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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Automated reconciliation and financial controls company AutoRek recently unveiled its AutoRek Mion platform.
AutoRek Mion provides data management and reconciliation capabilities for cryptocurrency and digital asset operations at a time when adoption of these assets is growing rapidly.
Headquartered in Glasgow, Scotland, AutoRek made its Finovate debut at FinovateEurope 2013 in London. Chris Livesey is CEO.
Automated reconciliation and financial control solutions provider AutoRekhas launched its AutoRek Mion solution. The new platform provides data management and reconciliation capabilities for cryptocurrency and digital asset operations. AutoRek Mion works where traditional reconciliation systems often fail by processing up to 20 digits before and 18 digits after the decimal point to provide accuracy and scale.
“The financial services industry is at an inflection point with cryptocurrency adoption,” AutoRek CEO Chris Livesey said. “When our client came to us with their challenge, it became clear that this wasn’t just one client’s problem—it was an industry-wide issue that needed solving. Traditional reconciliation systems cannot handle the precision requirements of these assets. AutoRek Mion solves this fundamental problem, enabling institutions to maintain the same rigorous financial controls for crypto that they’ve relied on for traditional assets for decades.”
With a digital asset like Ethereum, for example, which operates at 18 decimal places, existing reconciliation systems are simply not precise enough. AutoRek Mion, in contrast, can handle both high precision numbers and very large numbers at high precision. This comes as new regulatory frameworks on cryptocurrencies and digital assets from the Financial Conduct Authority and the European Union are putting additional compliance pressures on financial institutions. Specifically, both the FCA’s discussion paper DP 23/4 and the EU’s Market in Crypto-Assets Regulation (MiCA) underscore the importance of proper reconciliation controls for digital assets on behalf of clients.
“The challenge wasn’t just about displaying more decimal places—we had to create custom code to overcome fundamental database technology limitations,” AutoRek Chief Product, Technology and Operations Officer Jim Sadler said. “The platform features specialized proprietary functions that ensure mathematical calculations can be processed at these new levels of precision, enabling accurate valuations, currency calculations, and data aggregation for digital assets.”
Headquartered in Glasgow, Scotland, AutoRek made its Finovate debut at FinovateEurope 2023 in London. At the conference, the company showed how its intuitive, configurable dashboards and machine intelligence monitor the reconciliations process—from categorizing outstanding transactions to highlighting escalation points—giving financial institutions more control and efficiency and less reliance on spreadsheets and manual processes. Founded in 1994, AutoRek partners with companies in banking, payments, asset management, insurance, and other sectors to help them leverage intelligent automation to better manage their data. The firm’s technology has been implemented by more than 100 companies.
Earlier this year, AutoRek announced a partnership with bank integration solutions provider AccessPay to help streamline the retrieval, reconciliation, and reporting of banking data. The company began the year with news that leading UK insurance, wealth, and retirement firm Aviva had selected AutoRek as its reconciliation and CASS tool.
How does the shifting regulatory landscape impact the ability of financial institutions to securely engage new customers and members, protect themselves and their partners from fraud, and remain compliant? What technologies and processes are available to help them ensure that they are meeting their regulatory obligations in the most efficient and comprehensive way possible?
In this Streamly Series interview conducted at FinovateSpring in San Diego, Middesk Head of Marketing and Business Development Jackie Wylie talks about the importance of sound KYB (Know Your Business) processes and the potential advantages for firms that embrace dynamic onboarding flows. Wylie also talks about Middesk’s advances in fraud prevention, its acquisition of specialized data sets, and its work in forging key partnerships.
“Middesk is a business identity platform. We create business identities by aggregating, analyzing, and then surfacing insights about a business. We do that by collecting data from a number of sources like government organizations such as Secretary of State data. We scrape a company’s online presence and gather data from their website and we obtain information about the industry they are operating in, etc. We build this really robust profile about the business and then we bring that profile to our customers—financial services institutions, banks, fintechs, payments companies … and we help them use that data to make onboarding decisions so they can bring on as many of the best customers as possible, as quickly as possible.”
