Finovate Global

Finovate Global Australia: Opportunities in Private Equity Investing, Regtech Raises Capital, and More

Finovate Global Australia: Opportunities in Private Equity Investing, Regtech Raises Capital, and More
By David Penn Posted on
Categories: Finovate Global, Fiserv, Sumsub, TransUnion

This week’s edition of Finovate Global looks at recent fintech news and headlines from Australia.

Digital private equity manager Moonfare goes live in Australia

Eligible investors in Australia stand to benefit from the arrival of digital private equity investing platform Moonfare. The Berlin-based company announced that it is bringing its wealth management technology to what is now its 23rd country. Moonfare Asia Pacific head Adam Banks, who joined Moonfare in October, noted that the firm’s APAC investor relations team is already “in active discussions with potential clients” in Australia.

Founded in 2016, Moonfare enables eligible investors to access a selection of curated funds from managers such as KKR, EQT, and the Carlyle Group. The company’s proprietary portfolio investments provide diversification and low minimums across a range of strategies, including buyout, growth equity, venture, and infrastructure. Investors on the platform can also participate in secondaries, private credit, and co-investments.

“There is clearly a growing appetite for private equity investing in Australia,” Moonfare Founder and Co-CEO Steffen Pauls said. “But so far access has been limited, especially for people wanting exposure to non-domestic managers and strategies. Moonfare’s digital private equity platform plans to fill that gap by providing seamless access to globally leading top-quartile managers.”

Moonfare boasts more than €3.3 billion ($3.4 billion) in assets under management and access to more than 110 funds. The company began the year with the appointment of Heike Hövekamp as Chief Legal & Compliance Officer. Hövekamp joins Moonfare from Société Générale, where she was Head of Compliance.

Australian regtech Nuj raises $4 million in seed funding

Is there any debate that 2025 is shaping up to be the year of regtech? The fact that regtech increasingly seems to provide fertile ground for new fintech startups may be yet another indication of the growing importance of this subsector.

Australia’s Nuj is another fintech startup that is taking advantage of interest in regtech. The company announced that it has raised $4 million in equity and debt financing to develop its superannuation data platform. A superannuation is Australia’s pension program, created to benefit of employees. They are similar in many respects to an individual retirement account (IRA) or a 401(k) in the US.

Mimecast Co-Founder Peter Bauer led a $2 million seed round as part of an overall $4 million equity and debt package. He praised Nuj’s “powerful data platform that addresses an expensive challenge across the super industry — one of staying ahead in compliance with regulations.” Founded in 2020 by Matthew McKenzie, Nuj is a data platform and insights engine that sits between superannuation funds and the regulator. The technology provides real-time insights to superannuation trustees and executives, enabling them to better manage their risk programs. The company’s platform is used by institutions such as MUFG, AMP, and Equity Trustees.

The investment in Nuj comes as regulatory reporting requirements and calls for increased transparency for superannuation funds are growing. McKenzie noted that funding will help “fuel (the platform’s) capabilities for faster data processing and sharper insights, empowering funds to make informed decisions, and driving better financial outcomes.”

Headquartered in Sydney, Nuj was founded in 2020.

Ozone API and ProductCloud team up to help Australian firms meet open banking regulations

A new partnership between Ozone API and ProductCloud will help companies in Australia comply with Open Banking API regulations, specifically Consumer Data Right legislation. The partnership will provide Australian companies with a technology platform that enables them to quickly and securely deliver open APIs aligned to the most recent version of the Australian Consumer Data Standard.

“Our platform is already helping banks and financial institutions around the world to deliver standards compliant with open banking APIs, including in line with the CDR standard,” Ozone API Co-founder and CEO Huw Davies said. “We’re really excited to combine our global expertise in open finance with ProductCloud’s innovative product management platform. Together, our solutions remove the complexity of achieving and maintaining CDR compliance, allowing organizations to focus on their core business.”

Founded in 2017 and headquartered in London, Ozone API is a leading standards-based platform designed to take the complexity out of open banking and help companies meet regulatory and commercial requirements for open APIs. In addition to its partnership with ProductCloud, Ozone API also recently announced its collaboration with FinovateEurope 2024 alum ShareID to, in the words of ShareID CEO and Co-founder Sara Sebti, “enhance the Open Banking ecosystem” and, as Ozone API GM for Europe James Bushby put it, “strengthen trust in open finance.”

Melbourne-based ProductCloud offers a cloud-based, SaaS solution that streamlines product information management for financial institutions. Serving banks, neobanks, mutuals, and non-bank lenders, ProductCloud provides a single tool for both Open Banking Product Reference Data and Design and Distribution Obligation compliance. The company was founded in 2020.

“Since launching ProductCloud back when CDR kicked off, we had our sights on being the go-to Product Information Management and CDR Compliance platform for financial institution product managers,” ProductCloud Co-founder and CEO Mark Evans said. “Partnering with Ozone API is an exciting development because they have also been a pioneer in Open Finance. Collaborating with our respective SaaS platforms and out-of-the-box APIs will provide a unique offering for rapid and cost-effective open banking compliance.”

Here is our look at fintech innovation around the world.

Central and Eastern Europe

  • Romanian crowdfunding service provider, Venevo, partnered with regtech solutions hub iDenfy.
  • Lithuanian fintech ArcaPay agreed to be acquired by UK-based financial services provider Ebury.
  • Russia’s Sberbank announced plans to team up with Chinese researchers on joint AI projects.

Middle East and Northern Africa

  • In partnership with the AfricaNenda Foundation, the Bank of South Sudan launched its National Instant Payment System (NIPS).
  • Egyptian fintech Khazna secured $16 million in pre-Series B funding as it applies for a digital banking license in the country.
  • International money movement firm TerraPay partnered with airport retailer Dubai Duty Free.

Central and Southern Asia

  • India-based payments and API banking firm, Cashfree Payments, raised $53 million in funding at a valuation of $700 million.
  • Egyptian fintech Halan Microfinance Bank expanded into Pakistan with a pledge to invest $10 million in 2025.
  • Indian fintech Cred became the first fintech platform to provide access to India’s central bank digital currency project.

Latin America and the Caribbean

  • Payment orchestration provider Yuno to launch Mastercard Payment Passkey Service across Latin America.
  • Kuady teamed up with BridgerPay to enhance payment solutions throughout Latin America.
  • Latin American ecommerce company MercadoLibre now offers transactions using its payment processors in Argentina via Brazil’s instant payment system, Pix.

Asia-Pacific

Sub-Saharan Africa

  • Access Bank Nigeria integrated with currency technology provider Integral to enhance its FX pricing and distribution abilities.
  • Africa-based bank, FirstRand Group, chose Fiserv to facilitate its digital transformation.
  • B2B cross-border trade payment platform Xtransfer teamed up with pan African bank Ecobank.

Photo by Kellie Jane

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Finovate Global: Talking Fintech Regulation in the European Union with EverC’s Maya Shabi

Finovate Global: Talking Fintech Regulation in the European Union with EverC’s Maya Shabi
By David Penn Posted on
Categories: Finovate Global, Interview

The regulatory landscape for fintechs and financial services companies operating in the European Union is expected to undergo significant changes this year, with new standards, guidelines, and rules governing payments, data privacy, digital assets, and more.

In this week’s edition of Finovate Global, we caught up with Maya Shabi, Senior Risk Strategist with EverC, a firm that provides tech-driven risk management solutions for ecommerce companies. In our extended conversation, Shabi discusses the policy and regulatory changes that are expected in the EU in 2025, what these changes are designed to achieve, and how they will impact fintechs, financial services companies, and their customers.

Founded in 2015, EverC offers a fully-automated, AI-driven, cross-channel risk management platform that helps drive growth for innovators in the online seller ecosystem. With domain expertise in risk intelligence, data science, and payments, EverC scans 30 million items a day — more than 10 billion products since inception — helping businesses detect and remove high-risk merchants, products, and services so they can safely grow and expand into new verticals and new markets.

In your opinion, did the regulatory environment of 2024 help or hinder innovation in fintech and financial services in the EU?

Maya Shabi: The EU’s regulatory push has been a double-edged sword for innovation in fintech and financial services. On the one hand, clear and consistent rules across member states have lowered barriers to entry, making it easier for fintech companies to collaborate, innovate, and scale across the EU. On the other hand, tighter regulations come with higher compliance costs and can limit the flexibility that’s often critical for driving rapid innovation. Given how quickly crime risks evolve in the financial sector, especially with the advent of AI, I see the overall impact of EU regulations as balanced — supporting innovation in some areas while slowing it down in others.

One early issue will be compliance with the Instant Payments Regulation (IPR). What is this policy about? What are the implementation challenges and what are the opportunities for those that get it right?

Shabi: The Instant Payment Regulation (IPR) is designed to make instant euro payments secure and accessible across the EU. Its goal is to modernize the region’s payments landscape by improving the speed and efficiency of transactions within the Single Euro Payments Area (SEPA). SEPA is a broad payment integration initiative that allows consumers and businesses to make cross-border euro payments under the same conditions as domestic transactions, simplifying and unifying payments across EU member states and a few neighboring countries.

