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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Trulioo is launching a new credit decisioning tool, adding financial, credit, and risk insights to its global identity platform.
The update unifies identity, fraud, risk, and credit intelligence into one workflow, enabling faster, more accurate onboarding powered by AI-driven models.
With this expansion, Trulioo shifts from ID verification to full-stack onboarding and risk assessment, putting it in direct competition with Alloy, Prove, Experian, Equifax, and Bureau.
Digital identity platform Trulioo is launching credit decisioning this week. The new capability offers financial, credit, and risk insights through Trulioo’s global identity platform, its tool that connects to hundreds of international data sources to instantly verify people and businesses in nearly every country.
Trulioo’s credit decisioning tool will facilitate smarter evaluation, routing, and decision-making during the onboarding process by bringing identity, fraud, risk, and credit intelligence into a single workflow. The company will leverage its global identity platform to bring these insights into AI-driven models that not only accelerate onboarding but also improve decision accuracy.
“Trulioo is the only solution global enterprises need for KYB,” said Trulioo Chief Product Officer Zac Cohen. “We continue to push the boundaries of innovation, building the most sophisticated engine for onboarding businesses, understanding their risk profiles and driving faster, more confident growth. With credit decisioning, we’re uniting identity, fraud, and credit intelligence to redefine what streamlined, trusted onboarding looks like on a global scale.”
Adding credit decisioning to its identity and fraud intelligence suite, Trulioo is extending itself beyond identity verification. It’s positioning itself as an end-to-end onboarding and risk-assessment platform. This move pushes Trulioo into more direct competition with global decisioning and underwriting players such as Alloy, Prove, Experian, Equifax, and Bureau, while differentiating itself through its broad international coverage.
The credit decisioning tool sits alongside Trulioo’s existing identity verification and fraud intelligence solutions that cover 195 countries and can verify more than 14,000 identity documents and 700 million business entities while checking against more than 6,000 watchlists.
Headquartered in Canada and founded in 2011, Trulioo has raised $475 million. The company has demoed at 10 Finovate events, most recently showcasing its identity platform at FinovateEurope 2023.
How can banks and other financial institutions offer their customers dynamic, AI-powered experiences that provide better, faster, more personalized solutions and services compared to the generic, static interactions of the past?
In this extended conversation, Finovate Global talks with Jac Dunne, Founder and CEO of Dimply, about what her company is doing to help financial services companies design, deploy, and optimize embedded journeys for their customers.
Dimply offers a no-code solution that enables non-technical teams to transform data into hyper-personalized, embedded journeys in apps, websites, portals, and more. Dimply’s technology combines data orchestration, personalization, and seamless integration to help firms boost engagement, enhance trust, and deliver customer value.
Headquartered in Dublin, Ireland, Dimply was founded in 2020. The company made its Finovate debut at FinovateFall 2024 and subsequently demonstrated its technology before Finovate audiences at FinovateEurope 2025 and FinovateFall 2025.
What problem does Dimply solve and who does it solve it for?
Jac Dunne: Financial institutions hold vast amounts of customer data, but struggle to translate this into experiences people find helpful. The gap is widening. Customers now expect the personalization they experience with consumer apps, but financial services organizations move too slowly to meet these expectations.
The problem sits at the intersection of strategy and execution. Product managers understand what customers need. Designers know how experiences should work. But both depend on engineering teams to make anything real. Simple changes take quarters. Testing ideas means filing tickets. By the time something launches, priorities have shifted.
Dimply gives product practitioners the ability to build and deploy customer experiences without engineering dependencies. Product managers, designers, marketing specialists, and business analysts work directly on the platform to create journeys across web and mobile. We empower them to launch in weeks instead of quarters. Changes go live in hours, not development cycles.
We solve this for banks, insurers, wealth managers, and pension providers. These are organizations where engineering bottlenecks prevent product teams from acting on what they learn about customers. Where the backlog of journey improvements grows faster than IT resources to address them.
Tell us more about Dimply’s primary customers? How do you reach them?
Dunne: Dimply’s primary customers are financial institutions such as global banks and leading insurers, whose key stakeholders are Product Managers and Digital Transformation teams. These customers are primarily located in the B2B enterprise space and are seeking to solve the pain point of slow, costly digital CX development due to complex legacy IT systems and onerous development cycles. Dimply enables speed to market by letting teams build, manage, personalize, and embed experiences directly into their own infrastructure, or as a stand-alone solution, if required.
