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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
This week marks Eid al-Fitr, the festival celebrating the end of Ramadan and the breaking of a month-long fast. Similarly, the close of this quarter feels like fintech is breaking its own fast, with Klarna filing its IPO prospectus, Rocket Companies announcing major acquisitions of Mr. Cooper and Redfin, and regulatory frameworks beginning to ease in the U.S. As we enter into the second quarter, here’s a look at this week’s fintech news as we leave the time of fasting behind. We’ll continue adding news to this post throughout the week, so stay tuned!
Finastra‘s cloud-based loan document preparation system LaserProunveils enhanced features and sees further adoption by community-based financial institutions.
Business financial management
Tesoriolaunches AI agent that autonomously manages portal-based invoicing.
Enterprise spend management platform Mendelcloses $35 million Series B round led by Base10 Partners with participation from PayPal Ventures.
This week’s edition of Finovate Global looks at recent fintech headlines from the South American countries of Argentina, Brazil, and Uruguay.
Ualá Raises $66 Million at $2.75 Billion Valuation
In a funding round that featured participation from Mexican media titan TelevisaUnivision, Argentina-based fintech Ualá has added $66 million in funding to its Series E round. The additional funding brings the round’s total to $366 million and gives the company a valuation of $2.75 billion.
The capital comes via an equity sale and will be used to fuel Ualá’s growth throughout Latin America—with a particular emphasis on expansion in Mexico. Ualá Founder and Chief Executive Officer Pierpaolo Barbieri praised the participation of TelevisaUnivision, which he called a “very relevant and influential outlet, across Spanish-speaking markets but especially in Mexico.” Barbieri added, “It will help us create confidence and closeness with a lot of Mexicans that still don’t know us.”
The first close of the Series E round was led by Allianz X, German insurance company Allianz SE’s venture capital arm. Also participating in the first close were Stone Ridge Holdings Group and Pershing Square Foundation. Additional investors in the extension round were not named.
Founded in 2017 in Argentina, Ualá offers financial services including payment accounts connected to an international Mastercard prepaid card, as well as savings accounts, loans, investments, business collection solutions, and more. The company has nine million users in the region, including in countries such as Argentina, Colombia, and Mexico.
Ualá began the year by announcing the availability of six new mutual funds in its ecosystem, including one fund denominated in dollars. In February, the company integrated an advanced artificial intelligence platform, powered by OpenAI’s GPT-4, into its customer service process.
dLocal partners with Temu, Belmoney
Uruguayan fintech and cross-border payments company dLocal announced a pair of partnerships in recent days. First, dLocal launched a new collaboration with Europe-based, remittance-as-a-service (RaaS) provider Belmoney. The goal of the partnership is to facilitate cross-border payouts, leveraging the integration of more than 900 local and alternative payment methods (APMs) such as credit and debit cards, bank transfers, and instant transactions. The collaboration is also designed to boost service reliability and efficiency for those making cross-border transactions in countries including Bangladesh, Ecuador, Peru, and Pakistan.
“Our partnership with dLocal is a game-changer in the remittance space,” Belmoney CEO and Founder Bruno Pedras said. “By integrating with dLocal’s comprehensive network, we can significantly lower costs, improve transaction speeds, and provide a better cross-border payments experience for both senders and recipients.”
Second, dLocal announced that it has formed a strategic partnership with Temu, the international e-commerce platform of China’s PDD Holdings. Together, the two companies seek to provide shoppers in Africa, Asia, and Latin America with new seamless and secure payment options that are suited to local preferences. Millions of customers in 15 emerging markets in these regions stand to benefit from the collaboration.
“By partnering with dLocal, we’re excited to extend these benefits to millions of customers in emerging markets, ensuring that more people can enjoy accessible, convenient shopping experiences,” a Temu spokesperson said in a statement.
Launched in 2022, Temu is an online marketplace that offers consumer goods at significantly discounted prices. Shipping goods directly from the People’s Republic of China, Temu reportedly has more than 292 million monthly active users of its app worldwide. The app was among the most popular in US app stores for both iOS and Android in 2024.
Founded in 2016, dLocal is headquartered in Montevideo, Uruguay. The country’s first unicorn, dLocal offers an all-in-one payment platform that enables companies to accept and disburse a wide range of local payment methods and currencies. In 2024, the company processed more than $25 billion worth of payments. dLocal works with 700+ merchants, supports 900 payment methods, and operates in more than 40 countries. A publicly traded company on the Nasdaq exchange under the ticker DLO, dLocal has a market capitalization of $2.7 billion. Sebastián Kanovich is CEO.
