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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Last week brought a small uptick in fintech funding and drama ensued when Tabapay renounced its agreement to purchase Synapse’s assets. Stay tuned to this week’s news for updates as this situation– and others– evolve throughout the week.
TangolaunchesGlobal Choice Link, to offer its business customers an easy platform to send rewards, incentives, and payouts to recipients across the globe.
REPAYbecomes a Certified Integration Partner with Corelation’s KeyStone platform.
Investment and innovation are defining the wealth management space as the week begins. LA-based wealth management platform Altruist enters the week with $169 million more in capital, courtesy of a Series E round led by Iconiq Growth. Meanwhile, JP Morgan Chase announced that it has deployed generative AI to enhance its thematic investment offering.
Be sure to check back all week long for more fintech news!
Crypto
Revolutlaunches its stand-alone crypto exchange for professional crypto traders, Revolut X.
KeyBanklaunchesKeyVAM, a virtual account management solution powered by Qolo for treasury management clients who have complex demand deposit account structures.
Regtech
Global RegTech consolidator Corlyticsacquires Deloitte UK’s RegTech platform.
Embedded finance
Issuer-processor Paymentologyteams up with Diamond Trust Bank to bring embedded finace solutions to customers in Kenya.
Accelerators and incubators
Ally Financiallaunches its Ally Innovation Challenge to promote solutions leveraging Responsible AI.
This week brings May Day, a day to celebrate the halfway point between spring and summer, and in the world of fintech, there are also exciting developments to mark the start of a new month. Check back for real-time updates on how the fintech landscape evolves this week.
UniWyo Credit Union tapsJack Henry to help with merger with Reliant Federal Credit Union.
Digital Banking
Core banking platform provider Finxact and SaaS core modernization and transformation solution provider for banks Zafinannounced a new collaboration.
Expense Management
Financial management superapp for expenses and corporate cards Expensifyunveils its New Expensify platform geared toward the global self-employed market.
Payments
Fintech infrastructure solution for branded customer wallets, Ansa, secures $14 million in Series A funding.
TreviPayunveils new self-financing option and enhanced payment application features for B2B net terms program.
Stripedecouples payments from the rest of its products stack.
Till Financialpartners with EF Educational Tours and EF Explore America to facilitate cashless payments for traveling students.
Anti-fraud and financial crime software company Feedzaiintroduces new Chief Financial Officer David Larson.
Featurespacejoins The Knoble, an alliance of financial service professionals, law enforcement, regulators, and NGOs committed to fighting financial crime.
Happy Earth Day! Partnerships in payments and fundraising in the international investment/wealth management space are dominating fintech news headlines as the week begins.
Subscription management and billing platform Recurlyintroduces new dashboards with built-in benchmarks.
Klarnasells Hero, the virtual shopping platform it acquired in 2021, for $1.3 million (€1.3 million).
SplititunveilsFI-PayLater to empower banks to provide in-checkout installments for existing customers.
Identity verification
Financial crime risk data and fraud detection technology company ComplyAdvantageacquires knowledge graph builder Golden.
AU10TIXannounces $18 billion in business fraud prevented since 2021.
Small Business Tools
BaswareintroducesAP Protect, an AI-powered solution that empowers finance teams to protect their organizations against profit loss, invoice errors, and fraud.
Marqetapartners with OakNorth to offer commercial cards in the U.K.
Payroll
Ripplingraises $200 million in new financing with $13.5 billion valuation.
In the U.S., the tax deadline kicks off the week, but don’t let that get you down! Sit back, relax, and catch up on some of the latest fintech news headlines. Check back for real-time updates on how the fintech landscape evolves this week.
As part of the Eastern U.S. prepares to enjoy the total solar eclipse today, fintech enthusiasts can also eclipse the competition with the latest news and updates in the fintech world. Check back for real-time updates on how the fintech landscape evolves this week.
Payments
Business payments and financial platform Airwallexlaunches its Borderless Visa card in Canada.
Mexican BNPL provider Kueskiintroduces in-store mobile payment solution.
Kyriba and Onyx by J.P. Morgan (Onyx) leverage the blockchain to streamline cross-border payments.
Arizona Financial Credit Union (AZFCU) selects NCR Atleos’ ATM as a Service (ATMaaS) to increase operational efficiencies within the self-service banking channel.
The Clearing House’s RTP experienced a record 76 million transactions valued at $42 billion in the first quarter of this year.
Corlyticsreceives investment from Verdane for its compliance technology.
Wealthtech
Investment research platform Teguslaunches its AI chat tool, AskTegus.
Open banking
Open banking powered account-to-account payment infrastructure provider Token.iointroduces new Chief Commercial Officer Ronnie d’Arienzo, new Chief Financial Officer Tatiana Okhotina, and new Chief Operations Officer Tim Corke.
Atto, a credit risk solutions provider based in the U.K., teams up with analytics software firm FICO to bring open banking data into U.K. credit scoring.
The first week of April begins with a resolution in the Sam Bankman-Fried saga as the former FTX founder and infamous crypto entrepreneur receives a sentence of 25 years in prison.
Crypto
Sam Bankman-Fried sentenced to 25 years in prison for its role in the FTX scandal.
We’re starting off the week with a major acquisition in the U.K. lending space, as well as fintech funding news in payments, wealth management, and financial education.
Digital banking
Missouri-based Central Bank leveragesPersonetics’ AI-driven engagement platform to enhance financial wellness.
SaaS core modernization and transformation solution provider for banks Zafinunveils new tools – Dynamic Cohorts and Signals – to enhance customer personalization and engagement.
