Author: David Penn

Finovate Global Hong Kong: Funding for Stablecoins, Yields on Idle Capital, and More!

Finovate Global Hong Kong: Funding for Stablecoins, Yields on Idle Capital, and More!
By David Penn Posted on
Categories: Avaloq, Backbase, Finovate Global, PayPal, Temenos

This week’s edition of Finovate Global reviews the latest fintech news from Hong Kong.

RD Technologies raises $40 million in advance of stablecoin licensing

Hong Kong-based stablecoin infrastructure firm RD Technologies has secured $40 million in Series A2 funding. The round was jointly led by a consortium of both new and existing investors. Participating in the investment were ZA Global, China Harbour, Bright Venture, and Hivemind Capital. HSG, Eternal Digital, CMSC Partners, and Guotai Junan International Private Equity Fund were also involved in the funding. RD Technologies raised $40 million in a Series A1 round in September 2024.

The funding comes as Hong Kong’s stablecoin licensing regime takes effect. This regime provides a framework for stablecoin issuers, including the necessary licensing requirements as mandated by the Hong Kong Monetary Authority (HKMA) for companies seeking to issue fiat-backed stablecoins. The new Stablecoins Ordinance also requires these firms to maintain proper reserve asset management, robust stabilization mechanisms, and the capacity to process redemption requests at par value under ordinary conditions. Companies also must comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations as well as maintain obligatory risk management, disclosure, and auditing standards.

Founded in 2020, RD Technologies provides technology to help bridge the Web2 and Web3 worlds. An early advocate of stablecoins, RD Technologies drives responsible and sustainable innovation in digital finance via open networks, real-world use cases, and industry-wide collaborations. The company participated in the stablecoin sandbox launched by the HKMA earlier this year, and is developing HKDR, a stablecoin backed 1:1 by the Hong Kong Dollar, via its subsidiary RD InnoTech.

“We are thrilled with the passage of the Stablecoins Ordinance, which sets a clear and robust framework for the sustainable growth of Hong Kong’s virtual asset ecosystem as a global financial hub,” RD Technologies Rita Liu said earlier this year when the stablecoin legislation was passed. “As pioneers in the stablecoin space, with RD InnoTech Limited’s participation in the HKMA’s sandbox, we are dedicated to building trust by aligning with these regulations to deliver secure and innovative solutions for virtual asset trading, cross-border payments, and tokenization of real world assets.”

As part of the investment, RD Technologies and Hong Kong-based virtual bank ZA Bank inked a new partnership through which the two companies will investigate regulated stablecoin use cases in financial services.

Airwallex Launches Yield in Hong Kong

International payments and business financial platform Airwallex has introduced its Airwallex Yield solution in Hong Kong. Airwallex Yield is designed to enhance treasury management by enabling businesses to earn returns on their suplus funds held in multi-currency accounts. There are no lock-up periods with Airwallex Yield, which provides access to highly rated money market funds such as those managed by firms like Fullerton Fund Management and Goldman Sachs Asset Management.

The launch of the new solution, which also went live in Singapore recently, makes Airwallex the first global payments institution to secure a Securities and Future Commission (SFC) license for asset management services in Hong Kong. Yield currently enables companies to generate returns of up to 3.97% on multi-currency balances via discretionary portfolio management services. Airwallex also has partnered with JP Morgan Asset Management to leverage short-duration money market funds in order to provide liquid returns without minimum lock-up periods. Launched in Australia in the fall of 2023, Yield reached more than $67.3 million in funds under management.

“We’re excited to announce the full launch of Airwallex Yield to businesses in Hong Kong,” Airwallex Asia-Pacific General Manager Arnold Chan said. “We’ve seen growing demand from businesses looking for more effective ways to maximize the value of their capital. In today’s dynamic market environment, businesses are actively seeking ways to make their capital work harder. Airwallex Yield gives them a seamless and flexible way to earn returns on their balances, all from within the Airwallex platform. We’re not just looking to help businesses make the most of their surplus balances—we also want to encourage them to bring new funds to Airwallex because of the value Yield provides.”

Chocolate Finance, WeBank, Syfe Announce Hong Kong Entry and Expansion

A number of fintechs have announced plans to enter or expand their presence in Hong Kong of late.

First, Singapore-based Chocolate Finance has secured regulatory approval to being operations in Hong Kong. The news comes as the savings app announced that it has added $19.4 million in Series A+ funding to its coffers courtesy of a round led by Nikko Asset Management. The round also featured participation from existing investors Peak XV, Prosus, and Saison Capital, along with company founder Walter de Oude. Along with the funding news, Chocolate Finance announced a limited time Double Referral Program from July 22 to August 31, offering additional rewards and limited-edition merchandise.

