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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
This week in Finovate’s Fintech Rundown, we highlight big fundraisings in wealthtech and mortgagetech, as well as an acquisition in the world of money movement. Check back all week long as the Fintech Rundown keeps you informed on the latest news in fintech!
Wealth management
Global wealthtech solutions provider Masttroannounces upgrades to its platform, including real-time wealth visualization and AI-powered efficiency.
Mitsubishi UFJ Financial Group (MUFG) agrees to acquire Japanese robo-advisory firm WealthNavi for $664 million.
Cryptocurrencies
Taiwan expedites implementation of its new Anti-Money Laundering (AML) regulations for cryptocurrency companies.
Razorpayteams up with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to boost cybersecurity for digital payments in India.
Finovate Best of Show winner Themislaunches KYC/AML company, Tathabbat, in Saudi Arabia. Check out our recent Finovate podcast interview with Themis Founder and CEO Neepa Patel.
Digital identity solutions provider Signicat has teamed up with data specialist AsiaVerify.
The strategic partnership will help businesses looking to expand from Europe to Asia, and vice versa, meet local regulatory compliance requirements with regards to KYC, KYB, and UBO.
Headquartered in Norway, Signicat made its Finovate debut at FinovateEurope 2017 in London.
Digital identity and fraud prevention solutions provider Signicat has forged a strategic partnership with APAC-region data specialist AsiaVerify. The partnership will enable Signicat to expand its reach across the Asia-Pacific region, helping businesses comply with local regulations as they seek to expand their operations from APAC to Europe and from Europe to APAC.
“Our globally compliant digital identity solutions enable us to support our customers’ expansion needs wherever they grow,” Signicat Chief Product and Marketing Officer Pinar Alpay said. “This partnership enriches our capabilities in the Asia-Pacific, offering our clients more localized data to expand confidently into this high-growth market while maintaining compliance with regional and global standards.”
AsiaVerify is Signicat’s first APAC-specific data provider, offering real-time access to authoritative data from official sources in countries like China and Singapore. The partnership will help businesses looking to enter the APAC region by making it easier for them to navigate, manage, and comply with often complex local regulatory requirements.
AsiaVerify provides real-time access to critical data from trusted sources to support Know Your Customer (KYC), Know Your Business (KYB), and Ultimate Beneficial Ownership (UBO) identification in companies throughout Asia. AsiaVerify’s platform delivers instant access to translated records from more than 344 million companies, more than 106 million alerts including court records and bankruptcies, and more than 2.9 billion individuals including government IDs, phone numbers, watchlists, and more.
“Asia presents vast opportunities for growth and expansion, yet it also brings unique challenges, particularly around meeting local regulatory demands,” AsiaVerify Head of U.K. and Europe Joanna Wands said. “Addressing these challenges is at the heart of what we do, and we felt a strong alignment with Signicat in this shared commitment to addressing industry challenges effectively.”
Norway-based Signicat made its Finovate debut at FinovateEurope 2017 in London. Today, more than 13,000 companies around the world use Signicat’s digital identity solutions. Signicat’s identity platform manages the entire customer lifecycle from compliant onboarding and secure login to electronic signing and orchestration. The company supports 240+ data sources to facilitate business and individual identification, including national eIDs, ID document scanning and biometric verification, as well as data sources for AML, KYC, and KYB checks.
Last month, Signicat was featured in the first edition of Europe’s Long-Term Growth Champions 2025 published by Financial Times and Statista. Also in October, the company unveiled its Open Banking Hub, which provides businesses with a secure and consensual way to verify an individual’s personal information via their banking account. The Open Banking Hub provides broader identity verification options for customers, and greater security for businesses when verifying bank account ownership, affordability, or account information.
Founded in 2007, Signicat is led by CEO Asger Hattel.
Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.
Agentic AI solutions provider for community banks and credit unions, interface.ai, has introduced a pair of new tools to help fight deepfake fraud. The company has launched two flagship products — device biometric authentication and Generative AI (GenAI) bot training — designed to help financial institutions defend themselves and their customers from fraud and unauthorized access.
interface.ai’s device biometrics solution uses device-based fingerprint and facial recognition technology to authenticate users over voice and chat AI. The new technology builds on the company’s risk-based, multi-factor authentication system, combining device and voice biometrics, AI-driven analysis, and caller anti-spoofing to protect users against evolving fraud threats while minimizing friction.
