In The Know - Vol.2
Welcome to ‘In The Know’ by Ukheshe. A monthly newsletter where we explore the ins and outs of fintech, and share our latest company news and updates. Follow us on our journey as we aim to educate, entertain and build the future of financial services 🚀
Let's dive right in 🤿
Top stories in February
Will Apple be the next identity verification juggernaut?
To add to its growing banking and payments offering, Apple is poised to leverage its identity verification technology to compete against the wave of digital identification startups, but it will do so with a major advantage. Since the inception of Apple Pay, Apple has shared proprietary user data it collects with card issuers, payment networks, banks and other service providers to prevent fraud when adding payment cards to an Apple Wallet.
Apple has an overwhelming amount of data, enabling them to build comprehensive risk and fraud decision models to support its growing ecosystem of payment and lending products. What’s the next move for Apple?
M-Pesa eyes the global remittances trillion-dollar market
Over the years, the M-Pesa platform has made financial services accessible to millions of people who previously lacked access to traditional banking services. M-Pesa’s decision to split from Safaricom to pursue their own fintech service proves that they want their share of the trillion-dollar global remittance market.
Where is fintech headed in 2023?
The fintech industry has become increasingly competitive. Companies are battling for the same customers, and the current macroeconomic and fundraising environment makes operating increasingly challenging.
Although the current market presents unique challenges, periods of an economic slowdown have historically been massive drivers of innovation. Companies are exploring new technologies and processes to diversify their revenue streams and remain relevant in the market.
We have identified key trends that will make moves in 2023. Learn more
Fintech for Humans: From startup, scale-up, to fintech enablement. The Ukheshe journey so far
In 2018, our four founders identified a long-standing problem in the market that needed immediate attention: financial inclusion. Since inception, we have pivoted our business, grown to over 150 people, and expanded into locations across the globe 🌍
Fast forward to 2023. The company has undergone significant changes, but our core values remain unchanged.
We have the opportunity to continue pioneering solutions to critical problems, provide value for our customers, and support communities where our technology has the power to make the biggest impact.
Learn more about our growth story.
The rise of Embedded Finance
Until now, financial services used to be exclusive to traditional financial institutions. To offer these services, a banking license was required, which comes with huge capital investment, strict compliance, and regulatory requirements. There are many non-financial companies that want to make embedded finance part of the holistic experience, and for a good reason.
Through embedded finance, non-financial institutions and brands can integrate financial products or services - like payments, insurance, lending or banking - to ease and enhance the overall user experience within their platform or app.
In this guide, we have unpacked the key areas within embedded finance and how it's influencing a new age of financial services.
Download our latest guide for free to learn more about the potential of embedded finance 📚
“Our dream is to transform the lives of individuals by facilitating access to critical financial services, to support the growth and prosperity of communities globally.” 🌍
Today, we pay tribute to the remarkable people behind the name ‘Ukheshe’. Without your consistent hard work and dedication towards achieving our mission and vision, we would not be where we are today ✊
At Ukheshe, our culture and people are at the core of everything we do, and we value each and every individual for their contribution to our growth. We are focused on building a company with the help of out-of-the-box thinkers who share a passion for making a difference in today's financial world.
“Alone we can do so little; together we can do so much” - Helen Keller
Are you an out-of-the-box thinker? 🤔 Take a look at the open positions on our careers page
Sovtech: Top 100 Fintech Platforms in Africa
In a recent report by Sovtech, Ukheshe was among the Top 10 Fintech Platforms in Africa. Based on their extensive research, they have identified the Top 100 Fintech Platforms that are the driving force behind the growth and development of the African Fintech industry.
Read the report here
Cape Town Fintech Fest - Maximising funding potential for South African startups
On February 21st, Quona Capital and Royal Park Partners teamed up to host the Cape Town Fintech Fest. Our very own CEO, Clayton Hayward was joined alongside key leaders in the South African fintech space where they shared their knowledge and insights on how to maximise funding potential for South African startups.
The South African fintech space is growing, with a number of innovative startups making moves in the market. Navigating a startup can be extremely difficult, and finding the right balance is essential to realise the future growth of your company. Although there have been challenges when growing our company from startup to scale-up, we always remind ourselves how privileged we are to be in a space where we can make a real difference and make moves to create a better future for the generations to come.