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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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Blackhawk Network Teams with Mastercard to Add Paper Prepaid Products

Blackhawk Network Teams with Mastercard to Add Paper Prepaid Products
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Blackhawk Network, Daily news, MasterCard
  • Blackhawk Network (BHN) is transitioning Mastercard’s open-loop prepaid products from plastic to paper-based materials, aligning with Mastercard’s goal to eliminate PVC plastics from payment cards by 2028.
  • As of 2022, 60% of BHN’s physical cards were already paper-based, with the company aiming for 75% by the end of 2023, supported by collaborations with global partners.
  • Today’s collaboration follows a similar partnership with Visa that was formed in 2023.

Branded payments provider Blackhawk Network (BHN) announced this week it is partnering with Mastercard, transitioning its network-branded open-loop prepaid products from plastic to paper-based materials. 

The move will help support Mastercard’s commitment to remove first-use, PVC plastics from payment cards on its network by 2028. It also supports BHN’s sustainability efforts. The California-based company has offered paper-based and recycled products since 2017, and made a pledge in 2022 to convert most of its own original card products to digital or paper.

“Since making our 2022 pledge, we have moved at lightning speed to deliver—and have successfully done so,” said BHN CEO and President Talbott Roche. “As of the end of last year, 60% of the physical cards in our network had been transitioned to paper-based materials, and we are well on our way to achieving our original goal of converting 75% by the end of this year. Taking those initiatives a step further, we are continuing to seek out collaborations with partners like Mastercard, banks, merchants, other card issuers, and manufacturers that operate on a global scale.”

BHN reports that paper-based cards still offer convenience and reliability while posing minimal disruption to consumers, retailers, and issuers. The company is continuing to invest in research and development that will enable the use of paper materials in other channels, including print-on-demand production formats.

“Mastercard’s reach, combined with our own, puts us in a rare position to not only reduce our footprint, but also to lead by example for other companies. We will continue to encourage more businesses to join our efforts and responsibly reduce the environmental impact of the products we use and consume,” added Roche.

The move toward sustainability isn’t the first effort from BHN or major card companies. Last year, BHN announced a partnership with Visa where BHN was helping the card giant transition its open-loop prepaid cards from plastic to sustainable paper-based materials.

Swapping out plastic in favor of paper cards is a good move for prepaid cards, which are often used once or twice and then disposed of. However, it is unlikely we will ever see paper credit or debit cards. Even if they are made to be durable enough to withstand daily transactions, consumers seem to favor thicker plastic and even metal cards, which offer a sense of status and exclusivity.

Photo by DS stories

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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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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: Bluefin, Fintech Rundown, Marqeta, MasterCard

Halloween is right around the corner. But have no fear of being out of the loop when it comes to the latest in fintech news — Finovate’s Fintech Rundown has you covered!

Insurtech

Scotland-based insurtech Broker Insights launches in the U.S.

Payments

Mastercard introduces Bill Qkr to streamline billpay for merchants.

Payment orchestrator Yuno unveils Payout, a new feature that enables management of both pay-outs and pay-ins from within a single solution.

Pinwheel launches new subscription management tool, Bill Navigator.

Bluefin and Sycurio announce a strategic partnership to enhance payment security.

Earned wage solutions provider DailyPay secures $100 million from Citi to bolster its secured credit facility.

Identity management and verification

Cross-border payments infrastructure company Nium launches a real-time bank account verification solution, Nium Verify.

Lending

Card issuing platform Marqeta launches embedded Buy Now, Pay Later solution, Marqeta Flex.

Deposit and loan origination software solutions provider Amount introduces its AI Policy Optimizer to enhance credit, pricing, and fraud policy management.

Cryptocurrencies

Cryptocurrency exchange Bitstamp secures a MiFID Multilateral Trading Facility (MFF) license.

Digital banking

U.K.-based banking group Lloyds unveils new Link pay capability in its mobile banking app.