“Security in financial services demands constant innovation,” interface.ai CEO Srinivas Njay said. “With device biometrics, we are not just offering a new authentication method — we are enhancing our already formidable security framework, offering financial institutions the perfect balance of frictionless access and robust protection.”
interface.ai also unveiled a new, proprietary GenAI capability that enhances the speed of training highly capable AI-powered bots. Training AI bots typically involves manual scripts that delineate every question and response. This process is time-consuming and inefficient, insofar as much of the information a bot will provide already exists on the company’s website or within other readily available company resources. Instead, interface.ai’s new offering directs the AI to the company’s content where it automatically learns from the data and is able to provide accurate responses to customers on day one. Further, the AI bots continuously scan company content for updates to ensure that responses are accurate and current, all without requiring manual intervention.
“Our latest Generative AI capability provides a game-changing solution for financial institutions looking to scale their AI capabilities quickly and effectively,” Njay said. “By streamlining the chatbot training process, we are empowering banks and credit unions to harness the full potential of AI at a fraction of the cost and effort, while providing a more dynamic, conversational experience that resolves more queries.”
interface.ai won Best of Show in its Finovate debut at our all-digital conference, FinovateWest 2020. The company most recently demoed its technology at FinovateFall 2023, introducing Sphere, interface.ai’s GenAI-powered, multimodal, ChatGPT-like AI assistant for financial institutions. The solution is available in two iterations: Sphere for Customers and Sphere for Employees. The former replaces online mobile banking with an AI assistant that provides intelligent guidance and personalized assistance. The latter replaces up to 15 applications typically managed by frontline staff, boosting efficiency by 10x.
interface.ai’s latest launches are part of the company’s fall 2024 product release, which also features an expansion of its biometric consent options now offering integrations with DocuSign, IMM eSign, and Acrobat Sign. interface.ai also announced enhancements to its platform’s content organization that improve both efficiency and ease of use. This includes support for direct synchronization with SharePoint.
In other recent big news for the company, interface.ai secured $30 million in funding last month in a round led by Avataar Venture Partners. The first major investment for the bootstrapped-since-inception firm, the funding makes interface.ai “the most valuable AI company in banking” the company noted in a statement.
“This funding will allow us to accelerate the transformation of self-service in banking through agentic AI, delivering unified and hyper-personalized experiences that empower financial institutions’ customers and employees,” Njay said. “Our AI agents don’t just react — they anticipate needs, providing tailored advice and autonomously guide individuals toward long-term financial wellness.”
Headquartered in Covina, California, interface.ai was founded in 2019.
A holiday-shortened week begins with news of an acquisition, a new partnership, and a new solution to enhance lender-borrower communication. Be sure to check back all week long for updates on the latest headlines in fintech.
With markets near all-time highs and Bitcoin teasing the $100,000 mark, investors have become increasingly interested in new opportunities to diversify their investments, reduce risk, and grow their wealth. Unfortunately, there are many assets — from cryptocurrencies to real estate to art — that can be difficult for investors to access and incorporate in their overall investment plan.
In this month’s column, I caught up with Scott Harrigan, President of Alto and CEO of Alto Securities. Alto provides a self-directed investment platform that empowers investors to build their wealth by investing not just in stocks, but also in alternative investments, including cryptocurrencies. The platform supports more than 27,000 investors and has more than $1.4 billion in assets under custody.
Alto has three primary divisions: Alto Solutions, a self-directed IRA administrator; Alto Securities, a wholly-owned registered broker-dealer; and Alto Capital, an exempt reporting advisor that provides alternative investment opportunities to accredited investors. Alto Solutions made its Finovate debut at FinovateFall 2023 in New York with founder and CEO Eric Satz leading a demo of the company’s Alto IRA offering.
In this conversation, Harrigan talks about the pain points investors have when trying to integrate alternative investments into their portfolios and what Alto does to help resolve these issues. We also talked about the opportunities a growing number of investors are seeing in crypto and the challenge of making historically difficult-to-access private investments available to a broader community of investors.
