- The February edition of Banking Technology Magazine discusses challenges in the banking and fintech industry in 2024.
- Mass layoff announcements were reported across the industry, including major players like Citigroup and challengers like Brex.
- Tech firms facing difficulties, with UK-based Paysme and Kikapay shutting down, citing challenges during and post-Covid.
- Twig, a UK-based circular economy fintech, enters liquidation two years after securing $35 million in a Series A and making acquisitions.
- PFS Card Services Ireland Ltd (PCSIL), acquired by Australian paytech EML Payments in 2019, is being liquidated in Ireland as it is deemed no longer commercially viable.
- In India, ZestMoney, a buy now, pay later (BNPL) start-up once valued at $450 million, faces a fire sale to DMI Group after potential buyer PhonePe abandoned the deal and founders departed.
- Ongoing challenges and uncertainties in the fintech sector are highlighted, with the magazine urging readers to stay updated on the latest developments.