Dimply reaches these customers through a direct, B2B enterprise sales model involving direct engagement with C-suite and product leadership, heavy participation in fintech industry events, and building strategic partnerships with core technology providers, consulting and system integration firms who can work with Dimply as a solution during large-scale digital transformation projects.
What in your background gave you the confidence to tackle this challenge?
Dunne: Financial services used to move faster before the weight of legacy systems, compliance layers, and endless IT queues—teams turned customer insights into action quickly. Product people built experiences. That speed has been lost.
We spent many years both working inside and collaborating with these organizations: major insurers, pension providers, and banks. Our founding team observed brilliant product managers drafting requirement documents rather than building journeys. Designers handed off static mock-ups only after understanding the complete flow. Business analysts documented processes they should have managed end-to-end.
This pattern repeated everywhere. Teams had data showing where customers struggled. They knew which experiences would succeed. They understood what needed to change. Then they filed tickets, waited for sprints, and competed with other priorities. By the time anything launched, the market had already moved.
This gap between knowing and doing frustrated everyone. Not because people lacked skill or the ideas were wrong, but because the tools forced the wrong workflow. Technical teams became bottlenecks for non-technical problems. Simple changes took quarters, and testing ideas required development resources.
Frustrated with this reality, we decided to build something better. Something that would give product practitioners the same level of autonomy that software engineers have. What started as a journey flow builder has evolved into a complete financial experience platform (FXP). Teams describe what they want, and the system builds it. AI handles the technical complexity. Product managers own outcomes without engineering dependencies.
We don’t think of Dimply as a better tool. We think of it as a better way to build financial service experiences. One where the people closest to customers have the power to act on what they learn.
We care deeply about the quality of our work. Every feature ships purpose-built for financial services. Our background gave us conviction about the problem. Our experience gave us clarity about the solution. Financial services deserve tools built for modern customers’ expectations.
What role do enabling technologies like AI play in helping you empower teams to build compelling, dynamic experiences for customers?
Dunne: AI accelerates two parts of the experience creation process:
First, building journeys. Teams describe what they want in natural language, and the AI generates working experiences. A product manager explains the flow of a pension calculator in plain English. The AI produces the complete journey with conditional logic, branching paths, and data integrations. No templates, no technical knowledge required. AI has reduced the amount of technical expertise and training needed for Dimply Hub for product owners and designers to use it. Teams test ideas in minutes instead of weeks.
The AI learns from every journey built in the system. Results improve as more experiences are created. Complex workflows with conditions, loops, and parallel paths emerge from conversational descriptions. This means product practitioners spend time refining customer outcomes rather than wrestling with tools.
Second, personalizing experiences. AI nodes can sit inside customer journeys and adapt what people see based on their circumstances. These nodes generate facts in real time, which can be used to tailor the experience.
The combination removes friction; business teams build faster, and customers receive experiences tailored to their financial situation and behavior. AI handles the technical complexity while product practitioners focus on outcomes.
Can you talk more about the connection between of AI and delivering greater personalization?
The demand for personalization and customer engagement solutions is paramount, and Dimply is perfectly positioned to cater to that. Our personalization extends far beyond basic demographic segmentation or transaction categorization. We are developing what we call intelligent, behavioral personalization that takes into account not just what customers have, but how they behave, their financial goals, and their emotional connection with money, all in real-time.
Our AI continuously learns and adapts in real-time. If someone’s financial situation changes, our AI detects these shifts and modifies the experience to suit their new circumstances.
The outcome is that we can iterate and deliver new insights, content, and tools specifically tailored to each customer’s situation and goals. This transforms generic financial services into personally relevant experiences that encourage genuine engagement and promote financial well-being.
At Finovate Fall, Dimply demoed its Dimply Hub. Can you tell us a little about the solution and how the demo was received at the conference?
Dunne: What we demoed was our AI Builder in planning mode. This allowed us to describe a journey in conversational language and watch the platform construct the experience. The demo showed someone requesting a protection journey for high-net-worth clients, with all the logic and recommendations. The AI generates the complete flow with all the business logic intact.
After the demo, we got great engagement with high-ambition banks, particularly around how they can change their current workflows using Dimply.
Can you tell us about a particularly interesting deployment or feature of your technology?
Dunne: AIB Life reaches 3.2 million customers through embedded journeys in their AIB retail mobile banking app. The deployment demonstrates how the platform works at scale within existing digital channels.
