MODIFI Raises $15 Million in Series C Funding

MODIFI Raises $15 Million in Series C Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, MODIFI
  • 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.

Photo by anna-m. w.

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5 Facts About Klarna’s Long-Awaited IPO

5 Facts About Klarna’s Long-Awaited IPO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Klarna, List series

After what seems like years of speculation, buy now, pay later (BNPL) leader Klarna has filed for its IPO with the U.S. Securities and Exchange Commission.

The Sweden-based company is being quiet about details, however. Klarna released a five-sentence press release with very little color. “This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the “Securities Act”), and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities,” the release plainly stated. “Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.”

Given its presence in the BNPL space, as well as its lofty valuation, which peaked at almost $46 billion in 2021, there has been a lot of interest in Klarna’s IPO plans. Here are five key things to know about Klarna’s IPO, what it signals for the market, and what it could mean for both investors and customers alike.

The IPO has been in the works for years

Klarna was founded in 2005 and first hinted at an IPO in 2019 in an interview with Bloomberg. At the time, company CEO Sebastian Siemiatkowski mentioned that the company was considering an IPO within the next one to two years, depending on market conditions.

Since then, Klarna has seen significant growth. The company added to its BNPL tools in 2020 with the launch of its own shopping platform that hosts half a million retail partners who list goods across a range of categories. Today, Klarna’s retail site counts 150 million shoppers– 40 million of which are U.S. based– who make two million transactions on its platform each day. Overall, the company facilitates two million transactions per day for its 85 million active customers.

Klarna’s valuation peaked at $46 billion, but won’t reach that figure at its IPO

Klarna’s valuation has fluctuated over the past four years. At its peak, the company was valued at $46 billion in June 2021, making it the most valuable private fintech company in Europe. In 2022, however, the company’s valuation dropped to $6.7 billion.

While Klarna has not disclosed the valuation it plans to reach for its pending IPO, Fortune estimates the company could earn a valuation of about $14.6 billion. This figure is based on a move that Klarna shareholder Chrysalis Investments made in October to increase the value of its stake in the company to £120.6 million ($154 million).

Some of Klarna’s competition has already gone public

Klarna’s eventual IPO will follow in the footsteps of some of its competitors in the BNPL space who have already made their public debuts. California-based Affirm went public on the NASDAQ in early 2021 and now holds a market capitalization of $17.7 billion, while Australia-based Afterpay was acquired by Square (now Block, Inc.) in a 2022 deal valued at $29 billion. Sezzle, which originally went public on the Australian Stock Exchange, listed on the NYSE in 2023. Block also owns BNPL pioneer Afterpay, which went public on the Australian Securities Exchange in 2016 before the $29 billion acquisition.

Klarna’s regulatory heat will likely increase

All across the globe, BNPL is not without its criticism. The payments technology has faced backlash because of its propensity to promote irresponsible spending habits. This has led to formal regulation in multiple countries, including the issuance of an interpretive rule from the U.S. Consumer Financial Protection Bureau earlier this year.

As a public company, Klarna will be subject to a higher standard and will face greater scrutiny to not only comply with evolving regulations, but also to create and uphold higher standards of its own to protect its customers. Klarna is already ahead of regulation, however, as the company has already implemented features incluing spending caps, a transparent fee structure, and financial wellness tools.

An IPO offers potential for growth

Going public will offer Klarna access to additional capital that the company can use to fuel expansion. This is particularly important in the U.S., where it competes with Afterpay, Affirm, and PayPal’s BNPL offerings.

The IPO may also enable Klarna to create additional revenue streams by launching more traditional products and personal financial management tools. This expansion could position Klarna into a global financial power player.

Photo by appshunter.io on Unsplash

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Western Union Launches Media Network

Western Union Launches Media Network
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Western Union
  • Western Union has launched its Media Network to help brands reach and engage with its diverse, multicultural customer base.
  • In addition to providing brands with valuable insights and audience segmentation tools, the Media Network also allows companies to advertise through Western Union’s website, mobile app, in-store screen network, and digital channels.
  • As part of a larger industry trend, Western Union joins Chase and PayPal in offering a media network, with each focusing on unique insights.

Global money transfer platform Western Union unveiled plans for its Media Network business today. The new offering will allow companies to connect and engage with Western Union’s millions of diverse, multicultural users.

