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Tracking fintech, banking & financial services innovations since 1994
Mastercard, the world’s second-largest payment processor, has acquired AI and data analytics solutions company RiskRecon. Terms of the deal were not disclosed.
The payments giant anticipates the purchase will help its clients defend against cyber threats and data breaches. Ajay Bhalla, president of cyber and intelligence for Mastercard, said that RiskRecon will boost Mastercard’s cyber security solutions. “Through a powerful combination of AI and data-driven advanced technology, RiskRecon offers an exciting opportunity to complement our existing strategy and technology to secure the cyber space,” Bhalla added.
Logistically, RiskRecon will remain in tact. While the Utah-based company is now dedicated to supporting Mastercard solutions, RiskRecon will continue to help other industries such as healthcare and manufacturing protect consumer and payment data, as well as intellectual property.
RiskRecon was founded in 2015 by Eric Blatte and Kelly White, who now serves as the company’s CEO. “By becoming part of their team, we have an opportunity to scale our solution and help companies in new industries and geographies take steps to better manage their cybersecurity risk,” White said.
Prior to today’s acquisition, RiskRecon had raised $40 million in three rounds of funding.
Revolut and Mastercard have teamed up this month to help rebuild schools in Mozambique after they were destroyed by a cyclone this spring. The effort, which is timed with UN’s Universal Children’s Day, aims to raise $207,000 (£160,000) to help get children in Mozambique back to school.
Revolut accountholders are able to show their support by making an in-app donation to Save the Children. Revolut and Mastercard will match donations from Revolut Mastercard customers. The goal is to complete the fundraising by January 2020 so that the schools can be built in time for the school year.
The campaign is made possible by the Donation feature Revolut launched in July. The feel-good feature allows cardholders to set up a recurring payment, make a one-off donation, or round up their purchases to the nearest whole number and donate the spare change. In addition to partnering with Save the Children, Revolut also facilitates donations to WWF and ILGA-Europe.
This campaign is part of a larger philanthropic trend moving through fintech lately. Other fintechs facilitating charity efforts include Meniga, which recently formed a partnership with the UN to allow users to donate their cash-back rewards to fight climate change, and Radius (recently acquired by Kabbage) which launched its Data for Good campaign to help the company’s employees and customers give back to their communities.
Revolut debuted its digital banking technology at FinovateEurope 2015 in London where the company’s CEO and founder Nikolay Storonsky showed off the app’s money transfer capabilities that help users avoid banking fees without actually using a bank.
Last month, Revolut launched in Singapore and announced plans to make its products available in the U.S. in the next couple of months. And in early October the company tapped investment bank JP Morgan to conduct a $500 million funding round and issue it a $1 billion convertible loan. The loan will turn into shares if Revolut receives a U.S. banking license.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
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Singapore’s United Overseas Bank (UOB) partners with proptech innovator SoReal to launch SME property valuation solution.
Bank of China and IBMannounces plans to collaborate on digital transformation, customer experience enhancement, and other innovations in financial services.
North Korea announces plans to develop its own cryptocurrency.
United Bank of Africa (UBA) inks deal with U.S.-based fintech Ovamba Solutions.
FairMoney picks up nearly $11 million in funding to help build a new digital bank in Nigeria.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Middle East and Northern Africa
RISQTeams Up with Aion Digital to Boost SME Lending in MENA.
ACI Worldwideteams up with Egyptian Banks Company, which will leverage ACI’s UP Retail Payments solution.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has begun issuing digital banking licenses.
Central and Southern Asia
Bangalore-based neobank for workers NiYO raises $35 million in new funding.
WebMoney Transfer goes live with its WMY wallet in Uzbekistan.
India’s Recko, a company that provides AI-powered digital transaction reconciliation, picks up $1 million in seed capital.
Swiss payments technology company BPC opens offices in Pakistan.
Nikkei Asian Review highlightsVymo and its entrance to the Japanese market.
Latin America and the Caribbean
Jumio to power digital identity for Brazil-based BTG Pactual.
Mexico’s Sr.Pago announces partnership with American Express.
Mastercard Brazil partners with Airfox and banQi to bring lower-cost banking options to Brazilian customers.
Bank of Thailand implements SimCorp Dimension to manage its reserve management and monetary policy operations.
Vietnam’s central bank warns against fraud in the P2P lending market.
Regulators in the Philippines introduce new rules governing crowdfunding.
Temenos to power digital transformation for Rwanda’s Bank of Kigali. The company will also replace core and front office legacy systems for South African microfinancier Barko
Ghana to launch universal QR code payment method later this year.
Mobile payments startup OPay raises $50 million in funding in round led by Sequoia China, IDG Capital, and Source Code Capital.
Central and Eastern Europe
Settlelaunches its mobile payments app in Croatia.
Czech-based fintech developer Turing Technology closes second round of funding.
Slovenia’s Telekom Slovenije introduces its mobile wallet.