Latest news with #Spanish-founded
Morocco World
31-07-2025
- Business
- Morocco World
Glovo Morocco Reaches Settlement with Competition Council over Antitrust Allegations
Marrakech – Glovo Morocco announced today that it has reached a settlement agreement with Morocco's Competition Council, ending the antitrust investigation into the food delivery platform's operations in the country's meal delivery sector. The agreement comes after the Competition Council formally notified Glovo of alleged anticompetitive practices in May, following a surprise inspection of the company's Casablanca offices in October 2024. The investigation was initiated by the Council's self-referral decision number 20/D/2024 dated February 19, 2024. Glovo Morocco chose to settle to 'continue to focus fully on its mission' of supporting partners, couriers, and customers across Morocco, according to the company's statement. The settlement demonstrates Glovo's commitment to maintaining a 'constructive relationship with Moroccan authorities and regulatory bodies.' The Spanish-founded delivery platform has committed to implementing several measures to strengthen transparency and fairness on its platform in the Moroccan market. For restaurant and café partners, Glovo pledges to modify commercial agreements by removing exclusivity clauses and publishing a detailed guide to ensure transparency in partner ranking on the app. These initiatives aim to provide restaurant owners with a better understanding and increased visibility of how the food delivery platform functions. For couriers, Glovo commits to establishing pioneering standards for independent platform workers in Morocco. The company will contribute an additional annual financial commitment of approximately MAD 31 million ($3.1 million) directly to self-employed couriers, subject to conditions that will be explained during implementation. Glovo will also establish a MAD 5 million ($500,000) annual Impact Fund for couriers, dedicated to scholarships covering higher education and vocational training. The fund aims to help couriers improve their career prospects, knowledge, and skills. The company further commits to implementing a competitive and transparent service pricing structure, promoting courier awareness of compliance with laws and regulations, and facilitating access to insurance solutions adapted to independent worker status. Glovo will also deploy initiatives focused on professional development and the importance of road safety. These commitments bring Glovo's total additional financial contribution to over MAD 35 million ($3.5 million), setting 'a new standard for independent platform workers in Morocco.' A troubled spell for Glovo in Morocco The settlement comes at a challenging moment for Glovo in Morocco. This month, delivery workers protested in Casablanca against what they claimed was a 'truncated' map of Morocco on the company's application that allegedly omitted the Sahara region, along with expressing dissatisfaction with their working conditions. Couriers voiced concerns about bearing all operational costs themselves while earning insufficient income. Glovo responded to these protests by explaining that the map issue was a 'technical anomaly' that occurred 'following a recent external update' and assured the error had been corrected. The company insisted it operates 'across the entire national territory, from Tangier to Laayoune, with full respect for the Kingdom's territorial integrity.' The company claimed it 'has always maintained an open dialogue policy with the courier community' and stated that 'in recent weeks, exchange sessions were held with a hundred couriers in Casablanca in a constructive spirit,' where Glovo presented 'concrete proposals aimed at improving the couriers' experience.' Morocco represents Glovo's fourth-largest market globally, with the platform working with more than 6,500 business partners and 4,500 couriers throughout the country. Since establishing operations in Morocco, Glovo has transformed the local home delivery landscape. Glovo Morocco states it will continue to collaborate with the Competition Council and relevant authorities to actively participate in establishing a legal framework while strengthening its competition law compliance program. The Competition Council, headed by Ahmed Rahhou, had previously accused Glovo of abusing its dominant market position, exploiting the economic dependency of its commercial partners, and implementing unfairly low pricing strategies. Article 7 of Law No. 104-12 on freedom of prices and competition prohibits behaviors that aim to 'prevent, restrict or distort competition,' specifically forbidding the imposition of 'unjustified commercial conditions' or 'minimum resale prices.' Founded in Barcelona in 2014, Glovo has rapidly expanded globally and is now owned nearly 94% by German firm Delivery Hero. The company has faced mounting criticism over its economic model based on the precarious status of delivery workers. In June, European authorities fined Glovo €106 million for anti-competitive practices, including no-poaching agreements. The post Glovo Morocco Reaches Settlement with Competition Council over Antitrust Allegations appeared first on Morocco World News.