Founded in 2022, Chocolate Finance delivers returns of up to 3% on savers’ first ($15,500) SGD 20k, 2.7% on the next ($23,250) SGD 30k, and 2.7% on any additional amount.

Next up, Chinese digital bank WeBank has won approval to set up its Hong Kong subsidiary, which will manage the institution’s overseas operations there and offer services to businesses covered by the Belt and Road Initiative.

WeBank was launched in 2014 by Tencent in partnership with a handful of other Chinese companies. The financial institution is the largest online-only lender in China, and is one of the world’s largest unicorns with a valuation of $32.4 billion (235 billion yuan).

WeBank’s Hong Kong subsidiary is expected to investigate potential opportunities in fintech such as real-world asset tokenization. The firm will also be a part of Hong Kong Monetary Authority’s “architecture community” for Project Ensemble, the HKMA’s wholesale central bank digital currency initiative.

Lastly, Chocolate Finance isn’t the only Asian company leveraging the occasion of a recent funding to announce increased engagement with Hong Kong. Singapore-based digital wealth platform Syfe recently announced that its $80 million Series C round in June will help fuel the firm’s regional expansion, including further inroads into Hong Kong.

“This fund raise comes at an exciting time as we grow our presence across the region and expand our offerings,” Syfe Founder and CEO Dhruv Arora said. “In our markets of Singapore, Hong Kong, and Australia, nearly half of all adults are in the ‘mass affluent’ segment, meaning those who have between a few hundred to a few million dollars in investable assets, and this segment is growing fast. As a platform built in the region, for the region, we have a deep understanding of what these investors need. We’re in a great position to serve them with personalized, accessible, and high-quality wealth management at scale.”

Syfe will use the capital, which includes an all-equity C2 round of $53 million, in part to fuel its expansion in Hong Kong. In a statement, the company noted that its business in Hong Kong has “doubled in size” since the beginning of the year. Syfe currently has more than $10 billion in assets under management as of end-of-year 2024 and has raised a total of $132 million in funding. The company was founded in 2019.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

  • Orange Money and BaaS fintech JUMO have teamed up to offer credit services in Africa.
  • MoneyBadger and Peach Payments partnered to make it easier for merchants to accept Bitcoin and other cryptocurrencies.
  • Forbes looked at the connection between African mobile money service, M-Pesa, and Western-based services such as Venmo and PayPal.

Central and Eastern Europe

Middle East and Northern Africa

  • Libyan Islamic Bank partnered with Backbase to modernize its consumer banking operations.
  • Israel-based tax preparation platform April raised $38 million in Series B funding.
  • Egypt’s Midbank announced the completion of its core banking migration with Temenos.

Central and Southern Asia

  • India’s Esaf Bank turned to SugarCRM for relationship management.
  • TBC Uzbekistan Fintech earned a spot on the CNBC and Statista roster of the world’s top fintech companies, the first Uzbek company to do so.
  • Zaggle Prepaid Ocean Services acquired Indian fintech startup Rio.Money.

Latin America and the Caribbean

  • Brazilian financial infrastructure firm QI Tech secured $63 million in a Series B extension round.
  • PitchBook looked at seven fintech startups driving digital banking in Mexico.
  • Payment solutions provider Boku was granted a Payment Institution license from the Central Bank of Brazil.

Asia-Pacific

Photo by Florian Wehde on Unsplash

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SRM Teams Up with Cooperative Credit Union Association

SRM Teams Up with Cooperative Credit Union Association
By David Penn Posted on
Categories: Alumni News, SRM Technologies
  • Independent financial services advisory firm SRM has announced a strategic partnership with the Cooperative Credit Union Association (CCUA).
  • The partnership will enable CCUA’s member credit unions to access SRM’s complete portfolio of advisory solutions for sourcing and payments, as well as for corporate and technology strategy.
  • Headquartered in Memphis, Tennessee, SRM made its Finovate debut at FinovateFall 2023 in New York.

The Cooperative Credit Union Association (CCUA) and advisory firm SRM have forged a strategic partnership that will grant CCUA member credit unions preferred access to SRM’s complete portfolio of advisory solutions.

“Our collaboration with CCUA is rooted in a common goal: driving meaningful results for credit unions through insight-led advisory and technology solutions,” SRM Chief Growth Officer Stephen Johnston said. “SRM’s expertise aims to unlock new opportunities in payments, sourcing, technology, and member experience for the CCUA’s member credit unions.”

SRM’s advisory solutions portfolio includes sourcing advisory, with analysis, benchmarking, vendor selection/RFP management, vendor contract negotiations, and other strategic sourcing plans; payments advisory, covering commercial, consumer, and instant payments, credit/debit card portfolio optimization, fraud prevention, product development, and market expansion; corporate advisory, including strategic planning, digital strategy, mergers & acquisitions, AI enablement, organizational design, compliance and risk, policy development, research, and analytics; and technology advisory, including core processing and digital banking strategy, migration and integration services, project management, and expert staff augmentation.

