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Korta

korta.eu

Founded Year

2002

Stage

Acquired | Acquired

About Korta

KORTA is a payment service provider and operates in the field of acquiring and payment services. KORTA handles the complete payment service and acquiring process for VISA and Mastercard transactions. KORTA handles technical setups and connections, authorizations, data delivery, merchant service, billing, and settlements.On April 20, 2020, KORTA was acquired by Rapyd. Terms of the transaction were not disclosed.

Headquarters Location

Suðurlandsbraut 30

Reykjavik,

Iceland

+354 558 8000

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Latest Korta News

Upgrade launches checking accounts and debit cards

Jan 14, 2021

Fintech startup Upgrade has been positioning itself as a neobank. And yet, the company has mostly been focused on personal loans and more recently credit cards. You couldn’t just replace your bank account with Upgrade. Upgrade is adding two important missing pieces of the puzzle with checking accounts and debit cards . With today’s launch, Upgrade competes more directly with other challenger banks, such as Chime , N26 and others. You can open a checking account, control it from a mobile app, send and receive money from that account. There are no monthly fees and no minimum account balance. Under the hood, Cross River Bank provides FDIC-insured checking accounts. You also get a debit card with your checking account. When it comes to ATM withdrawals, Upgrade will reimburse ATM fees for its most loyal customers up to five times a month. You need to maintain a minimum balance or set up direct payroll deposit for that feature. Debit card payments on subscriptions and common everyday expenses let you earn 2% cash back. Eligible purchases include convenience stores, gas stations, restaurants, food deliveries, etc. Your earn 1% on other debit charges. Rewards on debit card transactions are somewhat uncommon. Most financial companies focus on credit card rewards as the interchange fees on credit card transactions are much higher. Debit cards don’t generate as much interchange revenue. “Neobanks in particular cannot pay high rewards (or any rewards at all) on debit cards because the interchange fee is often their only source of revenue,” Upgrade CEO Renaud Laplanche told me in an email. And interchange fees can add up if you manage to attract millions of customers. According to The Information , Chime generated more than $600 million in revenue last year thanks to interchange fees. The company still plans to generate the vast majority of its revenue from credit products. “Our strategy is to monetize our base through credit,” Laplanche said. Upgrade also offers a credit card with 1.5% cash back on all purchases. If, for one reason or another, you can’t pay your monthly balance payment, the company helps you combine monthly charges into installment plans that you can pay back over 24 to 60 months. You pay down your balance at a fixed rate with equal monthly payments. Upgrade customers who use the company’s checking account will get lower rates on Upgrade loans. You can also get a personal loan from Upgrade without a credit card or a checking account. And maybe you’ll end up discovering Upgrade’s other products after signing up to a personal loan. Image Credits: Upgrade The subscription management software tool Minna Technologies has raised €15.5 million in Series B fundraising led by Element Ventures, with support from MiddleGame Ventures, Nineyards Equity and Visa, to expand its innovative open banking technology to banks across the world. Founded in 2016 in Gothenburg, Sweden, Minna enables customers to manage subscription services via their bank’s app. Instead of spending hours on the phone or going through web pages trying to cancel a subscription, Minna can terminate it at the push of a button. This ensures that no extra money is taken from the account as well as cuts the data ties between the merchant and customer. The platform can also notify customers when a free trial is about to end to prevent them from being charged, and facilitates utilities switching to help customers find better deals. Through partnerships with European retail banks including Swedbank and ING, Minna has saved more than €40 million on behalf of the bank’s retail customers. In addition, Minna has now partnered with Lloyds Banking Group as its app now allows customers to easily and simply manage their subscriptions in just a few clicks, whenever and wherever they want. Minna’s tech represents the next generation in personal finance, in which customers can improve their financial health by real actions, not just insights. Demand for Minna’s product has escalated alongside recent growth in the ‘subscription economy’; according to the startup, this sector saw a 350% increase since 2012 thanks to the rise of online streaming, entertainment platforms, on-demand shopping platforms and app services. Minna states that the average European is spending €333 a month on 11 subscriptions, which is predicted to increase to €508 a month on 17 subscriptions by 2025. However, attempting to end a subscription can be time-consuming for the consumer, and costly for banks, in terms of the hours spent on the phone attempting to cancel a continuous payment. Minna’s technology reduces the burden on bank call centres thanks to its integration with Visa, by stopping payments from cards. Minna also lends a helping hand when it comes to utility switching, providing banks with an additional source of revenue. Minna’s technology additionally sets the stage for banks to develop their digital banking offering into a marketplace; hosting different products and services within one ecosystem is one way to encourage customers to engage more with their bank. The new Series B funding takes the total Minna Technologies has raised so far to over €23 million. The funding will allow the company to scale the technology and bring its services to more customers across the world, with requests from all continents. Joakim Sjöblom, CEO and co-founder of Minna Technologies, said: “Over the past four years the subscription economy