Photo by Yaroslav Shuraev

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Mastercard to Offer Real Time Cross-Border Payments for Commercial Clients

Mastercard to Offer Real Time Cross-Border Payments for Commercial Clients
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, MasterCard
  • Mastercard launched Move Commercial Payments, a real-time cross-border payments solution that operates 24/7.
  • The new commercial payments tool leverages a multi-rail system that includes SWIFT and Mastercard’s proprietary networks.
  • Move Commercial Payments offers features like liquidity management, integration with existing SWIFT systems, and helps to reduce counterparty risk.

Mastercard unveiled an offering this week that will allow commercial users to make cross-border payments in near-real-time. The payments giant introduced Mastercard Move Commercial Payments today, which facilitates payments 24 hours a day, 365 days a year.

Mastercard Move Commercial Payments leverages a multi-rail approach that includes SWIFT, and Mastercard’s proprietary networks to facilitate the cross-border payments. Relying on multiple rails enables banks and their commercial clients to send near-instant, transparent, and predictable transactions any time of day, any day of the week.

Cross-border payments have become increasingly crucial for businesses operating in a global economy. According to a 2023 McKinsey study, global payments revenue grew by double digits in both 2021 and 2022. However, many businesses still struggle with cross-border payments, frustrated by hidden costs and unpredictable settlement speed.

Mastercard Move Commercial Payments offers more than just real-time settlement. The tool also includes several features designed to enhance its value for banks. These features include multiple settlement options that improve liquidity management, a multi-party arrangement to reduce counterparty and default risks, integration with existing SWIFT messaging systems, and compatibility with current correspondent banking relationships. These elements help banks maximize operational efficiency while minimizing risk.

“By powering fast, predictable and transparent payments, Mastercard Move Commercial Payments will bring what is already the norm in domestic payments to the commercial cross-border payment space,” said Mastercard Head of Transfer Solutions Alan Marquard. “Our latest product innovation aims to directly address the pain points that are currently affecting the commercial cross-border payments market. By shifting to this new model, they will be empowered to generate new revenue streams while reducing risk and enhancing the offering for their corporate customers.”

Mastercard Move Commercial Payments, which is part of the company’s Move portfolio, was piloted in the U.K. with Lloyds Banking Group and UBS. This initial phase marked an important step in refining the platform’s capabilities for large-scale deployment. By collaborating with major financial institutions, Mastercard was able to validate the efficiency of its multi-rail payment system, demonstrating the platform’s market readiness and paving the way for broader adoption.

Mastercard’s launch competes with Visa’s real-time payments solution called Visa Direct, which enables fast and secure money movement to different endpoints across the globe. Similar to Mastercard’s Move Commercial Payments, Visa Direct also leverages a multi-rail approach that supports card-based and account-to-account transfers that integrate with The Clearing House RTP and FedNow.

Today’s launch comes amid a string of other payments-related news releases this month, as both fintechs and traditional financial services firms seek to capitalize on the recent consumer awareness of real-time payments generated from last year’s FedNow launch. Just last week, for example, we covered news from Worldline, which unveiled an account-to-account transfer tool in Europe, Tyfone’s launch of Payfinia instant payments solution, and Token.io’s real-time payments partnership with Santander.

Photo by Lea L on Unsplash

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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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Mastercard Acquires Minna Technologies

Mastercard Acquires Minna Technologies
By David Penn Posted on
Categories: Alumni News, Daily news, MasterCard, Mergers & Acquisitions, Minna Technologies
  • Mastercard has agreed to acquire subscription management platform Minna Technologies. Terms were not disclosed.
  • Minna Technologies offers technology that enables users to manage their subscriptions from within their bank app or website, saving users millions of dollars in spending on unwanted subscriptions.
  • Minna Technologies made its Finovate debut at FinovateEurope 2019. The company is headquartered in Gothenburg, Sweden.

Terms were not disclosed. But Mastercard announced today that it has agreed to acquire Swedish subscription management platform Minna Technologies. The transaction, which is subject to regulatory approval, will bring greater simplicity and clarity to the subscription process and help enhance the engagement between merchants and their customers.

“This is significant recognition of the strength, growth, and impact of Minna Technologies in powering the global subscription economy, partnering with top-tier banks, fintechs, and subscription businesses,” Minna Technologies CEO and Chair Amanda Mesler said. “We look forward to joining Mastercard’s world-class team and helping businesses to empower consumers with control, convenience, and flexibility in managing their subscriptions and recurring payments.”

