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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Engagement Banking company Backbase has announced a strategic partnership with financial intelligence solutions provider Feedzai.
The partnership will integrated Feedzai’s Digital Trust solutions with Backbase’s Engagement Banking Platform.
Backbase most recently demoed its technology on the Finovate stage at FinovateFall 2021. Feedzai made its Finovate debut at FinovateEurope 2014 in London.
A newly announced strategic partnership between Backbase and Feedzai aims to bring advanced financial crime prevention technology to engagement banking. The integration of Feedzai’s Digital Trust solutions with Backbase’s Engagement Banking Platform will empower financial institutions to fight fraud more effectively while preserving the customer experience.
Feedzai’s Digital Trust platform analyzes user behavior, device health, and potential threats in real-time. The cloud-based solution operates in the background, enabling financial institutions, financial services organizations, and fintechs to detect and counter online identity impersonation and manipulation attacks, while allowing legitimate users to conduct their activities unimpeded. Feedzai’s Digital Trust is effective against account takeover (ATO) attacks as well as new account fraud attempts during onboarding. It combines behavioral biometrics, behavioral analytics, advanced malware detection, and network and device assessment to provide active and preemptive defense against threats. The integration with Backbase’s engagement banking platform will provide banks with real-time, AI-powered, proactive fraud prevention, plus lower operational costs thanks to AI-powered risk assessment that minimizes false positives.
“By combining Backbase’s engagement banking expertise with Feedzai’s advanced security capabilities, we’re giving financial institutions the complete package — superior customer experience and intelligent fraud prevention in one integrated platform,” Backbase CEO and Founder Jouk Pleiter said. “Together, we’re setting a new standard for how banks can build trusted digital relationships with their customers.”
Headquartered in San Mateo, California, Feedzai offers technology that leverages AI to help businesses fight fraud and financial crime. The company’s RiskOps platform uses machine learning and Big Data to detect and defend the world’s largest banks, payment providers, and merchants from malicious online actors. Founded in 2011 and now reaching 900 million people in 190 countries with its technology, Feedzai began 2025 by announcing a partnership with Credibanco to help the Colombian payment processing company strengthen its defenses against fraud.
“As the financial services industry evolves, security can no longer be an afterthought — it must be woven into the very fabric of the customer journey,” Feedzai CEO and Co-Founder Nuno Sebastiao said. “By partnering with Backbase, we’re empowering financial institutions to deliver a unified, seamless journey that not only protects customers from fraud but also ensures they feel valued, understood, and safe.”
Backbase has been a Finovate alum since 2009. The company has won Finovate’s Best of Show award four times, including back-to-back wins at FinovateEurope in 2017 and 2018. Backbase’s Engagement Banking Platform is a composable solution that empowers banks to accelerate their digital transformations by progressively modernizing each step of the customer journey, including onboarding, servicing, lending, and investing.
Backbase’s partnership news comes a few weeks after it announced it was teaming up with Alliant Credit Union, a digital-only financial institution with $20 billion in assets and more than 900,000 members. The company also recently partnered with Nordic digital transformation consultancy Knowit. Founded in 2003, Backbase is headquartered in Amsterdam.
The week begins with news of investment in insurtech, financial wellness, and risk management. We are also seeing a number of new partnerships in payments and fraud prevention. Check back here all week long at Finovate’s Fintech Rundown for updates on the latest fintech headlines.
Digital banking solutions provider Apiture and digital solutions company Omnicommanderteam up to help banks and credit unions better communicate with their customers and members.
Gold Coast Federal Credit Union enlistsTyfone to accelerate digital transformation.
Crypto / Defi
Ripplepartners with currency exchange provider Unicâmbio to bring crypto-enabled cross-border payments to Portugal.
Insurtech
Australian digital-first insurance broking firm UpCoversecures $19 million in Series A funding.
Via its brand Polly, European digital insurance broker CLARKlaunches its first fully digital underwriting solution in the UK.
Financial software and technology company CSI partners with Mitek Systems to launch its proprietary check fraud detection solution for NuPoint customers.
Backbase and Feedzaiteam up to integrate advanced security capabilities into Backbase’s Engagement Banking Platform.
Regtech and compliance
Sardine AIraises $70 million to make fraud and compliance teams more productive.
