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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Mobile banking platform MoneyLion has been acquired by identity protection and cybersecurity company Gen Digital Inc.
The $1 billion deal is expected to close in 2025.
Gen plans to diversify its offerings by integrating MoneyLion’s credit-building tools, financial management services, and embedded finance marketplace into its portfolio.
Mobile banking platform MoneyLion is the latest among a string of acquisitions taking place in fintech this month. The New York-based company has agreed to be acquired by Gen Digital Inc. (Gen), the parent company of a range of digital identity protection brands, for $1 billion.
Founded in 2013, MoneyLion offers both direct-to-consumer banking tools as well as a marketplace of embedded banking tools, called Engine, for businesses. This enterprise technology suite serves as a marketplace for financial products to enable financial services and non-financial services companies alike to add embedded finance to their business leveraging MoneyLion’s API.
Gen expects today’s $1 billion purchase will help it branch out from identity solutions into new financial services verticals. Specifically, Gen is seeking to add financial wellness offerings using MoneyLion’s credit building and financial management services, as well as its white-labeled AI recommendation platform. Gen will also acquire MoneyLion’s 18+ million customers, a group which Gen anticipates will diversify its existing client base.
“Gen has a family of consumer brands that’s dedicated to protecting people’s privacy, identity, and financial assets so they can live their digital lives securely and without worry,” said Gen CEO Vincent Pilette. “By bringing MoneyLion into the Gen family, we’re not only helping people protect what they already have, we’re extending our capabilities to enable people to better manage and grow their financial wealth. We look forward to welcoming the MoneyLion team, so together, we can power digital and financial freedom.”
Gen was founded in 2022 and counts Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner among its consumer brands. In all, Gen’s brands help bring cybersecurity, online privacy, and identity protection tools to almost 500 million users in more than 150 countries. The Arizona-based company is publicly listed on the NASDAQ with a market capitalization of $18.3 billion.
The deal is expected to close in the first half of Gen’s fiscal year, spanning April 2025 to late September 2025. The transaction is proposed at $82 per share, plus one contingent value right (“CVR”) that entitles the holder to a contingent payment of $23 for each MoneyLion share in the form of shares of Gen common stock.
“We’ll deliver MoneyLion’s leading personal financial management tools and embedded financial marketplaces to Gen’s users while bringing Gen’s strong identity, trust and cybersecurity solutions to our customers,” said MoneyLion Co-Founder and CEO Dee Choubey. “Together, we’ll create unmatched consumer value, combining innovative fintech products and experiences with Gen’s trusted network to empower smarter financial decisions and secure people’s digital and financial lives.”
Gen’s purchase of MoneyLion is notable because it is unique. It may be the first time a fraud and security firm has acquired a digital bank– generally, it would be the other way around. However, given the increasing overlap between financial services and cybersecurity, this acquisition is a logical one. As security threats become more sophisticated, the integration of financial wellness tools with identity and security solutions positions Gen to address consumer needs more holistically.
Lunar introduced Moonrise, a standalone enterprise payments offering to help organizations scale in the Nordic region’s notably complex payments ecosystem.
Lunar expects that the BaaS market will grow 3.3x to €100 billion in five years.
Lunar anticipates that Moonrise will help to lower barriers to entry for companies operating in the Nordics, which will not only foster innovation and competition, but also help to offer consumers better services and pricing options.
Nordic challenger bank Lunarlaunched a new, enterprise payments offering this week. The standalone product, called Moonrise, aims to simplify financial connectivity for payment businesses looking to scale in the Nordics.
Moonrise helps fintechs, challenger banks, and global payments providers navigate the Nordic payments landscape. Denmark, Norway, and Sweden each have unique clearing systems and infrastructure requirements, which creates a complex payments environment. “By breaking down these barriers,” the company’s blog post explained, “we’re creating new opportunities for players who want to innovate and compete in a region traditionally dominated by legacy institutions.”
Moonrise’s API builds on Lunar’s existing infrastructure, which currently processes over 10,000 transactions daily and supports $5.3 billion (€5 billion) in transaction volume.
“The transition to Moonrise reflects Lunar’s strategic focus on growth and innovation,” the blog post said. “By taking the first steps towards creating a standalone entity, we’re giving our enterprise payments division the agility and resources it needs to thrive while also allowing our retail banking arm to continue its successful trajectory.”
Lunar launched in 2015 as a digital bank catering to both retail and commercial clients. The Denmark-based company received its banking license in 2019 and offers personal checking accounts with debit cards, youth accounts, in-app PFM tools, an investing platform, and a BNPL tool that can be retroactively applied to purchases. On the commercial side, Lunar offers business bank accounts, automated bookkeeping, cash flow analytics, expense management tools, loans, insurance, and more.
Launching Moonrise will allow Lunar to pursue the BaaS market, which is expected to reach 100 billion Euros, growing 3.3x over the next five years. Structuring Moonrise as a separate entity will allow both companies to grow in their own direction, without straining the resources of either one.
Lunar recognizes the potential that the BaaS market has to drive innovation and competition in the payments world. By nature, BaaS tools lower the barriers to entry, especially in a challenging market like the Nordics. This will help to increase competition and create an environment in which legacy institutions must innovate to keep pace.
How can banks and other financial institutions defend themselves and their customers and members against increasingly sophisticated, increasingly organized financial crime? What are the most challenging fraud threats and, critically, what tools and tactics are available to help institutions deal with them successfully?