San Francisco, California-based Middesk offers solutions that help businesses access financial products, hire new talent, and transact with other businesses. The company offers an identity product that provides financial institutions with the accurate data they need to efficiently onboard new customers, and an agent product that supports employer filings with state and federal agencies. Founded in 2019, Middesk includes Affirm, Plaid, and Gusto among its customers. Kyle Mack (CEO) and Kurt Ruppel (CTO) are co-founders.
Head of Marketing and Business Development for Middesk, Jackie Wylie joined the company in the spring of 2024. Wylie has 15+ years of experience in driving pipeline and revenue growth via strategic marketing initiatives with technology firms such as Textio, Amino, and Smartsheet. She is also Seattle Chapter Co-Head and Executive Member of Pavilion, a 10,000-member private community for go-to-market leaders in B2B technology.
Payment services and data enrichment platform Tink announced an open banking partnership with wealth app Chip.
Chip will leverage Tink’s Pay by Bank solution to enable its users to securely and seamlessly top up their saving and investing accounts.
Tink won Best of Show in its first two Finovate appearances in 2014 and 2017. The Stockholm, Sweden-based company most recently demoed at FinovateEurope 2019.
A new partnership between open banking pioneer Tink and Chip will bring open banking capabilities to the Chip app. Tink’s Pay by Bank solution will help Chip provide open-banking powered money transfers for its users when they seek to top up their savings and investment accounts on the company’s app. Pay by Bank reduces friction and costs, while enhancing the user experience with secure, seamless connectivity. Additionally, the partnership with Tink will give Chip users access to account insights in real-time, bringing greater visibility to the savings and investment process.
“It’s brilliant to partner with Tink, whose open banking solutions provide a fast and secure option for our users adding money to their savings on the Chip app,” Chip Co-Founder Alex Latham said. “We’re looking forward to working with the Tink team to promote these payment options, with a few more exciting updates coming soon.”
Tink’s Pay by Bank enables Chip customers to launch payments directly from their accounts on their banking apps. This reduces the amount of cumbersome and potentially error-prone manual entry and avoids the inconvenience of waiting for funds to clear when transferring money. The seamlessness of the process helps ensure that users complete their transactions before dropping off in frustration, and empowers Chip to offer its customers a variety of ways to fund their accounts.
“Chip has been on a tremendous growth journey in recent years, and we’re delighted to become a part of their success story by bringing more payment options to their user base,” Tink Head of Payments Ian Morrin said. “The Tink Chip partnership highlights how open banking APIs are powering smarter saving tools and reshaping the personal finance ecosystem.”
Chip offers an automatic savings and investing “wealth app” that enables users to build, manage, and grow their long-term wealth. The company’s Chip Cash ISA allows users to earn tax-free interest on their savings, with new customers earning 4.33% AER (annual equivalent rate) for the first 12 months. For investing, Chip customers can choose between a free plan that allows users to begin buying and selling funds, stocks, and shares with a platform fee of 0.25%, and the company’s ChipX account that offers a full curated range of funds with 0% platform fees. Founded in 2016, London-based Chip announced its first profitable quarter in Q4 2024, assets under administration of £5.2 billion, and 327,000 customers.
Tink won Best of Show in its first two appearances on the Finovate stage in 2014 and 2017. The company most recently demoed its technology at FinovateEurope 2019. Founded in 2012 and headquartered in Stockholm, Sweden, Tink makes its open banking solutions available in 20 markets around the world and boasts 13,000 connections to financial institutions. The company was acquired by Visa in 2021.
Enterprise banking software company Zafinhas launchedTransaction Enrichment. The new capability transforms raw transaction data into rich, contextual insights that will enable banks and other financial institutions to deliver more personalized experiences to their customers.
“Transaction Enrichment is foundational to delivering true personalization in banking and is an integral part of a long-term strategy to improve customer relationships and personalized service,” Zafin CEO Charbel Safadi said. “Our approach is more than just data enrichment. It enables banks to move beyond generic offers and engage and reward customers in ways that reflect their daily behaviors, financial goals, and full relationship with the bank.”