The company offers SRM Boost Programs that provide a strategic growth platform for onboarding new members, cross-selling and card optimization, and fueling new membership growth. As part of the strategic partnership, SRM will also facilitate seasonal roundtables for CCUA’s member organizations and will be featured at CCUA events to help credit union leaders engage with SRM’s team of experts.

“Ensuring access to SRM’s proven advisory capabilities strengthens CCUA member credit unions’ position in contract negotiations, payments innovation, and technology transformation,” CCUA EVP and Chief Operating Officer Melissa Pomeroy said. “This partnership directly supports credit unions’ commitment to deliver exceptional member service and financial performance.”

The Cooperative Credit Union Association is a leading regional trade organization representing nearly 200 credit unions across Massachusetts, New Hampshire, Delaware, and Rhode Island. Combined, the Association’s member credit unions manage more than $75 billion in assets and serve more than five million members. Founded in 2015, the Association is headquartered in Marlborough, Massachusetts.

An independent advisory company specializing in payments, sourcing, operating strategies, and technology, SRM serves clients ranging in size from credit unions and community banks to international financial services firms. Returning more than $10 billion in value to more than 1,000 clients since inception in 1992, SRM is headquartered in Memphis, Tennessee. The company made its Finovate debut at FinovateFall 2023 in New York.

Photo by Gabriel Tovar on Unsplash

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Streamly Snapshot: Faster Closings and Smarter Decisions—AI-powered Lending Delivered by Tavant

Streamly Snapshot: Faster Closings and Smarter Decisions—AI-powered Lending Delivered by Tavant
By David Penn Posted on
Categories: Streamly, Tavant

How can enabling technologies like traditional and generative AI, as well as automation, help solve major pain points in the mortgage industry? Can challenges like high costs and lengthy processing times be alleviated by technological innovation?

Mohammad Rashid is Senior Vice President and Head of Innovation at Tavant. In this week’s Streamly interview, we talk with him about how AI and automation can streamline the mortgage application process by eliminating manual tasks and reducing the overall amount of human involvement. Rashid also discusses some of the challenges that financial institutions encounter when adopting new technologies like AI, and the integrated, unified platforms for lenders that Tavant creates.

“This industry has two of the biggest problems plaguing any industry: armies of people that address rivers of paper. Whenever you have a mortgage application you have hundreds of digital (documents) that (are) flowing through the application process. And you have hundreds of people behind the scenes who are looking at that paper, extracting data from that paper, and trying to decision as fast as possible for that loan. That has a lot of side effects.”

Founded in 2000 and headquartered in Santa Clara, California, Tavant provides AI-powered fintech solutions that help businesses become more agile, optimize costs, and benefit from continuous innovation. The company’s AI-powered agents, predictive intelligence, and scalable machine learning models help firms move beyond conventional automation to intelligent, adaptive, and outcome-driven processes. Businesses working with Tavant have reported a 54% increase in speed to market, a 45% reduction in costs, and a 33% improvement in productivity. Tavant’s AI solutions power one in three mortgage loans in the US, with 3.5 million lending applications and 33 million lending transactions enabled.

Rashid has been a part of Tavant for more than two decades. Starting as VP of Lending and Capital Markets in 2003, Rashid was honored with the Housing Wire Vanguard Award in 2017. The Award recognizes leaders in fintech whose work is helping transform the lending business for the better.

Photo by Andrea Piacquadio

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Darwinium Launches AI Tools to Identify Adversarial Fraud

Darwinium Launches AI Tools to Identify Adversarial Fraud
By David Penn Posted on
Categories: Alumni News, Darwinium, ThreatMetrix
  • Cyberfraud prevention company Darwinium launched a pair of new agentic AI solutions this week.
  • The new agents—Beagle and Copilot—enable red-teaming simulations and AI-assisted remediation to help financial companies enhance their fraud defenses.
  • Headquartered in San Francisco, California, Darwinium made its Finovate debut at FinovateEurope 2023 in London.

San Francisco, California-based security and fraud prevention firm Darwinium unveiled new tools to help organizations deal with the challenge of adversarial attacks, detect hidden vulnerabilities, and enhance overall fraud defense. This week, Darwinium launched a pair of AI agents—Beagle and Copilot—to give companies their own autonomous AI capabilities to combat those AI agents deployed by fraudsters.

“Consumers are using AI agents to shop faster. Fraudsters are using them to bypass defenses at scale,” Darwinium CEO and Co-Founder Alisdair Faulkner said. “The challenge isn’t detecting bots anymore, it’s distinguishing AI agents acting on behalf of good users versus malicious automation. Solving that problem requires a platform that speaks the same language: agentic AI.”

