Quavo Fraud & Disputes Locks in $300 Million in Funding

Quavo Fraud & Disputes Locks in $300 Million in Funding
  • Fraud and dispute process management innovator Quavo Fraud & Disputes has raised $300 million in funding from Spectrum Equity.
  • Quavo said it will use the capital to support further investment in the company, drive innovation, and create value for its customers.
  • Quavo Fraud & Disputes most recently demonstrated its technology at FinovateSpring 2025 in San Diego.

Quavo Fraud & Disputes has announced a $300 million investment from growth equity investment firm Spectrum Equity. Quavo, which provides cloud-based solutions to enable financial institutions to automate and manage fraud and dispute processes, will use the capital to accelerate investments throughout the business, drive innovation, and create even greater value for customers.

“We are thrilled to be partnering with Spectrum Equity on the next chapter of growth at Quavo,” company Co-Founder and CEO Joseph McLean said. “With this new investment, we intend to accelerate our AI-led product development initiatives and expand our go-to-market and client success teams to meet growing market demand and drive exceptional client outcomes. Our vision to restore financial trust and simplify fraud and disputes is unwavering, and this partnership allows us to achieve these goals faster and at even greater scale.”

Quavo’s technology empowers financial institutions—from large banks to credit unions—to better manage the consumer transaction dispute process. The company’s flagship offering, QFD, automates intake, investigation, chargeback, recovery, and client communications workflows across all payment and dispute types. Financial institutions using Quavo’s technology have been able to automate as much as 80% of the tasks involved in resolving typical consumer disputes, and recapture 85% of potentially lost funds. The average Quavo customer has experienced a reduction of 37% in write-offs and was able to reduce the time it took to issue consumer credit from 11 days to one day.

“Fraud and dispute management is a massive business-as-usual problem for financial institutions and fintechs alike, and we believe that Quavo is uniquely positioned to drive automation benefits and better outcomes in this space,” Spectrum Equity Managing Director Adam Margolin said. “Quavo’s highly configurable platform, scaled transaction data powering its decisioning engine, and mission-driven approach to solving costly and time-consuming problems for its clients set the company apart.”

As part of the transaction, existing investor FINTOP Capital will sell its ownership stake in the company. Quavo’s co-founder and strategic investor and technology partner Pegasystems will continue as significant shareholders.

Headquartered in Wilmington, Delaware, Quavo has recovered more than $1.4 billion for 10.8+ million victims. The company has grown revenues 60% annually since 2022 and today automates more than 12.5 million consumers disputes a year. Quavo serves a broad range of financial institutions, from global issuers and fintechs to regional banks and credit unions. Founded in 2016, Quavo Fraud & Disputes made its Finovate debut at FinovateFall 2024 in New York and returned to the Finovate stage the following year for FinovateSpring in San Diego.

Earlier this year, Quavo published a report showing the impact of fraud resolution on customer loyalty. Quavo’s Q4 2024 Consumer Survey analyzed feedback from 1,000 recent victims of credit card fraud to learn about their experiences and how their experiences may have impacted their sense of trust and brand loyalty. The survey revealed that the quality of the fraud resolution process had a greater impact on trust than the actual fraud itself, and that the fraud resolution experience has a ripple effect on customer trust in other banking services.

“Trust is a bank’s most valuable asset, and fraud resolution is a defining moment in the customer relationship,” McLean said. “Our research proves that a seamless, transparent, and timely fraud resolution process isn’t just about compliance; it’s about building trust that strengthens long-term customer relationships.”


Photo by Andre Ellis Mack

Paddle Raises $25 Million for Payments Infrastructure

Paddle Raises $25 Million for Payments Infrastructure
  • Paddle raised $25 million in debt financing to support global expansion, product development, and executive growth.
  • The funds, which come from CIBC Innovation Banking, bring Paddle’s total funding to $318 million.
  • Along with the investment announcement, Paddle also unveiled new hires and plans to open an office in Austin.

Payments infrastructure company Paddle announced this week it has raised $25 million in debt financing from CIBC Innovation Banking and others. The investment, which follows a $293 million round in 2022 from FTV Capital, KKR, 83North, and Notion Capital, brings Paddle’s total funding to more than $318 million.

“We are delighted to fund Paddle as it continues on an impressive growth trajectory,” said CIBC Innovation Banking UK & Europe Managing Director Sean Duffy.

Paddle plans to use the funding to support global expansion, accelerate growth, and promote product development.