Transaction Enrichment is a key component in Zafin’s effort to provide financial institutions with the tools they need to boost customer loyalty and build a foundation for relationship banking. The capability transforms raw transaction records into contextualized information using 70 expense and income categories, merchant logos, clean merchant names, merchant website links, and more. The technology includes an adaptive accuracy engine that helps build confidence via machine learning models that adapt continuously to new inputs and patterns, as well as feedback loops that leverage human insight to ensure accuracy.
Zafin’s technology is currently deployed with UAE-based Commercial Bank International (CBI). The financial institution has used Transaction Enrichment as part of its strategy to provide a more intuitive and personalized digital banking experience for its customers. Transaction Enrichment facilitates online transaction categorization and provides spending insights to help the institution’s customers gain a more comprehensive understanding of their spending and greater control over their financial lives.
“Enhancing our transaction data has helped us deliver a clearer, more intuitive digital experience for our customers,” CBI Chief Strategy & Innovation Officer and Head of Ventures Giovanni Gavino Everduin said. “It goes beyond transparency—it’s about laying the foundation for deeper personalization and fostering a new kind of loyalty built on everyday behavior.”
Zafin made its Finovate debut at FinovateFall 2017 in New York. In the years since then, the Vancouver, Canada-based fintech has partnered with many of the world’s top banks including ING, CIBC, HSBC, Wells Fargo, PNC, and ANZ. Zafin also works with regional and mid-market banks to help them increase speed to market, reduce operational complexities, become and remain compliant with relevant regulations, and strengthen customer engagement.
InComm Payments and NCR Atleos (dba Atleos) have forged a new partnership that will enable cardless cash pickup at more than 23,000 ATMs around the US.
The partnership will help InComm cover the “digital-to-physical” gap when it comes to self-service cash payments.
Founded in 1992, InComm made its Finovate debut at FinovateFall 2011. NCR Atleos was formed when NCR Corporation split into two entities (the other being NCR Voyix).
InComm Payments has adopted Atleos’ ReadyCode API which will enable InComm Payments’ fintech and banking partners to offer cardless cash pickup at more than 23,000 ATMs around the country. The partnership offers a scaled ATM network and API solution in ReadyCode that will help InComm Payments bridge the “digital-to-physical” cash payments gap and allow consumers to make cardless cash withdrawals via a simple and secure code delivered through their preferred application. ReadyCode is currently enabled in ATMs in retail locations in more than 40 states in the US.
“Atleos’ ReadyCode API offering provides an additional modality and channel for our money movement partners and their consumers to access cash in a self-service manner at ATMs located at some of the nation’s most convenient retailers,” InComm Payments VP of Product John Houseal said. “This service expands our cash-out network in a new way, connecting our partners with differentiated access to serve their customers beyond the counter.”
Atlanta, Georgia-based InComm Payments made its Finovate debut at FinovateFall 2011. The company also participated in our developers conference, FinDEVr SiliconValley 2014 (in partnership with Cashtie). Founded in 1992, InComm today delivers end-to-end payment platforms that enable omnichannel connections and alternative payment options for companies in industries ranging from financial services and gifting to healthcare and human resources. Operating in more than 40 countries around the world, InComm has more than 525,000 points of retail distribution, processes more than $65 billion in annual transaction volume, and manages more than one billion cards a year.
“Enabling InComm Payments’ broad and deep program relationships with access to the ReadyCode solution will provide more flexibility for consumers to transact where and how they want, without the need for a card,” Atleos SVP, Global Network Solutions, Ben Bregman said. “This relationship will also provide additional use cases to drive utilization of the ATM for increasingly digital-first providers beyond traditional financial institutions, and continue to fulfill on our promise to our retail partners to drive incremental foot traffic to their stores.”