We talked with Gus Tomlinson, Managing Director, Identity Fraud, with identity verification, location intelligence, and fraud prevention solutions provider GBG, about the challenges faced by companies and organizations when it comes to fighting evolving fraud threats.
Helping companies around the world onboard customers safely, fight fraud, and stay compliant, Tomlinson has more than a decade of experience in the identity industry. She has worked in strategic, commercial, data, and product roles and, this year, was named to Management Today’s 35 Women Under 35 roster for 2024.
Tomlinson is also a supporter of Women in Identity, a non-profit that promotes a more diverse workforce in the digital identity industry.
We wanted to talk with you about the spike in Synthetic Identity Fraud (SIF). What is SIF? What industries are being impacted most?
Gus Tomlinson: Synthetic identity fraud is a fraud tactic many businesses struggle to identify. This is because it uses a mix of genuine, stolen personally identifiable information (PII), and manufactured synthetic data to create a fake identity. This fabricated identity is then used to open accounts, make purchases, and commit other fraudulent activities.
The blending of real PII such as name and address with a different date of birth data for example, is common, and amongst more sophisticated scams, fraudsters will go beyond data to include fake identity documents, fake photos and videos, and even other biometric characteristics, like fingerprints. These ‘identities’ allow fraudsters to apply for low-friction accounts where there are no or limited checks to build up their credit history.
Often synthetic identity fraudsters will play the long game as their credit history improves – increasingly getting access to higher value finance and goods before disappearing without a trace, leaving the affected businesses trying to collect from people who never existed in the first place.
The industries particularly vulnerable to synthetic identity fraud are those that handle high value data and offer potential financial gains for fraudsters – financial services, gaming, and government sectors are key examples. Though it’s important to remember that all industries are vulnerable – fraudsters don’t limit their activities to one organization, sector, or even stop at national boundaries. They target where they see an opportunity.
What makes fighting SIF a challenge?
Tomlinson: Fighting synthetic identity fraud is a challenge due to the sheer scale it’s being – and has been – leveraged by fraudsters. The lack of preparation from businesses has led to them letting in huge numbers of sleeping identities that are now ready to attack.
Organizations need to act now as this threat will only continue to increase. On the dark web, thousands of sites are selling cheap bundles of identity data from billions of records stolen in cyberattacks and data breaches every year. All the info needed to impersonate someone is easily available within a few clicks and for a few dollars.
Digital identity is complicated, and synthetic identity fraud takes advantage of that by blending real and fake data to slip through the cracks. Technological advancements, such as Generative AI (GenAI), are also increasing the sophistication of synthetic identities, making it even harder to spot. To catch this kind of fraud, detection methods need to handle that complexity and use all the digital identity data out there to spot the fraud signals. Building up several layers of defense is critical.
How high on the list of priorities is this for companies? Do they understand the threat posed by SIF and other AI-powered fraud tactics?
Tomlinson: Fraud is hitting the bottom line – estimates show businesses are losing around five percent of their revenues to fraud annually. Now GenAI has given fraudsters new capabilities to work faster, scale attacks, and create more believable scams. The threat has risen to a new level.
As a result, digital identity verification and fraud prevention has moved from a tick box exercise to a business imperative and more than ever identity fraud is a boardroom topic.
While this is a step in the right direction, what is still missing is an appreciation for – or acceptance of – the true extent of the problem.
Synthetic identity fraud isn’t new, it’s been happening for years. Many organizations are far more exposed today than they might think.
What we see is that many companies try to ignore that the problem is already intrenched in their operations. They need to accept this part of the problem to truly protect against it.
You’ve spoken about “cross-sector industry collaboration” as key to helping deal with AI-powered fraud. Why is this the best strategy?
Tomlinson: Synthetic identity theft is just one of the fraudulent threats today. Businesses need to build a layered defense to fraud prevention to protect against current and new fraud tactics. For example, a combination of credit bureau data checks, mobile data, document verification, biometric checks and other alternative data, such as cross-sector intelligence, is a key part of a proven multi-layered approach that strengthens the identity verification process by providing a more robust and informed way of validating identity and spotting fraudsters.
Ultimately, it’s about leveraging the strengths of each component. AI can process vast amounts of data and identify patterns quickly. Human fraud experts bring critical thinking and experience to interpret AI findings and make nuanced decisions. Cross-sector collaboration allows for sharing of intelligence and best practices, making it harder for fraudsters to exploit gaps between industries and organizations.
How difficult is it to coordinate all those pieces into a coherent, fraud-fighting operation?
Tomlinson: It shouldn’t be complex for organizations – identity experts like us are doing the hard work in the background to bring everything together – that’s why we exist! Plug-in onboarding systems are available to orchestrate identity verification at an intelligent, adaptable level. These identity verification and fraud prevention technologies deliver greater speed and accuracy, calculating the absence or presence of fraud signals and adjusting the customer journey accordingly so there is minimal friction for genuine customers.
How can effective fraud-fighting co-exist with the kind of seamless, real-time experience that consumers have come to expect?
Tomlinson: Actually, more than ever consumers value and prioritize security over convenience. In fact, our latest Global Fraud Report revealed 68% of U.S. customers place greater importance on the security of the onboarding process over its speed.