Investing / wealth management
Halal investment research platform Musaffalaunches new equity crowdfunding round.
BrightwaveintegratesQuartr’s global database of first-party information from public companies with its document analysis capabilities.
Datalignsecures $9 million Seed funding to accelerate AI-powered financial advisory solutions.
Lending and credit
FinastralaunchesAssist.AI, an AI-powered assistant to enhance the trade finance operations within its Trade Innovation solution.
This week’s edition of Finovate Global focuses on recent fintech headlines from Mexico, which boasts the second largest economy in Latin America.
Belvo and JP Morgan Partner to Enhance Recurring Payments in Mexico
A strategic collaboration between Latin American open finance platform Belvo and J.P. Morgan Payments aims to automate and streamline the management of recurring payments via direct debit. The partnership will enable businesses in multiple sectors to deploy direct debit quickly and securely, enhancing the customer experience and boosting engagement.
“This alliance with J.P. Morgan Payments is a milestone for Belvo and the financial ecosystem in Mexico,” Federica Gregorini, General Manager of Belvo in Mexico, said. “Direct debit offers a modern and efficient solution that not only improves companies’ operational processes but also makes life easier for users. With this collaboration, we are taking recurring payment automation to the next level, making it more accessible for all types of businesses.”
Now a member of J.P. Morgan Payments Partner Network, Belvo will give companies in industries such as lending, insurance, utilities, subscription services, and more the ability to automate their recurring collections. By leveraging direct debit, these companies will reduce errors, ensure timely payments, and increase convenience for customers who will no longer have to make manual payments.
Founded in 2019 and headquartered in Mexico City, Belvo is a leading open finance and data payments platform. With partners including BBVA, Citibanamex, and Finovate alum Nubank, Belvo first launched its direct debit recurring payments solution in Colombia and Mexico in the fall of 2023. This week’s strategic collaboration with J.P. Morgan Payments will bring this technology to more businesses throughout Mexico.
“We are pleased to work with Belvo to offer our clients in the country access to a best-in-class direct debit solution, providing higher transaction success rates, new features such as partial debit payments, and more efficient settlements,” Francisco Molina Viamonte, Head of Mexico for J.P. Morgan Payments said.
TransUnion Acquires Trans Union de Mexico from Mexico’s Largest Credit Bureau
International information and insights company TransUnion has signed a definitive agreement to acquire majority ownership of Trans Union de Mexico, the consumer credit business of Mexico’s largest credit bureau, Buró de Crédito.
“Our expansion in Mexico continues our commitment to making trust possible in global commerce,” TransUnion President and CEO Chris Cartwright said. “Credit bureaus are a catalyst for financial inclusion, and we are excited for the opportunity to bring the benefits of our state-of-the-art technology, innovative solutions, and industry expertise to Mexican consumers and businesses.”
TransUnion currently owns approximately 26% of Trans Union de Mexico. Cash consideration for the transaction, in which TransUnion will acquire an additional 68% ownership stake, is $560 million (MXN 11.5 billion), with an enterprise value of $818 million (MXN 16.8 billion). Buró de Crédito’s commercial credit business is not a part of this transaction.
“We anticipate that our planned acquisition of Buró de Crédito’s consumer credit business will strengthen our leadership position in Latin America and will make TransUnion the largest credit bureau in Spanish-speaking Latin America,” Regional President of TransUnion Latin America Carlos Valencia said. “We see substantial opportunity to introduce global products like trended and alternative credit data, fraud mitigation solutions, and consumer engagement tools. We also plan to expand beyond traditional financial services into adjacencies such as FinTech and insurance.”
TransUnion made its Finovate debut in 2016 at FinovateFall. The company returned to the Finovate stage last year for FinovateSpring 2024 to demonstrate its Enhanced BreachIQ solution, which provides modern, gamified consumer identity protection. Part of TransUnion’s TruEmpower suite of solutions, Enhanced BreachIQ builds an Identity Safety Score based on the user’s individual and unique data breach history. It also provides Breach Risk Scores that measure the severity of incidents in which their data was exposed, and a Personalized Action Plan of practical risk mitigation steps.
Founded in 1968, TransUnion is headquartered in Chicago. The company trades on the New York Stock Exchange under the ticker TRU and has a market capitalization of $18.4 billion.