Formed in 2023 when NCR Corporation split into two entities (the other being NCR Voyix), NCR Atleos offers self-service financial access through one of the largest independently-owned ATM networks in the US. Based in Atlanta, Georgia, the company helps boost operational efficiency for financial institutions, increase footfall for retailers, and provide consumers with the kind of digital-first, self-service financial experiences that are secure and convenient. Atleos is a publicly traded company on the New York Stock Exchange, under the ticker NATL, and has a market capitalization of $2 billion. Tim Oliver is President and Chief Executive Officer.
Financial empowerment platform Fruition announced a partnership with transaction enrichment and insights and analytics company Bud Financial.
The collaboration will enable Fruition to provide its members with enriched transaction data to help them budget better and make more insightful financial decisions.
Bud Financial made its most recent Finovate appearance at FinovateFall 2024 in New York. The company is headquartered in London.
Financial empowerment platform Fruition has teamed up with transaction enrichment and insights and analytics company Bud Financial to bring enhanced, personalized financial experiences to customers.
“This collaboration brings Fruition’s members control over their financial futures by leveraging AI-driven insights, relevant education and expert guidance, all underpinned by Bud’s market-leading financial models,” Bud CEO and Co-Founder Edward Maslaveckas said. “Fruition’s commitment to providing smarter financial guidance makes them the perfect first client of our exciting Intelligent Search capability. We can’t wait to see how Intelligent Search helps Fruition’s members to take control of their financial data and smash their financial goals.”
Fruition will leverage a pair of Bud Financial solutions—Enrich and Engage—to provide its members with enriched transaction data and intelligent, personalized financial insights to support more informed financial decision-making. Enrich is Bud’s transaction enrichment platform that enables companies to convert difficult-to-understand customer transactional data into easier-to-recognize transactions with accurate categorization and identifiable merchant names.
Engage offers “next generation” personal financial management that puts transaction data to work in personalizing the digital banking experience. The solution features an AI-powered transaction search feature—Intelligent Search—that enables customers to interact with their bank using natural language. The feature is built on AI-powered transaction intelligence and helps reduce contact center queries about unclear or disputed transactions.
Fruition’s Folio offering will use enriched transaction data from Bud to help members secure a comprehensive overview of their finances in a single interface—making budgeting easier. The integration will also enable Folio to deliver customized, targeted notifications to members based on their transaction data. Fruition members will be able to share their data in mentoring sessions which will enable mentors to personalize financial education and ensure that the guidance is both actionable and appropriate for the member’s financial circumstances.
“On average, we’re seeing that 42.6% of all transactions are being enriched more accurately with Bud than with our previous enrichment provider,” Fruition VP of Engineering Elliott Beaty said. “Our partnership with Bud helps us deliver on our promise of financial understanding and actionable insights. Better data for our members means more accurate understanding of their financial situation.”
A personal finance management platform that uses financial data to provide actionable insights, educational resources, and mentorships for consumers and employees, Fruition rebranded from Mentoro in October 2024. Last month, the company launched its Debt Paydown tool, which lies within Folio. The solution allows members to include all of their debts in a personalized debt repayment plan, visualize future repayment strategies, and quantify the interest potentially saved via the paydown plan.
Headquartered in London and founded in 2015, Bud Financial made its Finovate debut at FinovateFall 2023 and returned to the Finovate stage again last fall. At the conference, the company demoed its Drive solution which democratizes access to enriched data and actionable insights via AI-powered analysis and a Gen AI-based interface.
A holiday-shortened week begins with Independence Day in the US celebrated on Friday. Be sure to check with Finovate’s Fintech Rundown for the latest fintech news as the second half of 2025 gets underway in earnest!
Digital banking
Greece-based core banking vendor Natechraises $33 million in Series B funding.
This week’s edition of Finovate Global looks at recent fintech headlines from Nigeria and South Africa.