In the recent past, with organizations fighting in competitive landscapes to provide the best onboarding customer experience, reducing friction has been seen as critical. However, as fraud, data breaches and security news stories increasingly become dinner-party conversations, consumers are more actively looking for and comforted by visible security measures. Now, it’s critical for organizations to understand that friction doesn’t equal a bad customer experience.
With cross-sector intelligence, organizations can detect bad, good, and great customer prospects and give them a tailored experience corresponding to their risk level, including when and how to use step-up authentication through documents or biometrics in this time of increasing use of GenAI by fraudsters.
What is GBG doing specifically to help businesses combat SIF and other forms of AI-powered fraud?
Tomlinson: Data tells a story and we help you read it. We understand the data that is being presented and verify against it, giving businesses clarity on exactly what they are making decisions on. This is fundamental to preventing synthetic identity fraud.
While GenAI is making fraud tactics smarter, the same is true for fraud detection and prevention. Our solutions leverage AI to quickly sort through and scrutinize huge amounts of digital data, flagging identities that are high, medium, and low trust. We also implement injection attack detection technology for the new era of synthetic identities where fraudsters are matching data with biometric images.
Critically, we layer documents, biometrics, digital, and data checks to give businesses complete defense. Our multi-layered approach strengthens the identity verification process by providing a more robust and informed way of validating identity and spotting fraudsters.
Looking to 2025, what do you expect to see in terms of new trends in the fraud and financial crime landscape?
Tomlinson: In the coming year, expect to see:
A rapid pace of attack – established organized crime groups have made fraud their profession and stable source of income. GenAI combined with the industrialization of fraud means more fraud at a faster pace.
Brand damage attacks and an ulterior motive of fraudsters – the damage to a business’ reputation can cause more financial loss than the actual fraud itself. This is a powerful tool for a malicious actor to have in their toolbox.
Increased cross-border fraud – fraudsters don’t limit their activities to one organization, sector, or even stop at national boundaries. They target where they see an opportunity, which is increasingly cross border attacks.
Fraudsters recycle old methods –as companies pivot to defend against new fraud vectors with the latest technology, we’ll see fraudsters go back and use old fraud tactics to see if they can find a re-opened gap in the system to slip through. Businesses can’t afford to get complacent.
Moneyhub has teamed up with intelligent money management app Marygold & Co. UK.
The partnership will integrate Moneyhub’s Account Information and Payment Initiation Services (AIS and PIS) functionality into Marygold’s new wealth app, slated to be released next year.
Moneyhub made its Finovate debut at FinovateEurope 2015 in London.
Data, intelligence, and payments company Moneyhubannounced a partnership with intelligent money management app provider Marygold & Co. UK. Through the partnership, Moneyhub will provide Account Information and Payment Initiation Services (AIS and PIS) for Marygold’s new wealth app, scheduled to go live in 2025.
“Given our aligned aims of improving the country’s financial wellbeing through innovation, we’re very pleased to be partnering with Marygold & Co. UK as they prepare for launch,” Moneyhub Managing Director of API Kim Jenkins said. “Armed with a myriad of Open Banking and Open Finance-enabled tools, the app is set to deliver fantastic outcomes for consumers and businesses alike.”
Marygold’s app will make it easier for customers to save without having to switch bank accounts. The solution features customizable reminders, automated savings nudges, special savings pools, as well as hidden “piggy bank” options and secure, me-to-me transfer functionality. Users’ savings earn competitive interest rates and the app also has a number of features that help provide financial oversight for elderly and vulnerable users. Small businesses using the app also benefit from competitive interest rates on their working capital and cash.
“Our partnership with Moneyhub underscores our commitment to delivering a truly transformative financial management experience,” Marygold & Co. UK CEO Matthew Parden said. “By leveraging Moneyhub’s advanced Account Information and Payment initiation Services, we’re able to offer our users unparalleled insights and control over their finances, making it easier than ever to save, manage, and grow their wealth securely and efficiently.”
Marygold & Co. UK is backed by the Marygold Companies, a publicly-held firm that trades on the NYSE under the ticker MGLD. The company was launched in 2021 to make acquisitions in the U.K. for its U.S.-based parent. Marygold & Co. UK provides wealth management and savings services to customers in the U.K., combining app-based functionality with access to qualified financial advisors. Last month, Marygold & Co. UK announced a partnership with U.K. fintech bank Griffin that allowed the firm to embed savings accounts in its app. Earlier this year, the company acquired U.K.-based investment advisory firm Step-By-Step Financial Planners Limited (SBS). The acquisition was Marygold & Co. UK’s second, having acquired U.K.-based financial advisory firm Tiger Financial & Asset Management Limited in 2022.
Moneyhub made its Finovate debut at FinovateEurope 2015 in London and returned to the Finovate stage two years later for FinovateEurope 2017. The data, intelligence, and payments company develops software for Open Banking, Open Finance, and Open Data applications. Moneyhub’s platform enables businesses in industries from finance to retail to transform their data into personalized digital experiences and initiate payments.
Moneyhub’s partnership announcement with Marygold & Co. UK comes just days after the company announced that it was working with WPS Advisory to help the independent financial advice firm launch its financial confidence app LifeStage. Designed to supplement the firm’s personalized financial guidance and advice service for employees, LifeStage enables users to better understand their incomes, expenses, savings, debts, and investments and to share selected information with WPS Advisory.