“For more than a century and a half, people around the world have trusted Western Union as their means to connect across borders through the power of money movement,” said Western Union CMO Bob Rupczynski. “Our intimate knowledge and long-tenured relationships with our customers are unique differentiators and a driving force behind our new Media Network business.”

The Western Union Media Network provides marketers with valuable insights into its clients, offering visibility into buyer personas and enabling the creation of targeted audience segments. By delivering multicultural brand messaging, the Media Network empowers brands to use this intelligence to engage consumers more effectively and enhance their products or services.

Companies that tap into Western Union’s Media Network will have the opportunity to collect and analyze data about Western Union customers. Using this data, Western Union can create key targeting strategies, including customized data pulled from its Agent network, and data regarding customers’ cultural ties, to improve ad efficiency and build addressable audience segments.

In addition to being able to access customer data, the Media Network will also allow brands to engage Western Union’s customers via the Colorado-based company’s website, mobile app, and at its digital out-of-home (DOOH) screen network that can be found at select retail locations. Audiences can also be reached through Western Union’s digital displays, online video ads, as well as commercials shown on TV networks and streaming services.

“We are excited to offer this opportunity to brands as an extension to their existing marketing efforts, providing a new way to actively engage with consumers, enhance brand affinity, and unlock revenue. And for our customers, I am proud that we are able to provide compelling offers from relevant brands in channels they trust,” Rupczynski added.

This isn’t the first time a financial services company has tapped customer data to launch a media network. Chase unveiled its Media Solutions arm earlier this year, while PayPal launched PayPal Ads last month. Part of a growing trend, each of these networks uses its reach and access to consumer data and insights to help brands target their preferred audiences.

However, each differs in its specific approach and value proposition. For example, while Western Union is focused on offering data about users’ cross-border payment habits and preferences, PayPal’s ad network is more valuable for brands looking to reach online shoppers with a high intent to purchase. Chase Media Solutions’ ad network is a bit more similar to that of PayPal’s in that it uses first-party data from Chase cardholders to help brands create highly targeted campaigns. In contrast, Chase brings insight into customers’ purchasing behaviors across both online and offline settings, allowing brands to target based on spending categories and habits.

Western Union is not a firm I would have expected to be the next to launch a media solutions network. However, with decades of data and a strong physical presence across the globe, it makes a lot of sense. Not only will the launch prove profitable for the company, but it will also position Western Union as more tech-savvy and digital-first than its competitors.

Photo by Pixabay

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Authlete Streamlines Digital Credential Issuance and Management

Authlete Streamlines Digital Credential Issuance and Management
By David Penn Posted on
Categories: Alumni News, Authlete
  • 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.

Photo by Clay Banks on Unsplash

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Travelex Selects NCR Atleos to Revamp ATMs

Travelex Selects NCR Atleos to Revamp ATMs
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, NCR Corporation
  • Travelex is partnering with NCR Atleos to upgrade 600 ATMs across eight countries.
  • Travelex will replace its old machines with NCR Atleos’ SelfServ ATMs equipped with advanced software and Vision, a SaaS monitoring tool.
  • NCR Atleos will also facilitate Click and Collect functionality, which allows U.K. customers to pre-order currency online for fast, in-person pick-up at select airport ATMs.

Foreign exchange and travel services company Travelex announced today it has selected NCR Atleos to replace a set of its ATMs. The new machines will replace Travelex’s old ones in locations across the U.K., Netherlands, Switzerland, Germany, Italy, Czech Republic, Australia, and New Zealand.

In an effort to refresh its international ATMs, the U.K.-based company is swapping out the hardware and software of its 600 ATMs across eight countries. In their place, Travelex will put NCR Atleos’ SelfServ ATMs loaded with the company’s software and Vision, a SaaS monitoring tool.

“Travelex is dedicated to simplifying our customers’ access to international money, however and whenever they choose, and our expanded partnership with Atleos directly supports this mission,” said Travelex Chief Customer Officer Simon Jackson. “By relying on the experts at NCR Atleos for the implementation of modern ATM technology, we gain efficiencies and streamlined operations while adding value for our customers, ensuring travellers across the globe have reliable, secure and easy access to their cash.”

The new ATMs will not only be able to support domestic currency transactions, but they will also offer enhanced capabilities that leverage the machines’ touch screens and barcode readers. Some areas will also offer ATMs with contactless readers, which enable customers to make withdraws by tapping a card or an NFC-enabled phone or smartwatch.