Airwallex Acquires MexPago as Part of Latin American Expansion
Speaking of acquisitions in Mexican fintech and financial services, global financial platform Airwallex has finalized its acquisition of Mexico-based payment service provider MexPago, a licensed Institution of Electronic Payment Funds (IFPE). The acquisition, along with recent news that Airwallex has secured a payment institution license from Banco Central do Brasil, will enable the company to connect its international financial infrastructure with Brazil and Mexico, supporting local businesses.
“Mexico plays a pivotal role in the global economy, serving as a key link between North and South America and a critical hub for cross-border payments,” MexPago CEO and founder Luis Castillejos Ordaz said. “We’re proud to join forces with Airwallex to enable seamless and secure cross-border transactions for businesses worldwide. MexPago’s domestic capabilities, combined with Airwallex’s global reach will deliver even greater value to our shared customers. Together, we will unlock borderless opportunities for businesses here in Latin America and around the world.”
Founded in 2014, MexPago is headquartered in Huixquilucan, part of Greater Mexico City. Post-acquisition, Castillejos will serve as Country Manager for Airwallex, Mexico, where he will manage operations and help Airwallex’s customers successfully navigate the Mexican market.
Here is our look at fintech innovation around the world.
Asia-Pacific
UnionDigitalBank, the digital banking arm of Union Bank of the Philippines, partnered with fintech lending platform JuanHand.
Backbase announced that its client, Vietnam-based An Binh Commercial Joint Stock Bank (ABBANK) has launchedABBANK Business, a new digital banking platform.
Sub-Saharan Africa
KCB Bank Kenya and UnionPay International (UPI) teamed up to boost e-commerce payment capabilities in Kenya.
MENA-based fintech startup Zywa, which offers banking solutions for Gen Z customers, raised $3 million in funding.
Saudi Arabian payments services provider HyperPay secured a license from the Saudi Central Bank (SAMA) to support the development of the financial services ecosystem in the kingdom.
Central and Southern Asia
Amazon acquired India-based Buy Now, Pay Later firm Axio for $150 million.
Pakistan-based commercial bank Bank Alfalah acquired a 9.9% equity stake in Jingle Pay.
Indian equity management platform Hissa launched a new fund to help workers at growth-stage startups convert their vested stock options into cash.
This week’s Fintech Rundown begins with a handful of stories about partnerships in wealth management and lending, as well as moves by banks to bolster their fraud prevention capabilities. Check back all week long for updates and more fintech news!
This week’s edition of Finovate Global features recent fintech news and headlines from the Netherlands.
Netherlands-based digital banking platform Plumerysecured $3.3 million in funding this week. The investment came from of early-stage investor DN Capital and Fontes, managed by international VC firm QED Investors, and raises the company’s total funding to date to $7.8 million. Plumery added that it is preparing for a larger Series A round next year.
“Our commitment to product excellence and expansion into key markets (are) central to our roadmap, and this funding will propel us even further,” Plumery Founder and CEO Ben Goldin said. “We look forward to working with our partners in this next phase of our evolution and sustained growth in today’s competitive market.”
Plumery will put its new capital to work in a variety of ways. The company plans to expand its sales and marketing efforts, bolster international partner management, and enhance its platform’s capabilities for SMEs, consumers, lenders, and microfinance companies. Plumery will also look to add talent, particularly in product, engineering, and commercial roles.
Founded in 2022, Plumery offers a digital banking platform that enables businesses to rapidly customize and deploy their banking operations. The firm’s platform enables mobile and online banking interfaces and experiences to be built on top of legacy core platforms at a lower cost and at up to 80% faster than traditional methods. In its funding statement, the company noted that it plans to launch additional features including conversational banking and AI-driven automation and insights as part of its expansion plans.
It’s hard to imagine a Finovate Global look at fintech in the Netherlands that didn’t include a nod to Engagement Banking Platform Backbase. Especially upon hearing news that the company has moved to new headquarters in Amsterdam.
This week, Backbase celebrated the grand opening of its 5,000 square-meter, international headquarters at Oosterdoksstraat 114. Backbase CEO and Founder Jouk Pleiter said in a statement that the new HQ was “more than just a building,” noting that “it represents the outcome of a 20-year journey fueled by entrepreneurship, perseverance, and focus on innovation and customer success — all driven by our people.”