“Our aim is to make financial advice, typically provided through the workplace, as accessible and cost-effective as possible,” WPS Advisory Head of Strategy Natalie Oliver said. “Technology integrations play a vital role in achieving this goal.”
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.
With only two more weeks before the holiday season and 2025 take over the calendar, let’s make this one count. Last week’s news cycle was rife with funding and M&A activity. Will this week bring the same? Stay tuned to find out. We’ll add the latest fintech news throughout the week as the space evolves.
Finovate Global is back! This week’s edition leads off with stories about financial institutions around the world that are seeking to better serve their customers by offering a broader range of Shariah-compliant solutions.
Gatehouse Bank partners with ColCap UK for Shariah-compliant home financing
A new partnership between Gatehouse Bank and ColCap UK will help bring Shariah-compliant home finance to more U.K. prospective homebuyers. The partnership includes a forward flow arrangement to originate more than £550 million in Shariah-compliant home financing for ColCap UK over an initial two-year period.
Gatehouse Bank noted that it will continue to generate its own originations onto its balance sheet via its own home financing offering.
“We have seen a considerable increase in demand for our products and services over the last five years and this agreement highlights the bank’s credibility as a leading Islamic finance provider in the U.K.” Gatehouse Bank CEO Charles Haresnape said.
Founded in 2007, Gatehouse Bank is a Shariah-compliant bank that provides savings products and financing for commercial and residential real estate in the U.K. The bank offers personal and commercial deposits that ensure Shariah-compliance, for example, by providing an expected profit rate (EPR) rather than an interest rate. The accounts are invested in Shariah-compliant investments and accountholders receive a share of the profits as a return on their accounts.
Additionally, Gatehouse Bank offers home financing via what is often referred to as an “Islamic Mortgage,” in which homebuyers purchase the property jointly with the bank, and is ownership transferred to the buyer after all payments are made at the end of the term. The bank also provides Shariah-compliant Buy-to-Let purchase plans and has launched multiple Private Rented Sector (PRS) investments since 2014.
“This forward flow arrangement positions us to meet the growing demand for Sharia-compliant financing,” ColCap UK’s Executive Director and COO Esther Morley said. “Combining Gatehouse’s and ColCap’s expertise, we’re confident this collaboration will deliver significant value and reinforce ColCap UK’s leadership in ethical finance.”
A subsidiary of ColCap Financial Group, a residential home finance specialist based in Australia, ColCap has offered residential property financing in the U.K. since 2022.
Offa acquires Bank of Ireland’s Alburaq Sharia-compliant home finance portfolio
A major acquisition by U.K. Islamic proptech Offa will give customers a wider range of Shariah-compliant property financing solutions. Birmingham-based Offa has acquired Bank of Ireland’s Alburaq portfolio, valued at $21.6 million (£17 million). This gives the fintech one of the oldest Shariah-compliant home financing products ever launched in the U.K., which include more than 350 home purchase plans.
“It is a testament to Offa’s abilities that Bank of Ireland has agreed to sell their Islamic home finance portfolio to us,” Offa Chief Financial Officer Amir Firdaus said. “This marks another chapter in Offa’s ambitious growth plans. Members of the Offa executive team are already very much familiar with Alburaq’s clients, having helped distribute this book almost two decades ago, and we are delighted that these customers are now coming home to us.”
Offa’s acquisition will revive a product that has not been available to new customers since 2009. Alburaq was launched as the U.K.’s first Shariah-compliant structured deposit solution in 2008 via a partnership between Bank of Ireland and Arab Banking Corporation’s U.K. division. This week, a spokesperson for Bank of Ireland reported that “the sale of the small remaining portfolio will provide customers with access to a wider range of Sharia-compliant property re-financing options.”
Founded in 2019, Offa calls itself as the first financial institution in the U.K. to acquire an Islamic home-finance book. The U.K.’s first Shariah-compliant bridging lender, Offa introduced its Buy-to-Let (BTL) offering this summer and, back in February, announced a partnership to use finova’s Apprivo origination platform to power its Shariah-compliant digital lending solution.
Premier Bank and Mastercard launch Shariah-compliant cards in Kenya
Proptech and mortgagetech are not the only fields where Shariah-compliant fintech innovation is growing. A newly announced partnership between Kenya-based Islamic financial institution Premier Bank and Mastercard will provide a suite of Shariah-compliant debit, credit, and prepaid cards
The suite will offer features such as contactless payments and global acceptance. Cardholders will be able to make safe and convenient online payments, transact at brick-and-mortar stores, and withdraw cash from Premier Bank ATMs across the country. The suite also provides benefits including Lounge Access through the World Elite Card, travel insurance, and localized offers such as dining discounts via Uber Eats and travel discounts with major airlines.
“The introduction of Shariah-compliant Premier Mastercard suite is not merely a product launch. It is a strategic initiative that exemplifies our commitment to enabling communities with secure, convenient, and tailored financial services,” Mastercard SVP and County Manager for East Africa and Indian Ocean Islands Shehryar Ali said. “As Kenya continues to embrace digital transformation, this initiative will play a pivotal role in shaping a more inclusive financial landscape that caters to the evolving needs of individuals and businesses across the country.”
Launched in 2023, Premier Bank was born via the acquisition of the majority shares in First Community Bank, which was founded in 2007. Headquartered in Nairobi, the bank has assets of more than $23 billion as reported in the 2023 Central Bank of Kenya’s Bank Supervision Annual Report. The financial institution opened its 22nd branch earlier this year.