The SelfServ ATM also supports Travelex’s Click and Collect, a function to help U.K. customers pre-order foreign currency online at a favorable rate, then pick it up at one of 50 of Travelex’s airport ATM locations in the U.K. “We are making it possible for travelers to access currency exchange via self-service,” explained NCR Atleos Executive Vice President, Global Sales Diego Navarrete. “We are proud to support Travelex in enhancing their ATM infrastructure, ultimately continuing to expand financial access for consumers around the world.”

This is not the first time the two have teamed up. NCR Atleos has powered Travelex ATMs in other markets in the past. NCR Atleos previously supported Travelex ATMs in other geographies at airports and travel hubs.

Founded as NCR Corporation in 1881, the firm spun out NCR Atleos in October of 2023 to run as an independent company focused on ATMs. Headquartered in Atlanta, Georgia, NCR Atleos employs 20,000 people across the globe to facilitate hardware, software, and service for line of ATM-related technology.

Travelex’s integration of features like contactless transactions, touch screens, and barcode readers will set a new standard for ATMs. This reflects the industry’s focus on both improving efficiency and enhancing the customer experience.

Photo by Te lensFix

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Alkami Teams Up with Kemba Credit Union

Alkami Teams Up with Kemba Credit Union
By David Penn Posted on
Categories: Alkami Technology, Alumni News
  • Digital banking solutions provider Alkami Technology has teamed up with Ohio-based credit union, Kemba Credit Union.
  • Via the partnership, the financial institution will launch a new digital banking solution for its retail and business members.
  • One of Finovate’s earliest alums, Texas-based Alkami Technology made its Finovate debut as iThryv in 2009.

Digital banking solutions provider Alkami Technology announced a partnership with Cincinnati, Ohio-based Kemba Credit Union. The institution, founded in 1934, will leverage its relationship with Alkami to launch a new digital banking solution for its retail and business members. The fintech’s digital banking platform will give Kemba Credit Union members intuitive self-service tools, advanced fraud prevention, and a highly personalized experience.

“Kemba’s successful launch and transition to the Alkami Platform is indicative of a strong partnership to come and we look forward to providing their retail and business members with exceptional digital banking resources,” Alkami VP of Client Experience Group Services, Shannon Marshburn said.

The new platform will empower Kemba Credit Union to boost growth in deposit accounts, create new cross-sell opportunities, and foster greater loyalty. In addition to the platform itself, the credit union will benefit from access to Alkami’s software development kit (SDK) and APIs to further customize its digital banking platform to meet member needs and ensure connectivity to functionality throughout the fintech ecosystem.

“We pride ourselves in providing our members with a high-quality, personalized banking experience that will further our mission to enrich their financial lives,” Kemba Credit Union President and CEO Dan Sutton said. “By partnering with Alkami, we are thrilled to expand that experience through a new digital platform. The launch and implementation of Alkami’s Platform exceeded our expectations, and we are impressed with the speed, look, and feel of the mobile application.”

Kemba Credit Union serves more than 130,000 members in Southwest Ohio, Southeast Indiana, and Northern Kentucky. The institution transitioned to a new online and mobile banking platform earlier this year, and recently announced that it was offering the Ohio Homebuyer Plus Program. This program offers a specialized tax-advantaged savings account with above-market interest rates to support Ohioans looking to purchase a home. Named to Cincinnati.com/The Enquirer’s Top Work Places roster for the past six years in a row, Kemba Credit Union has more than $1.7 billion in assets.

Alkami Technology made its Finovate debut in 2009 as iThryv. In the years since then, the Texas-based fintech has helped more than 800 financial institutions transform their digital banking offerings to meet growth goals, optimize the customer and member experience, and ensure regulatory compliance. Firms using Alkami’s banking platform for at least five years have experienced 25% higher loan growth, 19% higher revenue growth, and 11% higher core deposit growth relative to their peers.

Earlier this month, Alkami announced that it had been listed as the top digital banking provider to the credit union market based on the total number of enrolled mobile users. The recognition comes courtesy of FI Navigator, a U.S. banking vertical data and analytics company. The announcement follows news that Alkami was named “Best Banking App” in October in Tearsheet’s The Big Bank Theory Awards.