Paddle was founded in 2012 as a Merchant of Record (MoR) to handle payments, sales tax, refunds, fraud, and compliance for its clients. The UK-based company’s payment infrastructure replaces SaaS companies’ complex payment stacks by managing global payments, currencies, refunds, and sales tax compliance for 6,000 SaaS, AI, and app companies.

Along with today’s funding, Paddle also announced key executive hires. The company is adding to its 300+ employees with the appointments of Rich Mason as CRO International, Stephen Wilcock as CTO, and Ben Aronsten as CMO. Paddle is also opening a new office in Austin, adding to the company’s existing offices in London, Lisbon, Toronto, and New York City. 

“In an ever-connected world, it’s important that digital product companies can receive payment from customers in any location without the hassle of navigating multiple payment processes in different geographies. We are excited to support Paddle as it continues expanding its global footprint,” Duffy added.

Paddle has seen rapid growth in 2025, which it attributes to growth in new AI products and Apple opening its app ecosystem to web payments. The company has also recently unveiled new capabilities through a partnership with Vercel and integration with RevenueCat. Previously, the company has experienced 40% year-over-year growth and these factors will build on that.

“We are incredibly excited about the momentum Paddle has experienced so far in 2025,” said Paddle CEO Jimmy Fitzgerald. “We only win when those we serve win, and the growth we’re seeing across the market reflects that shared success. We are seeing a huge increase in the number of consumer app businesses choosing Paddle to manage their web monetization, and will continue to invest in this space with the new financing and strengthened leadership. We look forward to building on these achievements through the rest of the year and beyond as we continue to serve thousands of digital product companies worldwide.”

Paddle’s growth and fresh funding is an indication that SaaS and digital product companies are taking a new approach to global payments. As Gen AI and mobile-first implementation accelerate, companies need flexible infrastructure that handles compliance, tax, and localization without adding complexity. Paddle’s MoR approach is emerging as an alternative to fragmented payment stacks, especially as regulations tighten. Ultimately, today’s funding round and executive expansion show how Paddle is positioning itself not just as a payment provider, but as a strategic player in SaaS payments.


Photo by Andre Furtado

Spanish AI Debt Collection Startup Murphy Raises $15 Million

Spanish AI Debt Collection Startup Murphy Raises $15 Million
  • AI debt collection startup Murphy raised $15 million in pre-Seed and Seed funding to scale its autonomous, multilingual AI agents that help organizations recover hard-to-collect debt across sectors like banking, BNPL, utilities, and healthcare.
  • Murphy differentiates itself with agentic AI that offers human-like, behavioral, and empathetic voice interactions that operate 24/7 in over 30 languages.
  • Murphy plans to use the new capital to expand into the US, grow its team, and further disrupt the $300 billion global collections industry.

Debt collection startup Murphy announced this week that it closed $15 million in pre-Seed and Seed funds. The investment was led by Northzone, while ElevenLabs, Lakestar, Seedcamp, and existing investors also participated.

Founded in 2024, Murphy seeks to transform debt servicing by leveraging autonomous AI agents to help debt collection agents from utility companies, telcos, banks, BNPL companies, microlenders, healthcare firms, and more recover debt that would have otherwise been untouched or written off. The company uses voice agents and behavioral personalization techniques that work across channels, 24 hours per day and in more than 30 languages.

“We’re building AI-native infrastructure that replaces traditional call centers with a scalable, multilingual solution,” said Murphy Co-founder and CEO Borja Sole. “It helps companies recover more, faster, and more cost-efficiently, while staying compliant and treating debtors with respect.”

Murphy is tackling an often overlooked industry, as there has long been a disconnect between consumers’ digital behavior and how collections are handled. Bringing AI into the equation may help organizations collect previously unrecoverable debt, especially in high-volume, low-value cases. Murphy differentiates its product by taking a unique approach to AI implementation. It doesn’t simply use chatbots and scripted voice technologies, but rather employs agentic AI that is capable of multilingual, empathetic, and behavioral interactions that bring a human-like nuance to conversations that can scale without adding labor costs.

Since launching less than a year ago, Murphy is already managing hundreds of millions of dollars in debt. The company has acquired clients across Europe and plans to use today’s funding to accelerate its expansion across Europe and the US, scale its product, and expand its team.

“Debt servicing is a $300+ billion global industry that is ripe for disruption. After reviewing countless verticals, this stood out as a space where AI can make a major impact,” said Northzone Partner Jeppe Zink. “Given their experience and relentless development speed, Borja and his team are uniquely positioned to transform this space.”

