Alumni News

Finovate Alums Raised More Than $132 Million in Q4; More Than $553 Million in 2024

Finovate Alums Raised More Than $132 Million in Q4; More Than $553 Million in 2024
By David Penn Posted on
Categories: Alumni News, Funding, Quarterly Funding

Seven Finovate alums raised more than $132 million in the fourth quarter of 2024, and more than $553 million for the full year. The figures trail those from 2023, in which 11 alums raised more than $307 million in Q4 and approximately $1.2 billion for the year. This data also reflects the ongoing funding challenges faced by fintech companies at a time of high interest rates and industry consolidation.

Previous Annual Comparisons

Looking specifically at the fourth quarter of this year, we see a wide range in funding levels, from Wallit’s modest $1.4 million raise to Zopa’s year-ending $87 million score. It is also worth noting that the amount of one investment, the October funding for CardFlight, the level was not disclosed.

Previous Quarterly Comparisons

  • Q4 2023: More than $1.2 billion raised by 11 alums
  • Q4 2022: More than $380 million raised by 15 alums
  • Q4 2021: More than $1.2 billion raised by seven alums
  • Q4 2020: More than $472 million raised by 17 alums
  • Q4 2019: More than $876 million raised by 21 alums

This year’s fourth quarter funding tally is the lowest Q4 in many years, representing less than half of what was raised in 2022. Q4 2024 did see a pickup in funding relative to the previous quarter, both in terms of investment total and the number of alums funded, and is slightly higher than the amount Finovate alums raised in the first quarter of the year (nine alums raising more than $113 million).

Top Quarterly Equity Investments

The top three quarterly equity investments for the quarter were Zopa’s $87 million funding in December, interface.ai’s $20 million fundraising in October, and MODIFI’s $15 million fundraising in November. These three investments combined represent more than 92% of the total funding raised by all alums in Q4 2024.

Here is our detailed alum funding report for Q4 2024.

October: More than $22 million raised by three alums

November: More than $16 million raised by two alums

December: More than $94 million raised by two alums

If you are a Finovate alum that raised money in the fourth quarter of 2024, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.

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DeepTarget Unveils AI-Powered Email Service AImail

DeepTarget Unveils AI-Powered Email Service AImail
By David Penn Posted on
Categories: Alumni News, DeepTarget
  • DeepTarget, a digital marketing services provider for financial institutions, has launched its AI-powered email service AImail.
  • The new offering empowers community banks and credit unions with enterprise-level marketing capabilities to enable them to deliver personalized communications at scale.
  • DeepTarget made its Finovate debut at our all-digital conference FinovateWest 2020. The company is headquartered in Huntsville, Alabama.

DeepTarget unveiled its AI-powered email service, AImail, this week. The technology is a full-service solution that provides credit unions and community banks with enterprise-level marketing services to deliver personalized communications at scale.

In a statement, the company highlighted the fact that email remains an important channel of communications between financial institutions and their customers. Email remains the most cost-effective channel for most FIs, helping them reach account holders who may not frequent a brick-and-mortar branch or take advantage of digital banking. At the same time, many community banks and credit unions have struggled to maximize email as a communications channel due to resource challenges, regulatory issues, or inadequate data analysis capabilities.

“While new channels emerge constantly, email remains the most universal and trusted way to reach account holders,” DeepTarget CEO Preetha Pulusani said. “Nearly every adult with a bank account has an email address, and not all of them visit branches or use digital banking. They expect to receive important financial communications through this channel.”

To this end, AImail combines AI technology with deep financial services expertise in the form of fractional digital marketing experts. This enables AImail to deliver compliant personalization and regulator-friendly content, as well as targeted optimization to ensure that marketing campaigns reach the best audiences for maximum impact. AImail embeds banner ads in each email campaign that use GenAI images and messages created by DeepTarget’s ADbuzz technology to enhance engagement. The solution streamlines marketing campaigns, boosting email engagement rates by up to 3x, and provides valuable metrics including built-in ROI tracking and reporting.