In October, Alkami teamed up a pair of regional financial institutions: Connecticut-based Nutmeg State Financial Credit Union and Montana-based Intrepid Credit Union.

Photo by Dave Morgan

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Fintech Rundown

The last couple of weeks have been full of merger and acquisitions. Will fintech continue its M&A streak this week? Stay tuned to find out. We’ll be adding the latest fintech news throughout the week as the space evolves.

Payments & cards

Tencent partners with Visa to bring palm payment to Singapore.

UBS pilots new blockchain-powered payment system.

FOMO Pay teams up with Mastercard to enable contactless card acceptance through FOMO SoftPOS.

Viamericas launches real-time domestic cash-to-account transfer service in the U.S.

FIS and Oracle enhance utility billing experience.

Zelle and LAFC “Saves for the Community” program raises over $100,000 for Latinos for Education.

Mesa launches premium credit card designed for homeowners.

Open banking

American Express and MX announce customer-permissioned data sharing agreement.

Business management tools

Procure-to-pay platform Vroozi appoints Dave Norton as President.

Agicap receives $48 million to grow its cash flow management platform.

Thomson Reuters expands partnership with Oracle with turnkey embedded e-invoicing capabilities.

Ascen taps workforce payments platform Branch to provide faster payment solutions for staffing firms. 

ATMs and hardware

Coinstar launches digital wallet.

Travelex selects NCR Atleos to revamp ATMs.

Open banking

Fintech infrastructure company Lean Technologies secures $67.5 million in Series B funding.

Personal financial management

SmartBank lands $26 million for its personal finance management app.

Debt

National Debt Relief partners with Docsumo to fastrack debt settlements with AI.

Lending and credit

Sunbit secures a $355 Million debt warehouse facility led by J.P. Morgan, Mizuho Bank, and Waterfall Asset Management.

Credit risk solutions company Carrington Labs unveils integration with Salesforce Sales Cloud.

Regtech

Arcesium unveils new regulatory reporting solution.

Digital identity

Socure unveils Graph Intelligence Module to bring visibility into connections across its Network Identity Graph.

California DMV leverages AuthenticID’s identity verification technology to enhance its Mobile Driver’s License (mDL).

AU10TIX expands its presence in Bengaluru to support India’s digital identity transformation.

Insurance

Luma Financial Technologies expands into life insurance.

Photo by Vlada Karpovich

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BNZ Snaps Up Open Banking Fintech BlinkPay

BNZ Snaps Up Open Banking Fintech BlinkPay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • BNZ has acquired open banking payments company BlinkPay to enhance its focus on real-time, bank-to-bank payment solutions across New Zealand.
  • Financial terms of the acquisition were not disclosed.
  • BlinkPay will maintain its original leadership and culture, with company Co-founder Adrian Smith appointed as CEO.

BNZ announced today it has acquired fellow New Zealander BlinkPay, an open banking focused payments company. Terms of the deal were not disclosed.

Under the agreement, BlinkPay Co-founder Adrian Smith will become the fintech’s CEO. BlinkPay will retain its original leadership and culture.

“As a Māori-led business, we bring a unique perspective to financial innovation. BNZ understands and values this – and they’re backing our vision while enabling us to retain our startup DNA,” said Smith. “Our kaupapa [strategy] has always been about making financial services work better for all New Zealanders. BNZ’s support gives us the resources to accelerate our mission and help grow the open banking ecosystem across Aotearoa [New Zealand].”

BlinkPay was founded in 2016 to offer seamless, secure, and instant bank-to-bank transfers by leveraging open banking. The company helps businesses provide their own customers with a more efficient way to make payments directly from their bank accounts. BlinkPay’s platform connects with major New Zealand banks via APIs that support real-time payments without the need for credit cards or other intermediaries.

With 250,000 customers, BNZ was an early leader in open banking. The bank first implemented open banking principles in 2018. Bank CEO Dan Huggins anticipates today’s investment will further BNZ’s open banking reputation and expertise.

“This represents the next phase in our journey,” said Huggins. “With BNZ supporting BlinkPay’s innovation and agility, we can accelerate the development of new products and services that will benefit all New Zealanders. We’re proud to be investing in a team that has proven their ability to innovate and deliver.”

Working together, BNZ and BlinkPay will create new open banking capabilities to improve the customer experience for both retail and commercial banks across New Zealand.

