Weekly Recap: Crucial Updates by Close of Business on August 22nd

The FinTech industry is buzzing with excitement as the IBSi Global FinTech Innovation Awards 2025 approaches. Scheduled to take place on 21st November in Mumbai, these awards serve as a platform for both startups and established banks to showcase their groundbreaking innovations, impact, and scalability to the global FinTech community.

This year marks the seventh edition of the awards, which honour innovation across various categories such as Core Banking, Digital Lending, AI/ML, and GenAI. One of the notable nominees is BlueSnap, who recently brought AR automation to BigCommerce, revolutionising the online shopping experience.

Another key player in the FinTech landscape is Klarna, a Swedish financial technology firm. Last week, Klarna secured a €1.4 billion structured financing facility from Santander Bank. This financing, designed to enhance Klarna's liquidity and support its expansion plans, particularly in Germany, is backed by Klarna's receivables in the German market. Santander is the sole lender in this deal, and the partnership reflects Klarna's strategic approach to diversifying its funding sources.

Meanwhile, Midas has raised $80m to build an investment ecosystem, while Drivepoint secured $9m to scale its AI finance platform. FincFriends also raised fresh funds to expand its digital credit services, and Zavo launched EMI Bet to reinvent India's credit culture.

In the payments sector, Zum Rails brought reloadable Mastercard prepaid cards, and QNB and Mastercard launched a unified digital wallet. Robinhood, the popular investment app, launched an AI insight tool in the UK.

The winners of the awards receive year-long visibility through editorial features, thought leadership opportunities, and industry event integrations. One such winner could be AND Global, who secured $21.4m Series B led by IFC and AEON.

Lastly, Klarna has also recently entered a long-term agreement with Nelnet Financial Services in the U.S. This partnership is expected to boost Klarna's presence in the American market.

The 2025 edition of the IBSi Global FinTech Innovation Awards anticipates broader global participation and a data-driven judging process, promising an exciting and competitive event. The future of FinTech is indeed promising, with innovations like these shaping the financial landscape.