Ant International’s Bettr brings embedded finances services to ecommerce merchants in Brazil
Speaking of partnerships between businesses in Asia and Latin America, we learned this week that Bettr, Ant International’s AI-driven lending business, has gone live in Brazil. Bettr will help expand lending opportunities for small and medium-sized enterprises (SMEs) by working with local partners such as AliExpress. Through this partnership, Bettr will introduce a new financing solution, Bettr Working Capital, for local merchants working on AliExpress’s platform.
“This collaboration reinforces our commitment to helping small and medium-sized businesses thrive by providing accessible and efficient financial tools that can take their operations to the next level,” LatAm director of AliExpress Briza Bueno said. “In this way, we are not only supporting the individual growth of these entrepreneurs but also contributing to the advancement of e-commerce in the country.”
Bettr Working Capital will be introduced gradually; the first round of disbursements began this week. The technology analyzes merchant sales records and other unstructured business data from AliExpress to make smarter, tailored, more affordable loan solutions. This will help small and medium-sized businesses better manage cash flow and expand into new markets.
Headquartered in Singapore, Ant International is an international digital payments and financial technology provider. Bettr is the company’s digital lending business, which specializes in serving micro, small, and medium-sized enterprises (MSMEs). The firm combines emerging technologies like AI and data-driven credit modeling to offer secure financial solutions that better fit borrower needs.
Here is our look at fintech innovation around the world.
Latin America and the Caribbean
Argentina-based fintech Uala raised $66 million at a valuation of $2.75 billion in an extended Series E round.
Remittance company Pomelo integrated with Visa clearing house in Mexico.
Asia-Pacific
Indonesian ride-hailing service InDrive teamed up with Singapore’s Fingular and Indonesia’s Sharia-compliant P2P lending platform Ammana to launch its new inDrive.Money app.
Malaysian wealth management platform Versa raised $6.8 million in Series A funding.
Japan’s international payment brand JCB partnered with integrated payment provider First Cash Solution, expanding JCB Card acceptance in Germany.
Sub-Saharan Africa
African payments technology giant Flutterwave integrated with Pay With Bank Transfer to support businesses in Ghana.
Mastercardextended its collaboration with London-based Paymentology to boost financial inclusion in South Africa.
Compliance and fraud prevention platform Sumsubannounced a partnership with the Association of Fintechs in Kenya.
Central and Eastern Europe
Lithuanian identity verification provider iDenfy announced a collaboration with mobility provider Evemo.
Estonian fintech Hoovi raised €8 million in funding via a structured bond issue from Finland’s Multitude International Bank.
Moldova-based digital wallet and electronic money institution (EMI) Paynet partnered with open banking services provider Salt Edge.
Middle East and Northern Africa
Israeli fintech FINQ became the first Israeli company to secure a US Securities and Exchange Commission (SEC) Registered Investor Advisor (RIA) license without relocating to the US.
Egyptian fintech Fawry inked a strategic agreement with Contact Financial Holding to expand access to Buy Now, Pay Later (BNPL) services.
Partnerships and collaborations in the payments space lead fintech headlines at the beginning of this holiday-shortened week. Be sure to check Finovate’s Fintech Rundown all week long for the latest updates in fintech and financial services.
Payments
Account-to-account (A2A) payment infrastructure provider Token.ioteams up with payment orchestrator Fabrick.
InComm Payments collaborates with Mastercard to offer Mastercard “Give Hope” gift cards in support of the American Red Cross.
Last year, we published an edition of Finovate Global that featured new developments in Islamic finance. This week’s column will explore further the world of Islamic and Shariah-compliant financial services with Dilshod Jumaniyazov, CEO and co-founder of Musaffa.
Launched in 2020 and headquartered in New York, Musaffa offers a comprehensive platform for ethical investing, Halal stock trading, and financial education. More than 487,000 Muslim investors in 195 countries use Musaffa’s platform, which provides access to stocks in countries ranging from the U.S., U.K., and Australia to Malaysia, the UAE, and Turkey.
Musaffa recently launched its Purification Calculator, which enables Muslim investors to confidently identify and invest in Shariah-compliant businesses. And at a time when more investors are looking for investments that align with their values, Musaffa’s advanced screening tools, financial education, and other solutions can be useful to ESG-oriented investors as well as faith-based ones.
