Today in FinTech: RITMO Raises $200M

In today’s FinTech news, Madrid-based FinTech company RITMO raises $200 million to grow its financing and payments platform, while bitcoin mining company Applied Blockchain plans for an upcoming initial public offering (IPO). Plus, Kenyan mobile service providers get ready to join the country’s payments network.

Madrid FinTech RITMO Grabs $200M+ to Grow eCommerce Financing and Payments Platform

RITMO secured over 184 million euros (about $200 million) to help the company bolster its financial operating platform for online sellers by making capital more accessible to sellers across Europe and Latin America. It will go to help more than 2,000 European and Latin American eCommerce customers for the next 18 months with plans to expand into new markets around the world.

Bitcoin Miner Applied Blockchain Plans $60M IPO

Applied Blockchain is preparing for a $60 IPO on the Nasdaq market. The company builds data centers for bitcoin mining and plans to offer 3.2 million shares at an estimated mean price of $18.54.

Kenyan Mobile Service Providers Join Payments Network

The first phase of a Central Bank of Kenya initiative will allow Telkom Kenya and Airtel Networks Kenya customers to pay for products and services through Safaricom’s M-Pesa, one of the largest mobile-money platforms in the East African nation. The central bank prefers seamless payments across networks, so customers can send and receive money from any bank or FinTech.

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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022

Plastiq - The Future Of Business Payables Innovation: How New B2B Payment Options Can Transform The SMB Back Office - April 2022 - Learn how all-in-one payment solutions can help businesses streamline B2B transactions and remove AP and AR management frictions

About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.

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