The fact engine sits on top of AIB Life’s core systems, stitching together data from policy administration, CRM, and transaction history. This creates real-time customer profiles without moving sensitive data. When someone logs into the app, the platform knows their complete financial picture and serves a personalized experience accordingly. Journeys adapt dynamically. Life events trigger recalibration.
Dimply has racked up number of awards and recognitions from impressive forums, including Deloitte’s Technology Fast 50. What are these organizations seeing and liking about Dimply?
Dunne: They appreciate how we embody innovation, efficiency, and customer-centricity through our award-winning platform, particularly our speed-to-market and our ability to support any type of financial data and deliver truly personalized customer experiences, enabling us to support all areas of financial services.
Our platform is proven, live, and deployed within major financial institutions, driving measurable strategic impact in the real world. Our journey illustrates not just where we’ve been but where we’re headed; towards a future where financial services are more accessible, engaging, and secure for everyone, everywhere.
Ireland is one of those countries that seems to produce a disproportionately high amount of fintech innovation for its small population. Do you agree?
Dunne: Yes, the talent, technical agility, regulatory maturity, and global reach from its open borders are why, in my opinion, Ireland is considered a world leader in producing scalable, enterprise-grade fintech.
Ireland’s fintech sector punches above its weight because it combines a large, mature financial services sector with a world-class founder, technology, and talent ecosystem, together with the unique geopolitical advantage of being the EU’s English-speaking gateway. This, coupled with a landscape of strong investment partners to support innovation and growth, significantly contributes to the vast fintech innovation here in Ireland.
What accounts for that success?
Dunne: Ireland’s strategic geography and EU membership, combined with an English-speaking, common law legal system, simplify international scaling and business operations.
We offer an attractive tax and business environment alongside a mature financial services industry that supports new fintechs to build on existing infrastructure. Bolstering this foundation is the availability of a skilled workforce, the co-location of major technology players, and proactive investment and support for innovation and R&D from state agencies
The ecosystem benefits from a strong mix of experienced startups and multinationals, access to global capital, and regulatory openness to innovation, fostering a culture where firms are built to focus globally rather than just domestically.
What is the fintech scene like in Ireland right now?
Dunne: The fintech sector in Ireland is currently dynamic, resilient, and expanding, establishing the country as a key international fintech hub. Over the past five years, the sector has attracted significant investment, and despite the global slowdown in fintech investment, Ireland—in 2024, according to KPMG Ireland—experienced over 290% growth in investment compared to the previous year, continuing to demonstrate growth and resilience.
What can we look forward to seeing from Dimply in the months to come?
Dunne: Our near-term strategic focus is twofold: Product-Led Growth (PLG) and the rapid advancement of our AI capabilities. We are implementing the PLG model to ensure our technology is easily accessible and immediately beneficial, effectively putting the platform into the hands of as many people as possible. Importantly, we are also intensifying our investment in AI, using cutting-edge machine learning to deepen personalization, improve predictive insights, and automate complex financial journeys.
This combined approach—maximizing distribution through PLG and delivering unparalleled intelligence through AI—is central to our mission: to enable demonstrably better, more confident financial decisions for every user.
With hundreds of unique fintech solutions available to help diversify your offerings, identity protection may not be at the top of the list. However, as identity fraud becomes increasingly common, differentiating your firm with an identity protection solution may be beneficial for both your firm and your customer.
In this video interview, recorded at FinovateFall 2025 in New York, we explore how PrivacyGuard is turning validation into a competitive edge. I spoke with Christopher D’Aprile, Director of PrivacyGuard, who joined us in a conversation where he explored the latest trends in identity protection, its relevance for banks and credit unions, and actionable strategies for implementation.
“You want to find new products and services to bring to your customers,” said D’Aprile, “but let me be honest with you. Your customer does not want to buy a magazine subscription from a bank. They want something relevant. Identity theft protection is exactly that. If you can adopt that solution, we already have the recipe to turn it into a non-interest revenue-generating machine.”
Connecticut-based PrivacyGuard was founded in 1991 and offers a comprehensive suite of credit reporting, credit monitoring, and identity theft protection services. The company offers alerts from all three credit bureaus and scans the dark web for users’ personal details. PrivacyGuard offers three plans: Identity Protection, Credit Protection, and Total Protection.
D’Aprile serves as Director of PrivacyGuard. He is well-seasoned in the importance of digital identity, having previously held an executive position at Allstate Identity Protection. With more than 30 years of experience driving growth across financial services, insurance, and technology sectors, he specializes in building partnerships with banks and credit unions to deliver identity theft protection solutions that both safeguard consumers and open new non-interest revenue streams.