Headquartered in Nashville, Tennessee, Alto was founded in 2015.
What problem does Alto solve and who does it solve it for?
Scott Harrigan: Alto aims to lower the barrier to entry for alternative investments, making alternatives available within an IRA so investors can diversify their retirement savings, reap the benefits of reduced volatility, and have the potential to increase returns. Alto IRA account users can benefit from tax-advantaged investment options in a wide range of alternative assets, including private equity, venture capital, real estate, art, crypto and more, providing them with the opportunity to diversify their investment portfolio while planning for retirement.
How does Alto solve this problem better than other companies or solutions?
Harrigan: With the goal of lowering the barrier to entry, Alto addresses these two pain points: investors want to understand their various alternative investment options and they want easy access to these types of investments in a streamlined platform.
Alto is the only digitally native self-directed IRA provider with multiple alternative investment options. This is unique because many legacy IRA providers have been around for decades and continue to operate in the same fashion they always have, showing no urgency to grow or evolve. They are overlooking the importance of the digitally-oriented experiences that individuals demand these days. Alto understands the importance of being digital-first and bringing a seamless and enjoyable experience to investors.
As for providing multiple alternative investment options, we are forging diverse opportunities in how and where individuals invest their retirement dollars. Alto offers Traditional, Roth, and SEP IRAs so investors can select the right vehicle for their money based on their unique goals, and individuals have the option to put their retirement funds toward anything from biotech to bitcoin, wine to whiskey, and farmland to fine art.
Who are Alto’s primary customers and how do you reach them?
Harrigan: Our goal is to bring alternative investments to everyday investors, and we do this by removing the hurdles that have long prevented them from investing in this sector. There are three areas key to our success in expanding access and awareness. The first is expanding the number and type of investment opportunities offered, so that individuals have freedom of choice and can identify what options are right for them. The second is creating a user-friendly digital experience that makes investing in alternatives more approachable. Last, but certainly not least, is providing education, and disseminating more information and resources to help investors make confident investment decisions.
In addition to expanding our reach more broadly, we also curate opportunities for accredited investors. This past year, we launched Alto Marketplace, a new part of the Alto platform dedicated to curating private alternative investment opportunities for accredited investors. The platform allows eligible investors to invest in historically difficult-to-access private investments which are curated specifically by Alto. Investors now have access to private equity, venture capital, real estate, fine wine, art, and more, all in one platform.
Can you tell us about a favorite implementation or deployment of your technology?
Harrigan: Our technology provides investors access to unique investment opportunities in the alternatives space within an IRA. We provide opportunities for investors to build wealth beyond the stock market and diversify their retirement portfolio with alternative investments.
As part of our commitment to enabling individuals to invest in a wider variety of alternative assets, we were proud to go live with the Alto Marketplace this past year. Marketplace enables Alto’s users to enjoy a streamlined, consolidated investing experience as they explore offerings that range across a variety of different asset classes. Accredited investors can benefit from alternative assets that may offer portfolio diversification and a chance of achieving long-term financial stability in today’s volatile market.
What in your background gave you the confidence to tackle this challenge?
Harrigan: My experiences have helped me become deeply familiar with SEC and FINRA guidelines, critical to bringing fair, transparent and compliant opportunities to the everyday investor. Having worked in private markets for the past seven years, I gained a much deeper understanding of how alternative asset investment structures work and how we could work within regulatory guidelines to provide the access that we have today. Creating special purpose vehicles is complex, but we do it because we want to bring a modernized and simplified experience for investing in alternatives.
You recently announced a partnership with SignalRank? Why team up with SignalRank? What will this partnership accomplish?
Harrigan: As mentioned, we launched Alto Marketplace to curate exciting private alternative investment opportunities for investors. Partnering with SignalRank, the first private markets index made up of preferred Series B shares in high growth venture-backed companies, is in line with our commitment to provide investors with wider access to investment opportunities that, by nature, were formerly more exclusive.
We have had prior venture capital opportunities through our Marketplace, but SignalRank is unique in that its algorithm has successfully predicted successful transitions of Series B startups to billion dollar companies. This partnership will help us accomplish our goal to bring unique strategies that aren’t more widely publicly available, and have been largely limited to ultra-high-net-worth individuals and institutional investors, to more investors. Alto’s special purpose vehicles bring investors these opportunities at lower thresholds, for example by lowering the minimum investment to $25,000 whereas typically it might be closer to $500,000 or even higher.