has exploded from Spotify and Netflix to even iPhones and cars. It’s becoming increasingly difficult for consumers to keep track of the payments and harder for banks to handle inquiries to shut them down. Minna’s tech improves the procedure for banks by simplifying the process, as well as providing an in-demand digital product that consumers are starting to expect from their financial institutions. This new funding will help us take Minna across the globe to reach more banks and customers than before, and we look forward to working with Element Ventures to achieve our next period of growth.” B2B fintech-as-a-service provider Rapyd announced on Wednesday it secured $300 million through its Series D financing round, which was led by Coatue with participation from Spark Capital, Avid Ventures, FJ Labs, Latitude, General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital. Founded in 2016, Rapyd’s global payments network connects companies to “all the ways the world likes to pay.” The company noted: “With Rapyd, digital sellers in Latin America can accept cash. Online shoppers in Asia can pay with their favorite ewallet. And businesses can make payouts to companies and individuals anywhere in the world. With 900+ payment methods in 100 countries, you can open new markets, reach new customers, and create new opportunities anywhere.” While sharing more details about the platform’s service, Arik Shtilman, Co-Founder and CEO of Rapyd, stated: “The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast. To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company.” Rapyd then added that the new funds will be used to double the engineering and product teams, as well as expand the “Self-Service” element of Rapyd’s platform, empowering businesses globally to onboard and begin utilizing any of Rapyd’s financial capabilities in the shortest possible time frame. “The company will continue its focus on core markets that serve B2C and B2B eCommerce payments, marketplace, and financial services businesses. Following the successful acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa..” Rapyd, a Fintech-as-a-Service company, announced a $300 million Series D financing round led by Coatue, a global technology-focused investment manager. Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital who had previously invested $100 million in October 2019. Advertisement The new financing will be used to double the engineering and product teams, as well as expand the “self-service” element of Rapyd’s platform, empowering businesses globally to onboard and begin utilising any of Rapyd’s financial capabilities in the shortest possible time frame. The company will continue its focus on core markets that serve B2C and B2B e-commerce payments, marketplace, and financial services businesses. Following the acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa. Rapyd has been actively expanding its global payments network starting with Singapore in November 2019, followed by Brazil in March 2020, the United Kingdom in June 2020, Mexico and India in July 2020, South Korea in October 2020 and Thailand in December 2020. Arik Shtilman “The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast. To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company.” said Arik Shtilman, co-founder and CEO of Rapyd . Kris Fredrickson “The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods. Rapyd’s API, which abstracts away this complexity, is currently powering what we think are many of the world’s most exciting companies. We are honored to partner with Arik and team for the next phase of the Rapyd journey.” said Kris Fredrickson, Managing Partner at Coatue. Perhaps. Walmart  announced Monday (Jan. 11) in a  press release  that it is creating a FinTech startup. The details thus far are sparse. The name of the company is not known, nor is the range of services that would be provided. The retail giant has been making inroads into eCommerce and has become more digital by the quarter (judging from the explosive growth in digital transactions, where  PYMNTS  noted that eCommerce sales were up 79 percent). The company said in the release that it is creating the startup in tandem with  Ribbit Capital , which, as  CNBC  reported ,  is one of the venture capital firms that has backed online stock market trading platform  Robinhood  and has investments in  Credit Karma  and  Affirm . The company will be majority owned by Walmart, according to the release. In a nod to what might guide Walmart’s FinTech efforts, the company said in the release that “the venture will bring together Walmart’s retail knowledge and scale with Ribbit’s FinTech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates.” That gives a sense that the ecosystem (perhaps the initial ecosystem) will be relatively closed. In terms of structure, board members of the as-yet-to-be named FinTech will include Chief Financial Officer Brett Biggs and Walmart U.S. President and CEO John Furner. “The company plans to add independent industry experts to the board and to build a management team of experienced FinTech leaders,” Walmart said in the release. “It anticipates that growth may come through partnerships and acquisitions with leading FinTech companies.” “For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs,” Furner said in the release. “And they’ve made it clear they want more from us in the financial services arena.” Importantly, Walmart said that it will continue to serve customers through its existing financial services and partnerships with a number of third parties, according to the release. The firm explicitly mentioned  Walmart Credit Card ,  Walmart MoneyCard , check cashing, money transfers, installment financing and other offerings.

Korta Frequently Asked Questions (FAQ)

  • When was Korta founded?

    Korta was founded in 2002.

  • Where is Korta's headquarters?

    Korta's headquarters is located at Suðurlandsbraut 30, Reykjavik.

  • What is Korta's latest funding round?

    Korta's latest funding round is Acquired.

  • Who are the investors of Korta?

    Investors of Korta include Rapyd.

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