Block’s Cash App rolled out its largest update ever, adding 151 new features spanning banking, bitcoin, payments, and AI-driven automation.
The app will soon let Cash App’s 58 million users send and receive stablecoins, automatically converting between fiat and crypto to bypass legacy payment rails.
A new Moneybot feature delivers personalized financial insights, while Cash App Green expands banking perks like 3.5% APY savings and fee-free overdrafts.
Block-owned Cash App unveiled its Fall Release this week. The move marks the brand’s most significant product expansion since it was founded in 2013. The new release brings 151 new features across banking, bitcoin, commerce, peer-to-peer payments, and AI and automation on the platform.
Among the releases, one of the most relevant is the new stablecoin capability. When it goes live early next year, Cash App’s 58 million customers will receive a blockchain address that will allow them to send and receive stablecoins directly on the platform. When users receive stablecoins, they are automatically converted to fiat currency within the app. Conversely, fiat dollars sent out convert back to stablecoins on-chain. Leveraging the blockchain to transfer funds will help Cash App bypass ACH, card networks, and correspondent banking.
Other notable releases among the 151 announced are:
Cash App Green
Arguably the second most significant piece of the new launch is Cash App Green, a flexible banking program that expands banking tools to more than eight million qualifying customers. Cash App is positioning the banking program as a benefits program, and will pay 3.5% APY on savings, offer free overdraft coverage of up to $200, facilitate no-fee cash withdrawals from in-network ATMs, extend higher borrowing limits, offer free overdraft protection, and lend up to $500 without a credit check. Users can unlock these benefits by spending $500 or more with their card or depositing $300 or more in paychecks each month.
Moneybot
This AI-powered feature offers users real-time insight and personalized suggestions within the app. The feedback, which is based on in-app activity, helps customers budget smarter, identify trends, and build financial confidence.
Expanded access to credit
Cash App’s lending product, Borrow, is now available to eligible customers in 48 states. This expansion targets underserved populations with low credit scores. Cash App disclosed that 70% of Borrow users have credit scores below 580, while repayment rates remain above 97%.
Expanded teen savings and safety features
Cash App’s teen accounts for users 13 to 17 year of age now earn 3.5% APY on their savings balances. Additionally, the company is releasing new parental controls to allow the primary accountholder to set spending caps, limit features, and approve contacts.
Making bitcoin everyday money
In addition to the stablecoin capabilities mentioned above, Cash App customers will be able to spend, send, and hold bitcoin. When users select USD as a currency for Lightning QR Code payments, they can make the payment without spending or holding bitcoin. Additionally, customers can access a new map to find and pay nearby merchants who accept bitcoin.
Cash App was founded in 2013. At the time, Cash App most directly competed with Braintree’s Venmo. Twelve years on, Cash App still has its roots in peer-to-peer payments, but has since diversified into a more robust digital banking platform that enables users to hold funds, deposit their paychecks, spend their money, invest, manage their bitcoin, and file their taxes.
Today’s announcement, which comes four months after Cash App launched a group payment feature called Pools, is a clear statement that the company is seeking to compete in the challenger banking arena.
DownloadFintech at the Crossroads: Regulatory Divergence and Technological Convergence in 2026, the latest report from the research team at Finovate.
This free resource highlights the challenges and opportunities banks, fintechs, and financial services providers will face next year as powerful trends in regulatory authority and technological innovation take hold.
“A wave of enabling technologies, new challenges, and shifting attitudes is reshaping the way companies and individuals all over the world are making, investing, spending, and moving their money … Emerging technologies such as agentic AI, stablecoins, and embedded finance are advancing alongside increasingly fragmented global regulation.”
Fintech at the Crossroads examines 10 emerging themes—including embedded finance, open banking, stablecoins, and agentic AI—that are moving to the top of the agenda for fintech innovators and regulatory authorities alike. The white paper looks at where these technologies are today and what directions they are likely to take banking and financial services in 2026.
DownloadFintech at the Crossroads: Regulatory Divergence and Technological Convergence in 2026 today!
B2B payments solutions company LiquidTrust announced the availability of its LiquidTrust platform featuring Protected Pay and Simple Pay.
The offering will help companies secure high-value and first-time transactions and enable fast, verified payments.