BAS Group acquired a majority stake in Nigeria’s Zuvy
Nigeria-based diversified financial services group BAS Group announced this week that it has acquired a minority stake in Zuvy, a local fintech that specializes in invoice financing. The move gives BAS Group more than 50% of the company, a stake that analysts estimate could be valued between $1.5 million and $3 million. The transaction will also place BAS Group Chief Operating Officer, Adnan Kayode, at the helm of Zuvy—although the firm will continue to operate independently.
“This acquisition of Zuvy goes beyond simply expanding our investment portfolio—it represents a strategic alignment with our core mission of developing a comprehensive, technology-enabled financial ecosystem for Africa,” BAS Group Founder and CEO Abdulateef Hussein said.
Co-founded in 2023 by Angel Onuoha and Ahmed Shehu, Zuvy provides invoice financing to businesses in the FMCG (“fast-moving consumer goods”) and healthcare sectors, as well as to companies in supply chain industries. Zuvy reports financing invoices worth more than ₦1 billion ($650,000) for 1,500 small businesses over the past two years. As part of the deal, Onuoha and Shehu will retain minority stakes in the company, but will no longer have operational roles. The two founders have moved on to focus on their new healthcare venture, Avelis Health.
“We take great pride in Zuvy’s accomplishments and the positive impact we’ve created for thousands of Nigerian enterprises,” Onuoha said. “BAS Group represents the perfect partner to advance Zuvy’s growth trajectory while we focus our efforts on addressing critical healthcare challenges in the American market.”
BAS Group’s deal for Zuvy comes after the firm launched a lending business that provides collateralized loans to small and medium-sized businesses. The majority stake in Zuvy will enable BAS Group to add uncollateralized lending to its offering.
South African fintech Lesaka acquired Bank Zero
Lesaka Technologies reported that its subsidiary, Lesaka Technologies Proprietary Ltd, has agreed to acquire Bank Zero Mutual Bank (Bank Zero). Subject to customary closing conditions, the acquisition will be settled via a combination of new share issuance and up to ZAR 91 million ($5.1 million) in cash. The total value of the transaction is estimated to be $61 million.
“The acquisition of Bank Zero is a transformative event in Lesaka’s journey, enabling us to better serve our consumers, merchants, and enterprise clients by embedding a trusted, well-engineered neobank capability into our fintech platform,” Lesaka Chairman Ali Mazanderani said. “I am delighted to welcome the Bank Zero team to Lesaka as partners.”
Founded in 2018 and headquartered in Johannesburg, South Africa, Bank Zero is a modern “app-only” bank for both individuals and businesses. As of April 2025, the institution had a deposit base of more than ZAR 400 million ($22.4 million), and more than 40,000 funded accounts across South Africa. Co-launched by Michael Jordaan (Chairman) and Yatin Narsai (CEO), Bank Zero boasts 45% black- and 20% female-ownership. Post-acquisition, Jordaan will join the Lesaka Board of Directors while Narsai continues to serve as CEO.
“Bank Zero was built from the ground up to deliver a secure, digital-first banking experience that puts control back in the hands of customers,” Narsai said. “Our focus has always been on using technology to remove friction, lower costs, and challenge legacy banking norms. Joining forces with Lesaka allows us to accelerate that mission at scale—reaching more customers, faster—while staying true to the principles that define who we are.”
TransUnion invests, partners with Omnisient
Speaking of minority investments, TransUnion announced that it has secured a minority investment in—and a strategic partnership with—South Africa-based fintech Omnisient. Omnisient offers a data collaboration and advanced analytics platform that enables companies to securely access high-value consumer data ecosystems and integrate alternative data sets to support smart decision-making.
The strategic partnership will enhance TransUnion’s ability to bring more of the estimated 500 million un- and underbanked Africans into the formal financial system. By leveraging alternative data at scale, TransUnion’s partnership with Omnisient will enable more new-to-credit and credit-underserved consumers to begin building a credit profile and start the journey toward greater, long-term financial empowerment and opportunity.