Beagle enables firms to conduct AI agent red-teaming to detect blind spots in their fraud defenses. Beagle simulates complex adversarial behavior, which enables fraud prevention teams to test their detection and mitigation strategies. Beagle generates realistic user profiles, spoofed devices, geolocation variance, and other tactics to emulate synthetic identities. The technology simulates a variety of attacks, including credential stuffing, behavioral mimicry, captcha solving, and more, and integrates directly into Darwinium’s architecture to provide real-time detection and responses.

Darwinium’s Copilot acts as an intelligent assistant that supports an organization’s remediation strategy, decision optimization, and platform interaction. The technology streamlines fraud team queries for different types of fraud detection circumstances such as “users who exhibit bot-like activity or are creating synthetic accounts.” Once these users are identified, Copilot can then conduct fraud investigation recommendations and offer remediation strategies. The solution automates the feedback process from detection to decisioning to business impact, making Copilot especially helpful in high-scale environments.

The new offering from Darwinium comes as fraudsters are becoming increasingly effective at exploiting AI bots for nefarious purposes. Because of this, as Faulkner noted in a recent thought leadership piece for Dark Reading, it is all the more important for security and fraud teams to focus on and discern the intent of AI agents rather than the mere presence of these entities. Legitimate agents, Faulkner explained, tend to act in ways that resemble trusted user behaviors and patterns. AI agents that are malicious, on the other hand, conduct themselves in identifiable ways—such as skipping normal browsing steps to access high-value endpoints (like login and checkout) or generating a sudden high volume of API calls. In Faulkner’s estimation, technologies such as Beagle and Copilot help institutions and their fraud teams move from “What is this AI agent doing?” to “Why is this AI agent doing this?”

Launched in 2021 by the co-founding team that built and scaled ThreatMetrix, Darwinium made its Finovate debut at FinovateEurope 2023. The company raised $18 million in funding in the fall of 2023 in a Series A round led by U.S. Venture Partners.

Photo by elnaz asadi on Unsplash

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Uprise Teams Up with HoneyBook to Bring Tax Planning to Small Business Owners

Uprise Teams Up with HoneyBook to Bring Tax Planning to Small Business Owners
By David Penn Posted on
Categories: Alumni News, Uprise
  • Embedded financial advisory platform Uprise has teamed up with business management platform HoneyBook.
  • The partnership will enable HoneyBook to offer financial and tax planning advisory to its users, which include independent creatives as well as small business owners.
  • Founded in 2021, Uprise made its Finovate debut at FinovateFall 2023 in New York.

Uprise, a startup that offers an AI-powered platform that empowers financial services companies to embed personalized, actionable financial advisory into their products and services, has announced a new partnership. The San Francisco, California-based company has teamed up with HoneyBook to enable the firm to offer financial and tax planning advisory to its user base of independent creatives, small business owners, and more.

“Excited to announce we’ve partnered with HoneyBook to offer personalized financial and tax planning to their users,” Uprise noted on its LinkedIn page, “helping independent creatives, consultants, and business owners stay ahead of the biggest changes that impact their bottom line.”

The partnership will enable HoneyBook users to access tax and financial guidance from a Certified Financial Planner who is both a small business specialist and supported by smart technology. This helps set HoneyBook apart from traditional financial advisory services, which tend to cater to high net worth individuals, feature significant costs, and often lack small business expertise.

The announcement comes as recently passed legislation in Washington brings changes to the way that many small businesses manage their taxes and expands eligibility for a variety of programs and credits. “If your company supports small business owners and wants to help them take advantage of complex tax and legal shifts like this—let’s talk,” Uprise wrote.

Founded in 2021 and headquartered in San Francisco, California, Uprise made its Finovate debut at FinovateFall 2023 in New York. At the conference, the company demonstrated how its technology helps banks, credit unions, insurance providers, fintechs, and more embed personalized, actionable financial advisory services into their offerings. Uprise combines human financial expertise with AI to offer comprehensive financial plans and advice at a fraction of what a traditional financial advisor would cost. Jessica Chen Riolfi is Co-Founder and CEO.

HoneyBook is a business management platform for small businesses. The platform supports a wide variety of business operations including lead capture, client communication management, contract management, and payments. The solution also leverages AI—embedded throughout—that enables users to derive actionable insights and leverage automation to streamline processes. Founded in 2013, HoneyBook has powered more than 25 million client relationships and processed more than $12 billion in transactions. Earlier this month, the company announced enhancements to its client portal to provide full branding control, easier access to proposals and important sites, the ability to share client task lists, and more.