Here is our look at fintech innovation around the world.
Central and Eastern Europe
Polish identity verification platform Authologic raised $8.2 million to fight AI-powered fraud.
The central bank of Latvia to offer fast track pre-approval for MiCA compliance.
German fintech 21X secured approval for its blockchain-based tokenization platform.
Middle East and Northern Africa
Crypto.com launched its Mastercard-powered card in Bahrain as part of its expansion in the Gulf region.
Backbase inked a distribution and integration deal with Morocco-based consultancy and AI solutions integrator Seven.
Kazakhstan-based banking and fintech company Kaspi.kz acquired a majority stake in Turkish e-commerce technology platform, Hepsiburada.
Central Asian digital banking ecosystem TBC Uzbekistan launched its own payment processing center.
Nepalese fintech Fonepay partnered with U.K.-based Compass Plus Technologies to offer the country’s first virtual credit card.
Latin America and the Caribbean
Spanish banking group Santander introduced its digital Openbank in Mexico.
Mastercardteamed up with Brazilian events platform Sympla and Latin American payments orchestrator Yuno to bring its Payment Passkey Service to the region.
Nuvei launched blockchain-based payments in Latin America.
Asia-Pacific
Payments company Tyrolaunched its embedded payments solution that makes it easier for businesses to accept tap-to-pay payments.
Filipino-based fintech Starpay teamed up with distributed database solutions provider OceanBase.
Financial servcies platform Atome forged a payment checkout partnership with Valiram in Singapore and Malaysia.
Sub-Saharan Africa
Kenya-based Islamic financial institution Premier Bank unveiled a suite of Shariah compliance payments solutions courtesy of a partnership with Mastercard.
CNBC Africa profiled Rwanda’s Kigali International Finance Centre and its new fintech strategy.
Visa announced investment in four African fintechs — Oze, Workpay, OkHi, and ORDA — that graduated from its Africa Fintech Accelerator program.
U.K.-based digital bank Zopa raised $87 million in an equity round led by A.P. Moller Holding and existing investors.
The round boosts Zopa’s total funding to $1.067 billion.
Despite declaring plans for a 2022 IPO during its 2021 funding round, Zopa has decided to wait for better market conditions.
Digital bank Zopa seems to be impervious to the downturn in the fintech funding environment. The U.K.-based fintech has just raised $87 million (€80 million), boosting its total raised to $1.067 billion. The equity round was led by A.P. Moller Holding and existing investors.
While the investment comes at a time during which many fintechs are experiencing a funding dry spell, this is not the first time Zopa has beaten the odds. In February 2023, Zopa raised an impressive $92 million (£75 million) from existing investors as well as an undisclosed lead investor. At the time, the company said the round “cements and enhances” its unicorn status.
Zopa, which originally launched as a peer-to-peer lending platform in 2005, pivoted to become a digital bank in 2020, when it received its full banking license from the Financial Conduct Authority. Today, the company holds more than £5 billion in deposits for its 1.3 million customers. Zopa’s platform aims to help users improve their financial health via savings tools, lending products, credit card offerings, and various vehicle financing tools. To date, Zopa has lent more than $16.6 billion (£13 billion) to consumers in the U.K. and currently has £3 billion in loans on its balance sheet.
“Today’s fundraise validates our financial performance and growth potential,” said Zopa CEO Jaidev Janardana. “Since launching our bank in 2020, we’ve consistently offered financial products that offer great value and ease to our customers, supporting our vision to build Britain’s best bank. We are thrilled to have investors who share our excitement at the opportunity to serve more customers across more product categories as we aim to become the go-to bank for millions of consumers.”
Notably, while Zopa billed its 2021 funding round as a “pre-IPO round,” declaring plans to go public by the end of 2022, it appears that plans have changed. The company told TechCrunch that it is not currently pursuing an IPO. “We will wait for the markets to revive and be more positive,” said Janardana in an interview. Interestingly, Klarna, another fintech that delayed its IPO plans, recently filed to go public in 2025. The results of Klarna’s public offering at that time will either convince Zopa that it’s time to IPO or help to cement its decision to continue operating as a private company.
Cloud banking platform Mambu has made its first acquisition, acquiring French fintech Numeral to enhance its payment capabilities and expand its market reach.
Numeral’s cloud-native platform will enable Mambu to offer end-to-end payment workflows, support multiple payment methods, and deliver real-time transaction capabilities to its clients.
With growing demand for embedded payments and real-time payment experiences, this acquisition will help Mambu better serve its clients.
Cloud banking platform Mambu has acquired French fintech Numeral this week in a deal that is expected to advance Mambu’s payment capabilities, helping it capture a wider audience. Financial terms of the agreement were not disclosed.
“This acquisition marks a considered move to deliver a more modern, comprehensive payment offering which is now an integrated part of Mambu’s product portfolio,” said Mambu CEO Fernando Zandona. “Numeral’s advanced payments platform will enable us to address changing customer demands, strengthen existing product lines, and expand our market reach, while offering businesses advanced capabilities to meet an extensive range of needs.”
France-based Numeral offers a cloud-native, universal payment gateway to help fintechs and banks automate payment processing. The company’s API allows organizations to access payment schemes and connect to partner banks, including BNP Paribas, Barclays, HSBC, and ABN AMRO. Founded in 2021, Numeral has raised $13.8 million (€13 million). The company currently processes more than $10.6 billion (€10 billion) in payments annually.