What excites you about the growth of the alternative asset market? Is there an education gap to be covered in order to get more eligible individual investors interested in alternative assets?
Harrigan: I am excited about how we’re in the early days for the alternatives space. The industry is just starting to recognize how big alternative investments will become in the next five years. If you don’t know what this business is about, you’re going to need to, because this is where wealth management is headed in the next five years.
Because we are in the early days, there is absolutely an education gap. Our original study found that a lack of familiarity with alternative investments was the most significant barrier to investing in these assets as part of a diversified retirement portfolio. One common misconception is that the long-term nature required of some alternative assets is a drawback. However, there is a definite advantage in combining the tax efficiency of self-directed IRAs with the extended investment horizons of alternatives. This long-term alignment allows investments to compound and realize strong returns.
As alternatives are poised on this incredible growth trajectory, we’re excited to be ahead of the curve in providing education on how Alto IRA account users can benefit from tax-advantaged portfolios and outsized returns.
What are your goals for Alto? What can we expect to hear from you in the months to come?
Harrigan: In 2025, we expect to bring a much larger variety of alternative investments to our platform. In 2024, we launched 15 deals, so we expect to continue on this momentum and bring investors even more optionality and choice.
We’re also keeping an eye on the preferences of Gen Z and Millennials, two groups that research shows are engaging with investments differently than the generations before them. Notably, those aged 21 to 43 are currently more likely to choose alternatives over stocks.
Last, we will continue to advance our proficiency in how we educate investors. We feel a significant obligation to provide investors with as much information as possible so that they can make informed, confident decisions about their retirement savings. In line with this strategy, we plan to focus on scaling information about and access to Alto CryptoIRA. Crypto presents an immense opportunity for investors to diversify their portfolios and realize greater returns. We want to make more individuals aware of the opportunity they have to invest in crypto as part of an IRA.
Looking for some entertaining and insightful listening this holiday week? Greg Palmer and the Finovate Podcast have you covered!
This week the Finovate blog is sharing Greg’s conversations with seven of the eight Best of Show winning companies from FinovateFall 2024. From discussions about the growing importance of innovation in helping banks and other FIs meet ever-changing compliance requirements to the challenge of call-center security and defending against AI fraud, this latest round of interviews from the Finovate Podcast share insights and accomplishments from some of fintech’s finest.
“FinovateFall’s Best of Show winners come from different backgrounds and contain a wide range of solutions, but they all have one thing in common: they were able to capture the attention of our audience in a very competitive landscape,” podcast host Greg Palmer said. “Hear more of their stories and find out why they’re worthy of your attention too.”
Greg Palmer and Neepa Patel of Themis talk about compliance administration and how fintechs and financial services companies can avoid becoming a target for regulators. EP 238.
Greg Palmer interviews Rithwik Pattikonda of CardLift on payments via browser extensions. EP 237.
Podcast host Greg Palmer talks with Daniel and Joseph Ahn of Delfi on the dangers of balance sheet risk and its macroeconomic impact. EP 236.
Greg Palmer and Bancography’s Steven Reider discuss the importance of physical branches and making sure they are in the right places. EP 235.
Greg Palmer talks about call-center security and AI-based fraud with Illuma’s Milind Borkar. EP 234.
Credit Mountain’s Nathan Pinto talks about the “warm decline” and relationship-building with podcast host Greg Palmer. EP 233.
Greg Palmer and Eko’s Mart Vos discuss a new approach to bringing investing capabilities inside FIs. EP 232.
Amundi Technology has agreed to acquire aixigo in a deal valued at $157 million.
Amundi will leverage the acquisition to strengthen its role as a leading technology and services provider in the asset management space.
Aixigo last demoed its technology on the Finovate stage at FinovateFall 2018 in New York.
Amundi Technology, an asset manager based in France, has acquired German wealth management platform provider aixigo. The transaction has been valued at $157 million (€149 million).