Photo by Braden Collum on Unsplash

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Japan’s Zerobank Design Factory to Power New Digital Bank for MUFG

Japan’s Zerobank Design Factory to Power New Digital Bank for MUFG
By David Penn Posted on
Categories: Alumni profile, Zero Bank Design Factory

MUFG’s new digital bank will feature the cloud-based banking system developed and operated by Zerobank Design Factory (ZDF), a subsidiary and the technological development arm of Fukuoka Financial Group (FFG). The announcement was made by Minna Bank, a fellow subsidiary of FFG that runs on ZDF’s core banking technology. In collaboration with Accenture and operating on the Google Cloud, the MUFG deployment will be the first time Zerobank Design Factory will see its solution used by an organization outside of FFG.

“Since its inception (Minna Bank) has accumulated and updated its technologies and expertise related to systems, functionalities, and design required for a digital bank,” Minna Bank and ZDF President and CEO Kenichi Nagayoshi said. “As a result, we believe that the recent first external provision of our system marks a valuable milestone. Moving forward, we hope to contribute, even if just a little, to the development of the digital banking market both domestically and internationally through the provision of this system.”

Japan’s first digital bank, Minna Bank was founded in 2021 and currently boasts 1.3 million accounts. The name means “a bank for everyone” and the institution posits that its mission is to “deliver valuable connections to everyone.” In 2022, ZDF announced that it would offer its technology to both local and international financial institutions. Non-financial organizations looking to add banking services are also eligible to deploy the system.

The MUFG deployment is designed to meet the need for faster management speed, greater efficiency, and lower costs. Banking systems that leverage multi-cloud, microservice architecture, DevSecOps, and other advanced technologies offer an effective way to meet these goals. The core banking system designed by ZDF offers a modular design capable of partial integration with existing systems to give banks, non-bank financial institutions, and non-financial entities a range of versatile applications to better serve customers and clients.

“Our collaboration with Minna Bank reinforces that cloud-based technology can deliver flexibility, speed, and reliability for core systems within global banks,” Google Cloud Global Managing Director, Regulated Industries, Toby Brown said. “Minna Bank’s use of Google Cloud’s advanced technologies—like Google Kubernetes Engine for elastic scale, Spanner for global data consistency, and Vertex AI for intelligent insights—is a blueprint for accelerating digital transformation far beyond banking, enabling industries from retail to mobility to seamlessly embed financial services and create new value for their customers.”

A wholly-owned subsidiary of FFG, ZDF is the system development company that built Minna Bank’s core system. ZDF is also a pioneer in cloud banking, having been among the first developers in Japan to build a core banking system on a public cloud. The company made its Finovate debut at FinovateFall 2023.

The largest regional financial group in Japan, FFG was established in 2007. FFG’s network covers the entire Kyushu region, which is home to more than 10% of the country’s population and includes cities such as Fukuoka and Nagasaki.

Photo by Tayawee Supan on Unsplash

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Sage Acquires Expense Management Platform Fyle

Sage Acquires Expense Management Platform Fyle
By David Penn Posted on
Categories: Fyle, Mergers & Acquisitions
  • Finance ERP provider Sage has acquired Delaware-based expense management platform Fyle. Terms of the transaction were not disclosed.
  • Fyle’s technology will enable Sage to offer additional tools that leverage AI to automate workflows in accounting, finance, human resources, and payroll operations.
  • Founded in 2016, Fyle made its Finovate debut at FinovateFall 2023 in New York.

Expense management platform Fyle has agreed to be acquired by finance ERP provider Sage. Terms of the transaction were not disclosed.

“Our mission has always been to make expense management intuitive—so that our users never have to actively think about the task in any meaningful way, and so that their finance departments have the data transparency and assurance they need during close,” Fyle CEO and Co-Founder Yashwanth Madhusudan said. “As a longtime partner of Sage, we know the company shares our focus on delivering great software experiences, and we are excited about the collective impact we can have.”

The acquisition will enable Sage to add further AI-powered tools to simplify and automate financial workflows in accounting, finance, HR, and payroll operations. Fyle provides accounting and finance teams with real-time notifications on transaction data and enables end users to submit and reconcile expenses with a simple text. With more than 150 employees, the Delaware-based company has 1,600 direct customers in the US and thousands more via white-label agreements.

Post-acquisition, Fyle will continue to integrate with third-party accounting and financial systems. The technology is already integrated with Sage Intacct and Sage 300 Construction and Real Estate, with a broader rollout throughout North America “and beyond” to follow.

“In 2025, financial leaders are expected to play much more strategic roles than ever before and are looking for every way to get a high-performance edge. We know expense management is a key workflow for finance. Fyle streamlines and automates the entire process, further simplifying SMB finances with AI. I look forward to working as one team to create real and immediate impact for our customers,” Sage EVP Financials and ERP, Dan Miller said.

UK-based Sage provides software and services to help small and medium-sized companies conduct and enhance their payroll, human resources, and financial operations. Among the company’s flagship solutions, its Sage Intacct solution provides cloud accounting and financial software management for medium-sized businesses, while the company’s Sage 50 Accounts provides similar accounting, inventory, and payments management for smaller firms.