And at a time when many companies are struggling to encourage workers to spend more time in the office, it is hard not to be touched by the comments of Carolien Roos, partner at Firm Architects and designer of Backbase’s new headquarters. “Our vision was to create a space that not only inspires innovation but also brings people together,” Roos said. “The design encourages the kind of serendipitous encounters and discussions that often lead to groundbreaking ideas — a key ingredient in Backbase’s recipe for success.”
Backbase has been putting that recipe to good use of late. Also this week, the company announced that it was teaming up with business identity platform, and fellow Finovate alum, Middesk to enhance KYB verification for both banks and credit unions. Backbase’s Engagement Banking Platform, integrated with Middesk, will give financial institutions access to real-time verification data sourced from multiple databases including the offices of all fifty Secretaries of State, the IRS, the USPS, OFAC, and more.
“Businesses today want a seamless verification process that meets compliance standards while limiting delays during the onboarding process,” Backbase VP of Product Robert Soetens said. “Together with Middesk, Backbase is continuing to implement modern, flexible, scalable, and API-first solutions (for) banks and credit unions, helping them deliver the best-in-class digital experiences to their business clients.”
Headquartered in San Francisco and founded in 2019, Middesk made its Finovate debut at FinovateFall 2022. At the conference, the company demoed its Verification solution that provides a complete and accurate view of customers — from entity names to watchlist screening. Middesk counts Affirm, Brex, and fellow Finovate alums Plaid and Gusto among its customers. Kyle Mack is CEO and Co-Founder.
In addition to forging new partnerships, Backbase launched its Intelligence Fabric Layer last week. The new offering is a set of data/AI infrastructure and development capabilities that embed natively in the Enterprise Banking Platform. These capabilities, which include Agentic AI, help banks realize “significant productivity gains” in both customer servicing and sales. The Intelligence Fabric leverages Backbase’s Grand Central Integration Platform-as-a-Service, which unifies data from multiple sources, including core banking systems, payment gateways, fintechs, and non-fintech systems such as CRMs.
“We see a future where AI Agents will work autonomously in the background, handling tasks, managing processes, and collaborating with customers and employees,” Pleiter said. “The adoption and evolution of these new-gen, super-powerful agents will dramatically reduce internal and external labor spend on overheads such as sales, marketing, customer service, and compliance operations.”
A Finovate alum since 2009, Backbase most recently demoed its technology at FinovateFall in 2021. The four-time Finovate Best of Show winner was founded in 2003 and counts more than 150 financial institutions around the world as users of its Engagement Banking Platform.
For more on Agentic AI, check out our primer from Senior Research Analyst Julie Muhn.
Finovate has been happy to introduce our audiences to a number of fintech innovators based in the Netherlands over the last decade-plus. Check out this roster of Dutch fintechs that have demoed their innovations on the Finovate stage.
Indian neobank Jupiter is reportedly in talks to acquire a stake in SBM Bank India, according to TechCrunch.
Latin America and the Caribbean
Binance secured Virtual Asset Service Provider (VASP) license to operate in Argentina.
Trinidad and Tobago inked an agreement with NPCI International Payments to build a real-time payments system based on India’s UPI.
Paysendpartnered with Mastercard to launch Paysend Libre in Mexico to promote financial inclusion.
Asia-Pacific
Malaysia’s Maybank partnered with China’s Bank of Hangzhou to enhance cross-border financing and innovation in AI.
Worldline teamed up with Bank of China Hong Kong to launch an open platform card solution for customers in Hong Kong.
A coalition of banks and other financial institutions in Malaysia have launched a new, integrated platform, the National Fraud Portal (NFP), to fortify the capabilities of the country’s National Scam Response Centre (NSRC).
Sub-Saharan Africa
Kazang Pay launched its card acceptance solution for merchants in Zambia.
African payment infrastructure company Fincra secured a Third Party Payment Provider (TPPP) license in South Africa.
Fall is officially here! A favorite season for many, autumn also marks a likely acceleration in fintech and financial services news and activity. Be sure to check Finovate’s Fintech Rundown all week long for the latest in headlines and news updates!