With the IPR in place, PSPs must offer instant payment services that process transactions within 10 seconds and are available 24/7 for all euro payments. For European consumers, this means faster, more reliable payments without delays —even during weekends or holidays. It enhances convenience, supports smoother online shopping experiences, and improves cash flow for businesses by eliminating waiting times for fund transfers.

Implementing the IPR presents several challenges for PSPs and other financial institutions. Many FIs need to significantly upgrade their payment processing systems to handle real-time transactions, which also need to uphold fraud detection and AML/CTF rules in real time. The cost of upgrading systems alone is huge, not to mention the added technical challenge of ensuring interoperability between different PSPs and banks across borders. I think it’s pretty safe to assume that not all FIs have the same level of digital maturity, leaving many to play catch-up.

That said, there are several opportunities for those who comply with the IPR sooner rather than later. Early adopters of IPR-compliant systems can position themselves as leaders in innovation and customer service. Offering seamless, instant payments can attract more customers and build trust. Additionally, faster cross-border payments lower barriers for businesses to expand across the EU.

Another policy that will kick in early in 2025 is DORA, the EU’s Digital Operational Resilience Act. What does this policy call for and why is it important?

Shabi: The Digital Operational Resilience Act (DORA) is a pivotal regulation aimed at strengthening the financial sector’s ability to withstand digital disruptions and cyber threats. It sets clear IT security standards, focusing on managing information and communication technology (ICT) risks, improving incident reporting, and overseeing third-party ICT service providers. Financial institutions will be required to assess “concentration risk” when outsourcing critical or significant operations to external vendors.

For some added context, the EU’s General Data Protection Regulation (GDPR) emphasizes protecting personally identifiable information (PIII) through consent and data security, whereas DORA shifts the focus to the digital supply chains of financial institutions. This introduces a new and potentially more challenging regulatory environment that pushes firms to strengthen their defenses against IT disruptions. It is designed to prevent major outages, like the devastating CrowdStrike software update last summer, from crippling banking, payment, and investment services. Under DORA, similar service interruptions will be met with stricter oversight and accountability, driving firms to prioritize digital resilience. Otherwise, non-compliance could lead to fines of up to 2% of a firm’s annual global revenue, and individual managers could face personal penalties of up to €1 million for breaches.

In terms of new open banking regulations, what are your expectations?

Shabi: Open banking regulations opened the door for greater innovation and competition, but they also brought meaningful friction as FIs worked to keep up with rising fraud risks. Under the EU’s Second Payment Services Directive (PSD2), banks are required to share customer data with third-party providers through APIs — a move that, while promoting transparency and choice, also widens the attack surface for cybercriminals. It increases the risk of data breaches, identity theft, and payment fraud.

To counter these threats, PSD2 and its upcoming successor, the Third Payment Services Directive (PSD3), mandate stronger security measures like enhanced customer authentication and tighter oversight of third-party access. While these safeguards are critical, they can slow down user experiences and complicate partnerships. Still, this added friction is necessary to strike a balance between the advantages of open banking and the growing need to protect consumers and the broader financial system. Given that the PSD3 is expected to take hold in late 2025 or early 2026, FIs must prepare to ensure they remain compliant.

The EU AI Act passed in 2024. What kind of impact will this regulation have in 2025 and what should companies in financial services be doing now?

Shabi: Governments worldwide are racing to regulate the perceived risks of artificial intelligence. The US issued an AI Executive Order, the UK released a non-binding Declaration of Principles, and China introduced what appears to be a business-friendly AI framework. The EU’s AI Act marks the most significant step yet toward bringing structure to an industry that has largely operated like the Wild West, at least for now.

What makes the EU AI Act stand out is its risk-based approach. Instead of applying blanket regulations to all AI technologies, it scales oversight based on the potential for societal harm — the greater the risk, the stricter the rules. This method strikes a crucial balance between fostering innovation and protecting fundamental rights. In the payments industry, we’re no strangers to how effective a risk-based framework can be when navigating the fine line between managing risk and driving innovation.

Notably, over 100 companies – from global corporations to smaller financial institutions – have already pledged to comply with the AI Act ahead of its full enforcement. This early buy-in signals broad industry support or, at the very least, an interest in collaboration. Even critics who argue the law is either too sweeping or too narrow recognize that engaging with regulators and key stakeholders is often the smarter path. By collaborating early, companies can help shape the conversation surrounding AI instead of being sidelined and forced to comply without having a voice.

Other areas that are likely to receive regulatory scrutiny in 2025 in the EU are crypto and Buy Now Pay Later (BNPL). What developments are most likely for businesses in these spaces?

Shabi: Complying with the MiCA framework is the first thing that comes to mind when cryptocurrency and the EU are mentioned in the same sentence. MiCA is the EU’s first comprehensive legal framework for crypto assets that introduces clear and consistent rules across member states. Although it’s been in development for several years, key compliance deadlines took effect in 2024 and will continue through 2025. We’re already seeing major crypto firms like Coinbase adjusting their operations to meet MiCA’s requirements, while others are reassessing their market strategies — some even shifting focus to countries with more relaxed crypto regulations. For any crypto business operating in the EU, heavy compliance standards are becoming the norm, much like other industries that come with significant AML/CTF risks.

BNPL, however, presents a different regulatory challenge. In many ways, BNPL is just a modern spin on subprime lending — a long-standing issue in financial services when it comes to consumer protection. The explosive growth of BNPL services has raised concerns about rising consumer debt, as the lack of transparency about fees, terms, and penalties leaves consumers exposed to hidden costs. Additionally, weak credit checks and poor due diligence practices heighten the risk of users falling into financial overextension. These issues harm individual financial stability and pose systemic risks, especially since BNPL providers often operate across borders with inconsistent oversight.

To address these concerns, regulators across the globe are scrambling to regulate BNPL providers similarly to traditional credit frameworks. EU regulators updated the Consumer Credit Directive to strengthen consumer protections in the credit market, explicitly covering BNPL services. For businesses operating in this space, this means significant regulatory changes are on the horizon. EU member states must implement the directive into national law by November 20, 2025, with full enforcement beginning on November 20, 2026.

By this time next year, what areas of fintech/financial services do you think will have benefitted the most from greater regulatory clarity? Where do you anticipate that more work will be needed?

Shabi: By this time next year, crypto-assets, payments, and RegTech will likely be the biggest winners from greater regulatory clarity in the EU. The full rollout of the MiCA will finally bring consistency across member states, giving crypto firms the green light to develop secure, consumer-friendly products without second-guessing compliance. Likewise, updates to the Payment Services Directives are set to streamline open banking, tightening data security while making it easier for fintechs to access and use consumer data — fueling innovation in payments.

Simultaneously, the growing complexity of EU compliance is driving up demand for RegTech solutions. Fintech companies offering tools to automate compliance, manage risk, and strengthen cybersecurity will be well-positioned for growth as firms scramble to meet evolving requirements under regulations like DORA as well as AML/CTF directives. Ideally, this regulatory progress will create a more stable, trustworthy environment that supports responsible innovation across the financial sector.

However, several areas still need more attention. The EU AI Act doesn’t fully address how AI is used in financial services — especially in critical areas like credit scoring and fraud detection — leaving gaps around transparency, data use, and risk management. Cross-border payments and digital identity systems also remain fragmented, making it harder to streamline transactions and verify users across the EU.

Emerging asset classes like NFTs and tokenized assets are another blind spot, lacking comprehensive oversight and leaving both consumers and markets exposed to risk. Smaller fintechs, too, may struggle to keep up with strict cybersecurity and operational resilience requirements under DORA, highlighting the need for more scalable compliance pathways.  Closing these gaps will be key to ensuring the EU can balance innovation with long-term financial stability and consumer protection.

How will this evolving regulatory landscape impact your customers and the work EverC does for them?

Shabi: As platforms and payments continue to evolve, bringing more of our finances (and our lives) online, fraudsters will continue to exploit these opportunities, and regulators will continue to create structures to protect consumers. The evolving regulatory landscape is a challenge that marketplaces and payment providers must meet to continue doing business successfully.

The cost of noncompliance — in terms of enforcement actions and fines, lawsuits, decreased revenue, and loss of reputation and consumer trust — will always outweigh the cost of creating and maintaining a solid risk and compliance strategy. With technology, we can fight fraud and make ecommerce and digital finance safer while allowing our customers to benefit from operational efficiencies and more effective resource allocation.

EverC enables payment providers, ecommerce players, and financial institutions to meet these challenges with customer-centric innovation. That innovation is accelerated with the power of GenAI for scalable, tech-forward solutions. Our experts stay current with regulatory trends so we can anticipate and meet our customers’ needs as they navigate this rapidly evolving landscape.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

Central and Eastern Europe

  • German fintech 21X partnered with AllUnity, a joint venture between DWS, Flow Traders, and Galaxy Digital.
  • Lithuania-based Urbo Bank (formerly Medicinos Bankas) announced a collaboration with certified payment technology company DECTA to go live with Visa card issuing services.
  • German climate fintech Bees & Bears raised $525 million (€500 million) to fund renewable energy installations in Germany.

Middle East and Northern Africa

  • Dubai-based cybersecurity firm CyberHive inked a Memorandum of Understanding (MoU) with business planning and operations smart solutions provider Meerana.
  • Israel-based conversational AI innovator and Finovate Best of Show winner eSelf.ai raised $4.5 in seed funding.
  • Egyptian financial services company Paymob secured a Retail Payment Services (RPS) license from the Central Bank of the UAE.