Murphy is part of a larger wave of AI-powered services in the financial services space. Investors are pouring money into these companies in anticipation that AI-native vertical SaaS companies like Murphy will replace legacy systems in high-friction industries such as collections, compliance, and insurance.


Photo by Aleksandar Pasaric

Bilt Raises $250 Million at $10+ Billion Valuation

Bilt Raises $250 Million at $10+ Billion Valuation
  • Bilt raised $250 million in new funding, boosting its total raised to $813 million and reaching a $10.75 billion valuation.
  • The company is expanding its rewards program to cover more housing categories like condos, HOAs, student housing, and even mortgage payments through a partnership with new investor United Wholesale Mortgage.
  • Bilt is also developing new credit card options, including a no-fee card and two premium tiers.

Loyalty platform Bilt received $250 million in new funding this week. The investment, which was led by General Catalyst and GID with additional funds coming from United Wholesale Mortgage, boosts the New York-based company’s total raised to $813 million.

Bilt was founded in 2021 to offer a loyalty rewards program and credit card that allows renters to earn points when they pay their rent, building credit with every payment. With no annual fee, the Bilt Mastercard credit card also allows cardholders to earn points on select dining experiences, rideshare purchases, and travel purchases. These points can be redeemed for travel, fitness classes, home decor, and even a down payment on a future home.

With today’s round, Bilt is also revealing its new valuation of $10.75 billion, representing more than a 3x increase in a single year. This new valuation reflects Bilt’s growth. The company anticipates it will surpass $1 billion in revenue by the first quarter of 2026 and will process over $100 billion annually in housing spend in the next six months. Additionally, the company’s network of homes has signed one in four US apartment buildings, partnering with 70% of the top 100 property managers. It has also added over 40,000 merchants across the US to its rewards network.

The company has expanded its network of merchant partnerships to make cardholders’ neighborhoods feel like their own members club. “Bilt represents the convergence of America’s largest spending categories—housing and local commerce—into a single, powerful network that benefits everyone involved,” said Bilt Chairman Ken Chenault. “What we’re building goes beyond the four walls of your apartment; we’re connecting you with your entire neighborhood and making every aspect of where you live more rewarding.”

Bilt is using the $250 million investment to grow the number of housing categories it is able to reward. The company is expanding into condo and HOA payments, student housing, and has also partnered with mortgage servicers–including today’s investor United Wholesale Mortgage–to expand into mortgage payments.

The company is also working on Bilt Card 2.0 in partnership with embedded credit card platform Cardless to offer a new, no-fee card option and two premium cards featuring $95 and $495 annual fees. Bilt didn’t offer additional details of the new card options, but teased the launch date of February 2026.


Photo by Tom Fisk

Supply Wisdom Locks in $14 Million; Introduces New CEO Jenna Wells

Supply Wisdom Locks in $14 Million; Introduces New CEO Jenna Wells
  • Risk intelligence platform Supply Wisdom has secured $14 million in Series B funding in a round led by Jurassic Capital.
  • Supply Wisdom also announced that Chief Operating Officer Jenna Wells has been appointed as the company’s new CEO.
  • Supply Wisdom made its Finovate debut at FinovateFall 2022 in New York. We interviewed Jenna Wells in March of this year on the subject of third-party risk in financial services.

Risk intelligence innovator Supply Wisdom has raised $14 million in new funding. The company, which made its Finovate debut at FinovateFall 2022 in New York, also introduced a new CEO, former Chief Operating Officer Jenna Wells. Finovate readers will recall our interview with Wells from earlier this year, in which she discussed the challenge of managing third-party risk in financial services.

“I’m honored to step into this new role during such a pivotal time for our company and the global business community as there is clearly an increased need for strong risk management,” Wells said in a statement announcing both the investment and her new status as Supply Wisdom CEO.

“As both a risk practitioner and leader at Supply Wisdom, I’ve seen firsthand how our AI-powered platform transforms how organizations manage risk across their entire supply chain ecosystem. I’m excited to support Supply Wisdom in continuing to provide comprehensive, predictive risk intelligence that enables businesses to act proactively and confidently in an increasingly complex risk landscape.”

Supply Wisdom offers a full-stack SaaS platform, powered by AI, that helps companies in financial services, insurance, technology and other industries turn open source data into risk intelligence on key third-party relationships. The company’s technology provides continuous monitoring, comprehensive intelligence reports, and alerts that cover all risk domains—financial, cyber, operational, ESG, compliance, Nth party, location—in real-time. Founded in 2017 and headquartered in New York, Supply Wisdom includes companies in the Fortune 100 and Global 2000 among its clients.