Founded in 2016, Fyle made its Finovate debut at FinovateFall 2023. At the conference, the company demonstrated how its technology integrates with text messaging, email (including Gmail and Outlook), and meeting platforms like Slack and MS Teams to give companies and employees a unique and user-friendly way to submit and manage expenses. The technology instantly codes and categorizes expense data and syncs the data with commonly used ERPs such as Sage Intacct, NetSuite, QuickBooks Online, and Xero.

Photo by Paulina S. on Unsplash

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: 10x Banking, Fintech Rundown, Intuit, MasterCard, Nubank

The first month of Q3 is in the books, “Crypto Week” was declared in the US last week, and corporate earnings reports are dominating the conversation on Wall Street.

To start off the week of fintech news here on Finovate’s Fintech Rundown, we have word of new C-suite appointments, collaborations in payments and fraud prevention, as well as new solutions for identity protection.

Fraud prevention

Risk management company EverC announces collaboration with Amazon Web Services (AWS).

Appdome launches customer identity protection solution for mobile apps, IDAnchor.

Mastercard introduces A2A Protect in the UK to help defend consumers against account-to-account payment fraud.

Digital banking

Finovate Best of Show winner 10x Banking introduces new Chief Revenue Officer Tom Bentley.

Nubank appoints Ethan Eismann as its first Chief Design Officer.

Crypto

Blockchain startup Bitzero secures $25 million for its sustainable blockchain and HighPerformance Compute (HPC) data centers.

African paytech Peach Payments and South African crypto payments solution provider MoneyBadger team up to bring crypto payments to South African merchants.

Cyber risk management firm DynaRisk secures $4.7 million in funding.

FIS partners with Circle to unlock stablecoin money movement functionality for financial institution customers.

Payments

dLocal and RizRemit partner to enhance the cross-border remittance process across both Africa and Asia.

Deutsche Bank’s Merchant Solutions business to integrate Wero as a payments option.

Square launches data driven cash advances in the UK.

Lending

iBusiness Funding announces expanded collaboration with Intuit to expand SBA loan access through QuickBooks Capital.

Digital identity

authID launched its digital identity platform, Identity Exchange (IDX), in partnership with NEC Networks and System Integration Corporation.

Photo by Tunafish on Unsplash

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Streamly Snapshot: From Data to Dollars—Cash Management and Liquidity Insights

Streamly Snapshot: From Data to Dollars—Cash Management and Liquidity Insights
By David Penn Posted on
Categories: FinovateSpring 2025, Interview, Speaker series, Streamly

High-growth companies like those involved in cutting-edge technologies face a wide range of challenges. Effective cash management is one of them. From the appearance of cash flow gaps between cash collection and realizing revenues to the necessity of making significant initial capital outlays for operations, infrastructure, and talent before revenues catch up, high-growth companies often have banking needs that many financial institutions struggle to respond to.

This week, our Streamly Series interview features Christopher Hollins, Global Head of Product Sales and Design at Silicon Valley Bank (SVB), a division of First Citizens Bank. Hollins outlines some of the tactics high-growth companies can rely on in order to better manage cash and make the most of technologies like automation. Hollins also explains how solutions like SVB Go offer these businesses essential insights and streamline cash forecasting and management.

“The challenge is that innovators, entrepreneurs want to do what makes them passionate. And for most people, just like in high school and college, accounting, cash management, managing finances … not exactly the oversubscribed classes. In all seriousness, what companies need to do as they are growing very fast, they’re very focused on revenue-generation, satisfying clients, etc. But in doing that, two other things are happening: cash is moving in and out, and some of that cash could be better used in a number of different circumstances, maybe it could be invested in a different way. There is a lot of ‘lack of discipline,’ but I wouldn’t say that’s because people are purposely trying to do that. They are focused on running their businesses.”

Silicon Valley Bank brings more than 40 years of experience as a financial partner for the innovation economy. The company serves innovation economy companies and investors with business banking, liquidity management, global business solutions, and fund banking. With deep sector expertise in enterprise software, frontier tech, cleantech and sustainability, as well as fintech, SVB counts 60% of all fintechs on the 2025 Forbes fintech list and 40% of the Forbes 2025 AI list among its clients.

Head of Global Product Sales and Delivery at Silicon Valley Bank, a division of First Citizens Bank, Christopher Hollins has played a key role in transforming the platform’s solution delivery model to ensure that SVB’s Commercial Bank Innovation economy clients have access to the best partners and solutions to solve business challenges and have optimal banking relationships along their journey. Hollins has been a part of SVB since 2021.