Minna Technologies offers banks and other financial institutions a subscription management platform that enables users to take control over their subscriptions via an automatically generated overview of all the user’s recurring expenses. Individuals can use Minna to cancel unwanted subscriptions as well as identify and quickly switch to new utility service providers. Mastercard’s acquisition comes as the number of subscriptions globally has climbed to 6.8 billion, with analysts at Juniper Research expecting that number to climb to 9.3 billion by 2028.

That said, the experience of our subscription economy can be a mixed one for consumers. Changing, extending, or canceling a subscription is often much more difficult than it needs to be. Additionally, the proliferation of subscription-based services means that many people have trouble keeping track of what they subscribe to, and when those subscriptions will be renewed. In the U.S., for example, the average person has 4.5 subscriptions. Additionally, more than 85% of Americans say that they have at least one paid subscription that goes unused each month.

Minna provides a payment-scheme agnostic service that empowers subscribers to manage their subscriptions from within their banking apps and websites. Bringing this technology into Mastercard’s suite of offerings is yet another example of how some of the biggest companies in financial services are leveraging acquisitions to add new solutions – from account-to-account payment functionality to enhanced cybersecurity – to their product mix. To that point, just last week, we shared news that Mastercard rival Visa had agreed to acquire fraud prevention company (and Finovate alum) Featurespace.

Founded in 2014, Minna Technologies demoed its technology at FinovateEurope in 2019. Today, the Sweden-based company has connected with more than 22,000 subscription businesses, served more than 120 million retail bank and fintech users, and saved customers more than $1 billion in spending on unwanted subscriptions.

Photo by Shvets Anna

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Finovate Global Canada: Embedded Finance, Open Banking, and Helping Newcomers Access Credit

Finovate Global Canada: Embedded Finance, Open Banking, and Helping Newcomers Access Credit
By David Penn Posted on
Categories: ACI Worldwide, Finovate Global, MasterCard, Revolut

This week’s edition of Finovate Global looks at recent developments in the fintech scene in Canada.

First up, we head over to Toronto, Ontario, where embedded payroll software company Nmbr has secured $5.6 million (CAD$7.6 million) in seed funding. The round featured investors Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital. In a statement, the company indicated it will use the funding to fuel growth and accelerate product development. And while focused presently on the Canadian market, Nmbr believes the investment will enable the firm to explore expansion opportunities in other countries.

“We’re incredibly grateful for our investors’ support and their confidence in our mission to empower businesses across the country with embedded payroll solutions,” Nmbr Co-Founder and CEO Simon Bourgeois said. “With these integrated systems already gaining traction in the U.S., we’re excited to extend these proven strategies to Canada.”

Founded in 2023, Nmbr simplifies complex financial products like payroll. The company’s technology enables businesses to embed Canadian payroll within their offering in days or weeks, rather than in years as is often the case with traditional payroll systems. Companies partnering with Nmbr have added payroll alongside operations such as AP/AR automation, employee scheduling, e-commerce, employee benefits management, and more. In addition to its funding announcement, Nmbr also reported that RBCx, the technology and innovation arm of Royal Bank of Canada, will serve as the company’s banking partner.

Staying in Ontario, but traveling 300 or so miles east, takes us to Ottawa and the home of Salt Edge, an open banking solution provider for banks, lenders, and other fintechs. This week, the Canadian fintech announced that it is helping Multitude Bank enhance its loan repayment processes to enable instant loan repayments.

“Salt Edge’s solution stood out due to its flexibility, competitive pricing, extensive coverage, and readiness to adapt to Multitude’s specific needs,” Multitude Bank CBO and Deputy CEO Dario Azzopardi said. “These factors were pivotal in choosing Salt Edge as a partner in this initiative.”

A core subsidiary of the Multitude Group, Multitude Bank will leverage Salt Edge’s technology, specifically using open banking method Pay-by-Link to provide customers with timely notifications about upcoming installments. The bank will use Salt Edge’s Payment Initiation solution to enable its customers to make instant loan repayments instead of relying on traditional online banking methods. The new process reduces transaction costs and connects bank clients with more than 2,300 banks across Europe.