Central and Southern Asia

Latin America and the Caribbean

  • Brazilian fintech Nubank partnered with Mexican convenience store chain Oxxo to expand its cash deposit and withdrawal network.
  • El Salvador bought twelve Bitcoin this week despite an agreement with the International Monetary Fund (IMF) to reduce its activity in the cryptocurrency market.
  • Revolut applied for a banking license in Colombia.

Asia-Pacific

  • Philippines-based Netbank partnered with Discovery Credit Solutions Corporation (DCSC) to launch a new solution to optimize loan management.
  • South Korea’s Personal Information Protection Commission (PIPC) fined KakaoPay and ApplePay $5.8 million for violations of the country’s Personal Information Protection Act.
  • Revolut launched its robo-advisor service in Singapore.

Photo by Marco

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Finovate Global Mexico: Payments Partnerships and International Acquisitions

Finovate Global Mexico: Payments Partnerships and International Acquisitions
By David Penn Posted on
Categories: Backbase, Finovate Global, MasterCard, TransUnion

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.
  • Japanese international payment provider JCB forged a strategic collaboration with DOKO to boost JCB card acceptance in the U.K.
  • Backbase announced that its client, Vietnam-based An Binh Commercial Joint Stock Bank (ABBANK) has launched ABBANK Business, a new digital banking platform.

Sub-Saharan Africa

Central and Eastern Europe

  • Czech cybersecurity firm for financial institutions Wultra raised €3 million in funding.
  • Ebury announced its acquisition of Lithuanian B2B cross-border payments solutions provider ArcaPay.
  • Lithuania required financial institutions in the country to block payment card transactions from unregulated operators.

Middle East and Northern Africa

  • Egyptian fintech Raseedi acquired microfinance lender Kashat.
  • 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.

Latin America and the Caribbean

  • Cross-border payment solutions provider Bamboo partnered with Argentina-based e-commerce platform Tiendamia.
  • J.P. Morgan Payments and Belvo teamed up to enhance recurring payments in Mexico.
  • Crypto banking solutions company Coins.xyz launched in Brazil.

Photo by Jezael Melgoza on Unsplash

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Finovate Global Ireland: Innovations in Payments, Regtech, and Debt Consolidation

Finovate Global Ireland: Innovations in Payments, Regtech, and Debt Consolidation
By David Penn Posted on
Categories: Experian, Finovate Global, GIEOM Business Solutions, VISA

This week’s edition of Finovate Global looks at recent fintech headlines from Ireland.

NomuPay secures $37 million at a valuation of $200 million

Dublin, Ireland-based fintech NomuPay announced an investment of $37 million this week. The funding round, which began in September, gives the company a valuation of $200 million. The company will leverage the new capital to help accelerate the expansion of unified payment access in Asia.

“Over the past two years, we’ve grown our revenue by 100% annually and are on track to become profitable this year with an Annual Recurring Revenue (ARR) of $20 million,” NomuPay’s Faye Duncan wrote on the NomuPay website. “Our valuation has reached $200 million, and with this latest funding round, our total funding now stands at $90 million. We’re proud to support over 1,600 merchants — including Ikea — and look forward to expanding into markets like Indonesia, Japan, and Vietnam, while continuing our M&A efforts.”

Founded in 2021, NomuPay offers state-of-the-art, unified payment solutions to help businesses scale in high-growth regions in Europe, Asia, and the Middle East. The company’s uP Platform offers high-penetration alternative payment methods; real-time payout disbursements; and compliant, end-to-end marketplace funds management.

This week’s investment will help NomuPay assist international acquirers, merchants, Payment Service Providers (PSPs) and Independent Sales Organizations (ISOs) as they seek to expand in markets such as those in Asia, where differences between local regulations and a broad variety of payment methods add to both cost and complexity.

To this point, NomuPay CEO Peter Burridge noted that many organizations are stymied by the offerings of the dominant international gateway acquirers that, in some instances, provide limited access or fewer payment options. Burridge called for a more “sophisticated and less prescriptive approach.”

Experian acquires debt consolidation technology from Paylink

To help millions of consumers better manage their debts, international data and technology company Experian announced this week that it will acquire ReFi, the debt consolidation innovation from Paylink Solutions. ReFi, which specifically helps manage the “double counting” challenge in lending, will become a part of the Experian Consumer Services Marketplace.

“Our research shows that millions of consumers are stuck in a revolving debt trap, due to the systemic issue of ‘double counting’ when consumers apply for debt consolidation products,” Experian Consumer Services Managing Director Edu Castro explained. “ReFi’s innovative solutions will play a crucial role in addressing the debt challenges faced by many consumers, unlocking access to debt consolidation products that could help them save money on their debt and even pay it off sooner.”

Double counting can occur when an individual applies for a debt consolidation loan and a lender counts both the individual’s original debts and their new consolidation loan as part of the affordability assessment. Lenders “double count” because there is no guarantee that the funds from the new consolidation loan will be deployed to retire existing debt. This means that otherwise creditworthy individuals can be denied consolidation loans to help them more affordably pay off their debts.

ReFi provides this assurance for lenders, working with both parties to settle debts directly with existing creditors. This enables applicants for consolidation loans to be assessed solely on the basis of the consolidation loan amount. And as debt is paid off, old accounts are closed, providing convenience for customers and further bolstering confidence for lenders.

“The team who built ReFi feel tremendously privileged to already have helped thousands of people reduce their monthly outgoings and cut the amount of interest they have to pay overall,” Paylink CEO Jake Ranson said. “Becoming part of Experian will enable us to further innovate, accelerate, and grow the impact ReFi will have on delivering better outcomes for lender and borrower alike.”

Founded in 2017 and headquartered in Grantham, Lincolnshire, U.K., Paylink Solutions launched its ReFi solution in the fall of 2023. Piloted by financial wellness company Salary Finance, ReFi has saved Salary Finance customers more than £10 million in interest payments.

With its corporate headquarters in Dublin, Ireland, Experian helps businesses around the world enhance lending practices, fight fraud, and better engage their customers. A Finovate alum since 2011, Experian is a FTSE 100 Index company, publicly traded on the London Stock Exchange under the ticker EXPN.

Data privacy firm Dataships raises $7 million in Series A funding

Data privacy software company Dataships secured $7 million in Series A funding. The round was led by Osage Venture Partners, and featured participation from Lavrock Ventures and the Urban Innovation Fund. In a statement, the company said that the funding will help “accelerate our mission to help merchants dramatically grow their marketing lists while maintaining ironclad data privacy compliance.”

Founded in 2019 and headquartered in Dublin, Dataships began as a compliance technology company and has since transitioned to compliance management. The company notes that it has helped its merchant customers realize a 10x increase in SMS opt-in rates, a 3x to 4x boost in email marketing contacts, and $112 million in additional revenue generated via 1.1 million repeat purchases. Dataships recently announced a pair of new innovations to its platform: SMS Easy Opt-in, which replaces “Reply Y” with in-checkout verification, and A/B Testing Engine that provides transparent measurement of baseline versus opt-in rates.

“We’re building Dataships to be the essential growth platform for modern e-commerce brands,” the company’s Matt Gottron noted in a blog post. “One that transforms compliance from a burden into a competitive advantage, helping merchants build larger, more engaged marketing lists that drive sustainable revenue growth.”

Here is our look at fintech innovation around the world.

Latin America and the Caribbean

  • Latin American payments service processor Kuady introduced its new physical prepaid Mastercard for users in Peru after launching a virtual version in September.
  • Onchain finance solutions provider Tokeny has teamed up with El Salvador-based Digital Asset Service Provider Ditobanx.
  • Latin American cross-border payments platform dLocal secured an authorized payment institution license from the U.K.’s FCA.

Asia-Pacific

Sub-Saharan Africa

  • TechCrunch profiled “Africa’s newest fintech unicorns.”
  • Visa launched its 2025 Accelerator Program for African fintechs.
  • BusinessDay Nigeria examined the impact of cybercrime on Africa’s fintech and digital banking industries.

Central and Eastern Europe

  • Germany-based fintech unicorn N26 announced its first profitable quarter to close out 2024.
  • Lithuania and Romania earned praise for their growth potential in sustainable banking in a recent report from the International Sustainable Finance Centre (ISFC).
  • Financial Times featured German fintech Trade Republic as the firm announces it has no intention to go public at this time.

Middle East and Northern Africa

Central and Southern Asia

  • India-based operational resilience solutions provider Gieom teamed up with hybrid observability platform LogicMonitor.
  • Mumbai, India’s BRISKPE introduced its unified, cross-border payments platform form micro, small, and medium-sized enterprises (MSMEs).
  • Mastercard and Crypto Credential launched in Kazakhstan and the UAE.

Photo by Lukas Kloeppel

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Finovate Global: An Introduction to Islamic Finance with Musaffa’s Dilshod Jumaniyazov

Finovate Global: An Introduction to Islamic Finance with Musaffa’s Dilshod Jumaniyazov
By David Penn Posted on
Categories: CEO Interview, Finovate Global, Salt Edge

Last year, we published an edition of Finovate Global that featured new developments in Islamic finance. This week’s column will explore further the world of Islamic and Shariah-compliant financial services with Dilshod Jumaniyazov, CEO and co-founder of Musaffa.