Photo by Will Francis on Unsplash

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Addition Wealth Launches AI-Powered Financial Wellness Platform

Addition Wealth Launches AI-Powered Financial Wellness Platform
By David Penn Posted on
Categories: Addition Wealth, Alumni News
  • Financial wellness firm Addition Wealth has launched its B2B financial wellness platform for enterprises.
  • Available as either a white-label or co-branded solution, the new offering combines expert human guidance, AI-powered personalization, and intelligent financial tools to enable businesses to provide financial wellness experiences to their employees.
  • Addition Wealth made its Finovate debut last year at FinovateFall 2024 in New York.

Financial wellness specialist Addition Wealth has unveiled its B2B financial wellness platform for large businesses. The offering, fully customized and powered by AI, empowers enterprises to provide financial wellness experiences at scale.

Available as a white-label or co-branded solution, Addition Wealth’s platform helps financial services companies such as insurance providers, asset managers, retirement companies, private equity firms and others provide financial wellness experiences that are based on their specific business objectives.

“One of my core beliefs is that everyone should have access to the tools and support they need to feel confident about their finances,” Addition Wealth Founder and CEO Ana Mahony wrote on her LinkedIn page. “That’s why I’m incredibly excited to share something we’ve quietly been building for the last few years: Addition Wealth’s B2B financial wellness platform. While it’s not a brand-new product, this is the first time we’re publicly announcing it, and we couldn’t be more proud of what it’s become.”

Already live with financial institutions in the Fortune 500, Addition Wealth’s platform combines expert human guidance, AI-powered personalization, and intelligent financial tools. The platform enables businesses to support their employees through a number of financial decision-points from budgeting and paying down debt to retirement planning, buying a home and more. Addition Wealth leverages AI to help employees explore financial topics, learn more about managing their money, and get real-time, actionable insights to improve their financial wellbeing.

The technology supports the integration of financial solutions including student loan assistance, emergency savings, and tax filing services. Enterprise users of the platform can deploy their own financial wellness products, content, and advisors, or rely on those from Addition Wealth.

“By partnering with organizations with significant distribution, we’re able to reach, impact, and improve the lives of millions of individuals,” Mahony said in a statement. “Our AI-powered platform is flexible and configured to each business and user, delivering dynamic, tailored financial guidance, matching each person’s unique situation and goals with the tools and insights they need, whether planning for retirement, having a baby, or paying off student debt.”

Headquartered in New York and founded in 2021, Addition Wealth made its Finovate debut at FinovateFall 2024 in New York. At the conference, Addition Wealth’s Mahony and VP of Marketing Hally Peck showed how the company’s Financial Wellness Platform helps employees make smarter decisions about their money. The platform leverages a hybrid strategy toward financial wellness, deploying both human experts as well as digital tools, resources, and content that provides a stronger foundation than either an all-human or all-digital approaches alone.

Photo by Kindel Media

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Quavo Fraud & Disputes Locks in $300 Million in Funding

Quavo Fraud & Disputes Locks in $300 Million in Funding
By David Penn Posted on
Categories: Alumni News, Funding, Quavo Fraud & Disputes
  • Fraud and dispute process management innovator Quavo Fraud & Disputes has raised $300 million in funding from Spectrum Equity.
  • Quavo said it will use the capital to support further investment in the company, drive innovation, and create value for its customers.
  • Quavo Fraud & Disputes most recently demonstrated its technology at FinovateSpring 2025 in San Diego.

Quavo Fraud & Disputes has announced a $300 million investment from growth equity investment firm Spectrum Equity. Quavo, which provides cloud-based solutions to enable financial institutions to automate and manage fraud and dispute processes, will use the capital to accelerate investments throughout the business, drive innovation, and create even greater value for customers.

“We are thrilled to be partnering with Spectrum Equity on the next chapter of growth at Quavo,” company Co-Founder and CEO Joseph McLean said. “With this new investment, we intend to accelerate our AI-led product development initiatives and expand our go-to-market and client success teams to meet growing market demand and drive exceptional client outcomes. Our vision to restore financial trust and simplify fraud and disputes is unwavering, and this partnership allows us to achieve these goals faster and at even greater scale.”

Quavo’s technology empowers financial institutions—from large banks to credit unions—to better manage the consumer transaction dispute process. The company’s flagship offering, QFD, automates intake, investigation, chargeback, recovery, and client communications workflows across all payment and dispute types. Financial institutions using Quavo’s technology have been able to automate as much as 80% of the tasks involved in resolving typical consumer disputes, and recapture 85% of potentially lost funds. The average Quavo customer has experienced a reduction of 37% in write-offs and was able to reduce the time it took to issue consumer credit from 11 days to one day.

“Fraud and dispute management is a massive business-as-usual problem for financial institutions and fintechs alike, and we believe that Quavo is uniquely positioned to drive automation benefits and better outcomes in this space,” Spectrum Equity Managing Director Adam Margolin said. “Quavo’s highly configurable platform, scaled transaction data powering its decisioning engine, and mission-driven approach to solving costly and time-consuming problems for its clients set the company apart.”