“What makes AImail revolutionary is its ability to transform these routine touchpoints into meaningful, personalized conversations that drive engagement and growth,” Pulusani said. “What used to take marketing teams weeks to accomplish now happens with our experts using AImail on behalf of financial institutions, with robust results and strong compliance controls.”

Founded in 2009 and headquartered in Huntsville, Alabama, DeepTarget made its Finovate debut at our all-digital conference, FinovateWest2020. At the event, the company demonstrated its 3DStoryTeller solution. 3DStoryTeller blends the intelligence and capabilities of the company’s Digital Experience Platform with a 3D user interface that enables financial institutions to offer a unique experience featuring visual stories that engage and entertain customers.

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Capitalise Teams Up with Plaid

Capitalise Teams Up with Plaid
By David Penn Posted on
Categories: Alumni News, Capitalise, Plaid
  • Capitalise, a business finance platform based in the U.K., has forged a strategic partnership with data and open finance network Plaid.
  • The collaboration integrates Plaid’s open banking services with Capitalise’s Instant Offers to simplify and streamline small business funding.
  • Capitalise made its Finovate debut at FinovateEurope 2016. Plaid has been a Finovate alum since 2014.

U.K.-based business finance platform Capitalise has announced a strategic collaboration with fellow Finovate alum Plaid. The partnership is designed to simplify business funding, leveraging Open Banking to offer pre-approvals to 150,000 small businesses. Capitalise will integrate Plaid’s Open Banking services into its Instant Offers solution to enable businesses to secure pre-approvals from multiple lenders. Businesses will be able to accept offers and receive funding in minutes rather than days or weeks.

The partnership enhances Capitalise’s lending origination service by removing friction from the funding process. It will also help boost conversions thanks to faster decision-making that relies on accurate, real-time data. The collaboration comes at a time when a growing number of small and medium-sized enterprises (SMEs) in the U.K. are embracing open banking technology. Plaid reported that adoption of open banking by U.K.-based SMEs has increased by 18% year-over-year.

“Open Banking sits at the core of SME credit decisioning and brings confidence to underwriting risk assessments,” Capitalise Co-Founder Ollie Maitland said. “These advances, in tandem with the huge growth in private credit markets, can bring down the high cost of non-bank lending. This is good news for U.K. small businesses.”

Open banking brings faster application processes, access to real-time financial data to accelerate approvals, and the ability to offer personalized rates, which can lower costs for borrowers. Challenger banks and alternative lenders have become huge players in the market for SME lending, representing more than 60% of new SME lending in the U.K. This has led to more options for small businesses looking for funding, and more competition between those looking to fund them.

“Pre-approvals have been the perfect use-case for Open Banking as a win for business owners browsing and great pre-qualification for lenders looking to lend,” Maitland said. “Plaid was a natural choice with their experience in SME lending plus their global presence.”

Founded in 2013 and headquartered in San Francisco, California, Plaid offers an international data and open finance network that helps make payments simpler and lending more accessible. With more than 100 million global users in more than 18 countries, Plaid’s technology helps institutions take advantage of open banking and open finance connectivity to grow revenues and fight fraud. Plaid has partnered with more than 12,000 companies — including members of the Fortune 500 — to help them provide their customers with greater choice and control over their financial lives.

Capitalise made its Finovate debut at FinovateEurope 2016. At the conference, Maitland and co-founder Paul Surtees demonstrated how the company’s platform uses behavioral data to match and rank lenders and algorithms to compare more than 2,500 data points to find the most appropriate funding solutions for businesses. Today, the firm’s lending marketplace features 100 lenders, including 10 integrated Open Finance lenders on its Instant Offers framework.

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.

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Mesh Payments Integrates with SoFi’s Galileo

Mesh Payments Integrates with SoFi’s Galileo
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, SoFi

Travel and expense management company Mesh Payments has selected SoFi as its sponsor bank and has tapped SoFi-owned Galileo Financial Technologies as its payment processor.