“Numeral’s values, proven agility, and robust onboarding processes match perfectly with our growth mindset as a business,” Zandona added.
Mambu was founded in 2011 and emerged as one of the pioneering players to move banking software to the cloud. The company’s composable banking approach offers a plug-and-play approach to help organizations shift away from legacy core banking platforms and future proof their operations. Among Mambu’s recent partnerships are payments processor Kuady, Latvia-based INDEXO Bank, and travel payments company Outpayce. Today’s deal marks the Amsterdam-based company’s first acquisition.
By integrating Numeral’s payment platform with its own, Mambu will help its clients manage end-to-end payment workflows, support multiple payment methods, and provide real-time transaction capabilities. The company notes that its existing clients will be able to upgrade to a more sophisticated set of payments capabilities.
For Mambu, enhancing its payments capabilities is a strategic move that aligns with the growing demand for embedded payments. As businesses increasingly seek to integrate embedded payments into their offerings, the ability to manage seamless, real-time payment workflows is becoming a key competitive advantage.
At the same time, consumers are demanding faster, more transparent payment experiences, pushing financial institutions and fintechs to adopt more sophisticated technologies. By integrating Numeral’s advanced platform, Mambu not only strengthens its value proposition but also positions itself as a leader in the modern, scalable payments space.
This week on 5 Tales from the Crypto, we lead-off with President-elect Trump’s nominee for SEC chair and that nominee’s attitudes toward the crypto industry. We also look at a new blockchain banking app, and a pair of partnerships designed to boost crypto trading security and tax compliance, respectively.
Trump nominates Paul Atkins as SEC chair
Of all of President-elect Trump’s nominations, his nominee for SEC chair is the one most anticipated by many in the crypto community. Having pledged to fire current SEC chairman Gary Gensler “on day one,” Trump has this week nominated an individual widely believed to be a significant “advocate” of the cryptocurrency industry: Paul Atkins.
“(Atkins) believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World,” Trump noted on social media platform Truth Social. “He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Atkins is currently CEO of financial services consultancy Patomak Global Partners, and served as an SEC commissioner from 2002 to 2008. He is credited for emphasizing the importance of investor education, having been part of the resolution of one of the biggest Ponzi schemes in history — the Bennett Funding Group case. Atkins also previously served in the first Trump administration as a member of the President’s Strategic and Policy Forum, an advisory group of business leaders that focused on job creation and economic growth initiatives.
As far as Atkins’ specific “crypto bonafides” go, he joined a cryptocurrency advocacy group, Token Alliance, in 2017, and is co-chair of the organization. The alliance is a project of the Chamber of Digital Commerce dedicated to promoting best practices and policies for cryptocurrencies, tokenized networks, and digital assets.
What are the early impressions from the crypto community? Carlos Domingo, Founder and CEO of digital securities compliance platform Securitize, told interviewers on Yahoo! Finance that he was “very excited” at the prospect of Atkins as SEC chair, referring to Atkins as “very pro digital assets, and very knowledgeable in the industry.” Similarly, Joe McCann, Founder, CEO, and CIO of digital assets investment firm Asymmetric told CNBC that Atkins’ call for greater clarification of the SEC’s SAB-121 rule with regard to how institutions must account for cryptoassets in their custody showed Atkins to be someone who would bring “common sense to the SEC.”
Former Revolut pair launch blockchain banking app
Catching up on news from our last edition of 5 Tales from the Crypto, we note that a pair of former-Revolut employees — Joao Alves and Guilherme Gomes — have launched a new, self-custodial stablecoin app with accompanying Mastercard debit card. The app, called Bleap, enables users to spend stablecoins without having to pay conversion fees. Users can add stablecoins from external wallets to their Bleap app or add them by buying stablecoins using fiat currency. The app supports multi-currency accounts with savings rates that can offer as much as 5x compared to traditional banks. Bleap also supports fee-free crypto on- and off-ramping through external wallet connections.
The launch announcement comes as the company reports securing $2.3 million in pre-seed funding at a pre-money valuation of $10 million. The investment round was led by Ethereal Ventures and featured participation from Maven11, Alliance DAO, Robot Ventures, as well as angel investors from Revolut, cryptocurrency wallet Phantom, cryptocurrency exchange OKX, Ethereum access network EigenLayer, and Consensys.
Currently in beta with select European users, Bleap is slated for public launch in the first quarter of 2025.
cheqd partners with ID Crypt Global
Digital identity and security company ID Crypt Global has teamed up with payment and trust infrastructure for identity and trust specialist cheqd. The two companies will work together to provide Apex Digital Exchange (ADEX) with enhanced identity and security capabilities. This will enable the exchange to better serve its customers and make it easier for more traditional financial services companies to participate in decentralized finance (DeFi).
The partnership is designed to tackle two issues that are slowing wider embrace of crypto trading for many investors: usability and trust in identity. To this end, cheqd integrates seamlessly with the ADEX platform to provide SSI-based onboarding, privacy-preserving identity verification, and continuous KYC and AML checks. Additionally, cheqd’s payment model supports new, more cost-effective ways to monetize verifiable credentials. For example, the partnership will enable ADEX to offer verified users lower cost trading or other rewards, linking verifiable identity to transaction affordability. Combined with ID Crypt Global’s identity verification and risk screening, ADEX will be able to offer a streamlined, lower-cost user experience for its customers while ensuring regulatory compliance.