Nasdaq Verafin announces enhancements to its Targeted Typology Analytics suite to add detection capabilities for terrorist financing and drug trafficking activity.
As summer draws to a close, there may be a big acquisition on the horizon in the fraud and financial crime prevention space. Be sure to check in with Finovate’s Fintech Rundown all week long for the latest in fintech news.
Customer engagement company JRNI has integrated with bank technology innovator Backbase.
The integration will bring new appointment scheduling functionalities to users of Backbase’s Engagement Banking platform.
Headquartered in Amsterdam, Backbase has been a Finovate alum since 2009.
JRNI, a leader in global customer engagement for financial services, has integrated with Backbase, adding new appointment scheduling functionalities to the Backbase Engagement Banking Platform.
“We believe that the banking experience is enriched by building trust through personal connections,” Backbase general manager of ecosystems Roland Boojien said. “This partnership aims to seamlessly provide convenient personal connections in banking and wealth management, effortlessly uniting customers and trusted advisors at their preferred time and location.”
Backbase’s Engagement Banking Platform provides financial institutions (FIs) with a range of digital solutions for customer onboarding, servicing, financing origination, loyalty, and more – all from a single platform. Courtesy of the integration, financial institution customers on the platform will be able to book both virtual and in-person appointments seamlessly and securely. JRNI’s Self-Scheduling Appointment booking solution will give FIs the ability to offer an end-to-end embedded experience that begins with initial customer contact and continues through the customer’s entire journey with ongoing relationship management and support.
The Self-Scheduling Appointment booking solution will be available as an out-of-the-box add-on integrated within Backbase’s Digital Assist offering. Digital Assist provides a unified solution that helps customer-facing teams at FIs resolve customer service issues quicker, as well as upsell additional products and services easier.
“Backbase Digital Assist helps make interactions more efficient, effective, and of higher value,” JRNI CEO Phil Meer said. “JRNI’s engagement capabilities complement Backbase’s offering to drive trusted connections and relationships. Backbase shares our vision and its global platform prioritizes customer engagement as a critical pillar.”
Founded in 2008 and based in Boston, Massachusetts, JRNI offers a customer engagement platform that helps companies improve both customer acquisition and retention, as well as promote brands, drive hyper-personalization, and better engage target audiences. The company’s enterprise-grade event management platform handles scheduling, queuing, and analytics to provide customers with a personalized experience whether in-person or virtual.
Headquartered in Amsterdam, Backbase has been a Finovate alum since 2009. Most recently demoing its technology at FinovateFall 2021 in New York, the company has won Best of Show on four separate occasions. With more than 150 customers and 2,000+ employees around the world, Backbase provides a platform that enables financial institutions to offer their customers the latest fintech innovations without having to abandon their existing core banking systems.
Backbase’s JRNI announcement comes just days after the firm announced that Malaysia’s Bank Muamalat Malaysia Berhad (Bank Muamalat) had agreed to a long-term partnership designed to “revolutionize” the bank’s digital Islamic Banking offerings. Also participating in the partnership is fellow Finovate alum, Mambu.
This week, Finovate Global looks at recent fintech developments in France.
French start-up Lydiaannounced the launch of a new digital banking brand this week. Named Sumeria, Lydia plans to invest more than €100 million in the new initiative, as well as hire 400 people over the next three years. Sumeria, according to a post on LinkedIn, offers 4% interest and is designed to be a “simple and accessible banking super app.
“We are convinced that technology (cloud, mobile) is not an end in itself, but a way to simplify life, through everyday details,” the company noted in a statement on its website. Arguing that current accounts should be neither “trendy gadgets” nor make users captive to a given app, system, or institution, the company explained: “It should solve a real problem. This is why Lydia’s choices, with Sumeria, are motivated by common sense and its ambition to be universal: for everyone, for everything.”
Lydia’s brand announcement follows a decision by the company to split its digital banking app into two components. Originally launched in 2013 as a P2P payments app, Lydia’s solution scaled, adding more and more financial services features over the years. It was the launch of its Lydia Accounts offering convinced the company that a change was necessary to keep its early adopters – who relied heavily on the P2P service – onboard. The result was to offer the P2P services separately from Lydia’s digital banking proposition through the Lydia Accounts app. The original Lydia app will become Sumeria, with the new features mentioned above – such as stock trading, savings accounts and loans – to be ported to the new banking brand.