Headquartered in Los Angeles, California, and founded in 2019, LiquidTrust made its Finovate debut at FinovateSpring 2024. Saujin Yi is Founder and CEO.
B2B payments solutions provider LiquidTrustannounced the formal availability of its LiquidTrust platform featuring both the company’s Protected Pay and Simple Pay solutions. The offering is designed to facilitate secure high-value transactions and provide for fast, verified payments.
LiquidTrust helps platforms—including document management systems, supply chain companies, and marketplaces—embed configurable payment and escrow flows directly into their environments. This enables a faster, more streamlined launch that avoids the massive effort typically involved in building secure payment infrastructures.
“Most platforms focus on the matchmaking, but solving the complexities of what happens after the sale or match is both a risk and an opportunity,” LiquidTrust Founder and CEO Saujin Yi said. “LiquidTrust helps them close the loop by turning trust into a growth lever, enabling platforms to increase transaction volume, reduce disputes, and strengthen user confidence. By embedding structural trust directly into payments, platforms can transform what was once a compliance burden into a competitive advantage. In a time of tariffs and uncertainty, trust is the foundation that keeps commerce moving.”
LiquidTrust provides two ways for businesses to move money safely and efficiently. Powered by the company’s proprietary Micro Escrow technology, LiquidTrust’s Protected Pay secures high-value and first-time transactions by holding funds until specific, verifiable conditions—such as shipment, delivery, or document upload—are satisfied. LiquidTrust’s Simple Pay offering provides fast, verified payments to 200+ countries. Together, the two solutions give companies control over how their funds move, providing both flexible protection and instant visibility over every transaction.
Platforms deploying the solution will benefit from easy-to-launch payment flows that are customized for their individual use cases; built-in KYC/KYB, AML, transaction monitoring, and subledgering; SOC 2 certification and secure infrastructure powered by JP Morgan’s global treasury and payment rails; and the opportunity to generate new revenues from monetized protection features or payment fees.
Founded in 2019 and headquartered in Los Angeles, California, LiquidTrust made its Finovate debut at FinovateSpring 2024. At the conference, the company showed how its technology enables businesses to hold payments in third-party micro escrow accounts to guard against delays, default, and fraud. In the year since then, the company has raised $4 million in seed funding, and earned recognition from Datos Insights and the PayTech Awards USA.
Gusto is partnering with SymphonyAI to bring enterprise-grade financial crime protection to its 400,000+ small and mid-sized business clients.
SymphonyAI’s risk intelligence platform gives Gusto’s clients faster detection, deeper visibility, and fewer false positives across fraud, AML, and sanctions monitoring.
The partnership marks Gusto’s evolution beyond payroll, strengthening its risk management capabilities and expanding its role as a full-scale financial operations platform.
Payroll, benefits, and HR management solutions company Gusto is bringing new benefits to its small business customers today. The California-based company is teaming up with SymphonyAI to offer its small business clients another tool to fight financial crime.
SymphonyAI’s financial crime and risk intelligence platform offers financial crime detection, investigation, and reporting capabilities to more than 2,000 enterprise customers across the globe, including 200 of the top financial institutions. The tools give compliance teams a synchronized view of risk across fraud, AML, and sanctions. As a result, organizations benefit from faster investigations, fewer false positives, and greater transparency.
“Small businesses deserve enterprise-grade protection, and SymphonyAI helps us deliver exactly that,” said Gusto’s Head of Financial Crime Compliance and AML/BSA Officer John Wiethorn. “Their platform gives our team deeper visibility and faster insight so we can stay ahead of risk and keep our customers’ operations safe and seamless.”
SymphonyAI’s financial crime platform enables Gusto’s compliance team to analyze massive transaction volumes, identify risks faster, and minimize false positives on its 400,000+ small- and mid-sized business clients.
“Gusto’s implementation shows how vertical AI delivers tangible, immediate impact,” said SymphonyAI President of the Financial Services Division John Edison. “Our platform automates the entire financial crime lifecycle—from detection and investigation to compliance and reporting—unifying processes that have historically been fragmented. This end-to-end automation is transforming how institutions fight financial crime, improving speed, accuracy, and operational efficiency.”
Gusto, originally known as ZenPayroll, was founded in 2011 to provide a cloud-based payroll, benefits, and HR management solution. The company’s tools help businesses track time and attendance, onboard new employees, manage existing talent, and more. Earlier this fall, Gusto acquired retirement specialist Guideline.