“Traditional data models often fail to reflect the lived realities of African consumers, leaving millions without access to credit and the opportunities it enables,” TransUnion Africa Regional President/CEO Lee Naik said. “Financial inclusion is central to unlocking economic growth across the continent. That’s why we’re committed to leading with bold, Africa-born solutions designed to see the unseen and serve the credit-invisible by integrating alternative datasets alongside traditional credit data in ways that reflect uniquely African contexts and realities.”
Along with the investment (amount undisclosed) and strategic partnership, a member of TransUnion will join Omnisient’s board of directors.
TransUnion’s investment and strategic partnership comes at a time when demand is rising worldwide for access to alternative data and solutions that leverage this data while ensuring privacy, enhancing trust, and creating value for financial institutions. Omnisient’s technology uses tokenized keys to represent personal information in the data set, avoiding the transfer of raw data and providing privacy throughout the entire process. The company’s many-to-many data connectivity between banks and other financial services providers and third-parties helps promote innovation in the field of data collaboration.
“Our privacy-preserving data collaboration platform brings financial services and consumer brands together, allowing them to discover, validate, and commercialize new alternative sources of consumer behavioral and transactional data without having to exchange sensitive personal information,” Omnisient Co-Founder and Group CEO Jon Jacobson said.
Founded in 2019 in Cape Town, South Africa, Omnisient is currently headquartered in the UK. TransUnion most recently demoed its technology at FinovateSpring 2024, showing how its Enhanced BreachIQ solution provides modern, gamified consumer identity protection.
Here is our look at fintech innovation around the world.
UnaFinancial and JSCB Microcreditbank partnered to launch a digital credit service in Uzbekistan.
SEBI-registered Online Bond Platform Provider (OBPP) IndiaBonds.com raised $3.77 million in funding.
Latin America and the Caribbean
Open payments platform Belvo and digital bank Ualá teamed up to launch new digital credit-scoring model leveraging a large-scale integration of employment data.
This week’s Streamly Snapshot features an interview with Rob Thacher, Founder and CEO of BankShift, on the way embedded banking helps community banks, credit unions, and other financial institutions offer more services to their customers and initiate new revenue streams.
In this interview, recorded at FinovateSpring 2025 in San Diego, Thacher talks about the latest trends in the embedded banking space, current challenges and barriers faced by community banks and credit unions, and how technologies are emerging to help these institutions better serve their customers and members while competing effectively against their larger rivals.
The new demographic, we call them the Gen Zers, 28 years old and below, they are in a different space from where financial institutions are. Traditionally, with financial institution apps, you have to go there and do everything. But unfortunately, these large financial institutions and these neobanks are really impeding those Gen Zers from wanting to participate with the financial institution any more. Why? Because they don’t have a seamless interface; it’s not embedded where they are already at … They are not in the financial institutions that are $5 billion and below; they’re not looking for those apps.
The metrics show that you lose those folks when they come along with their family member to become a part of a credit union or community bank. And that’s how you (get) these users. And so, what’s happening? They’re losing them and they’re not coming back.
Founded in 2020 and headquartered in Portland, Oregon, BankShift offers an embedded banking loyalty platform that helps financial institutions partner with trusted brands in order to unlock new sources of revenue and enhance engagement with customers. BankShift provides banking and loyalty services via both direct embeds into brand-owned apps, portals, and digital ecosystems, as well as by a standalone option hosted by the financial institution and co-branded with the partner. BankShift made its Finovate debut at FinovateFall 2024 in New York and returned to the Finovate stage the following year for FinovateSpring 2025 in San Diego.
Rob Thacher is Founder and CEO of BankShift. He is a veteran technology executive with 25 years of experience, including co-developing CreditWise and leading innovative fintech initiatives. Thacher thrives on building large-scale products and platforms that solve real consumer challenges through cutting-edge technology.
Banking technology company Thought Machine has teamed up with technology services provider DXC Technology.
The two companies are offering a joint solution that combines DXC Technology’s industry expertise with Thought Machine’s core banking platform, Vault Core, and payments processing platform, Vault Payments.
London-based Thought Machine made its Finovate debut at FinovateEurope 2018.