Headquartered in Paris, Lydia has raised more than $259 million in funding. The company’s investors include Accel and Echo Street Capital. In addition to the launch of Sumeria, Lydia is also seeking a credit institution license from the French Prudential Supervision and Resolution Authority.
Paris, France-based private wealth management startup RockFiraised €3 million in funding this week. The round was led by Varsity I and featured the participation of numerous business angels in technology and private management. The company plans to use the capital to grow its workforce by 3x by the end of 2024 so as to provide private banking and wealth management expertise to clients throughout France.
“Since the beginning of the year, we have seen strong client traction eager for a new model to manage their wealth,” RockFi Co-Founder and CEO Pierre Marin said. “With a market of €4.8 trillionin assets ahead of us and no tech leader yet in France and Europe, our ambition is very high for the coming years.”
RockFi’s model combines human expertise and technology to offer services including banking, wealth management, life insurance, and pension savings. The firm has a targetable clientele with assets of more than €100,000, representing six million households in France.
“Three months after our official launch this is an important step that anchors a strong momentum and allows us to further accelerate the construction of the new private management,” the company wrote on its LinkedIn page this week. “The ambition remains: to surround ourselves with the best talent and partners in each field and to deploy a tech ecosystem to unleash the potential of independent wealth managers at the service of their clients.”
Meet Finovate’s French Alums!
Over the years, Finovate has been proud to showcase a number of fintech innovators based in France. Here’s a look at some of French fintechs that have demoed their technology on the Finovate stage in recent years.
Last week brought a small uptick in fintech funding and drama ensued when Tabapay renounced its agreement to purchase Synapse’s assets. Stay tuned to this week’s news for updates as this situation– and others– evolve throughout the week.
TangolaunchesGlobal Choice Link, to offer its business customers an easy platform to send rewards, incentives, and payouts to recipients across the globe.
REPAYbecomes a Certified Integration Partner with Corelation’s KeyStone platform.
In the U.S., the tax deadline kicks off the week, but don’t let that get you down! Sit back, relax, and catch up on some of the latest fintech news headlines. Check back for real-time updates on how the fintech landscape evolves this week.
Danske Bank has signed a deal with engagement banking solutions provider Backbase.
Danske Bank will tap Backbase’s Engagement Banking Platform to help tailor its digital experience to suit its users’ needs and preferences.
Among Backbase’s most recent partnerships are FrankieOne and SavvyMoney.
Engagement banking solutions provider Backbase inked a deal with Denmark-based Danske Bank this week.
“This engagement is a testament to our customer focus and our commitment to ensuring the best digital banking experience for the future,” said Danske Bank Chief Operating Officer Frans Woelders. “A new platform that works across the web, mobile apps, and our adviser tools is one of the ambitions in Danske Bank’s Forward ’28 strategy, and the agreement with Backbase is the next step towards achieving that ambition.”
Under today’s deal, Danske Bank will leverage to Backbase’s Engagement Banking Platform, allowing the bank to enhance the customer experience by tailoring the digital experience to suit the user’s needs and preferences.
Specifically, Backbase cites four aspects of digital banking that its Engagement Banking Platform can enhance, including:
A mobile-first model that guides customers between automated and expert advice.
A modernized and simplified IT landscape that reduces the number of siloed applications.
Aunified platform that consolidates data, business logic, and workflows into a single platform for customers and bank employees.
More agility, thanks to enhanced flexibility that allows for swift implementation of business capabilities.
Expounding on the last point, Danske Bank Head of Personal Customers and Financial Crime Risk and Prevention Christian Bornfeld said, “This platform will allow us to take our interaction with customers through our digital solutions to the next level and to introduce enhancements at greater speed than ever before. It will thus enable us to provide market-leading convenience and personalization for our customers with great insights, increased proactivity, and easy access to assistance and advice.”
Backbase, which is on a self-described mission “to re-architect banking around the customer,” was an early entrant to the fintech space. Founded in 2003, the Amsterdam-based company offers a range of digital banking solutions, including onboarding, lending, investing, and customer support. Among Backbase’s existing partnerships are FrankieOne, which signed with the fintech last September, and SavvyMoney, which initiated its partnership last August.