The Series B round was led by Jurassic Capital, which joins existing investors Fulcrum Equity Partners and Conductor Capital. Jurassic Capital General Partner Kevin Mosley praised Supply Wisdom as a “high-growth, capital-efficient and innovative company with a strong history of delivering exceptional value for third party risk management departments at leading global firms.” Mosley also expressed excitement at the appointment of Wells as CEO, noting that her “firsthand experience as a customer will continue to pay dividends across the organization.”

Tom Thimot, who led the company as CEO since 2023, will continue to serve the firm in a new role as Advisor to the CEO. In this capacity, Thimot will provide strategic advice to both Wells and Supply Wisdom’s leadership team.

Supply Wisdom’s funding and C-suite leadership news comes in the wake of the company earning a spot in the Inc. Regionals: Northeast list of the fastest-growing private companies in the US Northeast. An extension of the Inc. 5000 roster, the Inc. Regionals: Northeast listing includes firms in Pennsylvania, New York, Vermont, New Hampshire, Maine, Massachusetts, Connecticut, Rhode Island, and New Jersey.


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17 Alums Raised More Than $1.2 Billion in Q2 2025

17 Alums Raised More Than $1.2 Billion in Q2 2025

Updated (6/24/25)

We back?

There are still a few days left but, so far, in the second quarter of 2025, 17 Finovate alums have raised more than $1.2 billion in new funding. The sum is several times larger than last year’s Q2 investment haul, as we note below, and also featured twice as many alums securing fresh capital.

Previous quarterly comparisons

  • Q2 2024: More than $292 million raised by eight alums
  • Q2 2023: More than $209 million raised by ten alums
  • Q2 2022: More than $984 million raised by eight alums
  • Q2 2021: More than $2.8 billion raised by 14 alums

In fact, Finovate alums in the second quarter of this year raised more than they have in any Q2 since 2021. This quarter also featured three funding rounds in which the amount of the investment was undisclosed. This means that the true tally for alum funding for Q2 exceeds the $1.2 billion headline number—and perhaps by a significant margin.

Top equity investments

  • Plaid: $575 million
  • Scalable Capital: $176 million
  • Thunes: $150 million
  • Stash: $146 million
  • Zopa: $106 million

The $575 million raised by Plaid is far and away the biggest equity investment for Finovate alums in Q2 of 2025. The funding round was led by Franklin Templeton, a new investor to the company, and featured participation from existing investors NEA and Ribbit Capital. The investment was a venture round, in which Plaid sold new shares to address a variety of issues, including providing liquidity to members of the Plaid team, as explained by company CEO and Co-Founder Zach Perret.

Q2 also featured a handful of other significant investments of more than $100 million. Interestingly, the four companies to receive funding in this range in recent months come from either the world of payments (Thunes) or investing (Scalable Capital, Stash, and Zopa). As fintech funding begins to recover, it will be worthwhile to watch and see if these two subsectors of our industry play a major role in leading fintech funding back toward pre-pandemic levels.


Here is our detailed alum funding report for Q2 2025.

April: More than $795 million raised by five alums

May: More than $257 million raised by four alums

June: More than $232 million raised by eight alums

If you are a Finovate alum that raised money in the second quarter of 2025 and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.


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Grifin Lands $11 Million to Help Users Invest as they Shop

Grifin Lands $11 Million to Help Users Invest as they Shop
  • Grifin raised $11 million in Series A funding to grow its investing app that allows users to invest where they shop, bringing its total funding to $20 million.
  • The app uses Adaptive Investing to automatically invest $1 per purchase into companies users buy from, helping them build daily investing habits.
  • Grifin targets underserved investors, especially women ages 40 to 60.

Approachable investing app Grifin announced that it raised $11 million this week to help users invest where they shop. The Series A funding round, which brings the company’s total raised to $20 million, was led by Nava Ventures with participation from TTV, Draper Associates, Gaingels, Nevcaut Ventures, and Alloy Labs.

Grifin will use today’s funding to hire employees, partner with HR platforms and consumer brands, build family plans, and build out more tools and experiences to add to the app.

“We are thrilled to partner with Grifin in their mission to make investing fit into the daily lives of people across the country,” said Freddie Martignetti, Partner at Nava Ventures. “With more than 178 million uninvested Americans, Grifin has the potential to make a remarkably positive impact by helping their app users lay the foundation for long-term wealth building.”

