Today in FinTech: Credit Unions Turn to FinTech Partnerships to Level the Playing Field

In today’s FinTech news, credit unions are finding that to compete like a FinTech, they need to grab a partner, while South African FinTech startup Stitch is striving to make it easier for businesses on the continent to build and scale innovative products.

Additionally, Berlin’s Forget Finance raised millions in seed funding to encourage millennials to save, and U.K. digital bank Zopa launched a hybrid savings product to reach younger generations.

Credit Unions Partner With FinTechs to Compete Like One

As the world turns, so too does the crowded financial landscape that just seems to grow in numbers from one end of the map to the next. Credit unions are stepping up to the competitive challenge by teaming up with FinTechs to offer members the latest digital and mobile bells and whistles, while still bringing their members the personalized connection that sets credit unions apart.

Check out the latest Credit Union Tracker® from PYMNTS, which takes a deep dive into the ways FinTech partnerships can help credit unions tackle rivals and keep members happy.

API Firm Empowers African FinTechs to Scale

Kiaan Pillay, CEO and co-founder of South Africa-based application programming interface (API) FinTech startup Stitch, told PYMNTS that the company was formed to make it simpler for FinTechs on the continent to start and scale.

The bigger problems come later, when money must be moved between ecosystems, individuals and geographies. A lack of open banking infrastructure and data sharing limits innovation and growth.

Berlin FinTech Forget Finance Raises 3.5M Euros

Berlin FinTech Forget Finance raised €3.5 million ($3.96 million) in seed funding to help the startup become the first personal finance app to co-mingle artificial intelligence (AI) bots and in-real-life financial experts to encourage younger generations to save and invest. The goal is to help millennials and Gen Z establish financial goals and make investments with long-term planning in mind.

UK Digital Bank Zopa Introduces Hybrid Savings

U.K. online-only bank Zopa is launching a savings product with individual stash “pots” to channel savings into differentiated silos for specific savings goals.

The Zopa Smart Saver also has various interest levels that users can “boost” according to deposit times and withdrawals notice. The intention is to help prevent people from dipping into their savings for everyday spending.

German Virtual Bank Penta Aims for $500M Valuation

German digital business banking platform Penta is looking for a valuation ranging from $453 million and $567 million as it goes on the hunt for potential investors for what will be its third funding round.

Penta offers bank accounts and other financial services to small businesses, and the company also enables businesses to digitally manage accounting and receipts through a partnership with Germany-based DATEV Marketplace.