Photo by Suzy Hazelwood

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Finovate Global Indonesia: Sharia-Compliant Banking and the Rise of Lending-as-a-Service

Finovate Global Indonesia: Sharia-Compliant Banking and the Rise of Lending-as-a-Service
By David Penn Posted on
Categories: Finovate Global

This week’s edition of Finovate Global showcases fintech innovation in Indonesia.

Thought Machine helps modernize Islamic finance

Core banking and payments technology company Thought Machine has partnered with BCA Syariah to bring digital, Sharia-compliant financial products and services to its customers. The bank, a subsidiary of Bank Central Asia (BCA), has deployed Thought Machine’s core banking platform, Vault Core, which has enabled the institution to launch a number of new solutions. These offerings include Wadiah savings, a top-up e-wallet, and an online service Hajj Fee deposits. BCA Syariah also plans to launch term deposit products and gold financing “soon.”

“(Vault Core’s) Universal Product Engine allows us to create Sharia-compliant products with precision and swift responsiveness to evolving customer needs,” BCA Syariah Director Lukman Hadiwidjaja said. “Our successful go-live marks an important milestone in our mission to contribute significantly to the development of Sharia banking in Indonesia.”

Thought Machine’s Universal Product Engine features out-of-the-box Sharia-compliant products, enabling institutions to develop and customize a broad range of integrated financial solutions on a unified platform. In operation since 2010 and headquartered in Jakarta, Indonesia, BCA Syariah was named “Best Performing Sharia Bank in 2024” at the 13th Infobank Sharia Awards in October.

“BCA Syariah has demonstrated exceptional foresight in leveraging modern technology for enhanced user experiences,” Thought Machine CEO and Founder Paul Taylor said. “This milestone underscores our unwavering commitment to empowering financial institutions to innovate, grow, and outperform in their markets.”

Founded in 2014 and headquartered in London, Thought Machine made its Finovate debut at FinovateEurope 2018. At the event, the company demonstrated its Vault core banking product, which today is used by institutions ranging from global Tier 1 clients such as Standard Chartered and Lloyds Banking Group to fintechs and challenger banks like Trust Bank and Atom Bank.

Finfra brings embedded lending technology to SMEs

Lending-as-a-Service infrastructure company Finfra is bringing embedded lending solutions to SMEs in Indonesia courtesy of a new investment and a new partnership.

The investment is a $2.5 million fundraising led by Cento Ventures and featuring participation from Accion Venture Lab, Z Venture Capital, and Avafin founder Matiss Ansviesulis. In a statement on LinkedIn Finfra CEO Markus Prommik, thanked his team and the company’s shareholders for their support and “for believing in this mission.”

Finfra also announced a new strategic partnership with Tyme which will bring the company’s embedded lending infrastructure to India. This, according to Prommik, will “unlock new opportunities for SMEs to access finance and drive meaningful impact. This partnership is more than a business collaboration; it’s a validation of our vision for Finfra and the future of lending!”

Founded in 2022 and headquartered in Singapore, Finfra enables technology companies to seamlessly embed financial services — from application to decisioning to operations — into their platforms. Finfra offers invoice, payroll, and working capital financing, as well as healthcare financing to give patients an alternative way to pay for medical procedures. The company’s technology has disbursed more than 325,000 loans to date, valued at more than $50 million. Prommik noted in his statement that Finfra has doubled its gross profit year-over-year, as well as its client base.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

  • Konsentus forged a collaboration with the Bank of Namibia to support the bank’s open banking initiatives.
  • Visa announced strategic investments in four African startup graduates of its Visa Africa Fintech Accelerator program.
  • Techpoint Africa interviewed a handful of VC investors on which areas in African fintech are growing fastest.

Central and Eastern Europe

  • German fintech MODIFI raised $15 million in funding in a round led by SMBC Asia Rising Fund.
  • Brokerage-as-a-Service fintech DriveWealth secured a brokerage license from the Bank of Lithuania.
  • Borse Stuttgart Digital turned to Fenergo to scale compliant crypto solutions across Europe.

Middle East and Northern Africa

  • International money movement firm TerraPay teamed up with Suyool to enhance financial accessibility in Lebanon.
  • Mastercard partnered with Arab Regional Payment System, Buna, to reduce friction in cross-border payments.
  • Open API banking solutions company Codebase Technologies and AI-based identity verification specialist IDWise announced a collaboration to help banks in the MENA region fight financial crime.