Launched in 2020 and headquartered in New York, Musaffa offers a comprehensive platform for ethical investing, Halal stock trading, and financial education. More than 487,000 Muslim investors in 195 countries use Musaffa’s platform, which provides access to stocks in countries ranging from the U.S., U.K., and Australia to Malaysia, the UAE, and Turkey.

Musaffa recently launched its Purification Calculator, which enables Muslim investors to confidently identify and invest in Shariah-compliant businesses. And at a time when more investors are looking for investments that align with their values, Musaffa’s advanced screening tools, financial education, and other solutions can be useful to ESG-oriented investors as well as faith-based ones.

In our extended conversation, Jumaniyazov helps us understand the size and scope of Islamic and Shariah-compliant finance, the unique needs of the customers in this growing market, and how enabling technologies are bringing innovation to Islamic financial services in areas such as banking to wealth management.

How big is the market for Shariah-compliant financial solutions? How has this market grown in the West in particular? Are there countries in the West where the demand for Shariah-compliant financial solutions is especially strong?

Dilshod Jumaniyazov: The market for Shariah-compliant financial solutions is not just big—it’s growing fast. In 2022, the global Islamic finance industry expanded by 11%, reaching $4.5 trillion in assets, and it is expected to grow to $6.7 trillion by 2027, according to the ICD-LSEG Islamic Finance Development Report 2023.

In the West, Islamic finance has gained significant traction, particularly since the 2008 financial crisis, when it emerged as a more stable and ethical alternative. In the U.K., Islamic banks have doubled their assets over the past decade, reflecting a growing demand for Islamic finance. Sukuk issuances have also increased across Europe, with countries like Luxembourg and Germany leading the charge. The broader trend of sustainable and values-based investing has played a crucial role in driving this growth.

Certain Western countries stand out for their strong demand. According to Global Finance Magazine, the U.K. is a clear leader, serving as a global hub with five Islamic banks and more than 20 conventional banks offering Shariah-compliant products. Luxembourg, the first Eurozone country to issue a sovereign sukuk, hosts a wide range of Shariah-compliant funds. Germany has made significant strides by issuing sukuks and licensing its first Islamic bank, highlighting its growing interest in the sector. Meanwhile, France, with Europe’s largest Muslim population, holds enormous untapped potential despite its relatively underdeveloped Islamic finance market.

This combination of ethical investing and increasing demand in key regions has positioned the West as an emerging force in Shariah-compliant finance.

What are we talking about when we talk about Shariah-compliant finance? How is it different from financing in the West?

Jumaniyazov: Shariah-compliant finance is rooted in Islamic principles that emphasize fairness, transparency, and social responsibility. It prohibits earning or charging interest (riba), excessive speculation (gharar), and investments in harmful industries such as gambling, alcohol, and weapons. Instead, it focuses on ethical investing, risk-sharing, and linking all financial transactions to real economic activities. For example, rather than relying on traditional interest-based loans, Shariah-compliant finance uses models like mudarabah (profit-sharing) and musharakah (joint ventures), where risks and rewards are shared among all parties. This approach ensures that financial activities create tangible value and benefit society.

What sets Shariah-compliant finance apart from Western finance is its deeply embedded ethical framework. While Western finance often revolves around interest-bearing loans and speculative investments, Shariah-compliant finance requires every transaction to align with moral principles and economic justice. It’s not just about profit — it’s about creating shared prosperity and avoiding harm. This focus on equity, accountability, and real-world impact makes Shariah-compliant finance a compelling alternative, especially for those seeking a more values-driven approach to managing wealth.

How has digital transformation impacted the market for Shariah-compliant finance. Has technology made it easier to innovate and create new solutions for the community?

Jumaniyazov: Digital transformation has completely reshaped the landscape of Shariah-compliant finance, making it more accessible and innovative than ever before. With the rise of digital banking and mobile payment platforms tailored to the needs of Muslim consumers, financial services are now reaching communities that were previously underserved. This has opened up opportunities for growth and inclusion on a global scale.

Technology has also sparked exciting developments like digital sukuks and blockchain-based smart contracts, which align perfectly with Islamic principles. These innovations have not only made processes more efficient, but have also introduced entirely new ways to approach halal and ethical finance. By breaking down barriers and reducing costs, digital transformation has turned Shariah-compliant finance into a dynamic, forward-thinking sector that’s more relevant than ever in today’s world.

Is there a role for AI in Shariah-compliant finance?

Jumaniyazov: AI is revolutionizing Islamic finance by making it more efficient, innovative, and accessible while staying true to its ethical principles. One of its most significant contributions is in screening stocks and ETFs for Shariah compliance. AI can analyze large datasets to assess whether investments meet Islamic criteria, streamlining a process that would otherwise be time-intensive and complex. This ensures that investors can confidently align their portfolios with their faith.

AI is also transforming Islamic financial products, such as sukuk. By enabling smart contracts, it has improved the transparency, efficiency, and trustworthiness of sukuk issuances. With applications like blockchain integration and advanced analytics, AI is not just addressing operational challenges but also opening doors for innovation, making Islamic finance more dynamic and globally relevant while adhering to Shariah principles.

You are CEO of Musaffa, a company that has developed Shariah-compliant solutions. Can you tell us a little about Musaffa and how you came to co-found the company?

Jumaniyazov: Of course. The journey to founding Musaffa began with a deeply personal challenge. Over my 16 years of investing, I often faced a dilemma — questioning whether my investments aligned with my faith and values as a Muslim. Every time I ventured into the stock market, I carried the weight of uncertainty, wondering if I was compromising my principles. As I shared my experiences with friends and colleagues, I realized this was not just my struggle — it was a challenge faced by millions of Muslims worldwide in a financial landscape that offered little guidance or transparency for faith-aligned investing.

This realization sparked a vision over a decade ago: to create a platform that would empower Muslims globally to invest ethically and confidently while staying true to their faith. However, I quickly recognized that making this vision a reality required more than just ambition. It demanded deeper knowledge, broader experience, and substantial capital.

Determined to bridge these gaps, I pursued an MBA at the University of Illinois at Urbana-Champaign and earned my CFA designation to strengthen my expertise in finance. I gained invaluable experience working with the technology team at Wells Fargo Securities, where I contributed to launching several trading platforms. Alongside this, I saved diligently, setting aside funds from my paychecks and 401(k) savings over the years. By late 2020, with $250,000 of my own savings, I was ready to bring Musaffa to life.

Musaffa is more than just a platform — it’s a solution to a deeply felt problem. At its core, Musaffa provides access to over 90,000 stocks and 9,000 ETFs globally, all meticulously analyzed for Shariah compliance. The platform enables users to seamlessly buy and sell halal stocks through an integrated network of brokerages. 

Education is another cornerstone of our mission. Through Musaffa Academy, we offer tailored courses in financial literacy and Islamic finance, equipping our users with the knowledge to make informed decisions. These tools are designed not just to help Muslims invest, but also to empower them to understand and take control of their financial journeys.

As a result, Musaffa has grown to serve over 482,000 users across 195 countries. Our users trust us to provide peace of mind and a way to align their investments with their faith. With features like advanced Shariah compliance screening, integrated trading options, and a robust educational platform, Musaffa has become a trusted partner for Muslim investors worldwide.

Looking ahead, we are excited to expand our offerings by launching proprietary Shariah-compliant ETFs and further integrating into global markets. Our goal is to make halal investing even more accessible and to continue simplifying access to the $30 trillion Shariah-compliant market.

What sets Musaffa apart are not just the tools we provide but our unwavering commitment to solving real challenges. We’re not just offering a platform; we’re creating a global financial ecosystem rooted in faith, trust, and ethics.

Today, I am incredibly proud of how far Musaffa has come. It stands as a testament to years of dedication, the belief that financial success should never come at the expense of one’s values, and a vision that’s empowering Muslims around the world to invest with confidence and purpose.

Who are Musaffa’s primary customers and how do you reach them?

Jumaniyazov: Musaffa’s primary customers are individual investors worldwide who seek to invest in alignment with their values, as well as both Islamic and traditional financial institutions. We engage with them through a strategic mix of targeted digital campaigns, partnerships with Islamic organizations, and our robust education platform, Musaffa Academy, which drives the majority of our traffic. Additionally, we leverage the Musaffa Ambassador Program, which empowers passionate individuals to represent our brand and bring more users to the platform. Word-of-mouth referrals also play a pivotal role in building trust and expanding our reach within this values-driven audience. Together, these channels foster a strong and authentic connection with our customers.

You recently launched a Purification Calculator? Can you tell us about this solution: why you launched it, what it does, and how the reception of it has been so far?

Jumaniyazov: The Purification Calculator is an indispensable tool designed to ensure that Muslim investors can maintain Shariah compliance in their investments. Purification is a mandatory condition for any investment to be considered Shariah-compliant, as it involves cleansing portfolios of any unintended non-compliant income. The calculator simplifies this process by determining the exact amount that should be donated to charity, enabling investors to align their earnings with Islamic principles.

We launched this solution to address a critical concern for Muslim investors and to simplify a process that many found complex or uncertain. The feedback has been overwhelmingly positive, as the tool empowers users to invest with confidence, knowing their financial activities align with both their faith and values.