Martignetti will join Grifin’s Board of Directors.

Grifin was founded in 2017 to make investing fun by allowing shoppers to invest in a portion of the brands they purchase from. The company removes complexity and fear associated with investing by building an investment portfolio based on the consumer’s purchasing habits. Grifin automatically transfers $1 for every transaction the user makes during the week, then invests the funds into their portfolio that is comprised of companies from which the user purchases. Grifin calls this approach Adaptive Investing.

With Adaptive Investing, Grifin creates a dynamic investment portfolio that is uniquely personalized to the user and their everyday habits. As the user’s shopping habits change, Grifin adapts the portfolio. The company also offers users full control on how much and in which companies they invest, allowing them to block companies and manually adjust their investment amount.

“We have always believed that investing should be positive and fun. Where it doesn’t feel like a second job, it simply feels like second nature,” said Grifin CEO and Cofounder Aaron Froug. “Unlike traditional investing, Grifin instills confidence through action and connection. Our goal with Grifin is to build daily investment habits, different mindsets and change the relationship people have with the brands they love. This new funding enables us the fuel to scale a product that’s already proven its power to increase investing habits in a whole new way.”

Grifin is targeting the 86% of Americans that don’t directly own any stock, and says that its primary investor group is women between the ages of 40 and 60. The company has added 500,000 registered users and has seen more than 100,000 new app installs in the last month alone.

Grifin differs from investing companies like Acorns by focusing on emotional connection and brand loyalty rather than rounding up spare change. While Acorns emphasizes passive micro-investing based on leftover change, Grifin actively builds a portfolio based on where users actually shop, which turns consumer behavior into their personalized investment strategy. This approach not only builds financial habits but also helps users feel more connected to their investments, making the process more engaging and meaningful.


Photo by Andrea Piacquadio

Icon Solutions Secures Investment from UBS

Icon Solutions Secures Investment from UBS
  • Payments company Icon Solutions has secured a new equity investment in a round led by UBS. Citi and NatWest, existing Icon Solutions investors, also participated.
  • The investment will help Icon Solutions bring its Icon Payments Framework (IPF) to more banks to enable them to develop and deploy new payment processing solutions faster.
  • Headquartered in the UK, Icon Solutions made its Finovate debut at FinovateEurope 2017.

UK-based paytech Icon Solutions announced a new equity investment led by Swiss bank UBS. Citi and NatWest, current Icon Solutions investors, also contributed funding. The amount of the total investment was not disclosed.

“This investment round is further endorsement of our founding belief that banks should be empowered to lead their own payments transformation,” Icon Solutions Co-Founder and Director Tom Kelleher said. “With IPF now internationally proven and increasingly adopted by major financial institutions, we look forward to continuing our close partnerships with Citi, NatWest, and UBS to build on this global momentum and deliver truly innovative and ground-breaking payments solutions.”

Both Citi and NatWest have deployed Icon Solutions’ Icon Payments Framework (IPF) to enhance their respective payments programs. IPF offers banks a payments development framework that enables them to build, test, and deploy payment processing solutions faster, allowing them to accelerate the transformation of their own payments infrastructure.

“This investment reinforces our partnership with Icon and confirms our commitment to deliver faster to market, future-ready payment solutions for our clients,” UBS Head of Group Operations and Technology Office for Personal & Corporate Banking and GWM Switzerland & International Pieter Brouwer said. “The collaboration helps us drive innovation at scale and enhances our capabilities for seamless instant payments and advanced transaction processing.”

Founded in 2009, Icon Solutions demoed its technology at FinovateEurope 2017 in London. The company’s core solution—the Icon Payments Framework—is a payment development framework relied upon by tier 1 banks around the world including Citi, NatWest, BNP Paribas, and UBS. Built to integrate seamlessly with multiple payment schemes, IPF helps financial institutions accelerate transformation of their payment infrastructure, while maintaining control of both timeline and costs. Cloud and ISO 20022-native, IPF reduces cost of ownership by up to 50%, accelerates speed to market by up to 4x, and enables real-time payments adoption in six months.

This spring, Icon Solutions introduced new Director of People Hannah McKechnie. Formerly Head of HR for the company, McKechnie, in her new role, will oversee Icon’s ‘People and Purpose’ programs, including support for Icon’s partnerships with the Social Mobility Foundation and with purpose-led technology training and services company Digital Futures.