Straits Times
12-06-2025
- Sport
- Straits Times
'Sharky'-led SDS win first Baller League UK title
LONDON - Six-a-side team SDS FC, managed by online infuencer "Sharky". won the UK's inaugural Baller League on Thursday, beating MVPs United 4-2 in the final at London's O2 arena in a burgeoning new tournament that shakes up soccer's traditional format. SDS dominated the first half, roaring into a 4-1 lead in the game, which includes special rules such as "Plus One" that briefly cuts the teams to one-versus-one plus goalkeepers. TV host Maya Jama's MVPs cut the deficit by one goal in the second period, but were unable to mount a serious comeback in front of thousands of fans inside the arena and many more watching online, including 100,000 on YouTube. "It means everything ... I always believed," said "Sharky", whose real name is Sharmarke Mohamud, in a pitchside interview. "Being a champion just feels amazing," added SDS player David Marques Castanho, who got on the scoresheet. SDS reached the final by defeating Deportrio while MVPs overcame Yanited FC in 30-minute games played earlier on Thursday in the UK's "Baller League Final Four". The tournament was founded in Germany in 2023, where games were first played in an airport hangar, expanded to the UK this year and is also set to launch in the United States. A Spanish-founded similar format, called the Kings League, is also growing rapidly, even though traditionalists scoff at the games as a gimmicky distortion of pure football. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
12-06-2025
- Sport
- The Star
Soccer-'Sharky'-led SDS win first Baller League UK title
LONDON (Reuters) -Six-a-side team SDS FC, managed by online infuencer "Sharky". won the UK's inaugural Baller League on Thursday, beating MVPs United 4-2 in the final at London's O2 arena in a burgeoning new tournament that shakes up soccer's traditional format. SDS dominated the first half, roaring into a 4-1 lead in the game, which includes special rules such as "Plus One" that briefly cuts the teams to one-versus-one plus goalkeepers. TV host Maya Jama's MVPs cut the deficit by one goal in the second period, but were unable to mount a serious comeback in front of thousands of fans inside the arena and many more watching online, including 100,000 on YouTube. "It means everything ... I always believed," said "Sharky", whose real name is Sharmarke Mohamud, in a pitchside interview. "Being a champion just feels amazing," added SDS player David Marques Castanho, who got on the scoresheet. SDS reached the final by defeating Deportrio while MVPs overcame Yanited FC in 30-minute games played earlier on Thursday in the UK's "Baller League Final Four". The tournament was founded in Germany in 2023, where games were first played in an airport hangar, expanded to the UK this year and is also set to launch in the United States. A Spanish-founded similar format, called the Kings League, is also growing rapidly, even though traditionalists scoff at the games as a gimmicky distortion of pure football. (Reporting by Streisand Neto; Editing by Ken Ferris)
Yahoo
24-03-2025
- Business
- Yahoo
Analysis-Klarna IPO filing spurs hope of British fintech listings
By Charlie Conchie LONDON (Reuters) - Klarna's upcoming U.S. initial public offering could help unlock a pipeline of British fintech flotations after a barren period for new technology listings, investors, lawyers and an executive told Reuters. Stockholm-headquartered Klarna, best known for its buy-now pay-later products, publicly filed to float on the New York Stock Exchange earlier this month in its second attempt at listing on the public markets in four years. It had looked to IPO in 2021, after shooting from a valuation of $5.5 billion to $45.6 billion in three funding rounds. But investors soured on tech companies as interest rates rose and economies stuttered, and the company was forced to cut its valuation to $6.7 billion in a 2022 fundraising. Now it is back, and could be worth at least $15 billion in an IPO likely to be priced in the first half of April, one person with knowledge of the plans said. "Any successful IPO of a high-profile business in the sector will be a catalyst for others to look again at an IPO as a strategic option for growth and/or liquidity," said James Wootton, a partner at Linklaters, who advised money transfer company Wise on its 2021 listing in London. At the peak of a post-pandemic fundraising boom in 2021, 101 fintech companies raised $296.86 billion via IPOs on global stock markets, according to data from PitchBook, compiled for Reuters. But between 2022 and 2024, just 86 firms raised $32.76 billion via IPOs. Klarna's plans have fuelled hopes of a resurgence. "It's quite clear that the market is looking to Klarna as a bellwether for future fintech IPOs, many of which are in a long pipeline," said Tim Levene, chief executive of London-listed fintech investment fund Augmentum. "We hope that Klarna is the first of many to list, which will prove a positive data point for the rest of the market." WAITING IN THE WINGS Challenger banks Monzo and Starling, as well as payments companies Zilch and Ebury, are among the fintech companies considering plans to list at some point in the future, sources close to the companies told Reuters. Zilch, which offers a competing buy-now pay-later product to Klarna, is currently aiming to float in 2026, Philip Belamant, its chief executive, told Reuters. "The Klarna IPO will be a significant moment for the fintech sector, and we'll be watching closely," he said, adding that a successful IPO could "set the stage for greater investor confidence in European fintechs going public". Ebury, a Spanish-founded payments company majority owned by Banco Santander, is gearing up for a London listing by June at the earliest, one person familiar with knowledge of its plans said. The company will likely seek a valuation of around 2 billion pounds ($2.6 billion), the person said, adding the timing would depend on market conditions. Ebury did not respond to a request for comment. Santander declined to comment. It has said in the past that listing Ebury was