What are some of the most interesting things going on in Islamic finance right now to you personally?

Jumaniyazov: For me, one of the most exciting developments in Islamic finance is the growing focus on halal investment research. With more Muslims wanting to align their financial decisions with their faith, the demand for tools and analyses to identify Shariah-compliant opportunities is stronger than ever. This isn’t just about screening stocks; it’s about providing in-depth research and actionable insights that help investors make confident, informed decisions in a complex market.

Another area I find fascinating is how digital platforms are transforming access to halal investments. From sukuk to Shariah-compliant ETFs and stocks, technology is making it easier for people to find and invest in Shariah-compliant and ethical assets. This combination of research and innovation is bridging a critical gap for Muslim investors, helping them grow their wealth while staying true to their values; it’s an exciting time to see how the industry is evolving to meet both faith-driven and financial needs.

What can we expect to hear from Musaffa in 2025?

Jumaniyazov: In 2025, at Musaffa, we plan to launch a comprehensive Islamic finance education platform, introduce our proprietary Shariah-compliant trading platform, and begin offering exclusive Shariah-compliant ETFs following SEC licensing approval. Our goal is to solidify our position as the premier global platform for halal investments while significantly expanding our user base.

Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

  • Blockchain and cryptocurrency infrastructure company Binance won approval from the Central Bank of Brazil to acquire a locally licensed broker-dealer.
  • Union Bank of India introduced new accessibility features to its Digital Rupee app.
  • Chilean fintech Tanner Servicios Financieros raised $40 million in funding from the International Finance Corporation.

Asia-Pacific

Sub-Saharan Africa

  • South African fintech Sourcefin raised $8.2 million in funding to support SME financing.
  • Financial services provider Mukuru secured a Deposit-Taking Microfinance Institution (DTMFI) license in Zimbabwe.
  • Nigeria-based Bankit MFB launched its new web banking platform.

Central and Eastern Europe

  • Digital asset infrastructure company Taurus expanded its operations in Turkey.
  • Serbian IT company Saga teamed up with Salt Edge to help banks in Serbia take advantage of opportunities in open banking.
  • German fintech Cleversoft announced its intention to acquire Turkish financial messaging and AML compliance solutions provider Fineksus.

Middle East and Northern Africa

  • Qatar-based Doha Bank to go live with Visa Commercial Pay, the first bank in the market to do so.
  • Iraqi fintech company Qi Card launched its app SuperQi, which serves as both a lifestyle super app and a digital bank.
  • Italian software company TeamSystem acquired Israeli fintech Morning for $150 million.

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.

Photo by Aa Dil

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Finovate Global: 10x Banking’s Lewis Ide on High Growth Markets in APAC and Africa

Finovate Global: 10x Banking’s Lewis Ide on High Growth Markets in APAC and Africa
By David Penn Posted on
Categories: 10x Banking, Finovate Global, Interview

As 2025 approaches, where will new opportunities arise for financial institutions, financial services providers, and fintechs looking to expand into new markets?

In this week’s Finovate Global interview, I talk with Lewis Ide, Vice President for 10x Banking, about the opportunities in high-growth markets in APAC and Africa.

Part of the company’s senior leadership team, Ide is responsible for the strategy, growth, and execution of the business objectives at 10x Banking. He has a 13-year career in financial services technology with leadership roles in payments, financial infrastructure, and AML platforms.

10x Banking first introduced itself to Finovate audiences with its debut at FinovateEurope 2023 in London. The company won Best of Show for a demonstration of its 10x SuperCore Cards which enable banks to build a card proposition in minutes with 10x’s Bank Manager interface. Founded in 2016, 10x Banking is headquartered in London, U.K.

There is a lot of interest in high growth markets around the world, especially in the APAC region and in Africa. What is driving growth opportunities in these markets – starting with APAC? 

Lewis Ide: I think it comes down to demographics first of all: APAC in particular has a young, growing, digitally-native population. Economies in this region are growing rapidly and with that come opportunities for growth in the financial services industry. And typically the countries across APAC are very innovation-friendly.  

Regulation also really supports innovation. One example is in Thailand, where the regulator is releasing new digital banking licenses to support the growth of the industry from a digital-first point of view.  

This all feeds into banks being able to benefit from core transformation, moving away from batch transactions to real-time transactions. They are also able to scale in user numbers and transaction volumes as the population grows and becomes even more digital-first. And the thing that makes that growth even more sustainable is the hyper-personalization that modern cores allow for, so banks in APAC can create unique offerings that consumers need.  

What do small businesses in APAC need that they have not been getting from traditional financial services? 

Ide: I think the first thing to say here is that traditionally, SME offerings have been bucketed into either the retail or the corporate bank offerings. Neither of these is really built around what small businesses need, so there is a demand in the market for tailored solutions.  

The next thing is cost: these services are typically costly for SMEs because they aren’t tailored. I think what we’re now starting to see is a shift away from that bucketing towards banks being able to launch services that are specific and personalized to the needs of small businesses. That includes broadening access to credit, making it cheaper, and designing the products that the business needs at the time that they need them.  

And again it’s innovation that is enabling this. The availability of agile, cloud-native infrastructures allows for a much more effective cost-to-income ratio control. And that in turn means that they can pass the cost benefits on to their customers in the form of new products at compelling price points. So the shift here is from high-cost services to tailored, personalized ones. And that’s been made achievable by agile, cloud-native core platforms. 

What has prevented or limited the ability of financial institutions to respond to these pain points? 

Ide: I would say the biggest thing is the legacy technology in place. In the last decade or so, neo cores emerged as a way to address the problems of legacy infrastructures, but they now come with almost a “neo legacy” of their own with limited ability to scale or personalize. Those that are able to be personalized can be very challenging to maintain or upgrade once the code has been written.  

But in the last five to six years we’ve started to see a huge positive shift within the neobanks that has highlighted where the legacy and neo core platforms are now coming under pressure with those changing customer expectations. 

That pressure comes from the way those legacy architectures were constructed. They were monolithic in nature and didn’t necessarily allow for hyper-personalization. They were also batch-based systems, very expensive to run on the mainframe. All of this requires specific and costly resources and makes it difficult for banks to respond to all of these pain points. 

What changes have taken place or are taking place that are giving innovative companies the opportunity to step in with new solutions? 

Ide: The adoption of cloud-native platforms that are microservice and API-based has been transformational in terms of the industry opportunity. This is why we launched the world’s first meta core at 10x Banking — to give customers access to a cloud-native core banking platform that overcomes the compromises of both legacy and neo cores.  

This then allows customers to launch products at speed, gives them the hyper-personalization that they need, as well as doing so at a very low cost and with the ability to scale to hundreds of thousands of transactions per second, overcoming a number of the challenges that the industry has faced with great success. 

What specific roles do you see for AI in helping institutions improve their operations and expand their services? 

Ide: I think from our perspective, before we get to AI, it’s about data. The data structures that we use in this industry are the foundations of AI capability. You need to have access to high-quality, unsiloed data so there is a single source of truth across the business from which AI models can be launched.  

From a core banking perspective, there are many things AI can enable, but three that spring to mind. First, at the customer layer, AI can personalize recommendations, power chatbots and make credit lending more efficient. Next is integration and transformation, enabling banks to connect all their systems together in a more efficient, composable architecture. Banks have a real opportunity to leverage AI to build better migration capability here. Finally – and this is something we are looking to support at 10x – is the ability to use AI to help code and create hyper-personalized products and services.  

What the meta core allows our customers to do, for example, is get their data ready for AI, so they can unlock its full potential. So I always go back to that: making sure the data is clean and the structures are unsiloed so it’s all ready to go when you do start using AI.  

Looking at Africa, particularly sub-Saharan Africa, what is driving growth there? 

Ide: Africa is similar in some ways to APAC, so what I mentioned before in terms of the young demographic holds true here too. It’s a massive region, of course, so it’s hard to generalize. But there are some notable nuances in the way innovation is deployed in Africa. The mobile telecommunications networks like Safaricom and M-Pesa have been at the center of that, offering money transfer services alongside the telecommunications services.  

Much of the growth here is driven by the desire to bring more people into the banked economy. Financial inclusion is big on the agenda. If you can reduce the percentage of unbanked people from, for example, 20% to 10%, that’s a big growth in customer numbers for banking and financial services. That’s a lot more people to provide services to, which again links back to the importance of scalability and personalization.

Some have suggested that Africa is the ideal example of a region unencumbered by complex legacy financial systems. Can you elaborate on how this impacts the environment for innovation and new ideas? 

Ide: I would say that’s not the full story. The mobile telephone networks and operators have driven a lot of innovation as I touched on before, and there is a broad appetite for innovation across Africa in general. But there are challenges around the continued use of mainframe infrastructure, which is slowing banks down. As that has become more obvious, banks have been looking to core modernization, as well as partnerships with the mobile networks. This will enable them to extend their capability and services, which is a benefit for both the banks and the mobile networks.  

Are there any trends in banking and financial services in the APAC or Africa that you think are underappreciated or even unrecognized? Are there opportunities there that 10x Banking is pursuing? 