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Stablecoin Infrastructure Platform OpenTrade Raises $7 Million

Stablecoin Infrastructure Platform OpenTrade Raises $7 Million
  • OpenTrade has raised $7 million in seed funding, boosting its total raised to $15.7 million.
  • The company will use the funds to scale its “yield-as-a-service” stablecoin infrastructure platform.
  • OpenTrade helps fintechs embed real-world asset-backed yields into digital wallets using USDC and EURC.

Stablecoin infrastructure-as-a-service platform OpenTrade received $7 million in a Seed round this week. The funds boost the UK-based company’s total raised to $15.7 million, $11 million of which has been secured within the past six months alone.

Today’s round was led by Notion Capital and Mercury Fund. Existing investors AlbionVC, a16z crypto, and CMCC Global also participated. In addition to today’s investor lineup, OpenTrade’s other investors include the likes of a16z Crypto and Circle.

“Notion and Mercury are exceptional B2B investors with a strong track record of backing category-defining companies, and we’re thrilled to partner with them,” said OpenTrade CEO Dave Sutter. “Combined with a16z’s leadership, and Albion and CMCC’s deep expertise, we have the network, experience, and momentum to scale globally and help unlock access to dollar-based savings for individuals historically outside the reach of traditional financial systems.”

OpenTrade aims to help businesses offer stable, reliable ways to earn yield using digital dollars (USDC) and euros (EURC). Founded in 2023, OpenTrade connects blockchain-based assets with traditional banking infrastructure to make earning interest on digital currencies simple, safe, and compliant. Its “yield-as-a-service” model that lets fintech clients including Belo, BuenBit, Littio, and Criptan embed yields that are backed by real-world assets into everyday user experiences.

Its easy-to-integrate tools allow fintech apps and digital wallets to offer yield products to their users at the click of a button, all secured by strong legal protections and institutional-grade operations. The company currently manages $47 million for clients and has processed nearly $200 million in transactions over the past year.

OpenTrade will use today’s funds to accelerate its go-to-market strategy by focusing on its product development, boosting its engineering capabilities, and increasing its operational capacity.

“OpenTrade is building core financial infrastructure for the next generation of fintech,” said Mercury Partner Samantha Lewis. “Their rapid growth underscores both the scale of demand and the strength of their model. They are solving a fundamental gap in the market with the potential to revolutionize global access to high-quality, yield-bearing accounts. It’s exactly the kind of high-conviction fintech opportunity we look for at Mercury.”

Stablecoin infrastructure is particularly impactful in geographies with unstable financial infrastructure that offers minimal yield and limited access to foreign currency accounts. In such regions, stablecoins not only provide a practical way to pay across borders, but they can also offer the opportunity for residents to earn a yield on savings. OpenTrade, for example, leverages a partnership with Littio to allow users in Colombia to earn up to 6% on USDC balances, when they have traditionally been limited to earning just 0.4% APR on funds held in traditional bank accounts.

OpenTrade’s latest funding round highlights growing investor confidence in the role stablecoins can play in democratizing access to financial services. As demand rises for yield-bearing products that are both secure and accessible across the globe, OpenTrade is poised to be a leader in the stablecoin infrastructure space.


Photo by anna-m. w.

Parlay Finance Secures $2 Million in Seed Funding for its Loan Intelligence System

Parlay Finance Secures $2 Million in Seed Funding for its Loan Intelligence System
  • Loan intelligence system (LIS) company Parlay Finance has secured $2 million in seed funding in a round led by JAM FINTOP.
  • The funding will help Parlay expand product development and grow its network of community lenders.
  • Parlay made its Finovate debut at FinovateSpring 2024.

In a round led by JAM FINTOP, loan intelligence system (LIS) company Parlay Finance has raised $2 million in seed funding. The funding will help the Virginia-based fintech expand product development, deepen integrations with existing systems of record, and expand its network of community lenders.

“JAM FINTOP’s investment and network of banks creates a powerful multiplier effect for our technology,” Parlay CEO and Co-Founder Alex McLeod said. “Through this partnership, we’re empowering community lenders nationwide to maintain rigorous underwriting standards while drastically improving operational efficiency and insight. By democratizing access to AI-powered technology, Parlay is helping community banks to better compete while advancing their mission to serve local businesses.”