Founded in 2021 and headquartered in London, cheqd provides payment and trust infrastructure for credentials and verifiable AI. The company provides customized network offerings and supports multiple credential formats for identity frameworks including eIADS 2.0 in Europe and beyond. The company has raised $3.3 million funding according to Crunchbase, and includes Bluenode Capital and Bixin Ventures among its investors.
Bison integrates with tax reporting platform Blockpit
The road to hell may be paved with good intentions. But the road to mainstream acceptance of cryptocurrencies will need to be well-macadamized with compliant crypto tax reporting.
To this end, cryptocurrency trading app BISON has announced its integration with crypto tax reporting platform Blockpit. Currently available in the BISON mobile app, the integration will make it easier for BISON users to accurately pay any cryptocurrency-related taxes.
“Taxes on cryptocurrencies can be complex,” BISON CEO and Co-founder Ulli Spankowski noted. “At BISON, we are committed to providing our customers (with) simple, secure, and reliable solutions. Partnering with Blockpit, a leading provider in crypto tax reporting, is a logical step forward. Thanks to this collaboration, we deliver real added value to approximately 870,000 BISON customers by significantly reducing the tax-related challenges of crypto trading.”
Founded in 2017, Blockpit enables its more than 350,000 customers worldwide to track their crypto portfolios, optimize their taxes, and create compliant tax reports. Based in Austria and Germany, the company has generated more than one million tax reports since inception, and processed more than 500 million transactions.
Headquartered in Germany, BISON is powered by the Boerse Stuttgart Group. The first crypto trading app to be supported by a traditional securities exchange, BISON was founded in 2019 and is active in Germany, Austria, and Switzerland. The app offers trading in 27 cryptocurrencies including BTC and ETH, as well as in more than 2,500 stocks and exchange-traded products (ETPs).
HTX introduces crypto lending product
Global digital asset trading platform HTX launched its Crypto Loans product this week. The new offering features dynamic interest rates, high loan-to-value (LTV) ratios, no loan limits, and zero fees,
Loans can be secured in USDT, BTC, and ETH; the same currencies are also accepted as collateral assets. HTX noted that it plans to expand the number of loanable and collateral assets.
As part of the launch, the platform is kicking off a “Borrow & Earn” event with a prize pool of 2,700,000,000 $HTX. Running from December 2 through December 8, the event will split the prize among those users who borrow USDT via Flexible Crypto Loan. Prize allotments will be based on the proportion of the users’ interest expenses relative to the platform’s total interest income from the product.
Founded in 2013 by Chairman Leon Li, HTX has grown from a digital asset exchange to an ecosystem of blockchain businesses involved in financial derivatives, investment, digital asset trading, and more. Changing its name from Huobi to HTX in 2023, the company has more than 47 million registered users around the globe.
Israel-based Justt has introduced platform upgrades, including multilingual dispute management and centralized chargeback approval, aimed at simplifying cross-border disputes and improving efficiency for global merchants.
The new features allow merchants to set custom rules for recurring disputes and manage chargebacks centrally through Justt’s interface.
As chargeback volumes are projected to rise 42% by 2026, Justt’s AI-driven tools offer merchants an automated way to handle cases such as friendly fraud.
Justt, an Israel-based company leveraging AI to automate the chargeback process, unveiled some major platform upgrades this week. Among the changes are multilingual dispute management and centralized chargeback approval.
Justt’s newly launched multilingual dispute management offers automatic translation for dispute evidence. The company anticipates that this feature will simplify cross-border disputes by removing language barriers and ultimately allow Justt to better serve global merchants.
The centralized dispute resolution allows merchants to approve chargebacks through Justt’s interface instead of managing chargebacks in a fragmented way using multiple Payment Service Providers. As part of this, the company also allows merchants to set their own custom rules for recurring disputes, enabling them to automate cases that are predictable and better allocate resources to complex disputes.
Justt anticipates that this change will not only simplify the chargeback approval process, but will also reduce administrative load and speed up dispute decisions to give merchants real-time control over approvals.
“We are fundamentally changing how merchants manage chargebacks,” said Ofir Tahor, CEO of Justt. “This is a significant step in our mission to equip merchants with AI-driven tools, allowing them to simplify complex challenges and focus on growing their businesses.”
Justt was founded in 2020 to help merchants resolve illegitimate chargebacks by using AI to boost recovery rates. The company’s platform integrates with over 40 payment service providers, including Stripe, PayPal, and American Express. Merchants can use Justt’s platform to view and manage all chargeback-related data in one place, and quickly resolve the dispute process. Justt has raised a total of $11 million from investors including Former PayPal President David Marcus and Citi Ventures.
Since the increase in ecommerce activity has taken off in the past five years, there has been a substantial increase in chargeback volumes. According to Mastercard, chargeback volumes will reach 337 million by 2026, which represents a 42% increase from 2023 levels. This rise can be attributed to the growing complexity of the dispute resolution process as well as friendly fraud, where consumers dispute legitimate transactions. Friendly fraud rates, according to Chargebacks911, have been growing “at somewhere around the 40% rate” every year.