“Open banking offers flexibility, and we’re happy to assist Multitude in supporting its clients with a safe and faster payment solution powered by open banking,” Salt Edge VP of Sales Erica Virlan said.

Salt Edge’s partnership with Multitude Bank comes just days after Moldova-based Victoriabank announced it was teaming up with Salt Edge to help ensure compliance with impending national legislation that will transpose European 2nd Payment Services Directive (PSD2) into Moldovan law. Also this month, the Canadian company forged new partnerships with international financial services company Ebury and Moldova’s Comertbank.

Salt Edge made its Finovate debut at FinovateEurope 2018 in London. The company offers an Open Banking Gateway that enables financial institutions to secure instant access to accounts in 5,000 banks across Europe, GCC, APAC, and the Americas for account information and payment initiation. Salt Edge also offers an Open Banking and Compliance Solution that helps banks and Electronic Money Institutions (EMIs) become compliant with PSD2 and open banking requirements.

Canada has a well-deserved reputation as a welcoming country. As of 2023, with more than eight million immigrants earning permanent residence status in Canada, immigrants currently make up approximately a fifth of the country’s population.

With this in mind, it is heartening to read news that Scotiabank has expanded its partnership with Canadian cross-border credit bureau Nova Credit. The two entities will work together to help newcomers from countries including Australia, India, Kenya, Mexico, and Nigeria to leverage their credit history from their home country to help them access higher credit limits when applying online for financing in Canada.

“Canada relies heavily on the success of our immigrant population and the contributions they make to our economy,” Scotiabank SVP for Retail Customers, Tanya Eisener said. “In an increasingly digital world, a person’s history doesn’t have to start over when they move to a new country. Being able to access their foreign credit report through Nova Credit’s credit service allows us to get a better understanding of their credit risk and ultimately help them settle in Canada faster.”

The expanded partnership between Scotiabank and Nova Credit is designed to tackle the challenge of “credit invisibility” or the absence of a credit record. In Canada, based on data from 2015 through 2019, more than 25% of those considered “credit invisible” were immigrants. Further, more recent immigrants, those who had been in the country for less than two years, were nearly twice as likely to be credit invisible compared to native-born Canadians.

Scotiabank is a multinational banking and financial services company based in Toronto, Ontario. The bank offers a range of services including personal and commercial banking, wealth management, private banking, corporate and investment banking, and capital markets. The institution has more than 90,000 employees and assets of more than $1.3 trillion as of April 2023.

Headquartered in San Francisco, California, Nova Credit is a consumer-permissioned credit bureau that specializes in helping businesses make informed decisions on thin-file, no-credit history, and new-to-country credit applicants. Founded in 2016, Nova Credit expanded to Canada in 2023 as part of its initial partnership with Scotiabank.

Here is our look at fintech innovation around the world.

Central and Eastern Europe

  • Austria’s Bitpanda announced a collaboration with Societe Generale-FORGE.
  • Turkey-based Fibabanka launched the country’s first Banking-as-a-Service platform this week.
  • BNP Paribas acquired HSBC’s German private banking unit, enhancing its wealth management operations.

Middle East and Northern Africa

  • UAE-based investor Mubadala announced that it has taken a “substantial stake” in all-in-one finance app Revolut.
  • Payment solutions provider PayerMax partnered with Saudi Arabia’s Saudi Awwal Bank (SAB).
  • Network International teamed up with Buy Now, Pay Later (BNPL) provider Tabby to support e-commerce merchants in the UAE.

Central and Southern Asia

  • Pakistan-based Buy Now Pay Later (BNPL) company Qist Bazaar secured $3.2 million in Series A funding.
  • Ant International forged a strategic partnership with Himalayan Bank to increase Alipay+ acceptance in Nepal.
  • A partnership between Mastercard and ZOOD will bring virtual Buy Now, Pay Later cards for consumers in Uzbekistan. Read more about fintech in Uzbekistan in our Finovate Global interview with Oliver Hughes of TBC Uzbekistan.

