Finovate Alumni News

On Finovate.com

  • Zopa Raises $182 Million En Route to Full Bank Launch
  • Banks Shift to Automation in 2020

Around the web

  • Fenergo teams up with PwC to provide KYC compliance and client onboarding as managed services.
  • SumUp forges partnership with German fintech Penta which will offer the company’s card reader to its customers.
  • Personetics joins Amazon Web Services (AWS) Partner Network (APN) Global Startups Program.
  • Temenos inks partnership with Egyptian National Post Organization.
  • Maybank Group, the fourth largest bank by assets in Southeast Asia, goes live with Avaloq’s banking suite.
  • Installment payment specialist Splitit partners with smart bed solution provider ReST.
  • SoFi scores New York BitLicense, which will permit the company to offer crytocurrency trading services in the state.
  • Jack Henry to provide a comprehensive technology upgrade, including deployment of its SilverLake core system, for Parkside Financial Bank & Trust.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Nigerian Fintechs Near $400m Week; Ant Financial Eyes License in Singapore

The nearly-$400 million poured into fintech companies in Nigeria alone this week is being remarked upon as a testament to the growing investor interest in sub-Saharan Africa. The three recipients of the new capital in recent days are OPay ($120 million), Interswitch ($200 million), and PalmPay ($40 million). The investors include Sequoia Capital China and SoftBank Ventures Asia, as well as China’s Transsion and Visa.

For comparison, African fintechs raised $357 million in all of 2018, according to a 2019 report from the GSM Association, The Mobile Economy, Sub-Saharan Africa. Quoted in the Financial Times on the week’s funding news, Guaranty Trust Bank chief executive Segun Agbaje credited the payments industry for the surge in investment, calling the growth in the sector “probably like no other on the continent.”

Finovate made its African debut last year in Cape Town, South Africa. For an in-depth look at recent trends in African fintech, check out Jonathan Gregson’s “Africa’s Fintech Makeover.”

China’s impact on international fintech is also evident in the news that Ant Financial is considering applying for a virtual banking license in Singapore. Successfully securing such a license would enable Ant Financial to compete against Chinese incumbents like DBS Group Holdings and Oversea-Chinese Banking Corp. Ant Financial secured a license to operate a digital wallet in Hong Kong last year.

Latin America and the Caribbean

  • Brazil’s digital bank Neon raises $94 million in round led by General Atlantic and Brazil Banco Votorantim.
  • Biz Latin Hub’s Craig Dempsey makes the case for Mexico as the fintech sector to watch in 2020.
  • Mexican non-bank wallet service Todito Cash inks partnerships with four financial payment solutions companies.

Asia-Pacific

  • Ant Financial may be one the hunt for a Singaporean virtual banking license, reports Bloomberg, following the online finance titan’s recent scoring of a license to operate a digital wallet in Hong Kong.
  • InstaReM rebrands as Nium, announces cross border payments partnership with Cambodian banking group, PhillipBank.
  • Indonesia’s biggest banking group, Bank Mandiri will use the Avaloq’s Banking Suite to run its wealth management division, which has $14 billion in assets under management.

Sub-Saharan Africa

  • Nigeria’s OPay raises $120 million in new funding. The investment adds to the $50 million the mobile payments service raised in June.
  • Asilimia, a Kenya-based fintech that helps SMEs access more efficient mobile payment solutions, secures $350,000 in funding.
  • South African digital commerce fintech Vectra wins Seedstars Cape Town competition.

Central and Eastern Europe

  • Revolut reaches 250,000 users in Hungary and reports an 8x gain in monthly transaction volume since the beginning of the year.
  • Latvia-based, P2P lending platform TWINO surpasses €1 billion euros in originated loans.
  • Tradeshift moves Bucharest team to larger office in Tower Center, announces plans to hire more staff next year.

Middle East and Northern Africa

  • A partnership between BPC and WeNet will bring a new instant payments system to Yemen.
  • ZagTrader wins full certification for its market making technology from Bourse Kuwait.
  • In partnership with the Dubai Financial Services Authority, Wethaq pilots Sukuk issuance on its securities market infrastructure.