Parlay Finance offers a solution that helps lenders boost loan volume, enhance operational efficiency, and maximize profitability without incurring additional risk. The company’s loan intelligence system complements existing loan origination systems (LOS) and features capabilities including digital customer onboarding, information verification, and a decision management system—powered by AI—that streamlines the processing of Small Business Administration (SBA) loans, which are notoriously complex and costly to underwrite.

In a statement, Parlay noted that it also has intensified its relationships with banks in the JAM FINTOP network. JAM FINTOP Investor Stephen Schroder, who will join Parlay’s board of directors, underscored the opportunity for its partnering banks. “Parlay has built what our banks need: a system of intelligence that integrates with existing systems of record to deliver substantial improvements in both volume and efficiency,” Schroder said. “We are confident the team’s deep understanding of banking operations and proven ability to execute will drive value for financial institutions nationwide.”

Founded in 2022 and headquartered in Alexandria, Virginia, Parlay Finance made its Finovate debut at FinovateSpring 2024. At the conference, the company showed how its technology helps lenders generate high-quality loan packets and provide scalable technical assistance for small business applicants. This helps boost customer loyalty, improve the efficiency of lending operations, and create interest and fee revenue for Parlay’s lending partners.

Last month, Parlay Finance partnered with credit-decisioning firm and fellow Finovate alum Stratyfy. The strategic partnership will combine Parlay’s platform with Stratyfy’s credit solutions to offer a frictionless intake and underwriting experience that helps banks increase lending to qualified small business borrowers.


Photo by Jenna Hamra

Credit Rebuilding Innovator Remynt Secures Strategic Investment, Becomes a CUSO

Credit Rebuilding Innovator Remynt Secures Strategic Investment, Becomes a CUSO

According to the New York Fed, US total household debt reached $18.2 trillion in the first quarter of this year.

While there were positive signs—credit card balances were lower quarter-over-quarter—the $16 billion uptick in student loan balances, including the number of loans that had moved from “current” to “delinquent,” was a reminder of how dynamic the US household debt landscape can be. The report also noted that, while there were no significant increases in the number of auto loans and credit card balances that had “transitioned into serious delinquency,” there was an increase in aggregate delinquency rates versus the previous quarter.

It is against this backdrop that we learned that debt recovery and credit rebuilding innovator Remynt has secured a strategic investment from One Washington Financial, the wholly-owned holding company of WSECU (Olympia, Washington). As part of the investment, Remynt, which won Best of Show in its Finovate debut at FinovateSpring last year, will also become a Credit Union Service Organization or CUSO.

“Since Remynt’s founding, our goal has been to support credit unions because we align closely in our support for financial wellness,” Remynt Founder and CEO Gwyneth Borden said. “We are thrilled to have the support of One Washington Financial and WSECU. This investment will help us scale our business and serve more credit unions to achieve higher recoveries while supporting member financial health.”

Founded in 2022 and headquartered in San Francisco, California, Remynt is a digital-first debt and credit recovery company. Remynt enables creditors to recover revenue from non-performing delinquencies and empowers consumers to resolve debt on their own terms thanks to a customer-centric, resiliency-oriented approach. Users of Remynt resolve their outstanding debts via a credit builder that links debt payments to a positive credit tradeline. The Remynt platform features credit score insights, personal finance management tools, and access to other financial wellness resources.

Thanks to this week’s strategic investment, and Remynt’s new status as a CUSO, the company will be able to quickly scale its solutions to support more credit unions and help them achieve economies of scale and operational efficiencies through shared resources and specialized expertise.

“Our partnership with Remynt aligns with our mission to create meaningful community impact by providing access to equitable and innovative financial solutions,” One Washington Financial Principal Scott Daukas said. “By including Remynt as part of WSECU’s financial wellness strategy, we directly contribute to our members’ financial stability, growth, and development.”

I caught up with Gwyneth Borden late last week to talk about Remynt’s investment news, its goals as a CUSO, and what credit unions want—and need—from their fintech partners. An edited transcript of our conversation is below.


As a small business owner in this space, how did you feel about 2025 as the year began?

Gwyneth Borden: I think there had been this sense of optimism. The stock market was going up. People thought things were going to be moving in a better direction.

And so I think we were optimistic going into 2025, initially thinking that consumer confidence had diminished and that 2025 might be a better year if people felt like things were moving in a different direction in the country and maybe that would be a positive thing.

Obviously what we didn’t anticipate were the tariffs, and the crazy back and forth and fluctuations in prices as a consequence. The uncertainty. People losing their jobs.