In our extended conversation, Jumaniyazov helps us understand the size and scope of Islamic and Shariah-compliant finance, the unique needs of the customers in this growing market, and how enabling technologies are bringing innovation to Islamic financial services in areas such as banking to wealth management.
How big is the market for Shariah-compliant financial solutions? How has this market grown in the West in particular? Are there countries in the West where the demand for Shariah-compliant financial solutions is especially strong?
Dilshod Jumaniyazov: The market for Shariah-compliant financial solutions is not just big—it’s growing fast. In 2022, the global Islamic finance industry expanded by 11%, reaching $4.5 trillion in assets, and it is expected to grow to $6.7 trillion by 2027, according to the ICD-LSEG Islamic Finance Development Report 2023.
In the West, Islamic finance has gained significant traction, particularly since the 2008 financial crisis, when it emerged as a more stable and ethical alternative. In the U.K., Islamic banks have doubled their assets over the past decade, reflecting a growing demand for Islamic finance. Sukuk issuances have also increased across Europe, with countries like Luxembourg and Germany leading the charge. The broader trend of sustainable and values-based investing has played a crucial role in driving this growth.
Certain Western countries stand out for their strong demand. According to Global Finance Magazine, the U.K. is a clear leader, serving as a global hub with five Islamic banks and more than 20 conventional banks offering Shariah-compliant products. Luxembourg, the first Eurozone country to issue a sovereign sukuk, hosts a wide range of Shariah-compliant funds. Germany has made significant strides by issuing sukuks and licensing its first Islamic bank, highlighting its growing interest in the sector. Meanwhile, France, with Europe’s largest Muslim population, holds enormous untapped potential despite its relatively underdeveloped Islamic finance market.
This combination of ethical investing and increasing demand in key regions has positioned the West as an emerging force in Shariah-compliant finance.
What are we talking about when we talk about Shariah-compliant finance? How is it different from financing in the West?
Jumaniyazov: Shariah-compliant finance is rooted in Islamic principles that emphasize fairness, transparency, and social responsibility. It prohibits earning or charging interest (riba), excessive speculation (gharar), and investments in harmful industries such as gambling, alcohol, and weapons. Instead, it focuses on ethical investing, risk-sharing, and linking all financial transactions to real economic activities. For example, rather than relying on traditional interest-based loans, Shariah-compliant finance uses models like mudarabah (profit-sharing) and musharakah (joint ventures), where risks and rewards are shared among all parties. This approach ensures that financial activities create tangible value and benefit society.
What sets Shariah-compliant finance apart from Western finance is its deeply embedded ethical framework. While Western finance often revolves around interest-bearing loans and speculative investments, Shariah-compliant finance requires every transaction to align with moral principles and economic justice. It’s not just about profit — it’s about creating shared prosperity and avoiding harm. This focus on equity, accountability, and real-world impact makes Shariah-compliant finance a compelling alternative, especially for those seeking a more values-driven approach to managing wealth.
How has digital transformation impacted the market for Shariah-compliant finance. Has technology made it easier to innovate and create new solutions for the community?
Jumaniyazov: Digital transformation has completely reshaped the landscape of Shariah-compliant finance, making it more accessible and innovative than ever before. With the rise of digital banking and mobile payment platforms tailored to the needs of Muslim consumers, financial services are now reaching communities that were previously underserved. This has opened up opportunities for growth and inclusion on a global scale.
Technology has also sparked exciting developments like digital sukuks and blockchain-based smart contracts, which align perfectly with Islamic principles. These innovations have not only made processes more efficient, but have also introduced entirely new ways to approach halal and ethical finance. By breaking down barriers and reducing costs, digital transformation has turned Shariah-compliant finance into a dynamic, forward-thinking sector that’s more relevant than ever in today’s world.
Is there a role for AI in Shariah-compliant finance?
Jumaniyazov: AI is revolutionizing Islamic finance by making it more efficient, innovative, and accessible while staying true to its ethical principles. One of its most significant contributions is in screening stocks and ETFs for Shariah compliance. AI can analyze large datasets to assess whether investments meet Islamic criteria, streamlining a process that would otherwise be time-intensive and complex. This ensures that investors can confidently align their portfolios with their faith.