Central and Southern Asia

  • TBC Uzbekistan announced the soft launch of its new debit card offering, Salom card.
  • The State Bank of India (SBI) partnered with Singapore-based fintech APIX to launch its SBI Innovation Hub.
  • Nepal Clearing House Limited (NCHL) teamed up with Ant International to launch a new cross-border payment capability.

Latin America and the Caribbean

  • Peru-based fintech B89 partnered with Brazil’s PagBrasil in an effort to bring Pix to countries in Latin America outside of Brazil.
  • Mexican fintech Klar is planning for an IPO in 2026.
  • Uruguayan cross-border payments platform dLocal teamed up with low-cost airline Viva Aerobus.

Asia-Pacific

  • South Korean FX solutions provider SentBe implemented Visa Direct’s card transfer service.
  • Nium fortified its partnership with Kinexys by J.P. Morgan to enhance cross-border payments in Malaysia, Thailand, and Hong Kong.
  • Bank of New Zealand has acquired New Zealand-based open banking fintech BlinkPay.

Photo by Tom Fisk

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Partior Connects to Nium’s Real-Time Payments Infrastructure

Partior Connects to Nium’s Real-Time Payments Infrastructure
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Nium has partnered with Partior, a blockchain-based fintech for clearing and settlement.
  • Through the partnership, banks can use Partior’s network to access Nium’s global payments infrastructure without needing additional API integration, offering seamless real-time transactions.
  • The move makes Nium the first payment service provider to join Partior’s blockchain-based network, enabling real-time cross-border payments, clearing, and settlement across 100+ markets.

Global payments platform Nium announced today that it has partnered with blockchain-based fintech for clearing and settlement Partior. The move makes Nium the first payment service provider to join the Partior network. 

Under the partnership, banks will be able to leverage Partior’s network to connect with Nium to conduct real-time payouts, clearing, and settlement to over 100 markets worldwide any day of the week. Banks will not need additional API integration to work with Nium, since it seamlessly integrates with existing systems to provide instant access to Nium’s cross-border payments network.

Co-headquartered in San Francisco and Singapore, Nium was founded in 2015 to provide banks, payment vendors, and businesses with access to payment and card issuance services. The company’s global infrastructure for real-time cross-border payments supports 100 currencies across 220+ markets. With regulatory licenses and authorizations in more than 40 countries, Nium offers card issuance services in 34 countries.

Not only will today’s partnership with Partior help Nium facilitate global transactions, it will also support new services, including intra-day FX swaps, cross-currency repos, programmable enterprise liquidity management, and Just-in-Time multi-bank payments for banks across the globe.

“Nium’s partnership with Partior brings us closer to becoming the most connected payments network globally. By integrating with advanced networks, such as Partior, we are ensuring that financial institutions can quickly and easily access our real-time payments infrastructure without the need for complex technical integrations,” said Nium Chief Payments Officer Alexandra Johnson. “Recognizing how resource-constrained financial institutions are, we’re eliminating barriers to using our network and increasing interoperability to deliver on our mission of having seamless and streamlined real-time payments to anyone, anywhere.”

Founded in 2021, Partior uses blockchain and distributed ledger technology to streamline digital payments, making them faster, more reliable, and secure. By leveraging the blockchain, Partior eliminates the need for manual reconciliation and account pre-funding, allowing financial institutions to access capital more efficiently and reduce operational overhead. The company’s network supports seamless, real-time clearing and settlement, empowering banks to optimize liquidity and enhance cross-border payment flows.

“Partnering with Nium marks a significant step in our journey to further advance the global payments landscape,” said Partior CEO Humphrey Valenbreder. “By combining Partior’s real-time blockchain settlement network with Nium’s vast global reach, we’re empowering financial institutions to break down long-standing barriers. Imagine a world where cross-border payments are instantaneous, transparent, and accessible to all. This is the future we’re building together.”

The demand for real-time payments is surging across the globe as both consumers and businesses increasingly expect instant access to funds. This boost is driven by regulatory support, the launch of FedNow in the U.S., the increased adoption of enabling technologies such as stablecoins, and rising global commerce. As more players add real-time payments, they will soon become tablestakes across the globe.