Digital banking experience platform Plumeryannounces availability on Google Cloud Marketplace.
Emporia State Federal Credit Union launches new app courtesy of a partnership with digital banking solution provider Bankjoy.
Bank integration provider AccessPaysecures $24 million in equity and debt financing.
Integrated payments company Bluefinadds 23 new devices, 6 new applications, and three new key injection facilities (KIFs) to its Encryption Management Services P2PE Component listing.
Germany payment management platform NX Technologiesraises $23.8 million (EUR 22 million) in Series B funding.
Stripeteams up with Amazon to power payments for Just Walk Out technology in Australia and Canada.
Desjardins partners with cloud banking firm nCino to leverage its Automated Spreading Solution to enhance lending.
Open banking
Dwollaexpands its partnership with MX to power account aggregation and verification.
Open banking platform Link Moneyforges partnership with Silicon Valley Bank to enhance ACH processing and money movement for merchants.
Wealth management
Online trading and investing platform Robinhoodlaunches rewards credit card for its Robinhood Gold subscribers.
Wealth-building platform Belongsecures $3.7 million (£2.95 million) in pre-seed funding.
Multi-asset class investment accounting platform FundGuardraises $100 million in Series C funding.
Financial education
Wealth building and financial education platform Goalsetterclosed a $9.6 million Series A extension round.
Cash management
Cash-flow management platform SettlelaunchesAutomatic 3-Way Matching for Purchase Orders.
Fraud prevention
Plaidforges partnerships with Sandbox Banking and RealPage to help fight fraud in the customer experience.
AI-powered fraud and risk platform DataVisorlaunches its end-to-end anti-money laundering (AML) solution.
Financial crime compliance company Napier AI reports that its customer Banco do Brasil has won the Celent Model Risk Manager 2024 Award for combatting financial crime.
Visaadds three new AI-powered risk and fraud prevention solutions.
Cryptocurrencies / Blockchain
Revolut and Layer 1 blockchain Sui team up to boost blockchain education and adoption.
Trading and investing platform eToroadds 12 new altcoins to its cryptocurrency offerings.
Identity management / verification
ID verification company AU10TIXunveils expanded Digital ID solution.
Insurtech
Rewards credit card company Yonder to offer its members a new travel insurance experience courtesy of a partnership with embedded insurance orchestration firm Qover.
New Jersey’s largest credit union, Affinity Federal Credit Union, partners with Insuritas to launch Affinity Insurance Agency.
PayPal Ventures and MassMutual Ventures lead $47 million Series C funding round for Indonesian insurtech Qoala.
Mortgagetech
Equifax UKteams up with Homely to help first-time homebuyers become “mortgage-ready.”
Shift4partners with Atlante to provide payments solution for electric vehicle charging.
Cryptocurrency / Blockchain
African-based blockchain payments network Zoneraises $8.5 million in seed funding.
Figure TechnologiesunveilsFigure Markets, a single platform where investors can trade a wide range of blockchain-native assets from crypto to stocks to alternative investments.
Financial inclusion
Building society Nationwideintroduces new digital service using British Sign Language (BSL) for deaf and hearing-challenged customers.
Insurtech
iPipeline, a digital solutions provider for the insurance industry, launched its OneView solution that tracks the progress and status of annuity orders in real-time.
Taxation / Accounting
Free Agentexpands its smart tax calculation functionality to all NatWest Group customers via their business banking app.
This week marks both the one-year anniversary of Silicon Valley Bank’s collapse and St. Patrick’s Day. Let’s see if this week’s news projects a luckier year for fintechs. Check back for real-time updates on how the fintech landscape evolves this week.
N26launches its Instant Savings accounts in 13 new markets in Europe.
Backbase and West Monroe team up to combine Backbase’s Engagement Banking Platform with West Monroe’s financial services advisory and digital experience capabilities.
Cryptocurrency
Blockchain data platform Chainalysisintegrates with verification provider Sumsub to enhance regulatory compliance, and provide automated transaction monitoring for its clients.
We’ve entered the first full week of March. Layoff activity has cooled slightly (but has not stopped), and fintech news is heating up. Here’s your weekly news rundown. Check back for real-time updates on how the fintech landscape evolves this week.
Indian payments and API banking company Cashfree Paymentslaunches embedded payments for software platforms.
TrueNorthselectsBrim to help it bring small business and commercial credit card-as-a-service technology to banks, fintechs, and others in its professional services organization.
Xero to embed a billpay solution from BILL into the Xero platform.
It’s a leap year, which means we have an extra day in the month of February. How will the financial services industry Use the extra 24 hours this year? Check back for real-time updates on how the fintech landscape evolves this week.
Traditional banking
Legacy Bank & Trust reports it has doubled its assets after employing Jack Henry’s technology.
VisalaunchesWorking Capital Performance Benchmark to allow mid-market businesses to see how their utilization of working capital solutions compares to other mid-market businesses across industries and regions around the world.
Security, fraud, and identity
DataVisorlaunches fraud and risk solution for sponsor banks to ensure compliance with new Banking-as-a-Service regulations.
AU10TIXlaunches Know Your Business solution to help companies know exactly who they are doing business with and avoid potential financial and reputational losses.
SaveAwayearns finalist spot in the TechImpact Startup Competition sponsored by the NYC Economic Development Corporation and Community Development Financial Institutions Fund.
TIFIN AGannounces collaboration with RBC Wealth Management U.S. to deepen advisor-client relationships.
Ceterapartners with Wealth Access to help its bank and advisor clients deliver a more personalized experience to their end users.