AI is also transforming Islamic financial products, such as sukuk. By enabling smart contracts, it has improved the transparency, efficiency, and trustworthiness of sukuk issuances. With applications like blockchain integration and advanced analytics, AI is not just addressing operational challenges but also opening doors for innovation, making Islamic finance more dynamic and globally relevant while adhering to Shariah principles.
You are CEO of Musaffa, a company that has developed Shariah-compliant solutions. Can you tell us a little about Musaffa and how you came to co-found the company?
Jumaniyazov: Of course. The journey to founding Musaffa began with a deeply personal challenge. Over my 16 years of investing, I often faced a dilemma — questioning whether my investments aligned with my faith and values as a Muslim. Every time I ventured into the stock market, I carried the weight of uncertainty, wondering if I was compromising my principles. As I shared my experiences with friends and colleagues, I realized this was not just my struggle — it was a challenge faced by millions of Muslims worldwide in a financial landscape that offered little guidance or transparency for faith-aligned investing.
This realization sparked a vision over a decade ago: to create a platform that would empower Muslims globally to invest ethically and confidently while staying true to their faith. However, I quickly recognized that making this vision a reality required more than just ambition. It demanded deeper knowledge, broader experience, and substantial capital.
Determined to bridge these gaps, I pursued an MBA at the University of Illinois at Urbana-Champaign and earned my CFA designation to strengthen my expertise in finance. I gained invaluable experience working with the technology team at Wells Fargo Securities, where I contributed to launching several trading platforms. Alongside this, I saved diligently, setting aside funds from my paychecks and 401(k) savings over the years. By late 2020, with $250,000 of my own savings, I was ready to bring Musaffa to life.
Musaffa is more than just a platform — it’s a solution to a deeply felt problem. At its core, Musaffa provides access to over 90,000 stocks and 9,000 ETFs globally, all meticulously analyzed for Shariah compliance. The platform enables users to seamlessly buy and sell halal stocks through an integrated network of brokerages.
Education is another cornerstone of our mission. Through Musaffa Academy, we offer tailored courses in financial literacy and Islamic finance, equipping our users with the knowledge to make informed decisions. These tools are designed not just to help Muslims invest, but also to empower them to understand and take control of their financial journeys.
As a result, Musaffa has grown to serve over 482,000 users across 195 countries. Our users trust us to provide peace of mind and a way to align their investments with their faith. With features like advanced Shariah compliance screening, integrated trading options, and a robust educational platform, Musaffa has become a trusted partner for Muslim investors worldwide.
Looking ahead, we are excited to expand our offerings by launching proprietary Shariah-compliant ETFs and further integrating into global markets. Our goal is to make halal investing even more accessible and to continue simplifying access to the $30 trillion Shariah-compliant market.
What sets Musaffa apart are not just the tools we provide but our unwavering commitment to solving real challenges. We’re not just offering a platform; we’re creating a global financial ecosystem rooted in faith, trust, and ethics.
Today, I am incredibly proud of how far Musaffa has come. It stands as a testament to years of dedication, the belief that financial success should never come at the expense of one’s values, and a vision that’s empowering Muslims around the world to invest with confidence and purpose.
Who are Musaffa’s primary customers and how do you reach them?
Jumaniyazov: Musaffa’s primary customers are individual investors worldwide who seek to invest in alignment with their values, as well as both Islamic and traditional financial institutions. We engage with them through a strategic mix of targeted digital campaigns, partnerships with Islamic organizations, and our robust education platform, Musaffa Academy, which drives the majority of our traffic. Additionally, we leverage the Musaffa Ambassador Program, which empowers passionate individuals to represent our brand and bring more users to the platform. Word-of-mouth referrals also play a pivotal role in building trust and expanding our reach within this values-driven audience. Together, these channels foster a strong and authentic connection with our customers.
You recently launched a Purification Calculator? Can you tell us about this solution: why you launched it, what it does, and how the reception of it has been so far?
Jumaniyazov: The Purification Calculator is an indispensable tool designed to ensure that Muslim investors can maintain Shariah compliance in their investments. Purification is a mandatory condition for any investment to be considered Shariah-compliant, as it involves cleansing portfolios of any unintended non-compliant income. The calculator simplifies this process by determining the exact amount that should be donated to charity, enabling investors to align their earnings with Islamic principles.
We launched this solution to address a critical concern for Muslim investors and to simplify a process that many found complex or uncertain. The feedback has been overwhelmingly positive, as the tool empowers users to invest with confidence, knowing their financial activities align with both their faith and values.