Ide: The major trend that goes underappreciated at the moment is in corporate banking. We have been working and investing heavily in this area, so I can speak from first-hand experience, with active projects in Vietnam, Thailand, Australia, South Africa, and Kenya to name a few. At the moment, there is a massive shift underway in corporate banking, moving from batch to real-time transactions, modernizing their cores. This will enable them to radically increase transaction processing volumes to better serve the demands of new and existing customers in the market. 

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

  • Israeli fintech startup and chargeback management specialist Justt raised $30 million in Series C funding.
  • Merchants in Paymob’s network in Egypt can now accept Apple Pay.
  • Middle East-based payment solutions provider Magnati partnered with Arabian Automobiles Company (AAC).

Central and Southern Asia

  • India’s Karnataka Bank partnered with hybrid multicloud computing company Nutanix.
  • TBC Uzbekistan launched Osmon Card, its first credit card product.
  • India-based high-yield savings account Curie Money raised $1.2 million in seed funding.

Latin America and the Caribbean

  • El Salvador announced its intention to continue accumulating Bitcoin, but will discontinue its Bitcoin wallet Chivo as part of a financing deal with the IMF.
  • Uruguay-based cross-border payments company Bamboo teamed up with monetization platform Coda to enhance the gaming payment experience in Colombia.
  • Latin American payment platform AstroPay launched its multi-currency wallet.

Asia-Pacific

  • Singapore-based SME digital finance platform Funding Societies announced a $25 million investment from Cool Japan Fund.
  • Indonesia’s Bank Jago teamed up with Google Cloud to enhance the bank’s innovation strategy.
  • Malaysian fintech startup Swipey, which provides financial tools for small businesses, secured an investment from 1337 Ventures.

Sub-Saharan Africa

  • Ethiopia’s parliament passed legislation to enable foreign banks to operate in the country.
  • TechCrunch profiled African stablecoin startup Juicyway.
  • Nigeria’s Bamboo became the first Nigerian fintech to acquire a U.S. broker-dealer license.

Central and Eastern Europe

  • Bulgaria joined the European Central Bank’s TARGET Instant Payment Settlement (TIPS) service.
  • Episode Six partnered with Secupay to provide asylum seekers in Germany with payment cards to access financial assistance from the government.
  • Bank of Georgia turned to Cloudera to better leverage data analytics to enhance the customer experience.

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.

Photo by Rebecca Zaal

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Finovate Global: Innovations and Opportunities in Islamic Finance

Finovate Global: Innovations and Opportunities in Islamic Finance
By David Penn Posted on
Categories: Finovate Global, MasterCard, Tyro

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.
  • Israel-based fintech unicorn Capitolis acquired U.K.-based financial firm Capitalab for $46 million.

Central and Southern Asia

  • 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.
  • Mastercard teamed 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 Tyro launched 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.

Photo by Abdullah Ghatasheh

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

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

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

Thought Machine helps modernize Islamic finance

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

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

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

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

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

Finfra brings embedded lending technology to SMEs

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

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

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

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

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

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

Central and Eastern Europe

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

Middle East and Northern Africa

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

Central and Southern Asia

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

Latin America and the Caribbean

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

Asia-Pacific

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

Photo by Tom Fisk

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Finovate Global Nigeria: A New Unicorn, Mobile Wallets, and the Pursuit of Financial Inclusion

Finovate Global Nigeria: A New Unicorn, Mobile Wallets, and the Pursuit of Financial Inclusion
By David Penn Posted on
Categories: Finovate Global, Mambu, MasterCard, Nubank, Wise

This week’s edition of Finovate Global features news from the fintech industry in Nigeria.

Africa’s newest fintech unicorn raises $110 million

African fintech Moniepoint is the continent’s latest fintech unicorn. The firm, Nigeria’s largest merchant acquirer, announced this week that it has raised $110 million in a funding round led by private equity firm Development Partners International (DPI). The round also featured participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock. The infusion of capital boosts Moniepoint’s valuation above $1 billion, and is providing a positive light at a time when many fintechs in Africa are struggling to secure funding.

The funding takes Moniepoint’s total capital to more than $180 million.

Formerly known as TeamApt, the nine-year-old fintech will use the capital to accelerate the company’s growth across the continent. Moniepoint is building an all-in-one, seamlessly integrated platform for African businesses that features services including digital payments, banking, foreign exchange, credit, and business management tools. Speaking on behalf of DPI, Adefolarin Ogunsanya praised the company for its “combination of innovative technology, fast growth, and positive impact on the continent.”

CEO Tosin Eniolorunda co-founded the company in 2015. In the years since then, Moniepoint has grown into an all-in-one financial ecosystem that serves 10 million businesses and individuals. The company powers most of the point of sale transactions in Nigeria and, via its subsidiaries, processes $17 billion a month for its customers. Headquartered in London, Moniepoint maintains offices in Lagos, Nigeria; and Nairobi, Kenya, as well as in the U.S.

“This milestone validates the work we’ve put in for almost a decade,” the company noted in a post on its LinkedIn page. “And with this raise, we’ll be making financial happiness a reality for every African, everywhere. This is just Day One, and we’re excited for where this takes us.”

CB Insights also named Moniepoint to its 100 most promising startups roster for 2024. The Nigerian fintech is one of seven African startups to make this year’s list.

MTN Nigeria aims for higher quality mobile wallet users

There’s good news and bad news in the latest financial report from African telecommunications company MTN Nigeria. The bad news is that the company reported a significant after-tax loss of $312.7 million (₦514.9 billion), due largely to volatility in the currency market. MTN also noted that though active data users grew by more than 5% to 45.3 million, the company’s mobile money wallet business declined by more than 21%.

The good news? MTN’s fintech division grew revenues by 18%, with much of the gains coming from its mobile money service, MoMo. The decline in active mobile money wallets noted above was attributed in part to a shift in the company’s sales strategy to focus more on “high-quality wallet users” rather than just maximizing the number of users in general. MTN Nigeria also noted that its MoMo service has recently added functionality to support cross-border transactions.

“In the fintech business, we focused on executing our growth strategy, prioritizing increasing wallet quality, focusing on advanced services, and the MoMo PSB app to enhance the user experience and engagement,” MTN Nigeria CEO Karl Toriola explained. “We have introduced cross-border remittances with 13 fellow African countries to boost adoption and monetization. Taking advantage of their interoperability, we are now leveraging the existing network of agents and merchants … in the industry to bring our services closer to our customers.”

PalmPay wins recognition for financial inclusion

Lagos, Nigeria-based fintech platform PalmPay was recognized as the “Most Outstanding Fintech Driving Financial Inclusion” at the 2024 BrandCom Awards held late last month. Sponsored by Brand Communicator, the award acknowledges the fintech’s work in bridging financial gaps and promoting financial inclusion in Nigeria.

“At PalmPay, we believe financial inclusion is the foundation for economic empowerment, and we’re dedicated to ensuring that every Nigerian has access to secure, user-friendly, and reliable financial services,” PalmPay Head of Marketing and Communications, Hanson Femi said.

Founded in 2019, PalmPay has more than 35 million users. The company connects more than one million businesses via its mobile money agent and merchant network, and provides services ranging from instant transfers and billpay to its new USSD feature. This feature enables customers to perform a variety of banking transactions without needing internet connectivity by dialing *861# on their mobile phones.

“We aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission,” PalmPay Managing Director for Nigeria, Chika Nwosu, said when the service was launched in September.

Here is our look at fintech innovation around the world.

Asia-Pacific

  • South Korean fintech unicorn, Viva Republica, which operates the mobile financial super app Toss, announced plans to debut in the U.S. market.
  • Singapore has established a “Global Finance & Technology Network” (GFTN) to support the region’s reputation as an international fintech hub.
  • Wise became the first non-bank operating in Japan to earn approval to join the country’s domestic payment network, Zegin.

Sub-Saharan Africa

  • Stanbic Bank Kenya, in partnership with Mastercard, has launched a pair of new credit cards designed to serve the institution’s affluent customers.
  • Nigeria-based fintech Moniepoint achieved unicorn status after raising $110 million in new funding.
  • Côte d’Ivoire-based investment platform Daba Finance won the Ecobank Fintech Challenge.

Central and Eastern Europe

  • Lithuanian identity verification and fraud prevention company iDenfy partnered with O2Factoring.
  • Erste Group teamed up with Neterium to help the firm bring its transaction screening solution to markets in Central and Eastern Europe.
  • Tech Times profiled Germany fintech billionaire and founder of Black Banx, Michael Gastauer.

Middle East and Northern Africa

Central and Southern Asia

  • TBC Uzbekistan forged a strategic partnership with Mastercard.
  • Indian fintech unicorn Slice completed its merger with North East Small Finance Bank.
  • Walee Financial Services went live with Pakistan’s first Islamic nano-financing product.

Latin America and the Caribbean

  • Brazilian fintech Nubank announced the launch of a new mobile phone service NuCel.
  • Berlin-based Mambu teamed up with Kuady to help the company go live with its digital wallet in Latin America.
  • Uruguayan fintech dLocal partnered with advanced management software provider Fourvenues to expand into markets in Latin America and Southeast Asia.

Photo by Ovinuchi Ejiohuo on Unsplash

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Finovate Global New Zealand: Business Banking, Wealthtech, and Cross-Border Payments

Finovate Global New Zealand: Business Banking, Wealthtech, and Cross-Border Payments
By David Penn Posted on
Categories: Finovate Global, Weekly News

This week’s edition of Finovate Global showcases news from the fintech industry in New Zealand.