Mesh Payments is an all-in-one corporate payments platform for travel and expense that integrates corporate cards, expense management, and travel bookings on a single platform. Mesh Payments offers SaaS enterprises cardless payments capabilities that enable full visibility, control, and intelligence to help them orchestrate, manage, reconcile, and ultimately reduce spending. The company, which processes more than $1 billion in annual payment volume, was founded in 2018.

Under the partnership, Mesh Payments’ expense and card infrastructure will tap SoFi’s financial framework and Galileo’s customizable, API-based payments processing platform. Mesh Payments anticipates that leveraging both SoFi as its sponsor bank and Galileo as its processing platform will help it offer more streamlined enterprise expense management, reduce inefficiencies, and bring solutions to market more quickly.

“We’re excited to partner with SoFi and Galileo, as both companies share our vision of delivering the most modern and innovative financial solutions for businesses,” said Mesh CEO Oded Zehavi. “They are the ideal partners to support our mission to provide companies with an efficient, forward-thinking approach to corporate travel and expense management.”

Founded in 2001, Galileo offers a payment processing platform that allows third-party fintechs and businesses to build and scale their own financial services offerings. The company’s client list includes DailyPay, Bluevine, Dave, MoneyLion, Monzo, and others. Galileo was acquired by SoFi in 2020 in a $1.2 billion deal.

Founded in 2011, SoFi has evolved from a lending platform into a nationally chartered bank that offers checking and savings accounts, investing tools, and insurance plans. The company landed its first sponsor bank deal in April of 2024 when it partnered with small business banking platform Rapid Finance.

“SoFi is proud to provide the financial backbone for forward-thinking solutions like Mesh Payments,” said SoFi Bank President Paul Mayer. “With SoFi and Galileo under one roof, we empower partners like Mesh Payments to harness Galileo’s advanced cloud-based banking core, enabling them to launch new products faster, scale seamlessly, and stay ahead of their customers’ ever-changing needs.”

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Themis Lands $9.2 Million to Scale its Governance, Risk, and Compliance Platform

Themis Lands $9.2 Million to Scale its Governance, Risk, and Compliance Platform
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Themis

Correction: This post previously incorrectly reported that Atlanta, Georgia-based Themis raised funds. Today’s round is actually attributed to U.K.-based Themis. While both companies operate in the regtech realm, the former, a Finovate alum that recently won Best of Show, offers a platform that streamlines compliance and collaboration between fintechs and banks, bringing regulatory insight to help banks and fintechs more effectively manage compliance. The latter is a digital financial crime platform that helps businesses manage their financial crime risk exposure.

  • Regtech platform Themis raised over $9.2 million (£7.25 million) in its scale-up round.
  • The round, which is expected to close on December 16, 2024, exceeds Themis’ initial target by a significant margin.
  • Themis will use the funds to leverage AI to continue to democratize due dilligence.

Regtech is rising across the fintech sector, and to prove it, financial crime risk management platform Themis has pulled in more than $9.2 million (£7.25 million) in a scale-up round that surpasses its target.

“Exceeding our funding target reflects not only the confidence of our investors but also the strong financial fundamentals and scalability of our business,” said Themis CFO Simon Samuel. “This additional capital provides us with the financial runway to strategically invest in key areas like AI innovation, market expansion, and operational efficiencies, ensuring long-term sustainable growth.”

The investment, which is expected to close on December 16th of this year, exceeds Themis’ initial target of $3.8 million to $6.3 million (£3 million to £5 million). Once finalized, the funds will add to the U.K.-based company’s existing $6 million (£4.8 million) raised, totaling more than $15 million.

“Surpassing our Scale-Up Funding target by such a significant margin demonstrates the strength of Themis’ vision and its relevance in today’s financial landscape,” said Themis CEO Dickon Johnstone.