What are some of the most interesting things going on in Islamic finance right now to you personally?
Jumaniyazov: For me, one of the most exciting developments in Islamic finance is the growing focus on halal investment research. With more Muslims wanting to align their financial decisions with their faith, the demand for tools and analyses to identify Shariah-compliant opportunities is stronger than ever. This isn’t just about screening stocks; it’s about providing in-depth research and actionable insights that help investors make confident, informed decisions in a complex market.
Another area I find fascinating is how digital platforms are transforming access to halal investments. From sukuk to Shariah-compliant ETFs and stocks, technology is making it easier for people to find and invest in Shariah-compliant and ethical assets. This combination of research and innovation is bridging a critical gap for Muslim investors, helping them grow their wealth while staying true to their values; it’s an exciting time to see how the industry is evolving to meet both faith-driven and financial needs.
What can we expect to hear from Musaffa in 2025?
Jumaniyazov: In 2025, at Musaffa, we plan to launch a comprehensive Islamic finance education platform, introduce our proprietary Shariah-compliant trading platform, and begin offering exclusive Shariah-compliant ETFs following SEC licensing approval. Our goal is to solidify our position as the premier global platform for halal investments while significantly expanding our user base.
Here is our look at fintech innovation around the world.
Central and Southern Asia
Mashreq Pakistan secured a license from the State Bank of Pakistan to initiate digital banking pilot operations.
Serbian IT company Saga teamed up with Salt Edge to help banks in Serbia take advantage of opportunities in open banking.
German fintech Cleversoft announced its intention to acquire Turkish financial messaging and AML compliance solutions provider Fineksus.
Middle East and Northern Africa
Qatar-based Doha Bank to go live with Visa Commercial Pay, the first bank in the market to do so.
Iraqi fintech company Qi Card launched its app SuperQi, which serves as both a lifestyle super app and a digital bank.
Italian software company TeamSystem acquired Israeli fintech Morning for $150 million.
Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.
It’s going to be hard to avoid the avalanche of news coverage of the U.S. Presidential election this week. But if you’re looking for a respite from the political headlines, Finovate’s Fintech Rundown is here for you! Be sure to check back all week long for the latest in fintech news.
Open banking
Financial API platform Salt Edgepartners with Central Bank of Bahrain to enhance corporate banking with open banking.
Tinkteams up with international money app Zing to launch automatic and one-tap top-ups leveraging open banking.
Fresh from FinovateFall in New York, we’ve got a raft of fintech news to share and catch up on. Be sure to check Finovate’s Fintech Rundown all week long for the latest in industry news, announcements, and headlines.
As we enter into the last few days of July, there’s a lot to think about. The days are slowly getting shorter, but the list of tasks needed to complete 2024 objectives by the end of the year isn’t shrinking. Fintech news is set to pick up its pace as summer slows down, and we’ll be here to cover it. Stay tuned throughout the week to read the latest news this week as we post updates and evolutions.
Payments
Marqetabecomes certified to enable Visa flexible credential.
Cybercrime analytics company and Finovate Best of Show winner SpyCloudaddsConsumers’ Risk Module to its Check Your Exposure tool for banks and financial institutions.
Open banking solutions provider Salt Edge has released the latest version of its Open Banking Gateway API.
The new version, the company’s sixth, features enhancements designed to make integration easier and quicker.
Headquartered in Ottawa, Canada, Salt Edge most recently demoed its technology on the Finovate stage at FinovateEurope 2019.
Canadian open banking solutions provider Salt Edge is back in the fintech headlines. This week, the company unveiled the latest version of its Open Banking Gateway API. Within the package, Salt Edge will make its Account Information API available initially, with its Payments API scheduled to be launched “in short order” afterward.
The latest release features a number of updates and enhancements, which the company says are a direct result of listening to clients, as well as the company’s in-house team. The new version provides endpoints optimization to make integrating with Salt Edge’s API easier and quicker. Salt Edge has also put in the effort to ensure the consistency of the API environment regardless of the license clients use. This facilitates easier and more accurate navigation through the documentation, and those clients that do use Salt Edge’s license will benefit from enhanced access and control with API V6. A third enhancement provides real-time updates, notifications, and event triggers, offering a more dynamic and responsive system that enables clients to monitor activity and quickly address issues as they arise.