Business banking account Emerge secures investment

In a round led by Altered Capital, New Zealand-based fintech Emerge has raised approximately $7.3 million in Series A funding in its bid to build the country’s first challenger bank.

The round also featured participation from Icehouse Ventures, K1W1, NZ Fintech Fund, and Hard Yaka, a venture capital firm based in the U.S. Emerge will use the capital to support adding talent in marketing, sales, and product development. The company will also use the funds to accelerate its go-to-market strategy, including offering banking services to startups.

“Emerge was built to help Kiwi businesses do more, faster, better,” Emerge Co-founder Jovan Pavlicevic said. “In just a few minutes, you’ve opened as many Emerge accounts as you need, with features better than the banks, and team cards ready to go.”

A digital-first banking alternative, Emerge offers companies a single platform to manage their business finances. Emerge’s technology simplifies expense tracking, enables the creation of debit cards — including an unlimited number of virtual cards — and allows users to make and receive payments with a New Zealand business banking account backed by ANZ. Emerge provides bookkeeping and reporting tools and makes it easier for companies to track and manage their finances with a centralized view of their data. The company has also launched a service called EmergePay that converts a smartphone into a payment terminal.

Emerge evolved from a children’s financial literacy app called SquareOne that Pavlicevic and co-founder Jamie Jermain founded in 2020. Emerge was developed in January 2024, as the company shifted its focus toward providing banking services for SMEs, with the ultimate goal of becoming a neobank.

Headquartered in Auckland, Emerge was named to the Forbes Asia “Top 100 to Watch” in August.

FirstCape deploys wealthtech from InvestCloud

New Zealand’s largest wealth advice and asset management company, FirstCape, has partnered with InvestCloud to enhance the wealth management experience for advisors and clients alike. The deployment will help FirstCape increase the efficiency of its advisors, as well as provide a single platform for client engagement, experience, and advice at scale.

“We formed FirstCape with a stated intention of enhancing our client offering,” FirstCape CEO Malcolm Jackson said. “Integrating InvestCloud’s tools that streamline portfolio management and order execution is part of delivering on that promise. We continue to be focused on providing a complete suite of services tailored to every client’s unique needs at whatever stage of their investment life cycle.”

With more than 120 advisors and more than $30.3 billion (NZ $50 billion) in assets under management, FirstCape was forged earlier this year through the combination of four entities: JBWere NZ, Jarden Wealth, Harbour Asset Management, and BNZ Investment Services. The company has already deployed two InvestCloud solutions: Portfolio Manager and Order Capture. Portfolio Manager enables advisors to manage client portfolios with deeper insights that lead to tailored investment proposals. Order Capture provides a seamless interface for trading across asset classes, boosting operational efficiency by enabling advisors to act faster in response to client needs.

“We are thrilled to see the tangible success of our partnership with FirstCape as they embark on this modular digital transformation,” InvestCloud President of Digital Wealth International Christine Mar Ciriani said. “By leveraging our full suite of innovative front-office solutions, we are helping FirstCape create a robust digital backbone that will drive their growth, streamline advisor efficiency, and elevate client experiences.”

A global wealthtech company, InvestCloud serves wealth and asset managers, wirehouses, banks, RIAs, and insurers. InvestCloud’s clients represent more than 40% of the $132 trillion in total assets globally. A provider of digital wealth management and financial planning solutions since 2010, InvestCloud was named a CNBC “World’s Top Fintech Company” earlier this year. The firm is headquartered in West Hollywood, California.

International payments specialist Ebury arrives in New Zealand

Ebury, a specialist in international payments and collections, opened new offices in New Zealand this week. The move is designed to help the company provide a range of services to SMEs in the country, including cash management strategy and foreign exchange risk management.

“At Ebury, we embrace the complexity and risk of daily cross-border payments that enable business growth, in a way that traditional banks do not, or cannot,” Ebury Managing Director for APAC, Rick Roache said. “We make the sophisticated products and services that banks typically reserve for their biggest clients accessible to SMEs.”

The New Zealand office represents Ebury’s 40th office worldwide, and comes six years after Ebury expanded to neighboring Australia. The move to New Zealand also supports the company’s presence in nearby Shanghai and Shenzhen in China.

“Right now there are few options for SMEs looking for cross-border payment solutions and local advice in New Zealand,” Roache added, “so we’re really excited to bring our innovative technology platform into the market supported by a ‘boots on the ground’ team that differentiates us from other providers.”

Headquartered in London and founded in 2009 by a pair of Spanish engineers, Ebury serves primarily SMEs and mid-cap companies with payments, collections, and foreign exchange services in more than 130 currencies. Santander acquired a minority stake in the company for $459 million (£350 million) in 2020, and added to its stake two years later. With more than 1,700 employees across 25 countries, Ebury is reportedly preparing for an IPO in 2025 that would value the company at as much as $2.2 billion (£2 billion).

Here is our look at fintech innovation around the world.

Latin America and the Caribbean

  • Warburg Pincus acquired a minority stake in Brazilian accounting-based fintech Contabilizei for $125 million.
  • PXP Financial teamed up with Latin American payments platform Kushki.
  • Brazilian paytech Barte raised $8 million in Series A funding in a round led by AlleyCorp.

Asia-Pacific

  • Singapore-based finance platform for businesses, Aspire, secured in-principal approval for the Major Payment Institution license from the Monetary Authority of Singapore (MAS).
  • Bank of Hangzhou teamed up with Malaysia’s Maybank to support Chinese businesses as they expand operations in Southeast Asia.
  • Vietnamese private bank VPBank partnered with customer engagement platform CleverTap.

Sub-Saharan Africa

  • Somalia’s Premier Bank has teamed up with Mastercard and Tappy Technologies to launch Tap2Pay, a tokenized-passive payment wearable.
  • Fintech provider Flutterwave partnered with 9jahotel.com to launch a point-of-sale system to enhance hotel management in Nigeria.
  • Nigerian cryptocurrency exchange Yellow Card secured $33 million in Series C funding.

Central and Eastern Europe

  • Romanian payment service Pago secured $2.5 million (€2.3 million) to fuel expansion.
  • Budapest, Hungary-based B2B payment solutions provider, PastPay, raised $13 million (€12 million) in Series A funding.
  • Romania’s national mobile payment system, RoPay, went live this week.

Middle East and Northern Africa

  • UAE’s National Bank of Fujairah to deploy banking technology from Intellect Global Transaction Banking (iGTB).
  • Cross-border payments company Thunes expanded its Direct Global Network to Egypt.
  • Morocco-based CIH Bank turned to Backbase for its Engagement Banking platform.

Central and Southern Asia

  • Mastercard opened a new tech hub in Pune, India.
  • Fingular, a neobank based in Singapore, launched a new digital lending business in Bangladesh.
  • TBC Bank Uzbekistan secured a $10 million line of credit from Switzerland’s responsAbility Investments AG. Read our Finovate Global interview with TBC Bank Uzbekistan’s Head of International Business Oliver Hughes.

Photo by Donovan Kelly

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Finovate Global Hong Kong: Open Platforms, Web3, and New Opportunities for Octopus

Finovate Global Hong Kong: Open Platforms, Web3, and New Opportunities for Octopus
By David Penn Posted on
Categories: ACI Worldwide, Finovate Global, Mambu, MasterCard, Worldline

This week’s edition of Finovate Global features news from the fintech scene in Hong Kong.

Worldline partners with BOCHK

International payment services company Worldline has forged a partnership with the Bank of China (Hong Kong), also known as BOCHK. The partnership makes the bank the first Hong Kong-based customer of Worldline’s open platform card solution, Paysuite Essential Edition. Previously called “Cardlite,” the solution will enable BOCHK to enhance the customer experience with new offerings, including its multi-currency Mastercard debit card.

“We are excited to partner with BOCHK, a prestigious bank in the region, to launch our new innovative Paysuite Essential Edition in Hong Kong,” Worldline’s Head of Financial Services Asia-Pacific, Noel Chow, said. “The partnership highlights the trust and confidence from leading financial institutions in our innovative open platform solutions. We believe the partnership paves the way for other banks to modernize their card systems and migrate from legacy systems to open systems.”

BOCHK’s partnership with Worldline reflects the trend in the payments industry toward open platform solutions. Already available in other markets, Worldline’s Paysuite Essential Edition offers issuing, acquiring, authorization, switching, and routing functionality. The technology supports Mastercard’s multi-currency card, and provides an infrastructure that accelerates time-to-market and deployment of new products and services.

Additionally, Worldline will provide a local support team with local expertise to assist BOCHK as it scales its operations in the future. This team will also help ensure the institution will meet Hong Kong banking industry compliance requirements.

“As open platform solutions are the future in digital payments, BOCHK is pleased to partner with Worldline, known for its comprehensive innovative fintech solution and unparalleled local support it offers, to provide our customers with the Mastercard multi-currency debit card powered by its Paysuite Essential Edition,” said Daniel Li, Chief Digital Officer of Personal Banking & Wealth Management, BOCHK. “This collaboration marks a significant step forward in our commitment to delivering seamless payment experiences to our valued customers and promote the wider use of digital payments.”