one of many alternatives for the business. Britain's Revolut has previously signalled its intention to list publicly. A spokesperson for the challenger bank, Britain's most highly-valued startup, declined to comment on specifics. "Our focus is not on if or when we IPO, but on continuing to expand the business, building new products, and providing better and cheaper services to serve our growing global customer base," the person said. Zopa, which is headquartered in London, has no firm timeline for an IPO, a spokesperson said. "We continue to plan towards an eventual IPO, preferably in the UK and can be ready in a short time, however we will wait for the right macroeconomic and market conditions," the spokesperson said. To be sure, many have raised money and can wait, and conditions are volatile, forcing some European companies to put IPOs on hold. "A lot of them (fintech companies) have the luxury of being able to choose their time,' said Patrick Evans, head of UK equity capital markets at Citi. The choice of the U.S. venue by Klarna is also likely to intensify debate over where these fast-growing companies should list. Monzo has discussed floating in Britain or the U.S. but has set no firm timeline or venue for an IPO, a person familiar with the company's plans said. The London Stock Exchange has been making overtures to fintech companies including Zilch, one person familiar with the matter said. Zilch has yet to choose a venue, the person said. The London Stock Exchange Group declined to comment. ($1 = 0.7747 pounds) Sign in to access your portfolio
Reuters
24-03-2025
- Business
- Reuters
Klarna IPO filing spurs hope of British fintech listings
LONDON, March 24 (Reuters) - Klarna's upcoming U.S. initial public offering could help unlock a pipeline of British fintech flotations after a barren period for new technology listings, investors, lawyers and an executive told Reuters. Stockholm-headquartered Klarna, best known for its buy-now pay-later products, publicly filed to float on the New York Stock Exchange earlier this month in its second attempt at listing on the public markets in four years. It had looked to IPO in 2021, after shooting from a valuation of $5.5 billion to $45.6 billion in three funding rounds. But investors soured on tech companies as interest rates rose and economies stuttered, and the company was forced to cut its valuation to $6.7 billion in a 2022 fundraising. Now it is back, and could be worth at least $15 billion in an IPO likely to be priced in the first half of April, one person with knowledge of the plans said. "Any successful IPO of a high-profile business in the sector will be a catalyst for others to look again at an IPO as a strategic option for growth and/or liquidity," said James Wootton, a partner at Linklaters, who advised money transfer company Wise on its 2021 listing in London. At the peak of a post-pandemic fundraising boom in 2021, 101 fintech companies raised $296.86 billion via IPOs on global stock markets, according to data from PitchBook, compiled for Reuters. But between 2022 and 2024, just 86 firms raised $32.76 billion via IPOs. Klarna's plans have fuelled hopes of a resurgence. "It's quite clear that the market is looking to Klarna as a bellwether for future fintech IPOs, many of which are in a long pipeline," said Tim Levene, chief executive of London-listed fintech investment fund Augmentum. "We hope that Klarna is the first of many to list, which will prove a positive data point for the rest of the market." WAITING IN THE WINGS Challenger banks Monzo and Starling, as well as payments companies Zilch and Ebury, are among the fintech companies considering plans to list at some point in the future, sources close to the companies told Reuters. Zilch, which offers a competing buy-now pay-later product to Klarna, is currently aiming to float in 2026, Philip Belamant, its chief executive, told Reuters. "The Klarna IPO will be a significant moment for the fintech sector, and we'll be watching closely," he said, adding that a successful IPO could "set the stage for greater investor confidence in European fintechs going public". Ebury, a Spanish-founded payments company majority owned by Banco Santander ( opens new tab, is gearing up for a London listing by June at the earliest, one person familiar with knowledge of its plans said. The company will likely seek a valuation of around 2 billion pounds ($2.6 billion), the person said, adding the timing would depend on market conditions. Ebury did not respond to a request for comment. Santander declined to comment. It has said in the past that listing Ebury was one of many alternatives for the business. Britain's Revolut has previously signalled its intention to list publicly. A spokesperson for the challenger bank, Britain's most highly-valued startup, declined to comment on specifics. "Our focus is not on if or when we IPO, but on continuing to expand the business, building new products, and providing better and cheaper services to serve our growing global customer base," the person said. Zopa, which is headquartered in London, has no firm timeline for an IPO, a spokesperson said. "We continue to plan towards an eventual IPO, preferably in the UK and can be ready in a short time, however we will wait for the right macroeconomic and market conditions," the spokesperson said. To be sure, many have raised money and can wait, and conditions are volatile, forcing some European companies to put IPOs on hold. "A lot of them (fintech companies) have the luxury of being able to choose their time,' said Patrick Evans, head of UK equity capital markets at Citi. The choice of the U.S. venue by Klarna is also likely to intensify debate over where these fast-growing companies should list. Monzo has discussed floating in Britain or the U.S. but has set no firm timeline or venue for an IPO, a person familiar with the company's plans said. The London Stock Exchange has been making overtures to fintech companies including Zilch, one person familiar with the matter said. Zilch has yet to choose a venue, the person said. The London Stock Exchange Group declined to comment.