Photo by Shubham Dhage on Unsplash

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Streamly Snapshot: Revolutionizing Cross-Border Payments — The Next Frontier

Streamly Snapshot: Revolutionizing Cross-Border Payments — The Next Frontier
By David Penn Posted on
Categories: Speaker series, Streamly

From the continued relevance of paper checks to the rapid growth of digital technology, payments continues to be one of the most fascinating — and important — areas in fintech.

In this week’s Streamly interview, William Mills, CEO of the William Mills Agency, talks with Kevin Brown, CMO and Head of Corporate Development for Onbe. The two men discuss a variety of key issues in the payments world, including the potential for AI to revolutionize payment systems and the future of cross-border payments.

“One of the very prevalent modalities, or payment instruments, that still exist are paper-based checks. We did research with the team at Oliver Wyman and, in 2023, there were still 1.7 trillion dollars of paper check or cash-based B2C payments. A huge amount of paper that’s out there. Checks are dated, not a great customer experience, require action on behalf of the consumer and they’re really expensive to corporate clients … As an industry, we have a huge opportunity to still alleviate a significant amount of pain, both for the ultimate enterprises and then their consumers and recipients, just by the doing away of paper checks.”

Onbe manages and modernizes consumer and workforce disbursements for corporate customers. The company’s technology platform powers a suite of turnkey managed disbursement solutions that enable its customers to outsource their entire B2C disbursement operations. Headquartered in Chicago, Illinois, Onbe was founded in 1996. Bala Janakiraman Iyer is CEO.

In his role at Onbe, Kevin Brown leads marketing, corporate development, business development, and communications. A fintech and payments operator with experience at both public and private equity-backed businesses, Brown is a graduate of Marist College (BA) and Pace University (MBA).

Photo by Nubia Navarro (nubikini)

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Dynamic Planner Partners with Salesforce

Dynamic Planner Partners with Salesforce
By David Penn Posted on
Categories: Alumni News, Dynamic Planner
  • U.K.-based financial planning and advice platform Dynamic Planner has teamed up with Salesforce.
  • The partnership will make Dynamic Planner available on the Salesforce AppExchange and is the company’s second CRM partnership in as many months.
  • Dynamic Planner made its Finovate debut at FinovateEurope 2022 in London.

Risk-based financial planning system Dynamic Planner has announced a new partnership with Salesforce. Now launched on the Salesforce AppExchange, Dynamic Planner will give Salesforce customers access to an enhanced and engaging digital financial planning experience.

“This collaboration provides financial planning and wealth management firms who use Salesforce with the ability to underpin their entire financial planning process with Dynamic Planner,” company Chief Revenue Officer Yasmina Siadatan said. “It will boost productivity gains and efficiencies, whilst delivering seamless and engaging wealth and financial planning for Salesforce customers. We look forward to working with Salesforce to provide an enhanced experience for firms.”

Founded in 2004, Dynamic Planner offers a digital financial planning and advice platform that helps investment advice firms scale their businesses, boost capacity, and better engage clients with mapped investment solutions and digital experiences. Dynamic Planner enables advisers to profile clients, conduct annual reviews, and perform cash flow planning with increased efficiency and speed. The company notes that 80% of annual reviews conducted via Dynamic Planner are completed in 35 minutes or less, with 20% of these reviews completed in less than five minutes. More than 40% of U.K. investment advice firms and more than 150 asset managers use Dynamic Planner’s technology.

Dynamic Planner’s partnership with Salesforce comes a month after the platform announced a CRM integration with Adviser Cloud. The new integration will make it easier for advisers to transfer client records efficiently and securely between Dynamic Planner and Adviser Cloud, saving time and lowering the risk of manual errors during rekeying of information. Integrations such as these are an important way to boost efficiency and lower operational costs for financial planning firms and their client.

“Adviser Cloud has always focused on providing intuitive, user-friendly software for financial advisers, and this integration continues that mission by eliminating data rekeying and enhancing workflows,” Adviser Cloud Tech Lead Ewan Humphreys said.

Headquartered in the U.K., Dynamic Planner made its Finovate debut at FinovateEurope 2022. At the conference, the company demonstrated its end-to-end, risk-based financial planning system that combines intuitive technology with a trusted, independent asset risk model. Dynamic Planner uses more than 2,400 covariance correlations to accurately assess the risk of tens of thousands of investments and client portfolios every day. Ben Goss is CEO.

Photo by Tirachard Kumtanom

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