FinTech news in Shopify category

Its name change reflects that: Kudi, the simple cash-in, cash-out and payment and collection POS system, to Nomba, an omnichannel platform with a range of business and management tools for different types of businesses, which are also attractive to other fintechs offering interchangeable services such as Moniepoint, OPay and FairMoney, via its acquisition of CrowdForce.

He will continue developing the company’s technology, including automating the process of acquiring merchants on Shopify and accelerating the operational efficiencies running these online stores through OpenStore, even going so far as to reduce the acquisition offer from the current 24 hours down to an hour, the company said. The early success of the company may lie in the makeup of its founders: OpenStore is led by some heavy hitters, including Founders Fund general partner Keith Rabois and Jack Abraham, Atomic founder and managing partner, who started the company along with Matt Lanter and Jeremy Wood. In addition, while funding to aggregators has slowed to a comparative trickle — $9 billion of funding went into aggregators by September 2021, compared with $2 billion over the same period in 2022, per the Financial Times — the Miami-based company is among the recipients of some of those recent investment dollars. The company said this is a 25% increase in the company’s valuation from its previous round of $75 million in funding announced in November 2021.

Aiming to give merchants more control over this, Seel, which focuses on underwriting e-commerce returns, is leveraging artificial intelligence to build proprietary underwriting software that uses hundreds of signals to predict the probability of return as soon as an order is placed.