Adding SymphonyAI’s capabilities to its lineup will strengthen Gusto’s risk management framework and mark another step in its evolution from payroll processor to full-scale financial operations platform.
The International Organization of Securities Commissions (IOSCO) is out with a new report that highlights both the promise and the potential hazards of the tokenization of financial assets.
In a world in which stablecoins have increasingly defined innovation in the cryptocurrency/blockchain space, tokenization of financial assets is seen by some as the Next Big Thing in decentralized finance. Tokenization of financial assets refers to the process of representing ownership of a traditional financial asset, such as a share of stock or a bond, as a digital token on a distributed ledger or blockchain. Importantly, although tokenized assets can be transferred, traded, or exchanged between parties electronically, these assets are not cryptocurrencies—they are digital representations of regulated financial assets.
Valued for their ability to bring greater efficiency to the payments process—as well as their transparency, programmability, and potential to support financial inclusion via fractionalization—tokenized financial assets remain a new feature on the financial services scene. As such, there are myriad questions about how they can and should be used, as well as how they should be regulated. In their recent report, IOSCO, via its Fintech Task Force (FTF) and Financial Asset Tokenization Working Group (TWG) raised a number of these questions.
“The analysis shows that the majority of risks arising from the current commercial application of tokenization fall into existing risk taxonomies,” the report reads in its Executive Summary. “Market participants are not unfamiliar with managing such risk types. However, the manifestation of vulnerabilities and risks that are unique to the technology itself may require the introduction of new or additional controls to manage them.”
Here are three top takeaways from the IOSCO report on the tokenization of financial assets.
Legal Uncertainty and Ownership Rights
The biggest concern expressed in the report is the idea that there remains significant legal ambiguity about the tokenization of financial assets. This includes questions about the rights of ownership, transferability, and enforceability of claims.
“While there are currently well-established legal frameworks and structures for the treatment of financial assets created in paper certificate or book-entry form,” the report observes. “It can be unclear whether the existing legal treatment … applies to those created or represented in the form of tokens.”
In the absence of greater clarity on these legal framework issues, investors may find themselves unable to price or trade tokenized financial assets with confidence. This, at a minimum, can create asymmetry between investor expectations and outcomes and, at a maximum, contribute to more systemic uncertainty and challenges.
Infrastructure Risks and Operational Vulnerabilities
The second major risk discussed in the IOSCO report has to do with infrastructure risk, and the concerns range from the operational to the malicious. In either case, however, a major event that exposes these technical vulnerabilities could result in assets becoming permanently lost or cause an even wider market disruption.
Much of this concern is related to the relative newness of distributed ledger technology, as well as to some unique aspects of the technology compared to what is found in traditional financial markets. One example is the potential loss of a private key in a token structure, a phenomenon that does not exist in the world of traditional finance. The loss of a private key, which represents a sort of digital signature or ownership credential, would effectively result in the loss of access to the asset. To that end, a stolen private key would enable a criminal to steal the victim’s tokens.
“These assets face operational vulnerabilities and risks unique to this infrastructure, including cyber-attacks on blockchain nodes, congestion in transaction processing, data leakage, market fragmentation, smart contract bugs, and loss of private keys,” the report explains. “As tokenization scales up, regulators should also be cognizant of possible changes in market activities and market structure.”
Market Interconnectedness and Systemic Risk
A third concern is the creation of new dependencies and greater interconnectedness between market participants that is likely to happen as tokenization of financial assets scales. There are two versions of this. As an example of the first version, the report notes that a critical failure of a shared infrastructure, with multiple financial institutions tokenizing assets on the same blockchain network, could impact all tokenized assets on the network, rendering them temporarily or even permanently inaccessible.
Another example of the potential interconnectedness challenge arises as tokenized financial assets are increasingly used as collateral in cryptocurrency markets or as part of a stablecoin reserve. Here, the concern is that a crisis in the cryptocurrency markets such as a major or sustained stablecoin depeg could affect tokenized money market funds or government bonds being used as backing assets. The impact could readily spread to institutional investors with tokenized holdings, who would become involuntarily exposed to the heightened volatility of the crypto market.
Innovating for Known Unknowns
The quote from the report’s executive summary helps keep these and other concerns raised in the report in the proper context. While some challenges are more daunting, others more likely represent the kind of technological gauntlet that any product, service, or network must overcome as it scales. “Such risks and controls have been acknowledged by issuers and operators,” the report itself notes. That said, clear legal frameworks will be essential for addressing the broader challenges facing tokenized financial assets and unlocking their potential benefits.