Central and Southern Asia

  • Perfios, a fintech software company based in Bengaluru, raises $50 million from Warburg Pincus and Bessemer Venture Partners.
  • Pakistan’s Askari Bank selects Finastra’s trade finance solution.
  • CredoLabNeener Analytics, and Vymo win finalist spots in the India FinTech Forum’s IFTA 2019 awards.

Finovate Alumni News

On Finovate.com

  • BlueVine Raises $102.5 Million in New Funding
  • Aerospike Raises $32 Million for NoSQL Data Platform
  • ACH Alert Partners with Apiture to Fight Payments Fraud

Around the web

  • ACI Worldwide announces strategic collaboration with Microsoft to deliver Universal Payments technology via Microsoft Azure.
  • Citi extends its existing contract with Temenos to continue using its Multifonds Global Accounting solution.
  • Arkose Labs and Trusona earn spots on CNBC’s 2019 Upstart 100.
  • Quadient awarded gold for sustainable development.
  • Salt Edge crosses the mark of 600+ integrated PSD2 APIs.
  • ACH Alert partners with Apiture to offer ACH Alert’s fraud detection services to Apiture’s 450+ customers.
  • Bank Mandiri selects Avaloq for wealthtech.
  • Askari Bank selects Finastra’s trade finance solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • New Experian Credit Solution Brings Enhanced Predictive Performance
  • Finovate Global: Visa’s Minority Stake in Interswitch Creates Africa’s Latest Fintech Unicorn

Around the web

  • Avaloq completes acquisition of Derivative Partners.
  • TransferWise to offer $150,000 in prize money to Singaporean bank customers to help them defray the cost of hidden fees charged by their banks.
  • DefenseStorm completes (SOC)2 Type II Audit examination for its security data platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • WeInvest Bolsters its WealthTech with the Launch of StratWealth.
  • Kofax Embraces AI and ML as Intelligent Automation Platform Evolves
  • Financial Literacy Focused Best of Show Winner Zogo Unveils 11 New Partners

Around the web

  • Thurgauer Kantonalbank integrates Avaloq’s e-banking solution to its existing platform.
  • MoneyGram launching Ripple’s XRP in multiple markets.
  • FIS brings core banking technology to Apple Bank.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Avaloq Seeks Exit: M&A or IPO?
  • eToro’s Latest Acquisition Boosts its Crypto Presence
  • IBM and Bank of America Partner on Public Cloud for Financial Services

Around the web

  • DefenseStorm names Chief Revenue Officer Steve Soukup as its new President.
  • NICE Actimize introduces its new Federated Learning capability that offers higher fraud detection via Collective Intelligence.
  • Fiserv inks global agreement with German grocery industry leader ALDI.
  • GoCardless to use TransferWise’s API, TransferWise for Business product, and provide TransferWise’s FX rates to its customers.
  • PayKey forms SBI PayKey Asia, a joint venture with SBI Holdings that will support the sales and market launch of PayKey across the region.
  • ThetaRay taps Moran Goldwein as SVP for Human Resources.
  • Infinex to integrate Jemstep’s Advisor Pro to deliver digital advice to Infinex’s client firms.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Avaloq Seeks Exit: M&A or IPO?

Digital banking technology provider Avaloq is at a crossroads, Reuters reports. The Swiss company is preparing to sell or go public.

The decision comes as Avaloq’s private equity shareholder Warburg Pincus, which owns a 45% stake in Avaloq, seeks an exit. Other shareholders in the company include founder Francisco Fernandez, who owns 28%, as well as Avaloq staff and management, which hold 27% ownership.

If recent exit trends persist, Avaloq will take the acquisition route, likely being picked up by a wealth management firm, large bank, or a larger competitor, such as Temenos, which is much more of a heavyweight in the industry. “I always said I would never do an IPO before getting to a critical size or maturity needed for such a step. I said roughly 1 billion in revenues,” Fernandez said in a Reuters report in 2017. “Counting back, we think that in three to four years we should be there.”