What’s interesting now is that this is kind of a wait-and-see economy. A lot of people are holding back. Talking with others—with credit unions or people in the collections world—typically tax season is a huge windfall. Everybody pays their debt off in the tax season and we didn’t really see that this year.

Why become a CUSO—a Credit Union Service Organization—now?

Borden: A big part of it, of course, is that we were fortunate to get an investment from One Washington Financial, which is WSECU. And in order to accept that investment, you have to be a CUSO, a credit union service organization. That was fine with us because it very much was aligned—from the very beginning—with our focus on supporting credit unions. We’re just delighted about the opportunity, to really stake our claim in the credit union space and say, “We are really here to be your partner.”

We are especially interested in serving a lot of smaller credit unions; in fact, part of our goal for our CUSO is at least 20% of the credit unions we serve be smaller than $300 million. A lot of tech companies don’t want to serve those businesses because they find it not to be enough revenue or volume for them. But the way our platform is built, it doesn’t really matter if you have two members on the platform or hundreds of members on the platform. It doesn’t cost us any more.

We’re also excited about bringing on WSECU as a customer, as well. They are a $5 billion-plus credit union, so it’s a really exciting opportunity for us to really scale substantially the number of people that we’re getting to serve.

Based on your conversations, what is it that credit unions want—or need—most from their fintech partners?

Borden: For credit unions in general, most of them are really trying to figure out how they can grow their businesses. Every single financial institution, including credit unions, makes money from lending. And in these precarious times, being able still to lend and provide the products people need for their lives (is important). A lot of them are starting to ask: Do we do small dollar loans? Are there credit voucher products? They are looking to see how they can expand their services to better serve the communities around them.

What can we expect to see and hear from Remynt over the balance of the year and into the next?

Borden: We are going to be expanding exponentially and bringing on more credit unions. We are going to release a white-label version of our platform in the latter part of the year that includes some AI agents. So it’s kind of an exciting development in the digital collections space. You’ll see a number of developments on our platform that we’ll be launching later this year, as well as some exciting partnerships with additional credit unions. We’re really staking our claim in a particular area in the credit union space, which I’m really excited about.

Insuretech Company bolttech Raises $147 Million at a $2.1 Billion Valuation

Insuretech Company bolttech Raises $147 Million at a $2.1 Billion Valuation
  • bolttech raised $147 million in a Series C round, bringing its total funding to over $690 million and boosting its valuation to $2.1 billion.
  • Sumitomo joined as a strategic investor and partner, forming a joint venture with bolttech to expand embedded insurance across Asia.
  • bolttech’s platform powers embedded insurance for industries like telecom, e-commerce, and banking, making insurance a seamless part of the digital buying experience.

Singapore-based insurtech company bolttech announced this week that it has closed its Series C round after raising $147 million.

Closing out today’s round were Sumitomo Corporation and Iberis Capital as strategic investors. The funds bring bolttech’s total funding to somewhere north of $690 million and boost the company’s valuation to $2.1 billion. Previous investors to the Series C round are Dragon Fund, Baillie Gifford, Generali’s Lion River, and others.

For its part, Sumitomo Corporation has not just become a strategic investor, but it has also entered a joint venture with bolttech to deliver embedded insurance programs for its Asia-based partners. This signals not only a financial endorsement but also a strategic distribution partnership in Asia, which is generally a region ripe for fintech growth.

“We are thrilled to join forces with bolttech—both as a strategic investor and through our joint venture,” said Sumitomo Group CEO of Media & Digital Group Shinichi Kato. “We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region.”

Founded in 2020, bolttech operates an embedded insurance platform. The company allows clients in telecom, banking, e-commerce, and retail to embed insurance offerings within their existing customer journeys. For example, a customer purchasing a mobile phone online might be offered device protection at checkout, powered by bolttech’s infrastructure. bolttech supports this with a modular tech stack that includes product recommendation engines, policy administration, claims management, and partner onboarding. The company works with hundreds of insurers and partners across industries, serving millions of customers in 37 markets across four continents.

bolttech anticipates that the Series C round will enable it to enhance the platform’s capabilities and accelerate its global growth strategy, making insurance more personalized, accessible, affordable, and convenient for customers.

“We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C,” said bolttech Group CEO Rob Schimek. “This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.”

The funding shows increased interest in embedded insurance, which is rising to become one of the fastest-growing sectors within insurtech. As embedded finance matures, bolttech’s ability to plug insurance directly into partner platforms helps make insurance an invisible part of the digital customer experience.


Photo by Vlad Deep on Unsplash