Business verification specialist Dotfile has teamed up with fraud prevention firm Trustfull.
The partnership will integrate Trustfull’s risk-scoring API within Dotfile’s business verification platform to help businesses fight synthetic identity fraud.
Headquartered in Paris, France, Dotfile demoed its technology at FinovateEurope 2024 in London.
End-to-end business verification company Dotfile has partnered with fraud prevention firm Trustfull to help fight a synthetic fraud problem that analysts believe will cost businesses $23 billion by 2030.
“As the lines between AML compliance and fraud prevention continue to blur, financial institutions are increasingly looking for integrated solutions to help them stay ahead of risk without compromising user experience,” Dotfile CEO Vasco Alexandre said. “In Trustfull, we’ve found the ideal partner to meet that need. Our teams share a clear vision for secure, seamless onboarding and a deep commitment to customer-centricity, making our collaboration a success from day one.”
Synthetic identity fraud takes place when fraudsters combine authentic and counterfeit personal information to create fake user profiles and bypass standard identity verification checks. The partnership will integrate Trustfull’s risk-scoring API within Dotfile’s business verification platform. This will enable clients to identify synthetic identities and other suspicious behavior discreetly and in real time. Trustfull’s AI agents leverage the analysis of hundreds of open source intelligence datapoints from users’ phone numbers, emails, IP addresses, and web domains to flag high-risk signups and bolster KYC, KYB, and AML workflows.
For businesses onboarding customers at scale—such as traditional and challenger banks, BNPL providers, crypto platforms, and payment providers—the new integrated solution from Dotfile and Trustfull will help them find a balance between effective fraud fighting and a seamless customer experience. Trustfull’s risk scoring functionality is currently available to both new and existing Dotfile customers, providing a unified solution that combines risk scoring, fraud prevention, ID verification, UBO mapping, AML screening, and onboarding workflows in a single streamlined offering.
“Getting onboarding right is non-negotiable for today’s digital companies,” Trustfull CEO Marko Maras said. “By integrating Trustfull’s risk scoring solution within Dotfile’s market-leading platform, we’re giving fintechs a single, integrated way to detect and stop synthetic identities and high-risk users at the first touchpoint with the customer, preventing fraud while protecting signup conversion in one single step.”
Trustfull analyzes digital footprint data from customer interactions to help businesses reduce risk and accelerate growth. The company’s technology leverages combined and silent phone, email, IP, device, browser, and domain checks to identify fraud and financial crime across the customer journey. Founded in 2020 and headquartered in Milan, Italy, Trustfull receives more than one million API requests a day, and leverages 500+ open data sources to provide a 95% fraud detection rate. With more than $13 million in capital raised, Trustfull counts ING Bank, Scalapay, and Elavon among its enterprise clients.
Headquartered in Paris, France, and founded in 2021, Dotfile demonstrated its end-to-end business verification platform at FinovateEurope 2024. Dotfile’s technology enables businesses to streamline the verification and onboarding process, automatically evaluating risk profiles and addressing and managing risk in real time. Companies using Dotfile’s platform can automate KYB and AML processes, reduce fraud, access quality data, and secure compliance all from a single platform.
Dotfile serves more than 80 financial institutions across 15 countries. With 3x year-over-year revenue growth, the French fintech has raised €8.5 million ($9.8 million) in funding from investors including Serena Capital and Seaya Ventures.
FintechOS and Finastra have forged a strategic partnership designed to modernize the account origination process for small businesses and consumers.
The partnership will integrate the Finastra Phoenix core system and MalauzAI Digital Banking into the FintechOS platform.
Finastra was formed via a merger between D+H Corporation and Finovate alum Misys in 2017. FintechOS has been a Finovate alum since FinovateFall 2021.
A newly announced strategic partnership between FintechOS and Finastra will help modernize the account origination process for small businesses and consumers. The pact will integrate both the Finastra Phoenix core system and MalauzAI Digital Banking into the FintechOS platform to make the account opening process faster, easier, and more secure for both in-person and online applicants.
“Our collaboration with Finastra is a direct response to the market’s demand for faster innovation,” FintechOS SVP of Growth Ash Govindia said. “By integrating our low-code digital onboarding and origination platform with Finastra’s core system, we are empowering financial institutions to launch sophisticated, customer-centric products in weeks, not months.”