Latin America and the Caribbean

  • Uruguayan cross-border payment platform dLocal teamed up with Asia-based mobile wallet ShopeePay.
  • Proclaiming itself the first digital bank dedicated to customers with disabilities, Brazil’s Parabank partnered with Dock to launch a new suite of credit and prepaid cards.
  • MercadoLibre’s fintech division, Mercado Pago, has applied for a banking license in Mexico.

Asia-Pacific

  • Payments innovator NETSTARS teamed up with ACI Worldwide to boost development of cashless payments in Japan.
  • Singapore-based Bybit introduced new Shariah-compliant cryptocurrency accounts for Muslim investors.
  • HSBC launched new financing plan for SMEs in Hong Kong.

Sub-Saharan Africa

  • Africa-focused investment firm Helios Investment Partners led a $100 million Series D funding round in Banking-as-a-Service (BaaS) and infrastructure API provider M2P Fintech.
  • Coming to America! African paytech Flutterwave has expanded its Send App remittance service to 49 states in the U.S. courtesy of a partnership with MainStreet Bank.
  • PayZeep, a Nigerian fintech startup, partnered with the Amalgamated Union of App-based Transporters of Nigeria (AUATON) to bring new payment options to drivers.

Photo by ennvisionn

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Parlay Wins Spot in Mastercard Start Path Small Business Program

Parlay Wins Spot in Mastercard Start Path Small Business Program
By David Penn Posted on
Categories: Alumni News, Daily news, MasterCard, Parlay Protocol
  • Loan intelligence system company Parlay will join Mastercard’s Start Path Small Business program. Parlay is one of eight companies selected.
  • Parlay’s technology complements a bank’s or credit union’s loan origination system to streamline and enhance small business loan processing.
  • Parlay made its Finovate debut at FinovateSpring 2024 in May as part of our Sustainability & Inclusion Scholarship program.

Parlay, which offers an AI-powered Loan Intelligence System (LIS) to help community banks and credit unions boost small business loan volume, is one of eight startups selected to participate in Mastercard’s Start Path Small Business program.

The incoming cohort consists of startups that have shown “dedication to democratizing financial tools and providing cutting-edge services for SMEs,” Mastercard noted in a statement. The statement underscored specific functions – such as spend management, onboarding, risk monitoring, loan approvals, and embedded finance solutions – that innovative fintech startups are helping digitize for small businesses.

Joining Parlay in the upcoming cohort of the program are Ballerine, Boost, CredibleX, Digi, Merge, Prime Dash, and RedOwl. The four-month program will give these startups the opportunity to leverage Mastercard’s network and subject matter expertise to forge product partnerships that help small businesses digitize their operations.

Parlay’s embedded fintech software helps lenders achieve a 64% increase in approved loans and an 87% reduction in manual underwriting workload. A white-label solution that complements loan origination systems, Parlay’s technology enables lenders to generate high-quality loan packets and maximize the eligible applicant pool. The company’s LIS also offers readiness insights to help businesses improve their creditworthiness; pre-screening to identify prime, marginal, and ineligible candidate pools; and pipeline analytics to enable loan officers to monitor applicant progress and underwriting eligibility.

“After a decade of work in economic development, our team realized that 77% of small businesses still struggle to access affordable capital and lack the insights need to navigate the lending process,” Parlay founder and CEO Alex McLeod said in a statement announcing the final eight startups invited to join the program. “We envision a future where community lenders, powered by Parlay’s AI-driven loan intelligence system, can get millions more small businesses approved for loans using unique, personalized insights that help both lenders and borrowers.”

Parlay made its Finovate debut at FinovateSpring in May as part of our Sustainability & Inclusion Scholarship program. The program is designed to spotlight underrepresented founders, as well as startups that are tackling issues such as climate change, diversity, and financial inclusion. Scholarships provide startups with complimentary demo participation, as well as the ability to network with our 2,000+ senior-level fintech attendees, fellow demoing companies, and more.

Past scholarship winners include Best of Show winning companies like Debbie, which won Best of Show at FinovateFall 2023, as well as Kobalt Labs and Remynt, both of which won Best of Show at FinovateSpring 2024.

Founded in 2022, Parlay is headquartered in Alexandria, Virginia.