As part of the transaction, existing investor FINTOP Capital will sell its ownership stake in the company. Quavo’s co-founder and strategic investor and technology partner Pegasystems will continue as significant shareholders.

Headquartered in Wilmington, Delaware, Quavo has recovered more than $1.4 billion for 10.8+ million victims. The company has grown revenues 60% annually since 2022 and today automates more than 12.5 million consumers disputes a year. Quavo serves a broad range of financial institutions, from global issuers and fintechs to regional banks and credit unions. Founded in 2016, Quavo Fraud & Disputes made its Finovate debut at FinovateFall 2024 in New York and returned to the Finovate stage the following year for FinovateSpring in San Diego.

Earlier this year, Quavo published a report showing the impact of fraud resolution on customer loyalty. Quavo’s Q4 2024 Consumer Survey analyzed feedback from 1,000 recent victims of credit card fraud to learn about their experiences and how their experiences may have impacted their sense of trust and brand loyalty. The survey revealed that the quality of the fraud resolution process had a greater impact on trust than the actual fraud itself, and that the fraud resolution experience has a ripple effect on customer trust in other banking services.

“Trust is a bank’s most valuable asset, and fraud resolution is a defining moment in the customer relationship,” McLean said. “Our research proves that a seamless, transparent, and timely fraud resolution process isn’t just about compliance; it’s about building trust that strengthens long-term customer relationships.”

Photo by Andre Ellis Mack

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Blee Teams Up with Public to Ensure Compliant Communications with Customers

Blee Teams Up with Public to Ensure Compliant Communications with Customers
By David Penn Posted on
Categories: Alumni News, Blee
  • Regtech Blee has teamed up with New York-based multi-asset investing platform Public.
  • Public will embed Blee’s AI-powered review engine directly into its marketing workflows to ensure that all customer-facing messaging and communication meets regulatory compliance standards.
  • Founded in 2022, Blee made its Finovate debut at FinovateSpring 2024. Guy Shahar is Founder and CEO.

New York-based regtech Blee has announced a partnership with multi-asset investing platform Public. The company will leverage Blee’s AI-powered compliance platform to enhance and streamline its marketing review process as it scales its offering.

“Public is a platform for long term investors looking to build a diversified portfolio. We’re focused on creating a multi-asset platform that’s transparent and built to support informed decision-making,” Public Chief Compliance Officer Emily Verlinde said. “As we scale how we connect with current and prospective members, partnering with Blee helps us move quickly while ensuring everything we share meets the highest regulatory standards.”

Public enables investors to create portfolios using stocks, exchange-traded funds (ETFs), cryptocurrencies, options, and bonds, as well as contribute to retirement accounts. In teaming up with Blee, Public will embed the company’s AI-powered review engine directly into its marketing workflows. This will enable real-time risk detection for content across all asset classes and establish approval flows for different products. The technology also provides a complete audit trail for every review to help ensure compliance.

“This customer announcement is very special to me,” Blee Founder and CEO Guy Shahar wrote on the company’s LinkedIn page. “I’ve been a huge fan of Public’s mission. They’re not just building a product; they’re changing the culture of investing.”

Shahar noted that companies like Public face significant challenges when it comes to offering such a wide range of investment products. Chief among them is a need to communicate clearly and fairly to customers about the products they offer—including the risks involved—and to ensure that those communications meet regulatory standards.

“We’re proud to be the compliance infrastructure that will help the Public team continue to meet this challenge head-on,” Shahar added. “Our platform will provide the guardrails that enable them to educate their members and grow their offerings with confidence and speed.”

New York-based Public offers a multi-asset investment platform for investors in stocks, options, bonds, digital assets, and more. In addition to its investment tools, Public also offers a proprietary AI layer, Alpha, that gives investors fundamental data and custom analysis to guide their investment decisions. Founded in 2019, the company has raised more than $300 million from investors including Accel, Tiger Global, and Will Smith’s Dreamers VC.

Founded in 2022, Blee made its Finovate debut at FinovateSpring 2024. At the conference, Shahar showed how Blee’s AI-powered marketing compliance review technology automatically identifies and flags potential compliance issues and risks before they reach customers.

Blee’s partnership with Public comes a month after the regtech announced that it was working with fellow Finovate alum, Marqeta. Marqeta will integrate Blee’s real-time risk detection, configurable approval flows, and monitoring capabilities into its internal go-to-market process. The company will also use the risk detection technology to support third parties and partners in its ecosystem.

“Our customers are building what’s next in financial services, and trust is at the core of that work,” Marqeta Marketing Compliance Officer Annia Prado said. “With Blee as our compliance partner for marketing reviews, we’re able to share new programs fast—and stay true to the standards that matter.”

Photo by Tyler Prahm on Unsplash

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