Worldline made its Finovate debut at FinovateEurope 2017. At the conference, the company demoed its Connected Piggy Bank, which helps parents provide financial education for their young children via a “playful” end-to-end savings solution. Today, Worldline processes more than 43 billion payment transactions a year, serves more than 14 million merchants, and is active in 170 countries. Founded in 1972, Worldline is headquartered in Bezons, France.

RD Technologies secures $7.8 million investment

RD Technologies, a Hong Kong-based financial platform that seeks to “bridge the worlds of Web2 and Web3,” has raised $7.8 million in Series A1 financing. Participating in the round were HongShan, Hivemind Capital, Aptos Labs, Hash Global, SNZ Capital, Solana Foundation, Anagram, and Upward Capital. The company will use the funds to further build out its financial platform and help encourage the development of the Web3 ecosystem in Hong Kong.

“The legacy payment industry is ripe to be disrupted using blockchain technology and stablecoins to provide more efficient and cheaper cross-border payment networks,” RD Technologies CEO Rita Liu said. “Hong Kong is leading the world in virtual asset regulation. We are confident that compliant and transparent stablecoins will invigorate the market and address the pain points of traditional payments and finance to bring in institutions and help Hong Kong become a global Web3 hub.”

Founded in 2020, RD Technologies offers two primary solutions via its subsidiaries: the RD Wallet and the HKDR stablecoin (HKDR). RD Wallet is a licensed Stored Value Facility that enables businesses around the world to open multi-currency fiat accounts via mobile device anywhere and at any time. The wallet supports eight currencies — HKD, CNY, USD, JPY, SGD, EUR, GBP, and AUD — that are commonly used in the region, offers fund transfer via TT and CHATS, and provides competitive FX rates with a 0% fee.

Issued by RD InnoTech Limited, the HKDR stablecoin is backed 1:1 by the Hong Kong dollar, with high-quality, liquid assets kept in segregated custody accounts with licensed financial institutions. In July, the firm was one of the first companies to be admitted to the stablecoin issuer sandbox by the Hong Kong Monetary Authority.

“Hivemind is thrilled to support RD Technologies as they seek to lead the future of stablecoins and cross-border payments,” Hivemind Partner and Head of Asia Stanley Huo said. “We believe regulated stablecoins are a critical growth area in crypto, offering real product-market fit, particularly as global demand for regulated stablecoins rises among enterprises and institutions.”

Checkout.com launches Octopus in Hong Kong

London-based Checkout.com is the first international payment services provider (PSP) to offer Octopus, the leading payment method in Hong Kong, as a payment option at checkout.

With 98% penetration in a region with 7.5 million residents, Octopus is Hong Kong’s first, “homegrown” fintech. Octopus was launched in 1997 as a contactless card for multimodal transportation. In the years since, the solution has grown into a popular and versatile payment system, used for retail and shopping as well as food and beverage transactions both in Hong Kong and abroad. The company introduced its mobile app in 2012 and now reports that there are more than 4.5 million Octopus digital wallets.

“At Octopus, we pride ourselves (on) making everyday life easier,” Octopus Head of Business Development and International Business Edwin Lai said. “This partnership with Checkout.com will enhance and broaden the payment experience not just for our customers, but also merchants within Hong Kong and beyond. We anticipate robust demand from global and local businesses eager to access Hong Kong’s consumers. We hope this collaboration will help support the growth of the city’s digital commerce.”

“Catering to local payment preferences is crucial for success in the Hong Kong market,” Checkout.com General Manager of APAC Brian Sze said. “Our strategic partnership with Octopus underscores Checkout.com’s commitment to investing in our Asia footprint, delivering localized payment solutions that empower merchants to thrive in this dynamic region.”

Founded in 2012, Checkout.com processes payments for thousands of companies around the world. The company’s international digital payments network supports more than 145 currencies, and processes billions of transactions a year. Checkout.com’s technology helps merchants increase acceptance rates, lower processing costs, fight fraud, and transform payments into a significant source of revenues. The company has raised $1.8 billion in funding, most recently closing a $1 billion Series D round in January 2022. Guillaume Pousaz is founder and CEO.

Hong Kong’s fintech celebration only weeks away

Some of the biggest fintech news in Hong Kong is likely less than three weeks away. Hong Kong Fintech Week begins on October 28 and extends through November 1. The event expects to host 30,000 participants and feature 800 speakers and 500 startups. Finovate participated in the city’s Fintech Week back in 2018 as part of FinovateAsia.

We’ll have more to say about fintech in Hong Kong in the wake of the city’s conference. For now, check out this interview with Lareina Wang, who was appointed chair of the FinTech Association of Hong Kong (FTAHK) in August. In this interview, Wang — who is also executive director, head of digital and innovation at DBS Bank Hong Kong — talks about some of the major issues facing both the growth of the association as well as fintechs in Hong Kong.

“We have some of the world’s best universities in town, while, overall, the fintech industry is short of fintech talent,” Wang told FinanceAsia. “Advocating for policies and reaching collaborations might not appeal to them, but they are interested in being educated around fintech topics.”

Founded in 2017, the FTAHK has 300 corporate members.

Here is our look at fintech innovation around the world.

Central and Southern Asia

  • 86400, a payments technology firm based in India and formerly known as Mobileware Technologies, raised $1.8 million (INR 15.6 crore).
  • The New South Wales (NSW) government teamed up with Indian incubator Afthonia Labs to help NSW fintech startups enter the Indian market.
  • An industry organization consisting of fintech lenders, Fintech Association for Consumer Empowerment (FACE), secured “self-regulatory organization” status from the Reserve Bank of India.

Latin America and the Caribbean

  • Brazilian paytech Barte raised $8 million in Series A funding in a round led by AlleyCorp.
  • Norway’s MeaWallet partnered with Peru-based neobank B89.
  • Grupo Bancolombia’s crypto platform, Wenia, launched its WeniaCard that lets users pay with cryptocurrency at any merchant that accepts Mastercard.

Asia-Pacific

  • Singapore-based fintech Surfin announced a $12.5 million Series A investment from Insignia Ventures Partners.
  • JCB enabled Google Pay for customers in Japan starting on September 6.
  • Checkout.com added Octopus as a payment method in Hong Kong.

Sub-Saharan Africa

  • Mastercard and ACI Worldwide teamed up to bring real-time card payments to South Africa.
  • Network International went live with new payments services in Kenya.
  • Nigerian’s Securities and Exchange Commission (SEC) announced a crackdown on fraud in the country’s fintech industry.

Central and Eastern Europe

  • INDEXO Bank partnered with Mambu as part of its launch in Latvia.
  • Austrian payment orchestration platform IXOPAY introduced new CTO Ronnie Thomson.
  • Croatia-based fintech Fonoa acquired PwC UK’s GITC product to faciliate management of partial tax exemptions.

Middle East and Northern Africa

  • Calcalist interviewed former CEO of Bank Leumi and current Managing Partner at Team8 Rakefet Russak-Aminoach on the current state of fintech in Israel.
  • The UAE announced that cryptocurrency transactions will be exempt from value-added tax (VAT) effective November 15.
  • American Express Middle East forged a partnership with Dubai-based payment gateway Telr.

Photo by Arnie Chou

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Finovate Global Netherlands: Investing in Digital Banking and Innovating with AI

Finovate Global Netherlands: Investing in Digital Banking and Innovating with AI
By David Penn Posted on
Categories: Backbase, Finovate Global, Middesk

This week’s edition of Finovate Global features recent fintech news and headlines from the Netherlands.

Netherlands-based digital banking platform Plumery secured $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.

24sessions – FinovateEurope 2019

AcceptEmail – FinovateEurope 2011, 2012; FinovateFall 2015

AdviceRobo – FinovateEurope 2016, 2019

Backbase – FinovateFall 2009-2014, 2016, 2017, 2021; FinovateEurope 2011-2018; FinovateSpring 2010, 2011; FinovateAsia 2012, 2013

Cobase – FinovateEurope 2021

Figlo – FinovateEurope 2011, 2012; FinovateSpring 2011; FinovateAsia 2012

InvoiceSharing – FinovateEurope 2015, 2016, 2017

MyOrder – FinovateEurope 2014

Ohpen – FinovateFall 2012

Topicus.Finance – FinovateAfrica 2018; FinovateAsia 2018; FinvoateEurope 2014, 2015, 2022, 2023

VATBox (now Blue dot) – FinovateEurope 2015

WUA – FinovateEurope 2021

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

  • Edge Middle East profiled UAE-based fintech startup Sav.
  • Vision Bank launched its digital banking app in Saudi Arabia.
  • Denmark-based Heimdal and Dubai-based emt Distribution teamed up to bring enhanced cybersecurity solutions to the MENA region.

Central and Southern Asia

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.
  • Paysend partnered 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.
  • Bitcoin News looked at the licensing challenges faced by fintechs in Kenya.

Central and Eastern Europe

  • Polish paytech BLIK secured authorization from the National Bank of Romania to develop the BLIK payment system in local currency.
  • Canadian open banking innovator Salt Edge partnered with Eastern European financial services provider Erste Group.
  • Georgian payment service provider UniPAY teamed up with TransferGo to bring U.K. and EU IBAN payout services to the central European nation.

Photo by Chait Goli

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