Photo by Tim Mossholder

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: BlueVine, Daily news, Finastra, Fintech Rundown, Finzly, Klarna, MasterCard, Salt Edge, Trustly, Tyro, Weekly Alumni News, Weekly News

As 2024 works its way toward halftime, we’re seeing an uptick in partnership and collaboration activity from crypto to regtech. Check back all week long for updates on the latest in fintech news.

Payments

Payment orchestration platform Gr4vy extends its partnership with open banking payments company Trustly.

Tyro Payments teams up with StoreConnect to enable integrated payments for a Salesforce-based POS solution.

Intelligent verified payouts solutions provider Verituity closes $18.8 million funding round.

MENA and Africa-based consumer fintech Pyypl to issue prepaid Visa cards from its UAE headquarters as part of a new partnership with Visa.

Clair partners with Check to seamlessly offer on-demand pay. 

Tribe Payments appoints Andrew Hocking as CEO.

Frost Bank taps Finzly to provide FedNow and RTP instant payments to its business clients and consumers.

Digital banking

Mahalo Banking introduces its latest partner: Industrial Credit Union.

Bluevine teams up with Mastercard to launch its new Small Business Cashback Mastercard.

Bank Midwest partners with Finastra to launch its new digital bank, OnePlace.bank.

Tuum expands its partnership with Amazon Web Services (AWS) to deliver its next generation core banking platform through the AWS Marketplace.

Quail Creek Bank chooses Jack Henry to stay competitive and enhance customer experience.

MoneyLion appoints Jon Kaplan as Chief Revenue Officer.

Avidia Bank partners with Q2 and Personetics to modernize its digital banking experience and strengthen engagement.

Eltropy announces key enhancements to unified conversations platform.

Fraud and Identity management

Risk-decisioning software provider Provenir launches onboarding fraud solution.

Email address intelligence firm AtData forges strategic partnership with unified identity platform Dodgeball.

DataVisor enhances multi-tenancy capabilities for scalable, secure, and flexible fraud and AML solutions.

E-Commerce

Klarna divests its Klarna Checkout (KCO) division for $520 million.

Regtech

E-document management platform A-Cube API announces collaboration with Salt Edge to facilitate compliant document digitization.

DeFi

Decentralized finance (DeFi) platform 1inch partners with Web3 security provider Blockaid.

Embedded finance

Cotribute, an embedded fintech platform serving credit unions, partners with APCU and Center Parc Credit Union to launch an automated digital account opening solution.

Embedded finance platform for technology purchases Gynger raises $20 million in a Series A round led by PayPal Ventures.

Banking-as-a-Service

Payments and financial solutions provider Finzly partners with Frost Bank to bring FedNow and RTP Instant Payments to business and retail customers.

Egyptian Banking-as-a-Service startup Connect Money secures $8 million.

Lending

USMI names Enact MI President and CEO Rohit Gupta as Chair of the Board.

Conotoxia makes loan applications and processing available in its mobile app.

Small business finance

Airwallex integrates with Intuit QuickBooks to provide seamless multicurrency reporting.

Photo by Nubia Navarro (nubikini)

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Mastercard and Thought Machine Advance Their Partnership

Mastercard and Thought Machine Advance Their Partnership
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, MasterCard, Thought Machine
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  • Thought Machine has extended its relationship with Mastercard.
  • The two are advancing their partnership to offer core banking and payment solutions to financial institutions.
  • The two first partnered in 2020, when Thought Machine participated in the Mastercard Start Path startup engagement program.

Core banking platform Thought Machine announced today it has extended its relationship with Mastercard this week.

In this latest venture, the two companies are advancing their partnership to offer core banking and payment solutions to financial institutions. Mastercard is integrating its network and digital solutions with Thought Machine’s cloud-native core banking platform to help banks transition from their legacy core banking and payment technologies to cloud-native ones. Ultimately, the two hope the move will increase their efficiency, reduce costs, and create more integrated, personalized, and customer-centric experiences.

“As we expand our partnership with Mastercard, we plan to leverage their global presence and payment expertise to deliver our core banking and payment platforms to banks worldwide,” said Thought Machine CEO and founder Paul Taylor. “We are excited to simplify and enhance the modernization experience for complex banks worldwide and make it even easier for them to deliver sophisticated customer experiences.”

