Low-code fintech platform provider Veritran has secured a strategic growth investment from Trivest Partners, a private equity fund based in Miami, Florida. The specific amount of the investment was not disclosed, but the company did report that funding gives the Buenos Aires, Argentina-based firm a valuation of $225 million.
“Today marks a major milestone for Veritran’s team, as we embark upon a new chapter of becoming the next fintech unicorn,” Veritran CEO and co-founder Marcelo Gonzalez said, “while continuing to democratize access to the digital economy.” Gonzalez highlighted Trivest Partners’ successful track record of working with “founder-owned businesses” and said the collaboration would help Veritran expand “into new geographies and reach new customers.”
Founded in 2005 and maintaining offices in the U.S., Spain, Mexico, Colombia, Uruguay, Chile, Peru, and Guatemala, Veritran offers a low-code platform that helps companies integrate new, enabling technologies into their legacy systems. Companies looking to enhance customer engagement via digital channels ranging from mobile banking and digital wallets seek out Veritran’s technology to future-proof their retail and corporate banking operations, as well as digital payments and onboarding processes.
With 50 bank clients and 25 million users, Veritran processes 25 billion transactions a year on its platform. In August, the company announced that it had partnered with Visa to promote push payments, tokenization, and Click to Pay projects in Latin America and the Caribbean. The previous month, Veritran teamed up with behavioral biometric-based online fraud detection platform Revelock to help banks reduce fraud losses and call center costs. The partnership with Revelock – a Feedzai company – followed Veritran’s collaboration with another biometric technology company, FaceTec, which brought its facial recognition technology to the Buenos Aires-based firm’s low code platform.
Veritran’s funding announcement comes less than a month before it makes its return to the Finovate stage at FinovateFall in New York. The company will join what may be the largest contingent of Latin America-based fintechs ever assembled at a Finovate event (see below).
- Impesa (Costa Rica)
- Infocorp (Uruguay)
- Masterzon (Costa Rica)
- Nufi (Mexico)
- Snap Compliance (Costa Rica)
- Symbiotic (Costa Rica)
FinovateFall 2021 takes place at the Marriott Marquis Times Square in New York City, September 13 through 15. For more information, including how to attend our autumn fintech conference live or on-demand, visit our FinovateFall hub today.
Here is our look at fintech innovation around the world.
- Vietnam-based digital bank Cake has partnered with Mambu to provide its cloud banking platform.
- Hong Kong’s Haitong International to deploy Avaloq’s wealth management technology.
- StashAway, a digital wealth management company based in southeast Asia, went live in Thailand this week.
- The Central Bank of Nigeria moved closer to launching its CBDC pilot in announcing Bitt as its technical partner for the project.
- TechCrunch looked at the significant number of African fintech startups in Y Combinator’s summer cohort.
- Kenya-based electronic payment company Pesapal secured accreditation from the country’s central bank as a payment solutions provider.
Central and Eastern Europe
- Swiss challenger bank Yapeal launched a new virtual banking service geared toward youth aged seven and older.
- Russia-based Tinkoff announced a partnership with Spotify, adding the music service to its super app.
- Netherlands-based payment solution provider Payaut went live in Germany this week.
Middle East and Northern Africa
- Banking workflow automation company Signzy forged a strategic partnership with UAE-based Seed Group.
- Google Pay teamed up with Israel-based bank Leumi.
- IKEA store owner-operator Ingka Group acquired a minority stake in Israeli buy-now-pay-later firm Jifiti.
Central and Southern Asia
- NayaPay earned status as the first electronic money institution (EMI) in Pakistan.
- The biggest microfinance institution in Pakistan, Khushhali Microfinance Bank Limited (KMBL) inked a partnership with digital lending services company Adal Fintech.
- Indian payments company BillDesk agreed to be acquired by Dutch technology corporation Prosus for $4.7 billion.
Latin America and the Caribbean
- Brazil’s Nubank acquired Spin Pay, a payment platform that supports e-commerce transactions via PIX.
- BNAmericas profiled Chilean cross-border payments company Remitex.
- Cora, a digital lender based in Brazil, raised $116 million in Series B funding.