Fund led or co-led more than $35 billion in funding rounds in 2021 according to Crunchbase. Elsewhere in the sector, UAE-based buy now, pay later (BNPL) fintech Tabby said on Tuesday that it will continue its expansion into Egypt, its fourth country after the UAE, Saudi Arabia and Kuwait. The app has raised $275 million so far. Earlier this week, Hong Kong-founded cryptocurrency app KLICKL also announced that it had received in principle an approval to operate in Abu Dhabi Global Market (ADGM). Last month, Tabby’s fellow BNPL firm Tamra announced a $100 million funding round. (Reporting by Imogen Lillywhite; editing by Cleofe Maceda) imogen.lillywhite@lseg.com

Regional fintech announcements show market movement

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