A newly available joint solution from banking technology company Thought Machine and technology services provider DXC Technology will help small and medium-sized banks initiate and complete their digital transformations faster. The solution combines DXC Technology’s industry expertise and full-service management with Thought Machine’s core banking technology platform, Vault Core, and its payments processing platform, Vault Payments.
“This collaboration underscores our dedication to leveraging next-generation technology to enable banks to modernize faster and deliver exceptional financial products,” Thought Machine Global Head of Partnerships Randy McFarlane said. “With modern core systems, banks are empowered to develop more innovative, customer-centric services with speed and ease. We are excited to work with DXC to accelerate banking transformation and build the future of financial services globally.”
Vault Core is Thought Machine’s cloud-native core banking platform. As a cloud-agnostic solution, Vault Core gives banks the flexibility they need to select their preferred hosting option and provider. Institutions can leverage the technology to replicate their current back book of products, as well as create new financial products such as savings accounts, credit cards, loans, and mortgages. Vault Payments is the firm’s cloud-native payments processing platform and enables banks to work with all payment types regardless of method, scheme, or region. The technology embeds new and existing financial products into the payments platform, and gives users control over the entire payment life cycle.
The joint solution is designed to help smaller and midsized banks and financial institutions compete with their larger, global rivals who are able to build innovative, proprietary platforms in-house. Given the obstacles of complex vendor ecosystems and legacy infrastructures, the new offering from Thought Machine and DXC provides smaller and midsized bank with a one-stop managed service offering the technology, tools, and human talent to help them modernize legacy core banking systems, get new digital products to market faster, and ensure operational efficiency and compliance.
“With more than 45 years of experience in banking operations, DXC is deeply committed to delivering best-in-class digital solutions to the world’s leading financial institutions,” DXC Technology President, Global Infrastructure Services, Chris Drumgoole said. “Our joint solution with Thought Machine provides a comprehensive, future-ready path to modernization—enabling banks to accelerate innovation, improve operational efficiency, and reduce risk.”
Virginia-based DXC Technology partners with companies around the world to help them modernize IT systems, optimize data architectures, and ensure both security and scalability across public, private, and hybrid clouds. With more than 200 technology partners, DXC was created in 2017 in the wake of the merger between Computer Sciences Corporation and Hewlett Packard Enterprise’s Enterprise Services business.
Headquartered in London, UK, Thought Machine made its Finovate debut at FinovateEurope 2018. In the years since then, the company has grown into a leading core banking and payments technology provider for banks and financial institutions around the world, including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, Lunar, Atom bank, and more.
Credit risk analytics company Carrington Labs has teamed up with decision platform Taktile to help lenders optimize their credit risk strategies.
Lenders will be able to access Carrington Labs’ custom models directly from Taktile’s platform, enabling them to gain a better, more complete financial picture of loan applicants.
Carrington Labs made its Finovate debut last year at FinovateFall 2024 in New York. The company is headquartered in Sydney, Australia.
Credit risk analytics company Carrington Labsannounced a partnership with decision platform Taktile to help lenders optimize their credit risk strategies for both consumer and SMB loans. Carrington Labs offers custom models that analyze a wide variety of data types—including transaction data, credit bureau data, and behavioral insights—to give lenders a more comprehensive understanding of a would-be borrower’s financial status. This leads to more accurate credit risk scoring, more approvals, and fewer defaults.
“Every lender is looking to modernize their approach to decisioning, offer management, and monitoring. Taktile’s low-code decision platform enables our clients to deploy Carrington Labs models and tools quickly, while also giving lenders much better visibility and control over their process,” Carrington Labs CEO Jamie Twiss said.
Courtesy of the partnership, lenders will be able to access Carrington Labs’ models directly from Taktile’s platform. Firms will be able to combine the models with their own business rules to boost approval accuracy and quantify the probability of default. The models will also help them improve underwriting accuracy and launch faster without requiring major system overhauls or technical implementations. Via a single interface, lenders will have end-to-end control over the optimization of their credit risk strategy.
