EMEA Daily: Ted Baker Getting Closer to a Buyer

In today’s top stories from Europe, the Middle East and Africa, British fashion retailer Ted Baker says it has narrowed down the possibilities for a potential buyer.

Also, Egyptian used car marketplace Sylndr raises $12.6 million, while British global currency provider Sokin expands its partnership with Mastercard in North Africa and the Middle East.

Sycamore Partners Drops Ted Baker Buyout Pursuit

British fashion retailer Ted Baker announced it has narrowed its choices for a possible buyer following several non-binding offers.

Among those bidders who are now out of the running is the private equity firm Sycamore Partners. Ted Baker’s board didn’t announce which of the bidders will become the chief focus of its due diligence but said the process to confirm a buyer is “likely to take several weeks.”

And even then, the board said the process does not guarantee that Ted Baker will forge a deal with its potential buyer.

Sokin, Mastercard Expand Digital Banking Partnership Across MENA

British global currency account provider Sokin has expanded its partnership with Mastercard to offer consumers in nearly 40 new markets throughout the Middle East and Africa greater transparency through fixed-price payment services.

Mastercard will use the multi-year agreement with Sokin to offer solutions to more than 35 million migrant workers in the Middle East and Africa, as well as people who regularly send and receive money. The partnership will also work to provide the region’s 578 million people an alternative to conventional banking.

B2B Payments Infrastructure Firm TransferMate Valued at $1B

Dublin-based B2B payments infrastructure firm TransferMate has achieved unicorn status, its valuation reaching $1 billion after raising $70 million in new funding.

The company said the funding will help it expand its team and spend more on in its product suite, which includes its global licensing infrastructure and banking network.

“By combining our technology and our global license network, we empower software providers, banks, and FinTechs to deliver payments dramatically faster & cheaper than the traditional SWIFT system,” said Terry Clune, TransferMate’s founder. “We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”

Used Car Marketplace Sylndr Raises $12.6M

Online used car marketplace Sylndr has plans following a pre-seed funding round that raised $12.6 million.

The Egyptian firm said it wants to use the funding to double the size of its team, while building on its technological infrastructure, brand awareness and operational capabilities.

“We aim to become the most trusted used car retailer in the region. Our customers will be able to sell their cars directly in as little as 24 hours, with free collection and fast payment,” said Omar El Defrawy, the company’s chief executive. “Sylndr will be the go-to place for customers seeking affordable cars, featuring an extensive range of high-quality used vehicles accessible through a diverse set of financing solutions.”

UK BNPL Firm Tranch Exits Stealth With $4.2M

British buy now, pay later (BNPL) platform Tranch said it has raised $4.25 million in pre-seed equity and debt funding.

The company, which does work for SaaS sellers and professional services providers, said it will use the capital to add to its team and onboard new suppliers, with the goal of expanding into the U.S. this year.

BNP Paribas Becomes Latest Bank to Embrace Blockchain

French bank BNP Paribas has become part of a U.S.-based blockchain-powered network run by JPMorgan to use digital tokens for short-term trading in fixed income markets, joining a $12 trillion market.

JPMorgan has attracted more than $300 billion in cryptocurrency-focused business since it began working in that space last year, with this new partnership marking the first efforts to use digital tokens in one of the global financial system’s vital links.

JPMorgan’s blockchain allows banks to lend out U.S. government bonds for a few hours as collateral with the bonds never leaving their balance sheets.