For merchants, chargebacks result in direct financial losses as well as reputation damages, while banks — who have to protect consumers while being fair to merchants — face operational burdens. Looking ahead, the chargebacks puzzle will become more complicated. That’s because, as third party providers like Justt advance their practices using AI, the rise in real-time payments will create headaches by providing more opportunities for both legitimate and illegitimate chargebacks to take place.
Michigan-based Mahalo Banking announced a partnership with Indiana-based Solidarity Community Federal Credit Union (Solidarity CFCU).
The credit union chose Mahalo’s technology for its enhanced security features and ability to integrate with its core provider, Corelation Keystone.
Mahalo Banking won Best of Show in its Finovate debut at FinovateFall 2023 in New York.
Mahalo Banking, which won Best of Show in its Finovate debut at FinovateFall 2023, has teamed up with Solidarity Community Federal Credit Union (Solidarity CFCU).
Solidarity CFCU, headquartered in Kokomo, Indiana, chose Mahalo’s platform for its enhanced security features and its ability to readily integrate with its core provider, Corelation Keystone. The credit union also credited the platform’s intuitive design and streamlined processes, which, combined with Mahalo’s proactive approach to security, align well with Solidarity CFCU’s commitment to member security and convenience.
“Our top priority is to provide members with a secure, user-friendly digital experience,” Solidarity CFCU CEO Amy Benner said. “Mahalo is on the cutting-edge of security, and their dedication to staying ahead of emerging fraud threats makes us confident in our partnership decision. Their neurodiversity support, with options like colorblindness views and left- and right-hand modes, outshines other providers in terms of accessibility. We are thrilled about this new chapter and the positive impact it will bring to our members.”
With regard to security, Mahalo’s platform leverages Credential Assurance Technology (C.A.T.) to protect credit union data from fraud and to enhance overall digital security. The company’s Thoughtful Banking technology delivers a variety of neurodiverse solutions to ensure a consistent, accessible experience for all members. Mahalo’s platform provides simplified account and loan opening functionalities, which the credit union believes will help it compete with digital-first challengers for younger customers. The platform also supports charitable giving, with an option to enable members to make charitable contributions at any time directly through the platform.
Nevertheless, the challenges of combating fraud remained at the top of the list as Mahalo Banking COO Denny Howell explained. “With rising fraud incidents across the industry, maintaining robust security measures is essential to safeguarding member accounts and data,” Howell said. “Our team is dedicated to delivering a best-in-class platform that not only meets today’s security needs but also anticipates future challenges to ensure our credit union partners like Solidarity CFCU can safeguard against emerging threats and provide peace of mind for its members.”
Solidarity CFCU is only one of a handful of credit unions Mahalo Banking has partnered with in recent weeks. In November, the fintech teamed up with Four Points FCU to upgrade the Omaha, Nebraska-based credit union’s digital capabilities and enhance member self-service. Mahalo also last month announced a partnership with Glendale Area Schools Credit Union to support growth and improve the member experience for the California-based financial institution. Just a few weeks ago, Mahalo reported that both Colorado-based Rocky Mountain Credit Union and UnitedOne Credit Union of Wisconsin had gone live on Mahalo’s enhanced Thoughtful Banking platform.
“Working with the Mahalo team is a true partnership,” Rocky Mountain Credit Union SVP Erin Johnston said. “The enhancements brought on by the latest version have been appreciated by our staff and membership. Many of the changes were asked for by their clients and their membership base, making the transition a welcome update.”
Founded in 2018, Mahalo Banking is headquartered in Troy, Michigan. Jim Stickley is CEO.
Insurance-as-a-Service company Insuritas has been acquired by VIU by HUB, a division of HUB International, one of the world’s largest insurance brokers.
The acquisition will expand Insuritas’ insurance product portfolio and leverage VIU by HUB’s advanced analytics platform to provide more personalized customer experiences.
Financial terms of the deal were not disclosed.
Insurance-as-a-Service company Insuritas has been acquired by VIU by HUB, a division of HUB International, which is the fifth largest insurance broker in the world. Financial terms of the deal were not disclosed.
VIU is a digital insurance company that offers a range of policies, including auto insurance, homeowners insurance, second home insurance, renters’ insurance, toy insurance, life insurance, umbrella insurance, financial security, and family plans and policies. The Chicago-based company provides users quotes quickly and offers a platform where clients can sync all their personal policies from across carriers in one place.
“This acquisition marks an exciting new chapter in our journey and will allow us to rapidly expand customized insurance solutions,” said Insuritas CEO Jeff Chesky in an emailed statement. “By joining forces with VIU by HUB, we are amplifying our ability to enhance [clients’] sales and service capabilities and resources with state-of-the-art digital analytics tools.”
Insuritas was founded in 1998 and has since raised $10 million. The Connecticut-based company’s unique model allows banks and credit unions to own and embed a digital insurance agency within their existing operations, without taking on any of the operational risk.
For Insuritas’ current agency clients, the acquisition is good news, as it will make available the widest selection of insurance products offered by the largest collection of insurance carriers of any independent agency complex in the U.S. Additionally, Insuritas will have access to VIU by HUB’s agent resources and will be able to combine VIU by HUB’s analytics platform with its embedded agency technology, providing end customers more personalized experiences.
The insurance subsector remains among the least disrupted in fintech, but that is beginning to change as digital-first insurtech companies like Insuritas and VIU by HUB drive innovation in the space. By leveraging embedded insurance models and advanced analytics, these firms are making strides in modernizing a traditionally slow-moving industry.