“I’ve seen how tough it can be for lenders to not only build strong risk models but also connect them to flexible, automated decision workflows,” Taktile CEO and Co-Founder Maik Taro Wehmeyer said. “That’s why I’m excited about our partnership with Carrington Labs. Lenders can now directly integrate their sophisticated credit risk models into the workflows they build on Taktile, making it easier to develop inclusive, data-driven underwriting strategies and continuously improve them at scale.”
Taktile’s technology helps lenders and other financial services companies better manage risk: from onboarding and underwriting to fraud detection, compliance, and collections. The company empowers risk teams to build, test, and update their risk strategies without requiring engineering talent. Companies working with Taktile have reported a 67% reduction in logic deployment time and a 95% reduction in decision time. Headquartered in New York, with offices in Berlin, Germany, and London, Taktile was founded in 2020.
Sydney, Australia-based Carrington Labs made its Finovate debut at FinovateFall 2024 in New York. At the conference, the company demonstrated its AI-powered, alternative credit risk scoring and loan limit recommendation technology. Carrington Labs leverages non-traditional data, credit expertise, and commercial acumen to provide lenders with a more complete picture of a loan applicant’s creditworthiness. This enables lenders to be more inclusive while at the same time boosting revenues, lowering default rates, and improving margins.
Carrington Labs’ partnership announcement comes just a month after the company reported that it was working with decisioning platform Oscilar to help shorten integration times for lenders and improve credit risk workflows for banks, credit unions, and other financial services providers.
Risk intelligence platform Supply Wisdom has secured $14 million in Series B funding in a round led by Jurassic Capital.
Supply Wisdom also announced that Chief Operating Officer Jenna Wells has been appointed as the company’s new CEO.
Supply Wisdom made its Finovate debut at FinovateFall 2022 in New York. We interviewed Jenna Wells in March of this year on the subject of third-party risk in financial services.
“I’m honored to step into this new role during such a pivotal time for our company and the global business community as there is clearly an increased need for strong risk management,” Wells said in a statement announcing both the investment and her new status as Supply Wisdom CEO.
“As both a risk practitioner and leader at Supply Wisdom, I’ve seen firsthand how our AI-powered platform transforms how organizations manage risk across their entire supply chain ecosystem. I’m excited to support Supply Wisdom in continuing to provide comprehensive, predictive risk intelligence that enables businesses to act proactively and confidently in an increasingly complex risk landscape.”
Supply Wisdom offers a full-stack SaaS platform, powered by AI, that helps companies in financial services, insurance, technology and other industries turn open source data into risk intelligence on key third-party relationships. The company’s technology provides continuous monitoring, comprehensive intelligence reports, and alerts that cover all risk domains—financial, cyber, operational, ESG, compliance, Nth party, location—in real-time. Founded in 2017 and headquartered in New York, Supply Wisdom includes companies in the Fortune 100 and Global 2000 among its clients.
The Series B round was led by Jurassic Capital, which joins existing investors Fulcrum Equity Partners and Conductor Capital. Jurassic Capital General Partner Kevin Mosley praised Supply Wisdom as a “high-growth, capital-efficient and innovative company with a strong history of delivering exceptional value for third party risk management departments at leading global firms.” Mosley also expressed excitement at the appointment of Wells as CEO, noting that her “firsthand experience as a customer will continue to pay dividends across the organization.”
Tom Thimot, who led the company as CEO since 2023, will continue to serve the firm in a new role as Advisor to the CEO. In this capacity, Thimot will provide strategic advice to both Wells and Supply Wisdom’s leadership team.
Supply Wisdom’s funding and C-suite leadership news comes in the wake of the company earning a spot in the Inc. Regionals: Northeast list of the fastest-growing private companies in the US Northeast. An extension of the Inc. 5000 roster, the Inc. Regionals: Northeast listing includes firms in Pennsylvania, New York, Vermont, New Hampshire, Maine, Massachusetts, Connecticut, Rhode Island, and New Jersey.