The combination of a reliable core and digital banking system with a low-code origination platform and AI-powered product engine will help institutions avoid issues common to both traditional and online account opening processes. The integration will enable Finastra customers to configure pricing, tiers, bundles, and eligibility rules, and publish them to mobile, web, and banker-assisted journeys. This will reduce time to market and make operations less complex. The combined capabilities will be available to joint customers of both companies.
“Our goal is to help community and regional financial institutions deliver compelling experiences wherever customers engage,” Finastra General Manager, US Core and Digital Banking, Joe Gomez, said. “FintechOS complements Phoenix and MalauzAI by adding a flexible product and pricing layer that simplifies account opening while supporting personalized offers across channels. Together we make it easier to innovate while maximizing existing investments.”
Headquartered in London, Finastra leverages its expertise in lending, payments, universal banking, treasury, and capital markets to provide software solutions to more than 8,000 customers in more than 130 countries. This includes 45 of the world’s top 50 banks. Formed in a merger between Misys and D+H Corporation in 2017, the company recently announced a partnership with Belize Bank Group, which has deployed the company’s cloud-native core banking solution, Essence.
FintechOS made its Finovate debut at FinovateFall 2021 and returned to the stage earlier this year for FinovateFall 2025. Based in London and founded in 2017, the company offers an AI-driven product engine that integrates seamlessly into banks’ existing systems. The technology features low-code capabilities and composable architecture that facilitate rapid digital transformation and innovation without replacing current core infrastructure. Last month, the company announced that it has forged a strategic partnership with HCLTech to accelerate digital transformation and core modernization for banks and insurers.
CB Insights is out with its State of Insurtech Q3’25 report. The top takeaway? With the total number of deals down and merger and acquisition activity at record highs, the insurtech industry appears to be reorganizing to maximize the opportunities of scale, digital modernization, and market reach.
Deals Down
According to CB Insights’ research, the number of insurtech deals dropped to its lowest level since the second quarter of 2016. Q3’25 featured 76 insurtech deals, 65% less than the industry’s peak of 219 deals in the first quarter of 2021.
In addition to the number of deals being down, the median insurtech deal size has also decreased on a year-to-date basis from $3.8 million in 2024 to $2.9 million in 2025. The report indicates that a diminished early-stage pipeline is to blame. Year-to-date, 60% of all deals have gone to early-stage startups, the lowest deal-share percentage since 2011.
Lastly, the number of active investors in insurtech in Q3’25 shrank to the fewest since the first quarter of 2017. Especially notable was the quarter-over-quarter decline in investors making multiple investments, from 13 in Q2’25 to 4 in Q3’25.
Mergers and Acquisitions Up
At the same time, M&A activity in insurtech was on a tear, reaching its highest levels in three years. There were 21 insurtech M&A deals in Q3’25—the most since Q3’22 when there were 23 deals. This compares favorably to 16 deals in Q2’25. The report notes that the gains in the third quarter of this year helped reverse a trend of decreasing M&A activity between 2022 and 2024.
The reasons for the uptick in M&A activity are varied and interesting. Some analysts have suggested that business leaders are becoming increasingly confident in dealing with uncertainty and have embraced a “move through uncertainty” mentality, in the words of WTW analyst Jana Mercereau. Other factors include high stock market valuations, which can facilitate acquisitions; relatively stable interest rates; and the relatively weak M&A period from 2022 to 2024. The drive for digital modernization also plays a role. For its part, CB Insights offers an intriguing idea that the relative lack of attention from investors gave established insurance companies the opportunity to “engage more closely with emerging insurtechs.”
Insurtech in Q4 and Beyond
Heading into the final quarter of the year, there are a number of questions for insurtechs and many of them mirror concerns and issues in fintech more broadly. Which companies are actually putting AI to work in interesting use cases, and which are still in a pilot phase purgatory? How well are investors and establishment insurance companies recognizing where the value lies? How will evolving regulatory requirements incentivize regtechs to develop innovative compliance solutions for insurers? These are some of the questions that come to mind when reading CB Insights latest insurtech report. It will be interesting to see how the events of the fourth quarter and beyond help us answer them.
We have two more weeks until the holiday season slowdown, but the fintech news pulse is already beginning to slacken. So far this week, we’re seeing a lot of news in the fraud and compliance spaces, as well as the payments subsector, with Visa and Mastercard reaching a revised $38 billion settlement with merchants. Here is some of the biggest news from this week so far. We’ll continue adding news to this post throughout the week, so stay tuned!
Fraud and security
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