Themis was founded in 2018 to help reduce the global impacts of financial crime. The company’s platform, which helps clients identify and manage their specific financial crime risks, leverages KYC and AML data to help companies verify the true identity of their clients while remaining compliant. Themis will use this most recent round to pursue its mission to democratize due diligence by leveraging AI advancements with its financial crime expertise.

Financial services has experienced a surge in regtech adoption, driven by the growth of AI and machine learning, as well as an evolving regulatory landscape. In 2025, regtech is poised to further enhance compliance processes with real-time risk management, automated reporting, and enhanced collaboration between banks and regulators. According to Angela Strange, General Partner at Andreessen Horowitz, regulation will become code.

“Today, banking and insurance regulations span tens of thousands of pages; SBA lending documentation alone exceeds 1,000 pages,” said Strange. “For businesses, keeping on top of these codes requires byzantine workflows and many hours spent hiring and training staff. Imagine, instead, that those lengthy documents — including text, images, and case precedents — could be used to train regulation-specific LLMs. Suddenly, compliance would become as simple as a Google query. ‘Is [X] compliant? What modifications need to be made?'”

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ThetaRay and Microsoft Launch New GenAI Financial Crime Detection Suite

ThetaRay and Microsoft Launch New GenAI Financial Crime Detection Suite
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, ThetaRay
  • ThetaRay launched GenAI Financial Crime Detection Suite.
  • The new suite is powered by Microsoft’s Azure OpenAI Service, which gives developers REST API access to OpenAI’s language models.
  • The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators.

Financial crime detection company ThetaRay announced it is collaborating with Microsoft in the launch of its new product, GenAI Financial Crime Detection Suite.

The new suite integrates Microsoft’s Azure OpenAI Service, a service that gives developers REST API access to OpenAI’s language models, such as o1-preview, GPT-4o, and GPT-4. The service allows clients to adapt the models to their specific task or use case.

ThetaRay reports that teaming up with Microsoft will allow it to bring firms a GenAI-powered case manager that will detect financial crime, adapt strategies over time, and meet legal reporting standards. ThetaRay reports that its collaboration with Microsoft will enable it to deliver a GenAI-powered case manager designed to detect financial crimes, refine detection strategies, and ensure compliance with regulatory reporting standards. With the launch of its new GenAI Financial Crime Detection Suite, ThetaRay aims to enhance risk assessment, streamline operational workflows, and strengthen anti-money laundering (AML) reporting to reduce fraudulent activity, such as money laundering and terrorist financing.

“ThetaRay’s integration with Azure OpenAI Service delivers a solution that empowers financial institutions to enhance key components of their AML efforts, like oversight, reporting, and risk catalogue processes,” said Azure AIat Microsoft Corp. Vice President Yina Arenas. “By integrating generative AI in their financial crime detection solutions, organizations can mitigate risk, drive exceptional efficiencies, and elevate regulatory standards.”

Along with today’s release, ThetaRay is also unveiling a new, GenAI-driven risk catalogue to enable financial institutions to add risk indicators. “Our technology has already established us as a leader in AI, and now with our newest risk catalogue solution, we’re empowering organizations to proactively manage risks, streamline compliance, and make more informed decisions,” said ThetaRay CEO Peter Reynolds. “We are excited to continue to deepen our collaboration with Microsoft, using their Azure OpenAI Service to enhance our vision of enabling trusted transactions across the financial ecosystem.”

Founded in 2013, ThetaRay offers transaction monitoring, transaction and customer screening, and customer risk assessment suites to help firms fight financial crime. The Israel-based company helps its 100+ institutional clients leverage AI to monitor 15 billion transactions valued at $20 trillion on an annual basis.

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LexisNexis Risk Solutions Agrees to Acquire IDVerse

LexisNexis Risk Solutions Agrees to Acquire IDVerse
By David Penn Posted on
Categories: Alumni News, IDVerse, Mergers & Acquisitions
  • LexisNexis Risk Solutions has signed an agreement to acquire document authentication and fraud detection solutions provider IDVerse. Terms were not disclosed.
  • The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes.
  • As OCR Labs, IDVerse won Best of Show in its Finovate debut at FinovateAsia 2017.