Today’s partnership also focuses on pay-now solutions. Specifically, the two will help financial institutions digitize debit cards linked to current accounts.

“We’ve had a longstanding relationship with Thought Machine, and they’re now our first strategic, end-to-end partner in the core banking space,” said Mastercard Europe President Mark Barnett. “We’re providing leading banks and financial institutions with a comprehensive core banking and card issuing solution that meets tomorrow’s payment needs, and we look forward to scaling our joint capabilities.”

Mastercard and Thought Machine first partnered in 2020, when Thought Machine participated in the Mastercard Start Path startup engagement program. In 2022, the two teamed up to develop Vault Payments, an issuer processing solution that leverages Mastercard’s cloud technology. Vault Payments supports various card and non-card use cases, tapping Mastercard’s extensive payment network with Thought Machine’s banking technology.

U.K.-based Thought Machine has raised $563 million in funding since it was founded in 2014. The company offers two main products: Vault Core, a tool that leverages smart contracts to help organizations design and build new financial products; and Vault Payments, a payments processing platform that enables banks to run all payment types for different payment methods, schemes, and regions across the globe. Among Thought Machine’s clients are Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, and Curve.

Photo by Mikhail Nilov

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: Alumni News, BBVA, Daily news, DriveWealth, Finastra, Fintech Rundown, Glia, MasterCard, nCino, Signicat

A holiday-filled week that began with Father’s Day, continues through Juneteenth, and brings us the first official day of summer.

Don’t be surprised if this week yields a lower than usual fintech news flow as the temperatures rise and the days stretch long. We’ll keep you posted if you decide to step outside and enjoy the season.

Payments

Uruguayan cross-border payment platform dLocal forged a partnership with Lithuanian gaming marketplace Eneba.

eBay adds Venmo as a new payment option.

Qatar-based Doha Bank and Mastercard enter a long-term strategic partnership.

Digital payments platform CleverCards raises $8.5 million (€8 million).

Shift4 acquires a majority stake in Vectron Systems, one of the largest European suppliers of point-of-sale (POS) systems to the restaurant and hospitality verticals.

Cryptocurrency and DeFi

Cryptocurrency exchange Bybit unveils support for Apple Pay on its Bybit Card.

Dennis Winter becomes Chief Technology Officer of Boerse Stuttgart Digital.

Velmie and Bitlocus partner to bridge the gap between traditional finance and DeFi.

E-commerce

E-commerce accounting platform Finaloop raises $35 million in Series A funding.

Digital banking

Spring Labs launched its AI copilot for fintechs, Raia.

Glia brings unified interaction capabilities to the mobile version of NCR Yoyix’s mobile banking app.

nCino unveils its new AI banking tool, Banking Advisor.

BBVA plans to launch a consumer digital bank in Germany according to a report in Bloomberg.

Personetics recognized by Celent as a Global Leader in Personal Financial Engagement (PFE) for Retail Banking.

3Rivers Federal Credit Union taps MeridianLink to enhance the member experience by offering digital lending and account opening.

Apiture launches Data Portal to enable community financial institutions to provide a personalized banking experience.

Lending

Real-time lending and payments solution provider Momnt introduces new CEO Chris Bracken.

Taktile and Ocrolus partner to unlock real-time underwriting for small business lenders.

Nova Credit partners with Royal Bank of Canada to help newcomers to Canada leverage their international credit history in Canada. 

Gynger secures $20 million in Series A funding to revolutionize corporate technology purchasing.

Investing

Brokerage-as-a-Service platform DriveWealth introduces additions to its senior leadership team.

Investment data management firm Finbourne raised $69.8 million (£55 million) in Series B funding.

French wealth management and financial advisory firm Ramify secures $11.8 million (€11 million) in Series A funding.

Identity and fraud management

Digital identity and identity fraud prevention solutions provider Signicat launches Face Authentication on its flagship MobileID product.

Fideo launches to fight fraud using real-time intelligence.

Capital.com partners with Trulioo to deliver customer onboarding.

Compliance

Sumsub and Finastra partner to strengthen banking industry compliance.

Photo by Jonathan Petersson

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