The acquisition is designed to help banks and financial institutions integrate technological solutions into their IT infrastructures faster. Adding aixigo will help Amundi develop further as a technology and services provider, enabling the firm to offer a more comprehensive range of services. The acquisition will also expand Amundi’s geographical reach thanks to aixigo’s customer base in Germany, Switzerland, and the U.K.
“Joining Amundi Technology presents aixigo with a unique opportunity to expand our service offerings and leverage Amundi’s expertise, allowing us to become the undisputed European leader before gradually extending our reach into Asia, a vision that perfectly aligns with our values and ambitions,” aixigo CEO Arnaud Picut said.
Founded in 1999, aixigo offers modular, intuitive wealth management technology. The company’s aixigo:BLOXX wealth management platform is a fully customizable solution that enables financial services providers to design wealth management services that fit their specific requirements and preferences. Portfolio analysis and reporting, digital portfolio management, risk management, financial planning, and investment advice are among the features of aixigo’s high-performance, API-based platform.
With a staff of 150, aixigo serves more than 20 clients representing more than $1.05 trillion (€1 trillion) in assets under management. The company reports that 60,000 advisors use aixigo’s technology on a daily basis for everything from client onboarding to report generation. Amundi is a leading European asset manager with 100 million retail, institutional, and corporate clients. A subsidiary of the Crédit Agricole Group, Amundi manages $2.3 trillion (€2.2 trillion) in assets.
“With the addition of new expertise, which has already been adopted and recognized by leading financial firms, we will continue to roll out new innovative services, and play an active part in the development of the financial advisory and wealth management sector,” Amundi Chief Executive Officer Valérie Baudson said. “This transaction will create significant value for our clients, partners, and shareholders.”
Headquartered in Aachen, Germany, aixigo made its Finovate debut at FinovateEurope 2017. The company most recently demoed its technology before Finovate audiences at FinovateFall 2018 in New York.
This week in 5 Tales from the Crypto we look at a pair of acquisitions, an expansion into a new market, new guidelines for crypto providers, and a new solution for executing cryptocurrency swaps.
Crypto.com acquires Australia’s Fintek Securities
Cryptocurrency trading platform Crypto.com has acquired brokerage service and trading company Fintek Securities. Terms of the transaction were not disclosed.
The acquisition will help Crypto.com extend its services to crypto traders and investors in Australia. Fintek Securities holds an Australian Financial Services license and is regulated by the Australian Securities and Investments Commission.
“The path of the Crypto.com roadmap is to ambitiously expand our offering by providing customers (with) the most comprehensive set of financial services, and this acquisition is the latest step in that journey,” Crypto.com CEO Kris Marszalek said. “The goal is to create one destination for all financial services where users can simplify their experience and maximize rewards.”
Crypto.com offers eligible customers financial products including deposits, derivatives, securities, foreign exchange, managed investment schemes, and more. Investors and traders on its platform can buy Bitcoin, Ethereum, and more than 350 other cryptocurrencies. They can also access, manage, and spend their funds at any time using their Crypto.com Visa Card, which offers 5% cash back on all purchases.
Founded in 2016, Crypto.com has its corporate headquarters in Singapore and American headquarters in Tyler, Texas. The company serves more than 100 million customers around the world, and is a leader in regulatory compliance, security, and privacy in the crypto space. Crypto.com’s latest acquisition comes less than a month after it announced the purchase of SEC-registered broker-dealer Watchdog Capital. In August, Crypto.com addedPayPal as a payment method to fund cryptocurrency purchases on its platform.
Cryptocurrency platform Gemini goes live in France
Virtual Asset Service Provider (VASP) license in hand, cryptocurrency platform Gemini has gone live in France. The platform secured its VASP registration earlier this year, and this week announced that it is taking advantage of growing interest in crypto in France to begin operations in the country.
Gemini Head of Europe Gillian Lynch wrote on the company’s blog that the percentage of crypto owners in France has grown to 18%, a two-point increase since 2022. Gemini’s 2024 Global State of Crypto report further revealed that trust in crypto is higher in France (23%) compared to both the U.S. (21%) and the U.K. (19%). Additionally, most crypto owners in France (62%) are so-called HODLers who see their holdings as part of their long-term investments rather than as short-term trading vehicles. Nearly half of those responding bought their first crypto assets more than three years ago.