LexisNexis Risk Solutions has agreed to acquire AI-powered automated document authentication and fraud detection solutions provider IDVerse. The company, which introduced itself to Finovate audiences at FinovateAsia 2017 as OCR Labs, will become a part of LexisNexis Risk Solutions Business Services.

Terms of the transaction were not disclosed.

IDVerse leverages regenerative AI to fight fraud and deep fakes. The company’s technology is powered by a deep neural network which verifies the authenticity of more than 16,000 types of identity documents globally. Additionally, with consumer consent, IDVerse applies biometric algorithms for identity verification and liveness detection to identify potential fraud. With IDVerse’s technology, businesses can verify identities in seconds using just the applicant’s face and their smartphone.

“LexisNexis Risk Solutions has been at the forefront of enabling compliance and lowering risk for businesses worldwide for decades,” IDVerse CEO John Myers said. “We’re looking forward to seeing the impact our combined solutions and technology can make in improving outcomes for our clients against a fast-changing risk landscape.”

Thanks to a pre-existing alliance agreement, IDVerse’s solutions are already available via LexisNexis Risk Solutions’ platform. The acquisition will integrate IDVerse’s functionality across solutions and boost customer preparedness to manage emerging fraud threats. LexisNexis Risk Solutions has provided document authentication solutions since 2005, and its acquisition of IDVerse will add to the firm’s ability to combat new challenges such as AI-generated fraud.

“AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes,” said Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions. “Integrating IDVerse’s advanced and complementary technology will further enhance our ability to provide the risk insights our clients need to defend against bad actors today and into the future — regardless of where our clients are in the world or where they do business.”

Headquartered in Sydney, Australia, and founded in 2017 as OCR Labs, the company won Best of Show in its Finovate debut at FinovateAsia 2017. The firm rebranded as IDVerse in 2023. With applications for account opening, KYC/AML, passwordless login, fraud prevention, and more, IDVerse’s solutions serve businesses in industries ranging from financial services and insurance to crypto and telecommunications. The company’s Zero Bias AI technology puts regenerative AI to work to help mitigate the potential for discrimination based on ethnicity, age, and gender. In addition to enhancing the ability to combat fraud and deepfakes, IDVerse’s Zero Bias AI technology significantly lowers associated risks.

Last month, IDVerse announced that it had signed a new identity infrastructure partnership with London Stock Exchange Group (LSEG). The partnership will help LSEG scale global coverage and fight digital fraud during the customer onboarding process. In October, IDVerse announced it had onboarded iGaming identity verification and compliance solutions provider GlobalCheck and regulatory compliance solutions company BetComply. That month, IDVerse also announced that Hastings Direct Loans had automated its loan decisioning and identity verification processes using IDVerse’s identity tools.

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Moneyhub and Marygold Team Up to Launch Wealth App

Moneyhub and Marygold Team Up to Launch Wealth App
By David Penn Posted on
Categories: Alumni News, Moneyhub
  • 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 Moneyhub announced 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.

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Zopa Caps Off 2024 with $87 Million in Funding

Zopa Caps Off 2024 with $87 Million in Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Zopa
  • 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.

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Mambu Acquires Numeral to Expand Payment Capabilities

Mambu Acquires Numeral to Expand Payment Capabilities
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mambu, Mergers & Acquisitions
  • 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.

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Mahalo Banking Partners with Solidarity Community FCU

Mahalo Banking Partners with Solidarity Community FCU
By David Penn Posted on
Categories: Alumni News, Mahalo Baking
  • 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.

Photo by Anon

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Insuritas Acquired by HUB International Division

Insuritas Acquired by HUB International Division
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Insuritas
  • 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.

Photo by Mike Bird

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