No matter which route Avaloq takes, it will likely be placed among fintech unicorns. The company was valued at $1 billion in 2017 when it initiated the agreement with Warburg Pincus.

Avaloq most recently demoed at FinovateAsia last year where it showcased its ecosystem that serves as an app store for banks using open APIs. The company launched in 1985 as BZ Informatik and has since grown its offerings to include core banking software, digital wealth management, as well as core banking SaaS and BPaaS products.

Avaloq, which has raised $350 million in funding, provides technology that helps its 150 clients manage $4.5 trillion. Among the company’s clients are Barclays, BBVA, Deutsche Bank, HSBC, Rothschild, Societe Generale, and Vontobel.

Finovate Alumni News

On Finovate.com

Around the web

  • Temenos teams up with Scotland-based neobank Alba.
  • Avaloq launches new Cost & Fee Analytics solution.
  • CashDirector earns a spot in Plug and Play’s Fintech Europe innovation platform.
  • Trustly partners with ECOMMPAY to fuel online banking payments across Europe.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Indian Fintechs Get Funded; Finastra, Avaloq Bring New Leadership to APAC

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Middle East and Northern Africa

  • A partnership between R3 and Dubai’s platform-as-a-service company Wethaq will help digitize Islamic capital markets.
  • Working capital solution provider Demica goes live with supply chain finance technology from Saudi British Bank.
  • National Bank of Bahrain unveils new bulk cash deposit machines with secured with a biometric scan.

Central and Southern Asia

  • BharatPe, a digital payments company based in New Delhi, raises $50 million in new funding.
  • Tech Mahindra teams up with Adjoint to launch blockchain-based enterprise financial management and insurance services.
  • Bangalore-based fintech CRED announces $120 million funding round.

Latin America and the Caribbean

  • Mexican online lender Credijusto announces $42 million investment from Goldman Sachs and Point72 Ventures.
  • Brazilian online personal loan platform REBEL raises $42.2 million via financial loan securitization.
  • Forbes interviews Nubank founder and CEO David Vélez.

Asia-Pacific

  • Finastra taps Wissam Khoury as new head of its Asia Pacific (APAC) team.
  • Flywire partners with Vietnam Prosperity Bank to simplify international tuition payments  for Vietnamese students.
  • Avaloq appoints Imad Abou Haidar as its new Head of Asia.

Sub-Saharan Africa

  • South Africa’s Nomanini inks $4 million deal with Standard Bank.
  • Brink News looks at the “game-changing” potential of fintech in sub-Saharan Africa.
  • SME financing solution provider Nvoicia takes top honors at Seedstars Ghana competition.

Central and Eastern Europe

  • Tremend Software Consulting announces strategic partnership with Mastercard Romania.
  • CIO of AXA Poland Oliver Schemberg talks about the “people-led strategy” behind the success of its digital transformation.
  • SumUp opens new office in Vilnius, Lithuania.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Trends at FinovateFall: The Big, the Small, and the Surprises
  • DefenseStorm Launches New Fraud Monitoring Solution
  • From Start-up to Scale-up: Token Introduces New CEO Todd Clyde
  • Temenos Buys Kony to Boost its Front Office Technology for Banks

Around the web

  • PayActiv partners with Fiserv to streamline access to earned wages.
  • ABN Amro teams up with open banking solution provider Tink to bring multi-banking functionality to the bank’s Grip app.
  • Avaloq appoints Imad Abou Haidar as its new Head of Asia.
  • BeSmartee launches its new Mortgage Loan Officer (MLO) Command Center for loan originators.
  • Marqeta to create 175 new jobs in 2019, growing its workforce beyond 400 people.
  • SparkPost unveils new SparkPost Recipient Validation service, a sender reputation protection service that helps eliminate harmful bounces.
  • Azimo’s Richard Ambrose moves from COO to CEO, replacing Michael Kent.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.