“Gemini’s entry into France is a strategic choice for our next phase of growth,” Lynch wrote. “France’s proactive engagement with and support of the crypto sector has fostered the development of a crypto hub, making it a key market for us.”
Lynch credited regulators for much of the positive sentiment in France toward crypto. Specifically, Lynch pointed to France’s VASP regime, as well as the European Union’s passage of the Markets in Crypto Assets regulation (MiCA) in 2023. MiCA provides a comprehensive framework and regulatory guidance for E.U. companies involved in digital assets.
“We believe in empowering individuals through crypto, and our expansion into France marks a significant milestone in our mission to make crypto accessible to everyone,” Lynch said. “Gemini’s research into the French market shows its growing interest in digital assets. (A) robust regulatory framework presents a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months.”
Founded in 2015, Gemini is headquartered in New York.
EBA publishes new regulations for crypto providers
The European Banking Authority (EBA) has issued two sets of guidelines that specify measures that Crypto Asset Service Providers (CASPs) and Payment Service Providers (PSPs) must adhere to when transferring funds or cryptocurrencies. In effect as of December 30, 2025, the regulations will require CASPs and PSPs that transfer funds or crypto assets to use a reliable screening system that will ensure compliance with their “restrictive measures” obligations.
“These Guidelines clarify how restrictive measures policies and procedures interact with financial institutions’ wider governance and risk management frameworks, to avoid operational and legal risks for financial institutions and ensure an effective implementation of restrictive measures,” the EBA wrote.
Further, CASPs and PSPs must screen relevant information to manage the risk that entities or individuals could violate the EU’s restrictive measures or seek to circumvent them.
The new compliance requirements are designed to address perceived vulnerabilities in the banking system that can lead to both legal and reputational risks for financial institutions. This can weaken the effectiveness of the E.U.’s restrictive measures regime and, ultimately, destabilize the region’s financial landscape.
The regulations build on legislation first issued in 2021 by the European Commission as part of a reform of the EU’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) program. These regulations, adopted in June of last year and going into effect on December 30 of this year, include a proposal for new rules with regard to fund and crypto asset transfers.
Coinbase acquires Utopia Labs
Digital currency wallet and platform Coinbase announced that the team from Utopia Labs will join its efforts to enhance Coinbase’s onchain payments roadmap within Coinbase Wallet.
“The Utopia team has been on the ground floor building onchain payments products for years. We’re pumped for them to join us to accelerate our goal of bringing low-cost, fast, and global payments to everyone around the world,” Coinbase Head of Base and Coinbase Wallet Jesse Pollak wrote on the company’s blog. “Together, we’ll create a future where individuals and businesses large and small use onchain payments to make their lives better every day.”
Specifically, the Utopia Labs team will join Base, Coinbase’s decentralized Ethereum Layer 2 scaling network. Base provides a secure, low-cost, and developer-friendly way to build decentralized apps onchain. Coinbase Wallet enables users to store and manage all of their digital assets — from cryptocurrencies to NFTs — as well as multiple digital wallets in a single location. The wallet provides support for hundreds of thousands of coins, as well as many decentralized apps, and can readily be funded from bank accounts, local payment options, or card payments in more than 130 countries.
As Pollak explained, the connection between the acquisition, Base, and Coinbase is a strong one. “There’s a natural flywheel here,” Pollak said. “Base is supporting developers who build onchain apps, those apps attract users onchain, Wallet onboards those users, and in turn more users incentivizes more developers to build onchain.”
Operating in more than 100 countries, Coinbase supports $185 billion in quarterly volume traded on its platform, and safeguards $273 billion in assets. The company was founded in 2012 and made its Finovate debut at FinovateSpring 2014. Brian Armstrong is CEO.
Earlier this month, Coinbase launched a new engineering hub in Singapore to support the local developer community. Also in November, Coinbase introduced USDC Rewards for Coinbase Wallet users. The new program enables them to earn 4.7% APY by holding USDC onchain in their wallets. Rewards are paid directly into user wallets on Base every month. Currently available “in most regions” around the world, U.S. Coinbase Wallet users are gaining access to the service this week.
Nubank introduces cryptocurrency swap tool
Brazilian fintech giant Nubank has introduced a new solution to help simplify cryptocurrency transactions for its customers. The new tool enables Nubank customers to trade Bitcoin, Ethereum, Solana, and Uniswap for the digital dollar USDC and vice versa.
“Swap is in demand by customers as they start including crypto assets into their strategies,” Nubank Executive Director of Cryptocurrencies and Digital Assets Thomaz Fortes said. “The initial implementation involving USDC and the four most popular cryptos is a way to ensure potential profits from value appreciation without losing market position and with a lower fee compared to selling for value in reais.”
Integrated into the firm’s Nubank Cripto solution, the new functionality will be released over the coming weeks. Additional token pairs will be introduced within the next few months.
Founded in 2013 and headquartered in São Paulo, Brazil, Nubank made its Finovate debut at our developers conference, FinDEVr New York in 2016. Today, Nubank offers one of the largest digital banking platforms in the world. In fact, the company’s swap tool news arrives a few days after it reported reaching the 100 million customer milestone in Brazil. This figure represents 57% of the country’s adult population. Nubank also recently noted major gains in other Latin American markets, reporting nearly nine million customers in Mexico and more than two million in Colombia.
Qover, an insurtech based in Brussels, Belgium, has partnered with Mastercard to provide return shipping cost protection when retailers do not offer free returns.
The service is available to Mastercard credit cardholders in Belgium and Luxembourg; Qover plans to expand the service to additional European countries.
Qover made its Finovate debut at FinovateEurope 2018 in London.
Belgium-based insurtech Qover, which made its Finovate debut at FinovateEurope 2018, has teamed up with fellow Finovate alum Mastercard to enhance the online shopping experience for Mastercard credit cardholders in Belgium and Luxembourg. Via the partnership, Mastercard will leverage Qover’s technology to provide return shipping cost protection to refund shipping fees when retailers do not offer free returns.
Qover’s platform makes return protection both easy and accessible. A combination of automation and advanced data extraction, driven by AI, enables users to find coverage details or submit a claim with just a few clicks and get instant updates on the status of their claim. Mastercard’s return protection reimburses shipping costs for returns, covering up to $31 (€30) per return, with a maximum of three claims or up to $95 (€90) per cardholder per year.
“Embedded protection is becoming a strategic tool for businesses to enhance customer value and build loyalty,” Qover Co-founder and CEO Quentin Colmant said. “We’re honored by Mastercard’s trust and are excited to bring this innovative solution to their cardholders.”
Qover provides an embedded insurance orchestration platform that empowers companies to embed insurance into their core offering. The company’s modular platform can accommodate any product or distribution channel and leverages automation and both GenAI and OCR technology to provide advanced data extraction that streamlines key components of the claims process.
Available in more than 32 countries in Europe, Qover offers a wide range of insurance solutions including accident, mobility, travel, property, and purchase insurance. The company is planning to add trip cancellation and motor third party liability (MTPL), as well as coverage for accidental damage, breakage, or theft of high-value belongings such as mobile devices and appliances, in the near future. The newly announced service is available to Mastercard credit cardholders in Belgium and Luxembourg; Qover plans to expand the service to additional European countries.
“We’re excited to unveil this new solution in collaboration with the rising star of European insurtech, Qover,” Mastercard Belgium and Luxembourg Country Manager Henri Dewaerheijd said. “This unique protection reinforces the value of Mastercard credit cards for online purchases and enhances the online shopping experience for our Belgian and Luxembourg cardholders.”
Founded in 2016 and headquartered in Brussels, Qover made its Finovate debut at FinovateEurope 2018. More recently, Qover was featured in CNBC and Statista’s roster of the world’s top 150 insurtechs. This summer, the company announced its entry into the motor insurance market in Ireland. Qover has raised more than $71 million in funding, according to Crunchbase. The firm includes Zurich Global Ventures and BlackRock among its investors.
This week’s Fintech Rundown begins with a handful of stories about partnerships in wealth management and lending, as well as moves by banks to bolster their fraud prevention capabilities. Check back all week long for updates and more fintech news!
Business payments platform MODIFI has secured $15 million in funding.
The Series C round was led by SMBC Asia Rising Fund, and featured participation from existing investors Maersk, Intesa SanPaolo, and Heliad.
MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
In a round led by SMBC Asia Rising Fund, B2B Buy Now, Pay Later platform MODIFI has raised $15 million in funding. The Series C round also featured participation from existing investors Maersk, Intesa SanPaolo, and Heliad. In addition to the investment, MODIFI and Sumitomo Mitsui Banking Corporation (SMBC) have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions to support Asia-based SME exporters as they seek to grow their international trade operations. In a statement, the company underscored SMBC’s significant presence in the Asia-Pacific region, noting that SMBC brings capital and strategic alignment to the new relationship.
“The funding underscores the strength of our business and the confidence our investors have in our vision for the future,” MODIFI CEO and Co-founder Nelson Holzner said. “As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders.”
MODIFI, which stands for “Modern Digital Finance,” offers tools and solutions to optimize working capital and streamline cross-border payments. The company integrates advanced risk management with seamless payment processes to help businesses of all sizes expand their international operations. The fresh capital will help accelerate MODIFI’s expansion plans in high-growth markets such as China and India, where the company has already made inroads. A few weeks ago, MODIFI announced a strategic partnership with India’s Gujarat Industry Development Association (GIDA). This spring, the company announced a record year of business growth in China, with a 160x year-over-year increase in funding enabled for Chinese exporters. Together, SMBC and MODIFI plan to empower SMEs with new and innovative cross-border financial solutions via a series of joint initiatives, and to help these firms improve cash flow and expand their international reach.
“Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions,” Holzner said. “With this fresh funding, we’re set to redefine global trade finance — ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally.”
MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. At the conference, the company demonstrated its MODIFI Hub, which enables SMEs using MODIFI’s digital platform to check available limits, manage transactions, and request financing in less than 10 minutes.
Founded in 2018, MODIFI serves more than 1,700 customers in 55+ countries. The company has facilitated more than $3 billion in global trade, and was recognized this year by the Financial Times and Statista as one of the fastest-growing European fintech companies.
Japan-based identity verification specialist Authlete introduced version 3.0 of its technology.
The enhancements streamline the process of issuing and managing digital credentials, specifically interoperable verifiable credentials (VCs).
Authlete made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
Tokyo, Japan-based identity verification specialist Authlete has unveiled the latest version of its technology which streamlines the process of issuing and managing digital credentials. Authlete 3.0, launched earlier this month, will make it easier for entities such as financial institutions, governments, and educational organizations to issue interoperable verifiable credentials (VCs) via a straightforward API.
What are VCs and why are they important? VCs are digital credentials whose authorship can be verified cryptographically. They are tamper-evident, which means that they are designed so that any alterations or modifications can be readily identified. This makes VCs more secure, more trustworthy, more portable, and easier to verify compared to physical identity documents or cards. Additionally, VCs give more power to the holder who can choose specifically which information to share in a given instance. Use cases for VCs include government-issued identity documents, reusable KYC verifications for banks, and more.
Authlete’s new 3.0 upgrade provides organizations with an API that enables them to quickly issue interoperable VCs with support for OpenID for Verifiable Credential Issuance (OID4VCI). The standard is built on OAuth and OpenID Connect (OIDC) protocols, popular international standards for authorization and identity verification, respectively. It also supports a variety of credential formats, such as SD_JWT VC and mdoc/mDL. The technology’s support for both of these formats has been on display via a number of global pilot projects including EU Digital Identity (EUDI) and Japan’s Trusted Web initiative.
Authlete 3.0 also features enhanced FAPI compliance, multi-tenant management, multi-region server options, social logins and multi-factor authentication, and granular access control.
“We are dedicated to empowering organizations to build secure, user-centric, and interoperable digital identity infrastructures, while contributing to the development of a globally interoperable digital identity ecosystem,” Authlete Co-founder Takahiko Kawasaki said.
Authlete made its Finovate debut at FinovateEurope 2020 in Berlin. More recently, Fanplus selected the company to implement OpenID Connect (OIDC) in support of its fan communication app. Fanplus plans, develops, and operates fan clubs and websites for musicians, and builds and operates e-commerce platforms for artist merchandise. In August, Authlete announced that sports and entertainment industry digital transformation specialist playground would use its technology for authentication and authorization infrastructure for its entertainment DX cloud platform, MOALA.