Salt Edge’s product enhancement news comes one month after the Ottawa, Ontario-based fintech announced partnerships with Italian API-based e-document management platform A-Cube API and Moldovan financial institution Moldindconbank. A-Cube API, which had been using Salt Edge for its account information services, has now integrated Salt Edge’s Payment Initiation solution. This will facilitate the linking of A-Cube API’s e-invoicing system with account-to-account payments, making the invoicing process faster, more secure, and more accurate.
The company’s partnership with Moldindconbank will help the financial institution ensure that it meets regulatory requirements with regard to open banking. The bank, like all financial institutions in the country, has until February 2025 to comply with new open banking regulations issued by the National Bank of Moldova. To this end, Salt Edge’s full-stack Open Banking Compliance solution will enable Moldindconbank to, in the words of the bank’s Deputy Chairman of the Managing Board Mihail Iovu, “quickly comply with local open banking requirements while elevating our digital solutions, furthering our dedication to providing top-notch services to our clients.”
Founded in 2013, Salt Edge made its Finovate debut at FinovateEurope 2018 and returned the following year for FinovateEurope 2019. Garri Galanter is CEO.
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.
DataVisorenhances multi-tenancy capabilities for scalable, secure, and flexible fraud and AML solutions.
E-Commerce
Klarnadivests its Klarna Checkout (KCO) division for $520 million.
Regtech
E-document management platform A-Cube APIannounces collaboration with Salt Edge to facilitate compliant document digitization.
DeFi
Decentralized finance (DeFi) platform 1inchpartners 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 Gyngerraises $20 million in a Series A round led by PayPal Ventures.
Banking-as-a-Service
Payments and financial solutions provider Finzlypartners with Frost Bank to bring FedNow and RTP Instant Payments to business and retail customers.
The summer fintech news slowdown is coming soon, but it hasn’t taken hold yet. Fintech news picked up last week, with multiple funding rounds and product announcements. Stay tuned to read this week’s news as we post updates and evolutions.
Embedded finance
Cross-border payments platform PingPongunveils its embedded lending solution.
Ireland’s Central Bank to Staff: No ChatGPT for You!
While organizations, institutions, and businesses of all kinds are scrambling to figure out how to best make use of generative AI technologies like ChatGPT, the Central Bank of Ireland already has staked out a position – at least for its employees.
Ireland’s The Business Post reported that the Central Bank of Ireland has banned its staff from using ChatGPT as part of its cybersecurity policy. The move was described to the newspaper as the implementation of “appropriate and relevant technical and organizational measures to ensure the on-going protection of the organization.”
The Irish Central Bank isn’t the only financial institution in the region giving ChatGPT the side eye. The Business Post reported that three of Ireland’s high street banks – AIB, Permanent TSB, and Bank of Ireland – are considering similar restrictions. The Central Bank’s decision comes just a month after JP Morgan and a number of Wall Street institutions including Goldman Sachs, Citigroup, Wells Fargo, and Bank of America banned their employees from using ChatGPT for internal communications.
Bank of Ireland to Boost Tech Staffing
In roles ranging from engineering and cloud technology to cybersecurity and data, the Bank of Ireland announced that it will be hiring 100 new technology workers. The goal will be to have the new workers develop new customer features on digital channels, help the bank execute its cloud strategy, and protect consumers from cybercrime.
“We have some exciting digital projects underway across the Group, and we’re looking for talented specialists who want to drive improvements in the banking experience for millions of customers,” HR director for Group Technology & Customer Solutions, Eimear Harty said. “Banking is changing fast, it’s exciting, and these new positions will be at the forefront of advances in the sector.”
The staffing decision comes in the wake of the bank’s recruitment of 230 technology specialists since 2021. The Bank of Ireland was fined $26 million (€24.5 million) by the country’s central bank over IT deficiencies that took the Bank of Ireland more than 10 years to fix.
Taxback International Teams up with WTS Global on VAT Compliance
Irish VAT compliance specialist Taxback International (TBI) has forged a strategic partnership with global tax practice WTS Global. The company will leverage TBI’s Comply platform to power its VAT compliance services around the world. Comply will give WTS Global a supported and configurable compliance platform that uses complex, country-specific rules to keep businesses compliant when operating in different – and changing – markets and regulatory regimes. In addition to using Comply to power its VAT compliance service around the world, WTS Global will also promote the technology in its global partner network.
Taxback International CEO Karl Nolan called the partnership “a great endorsement for Irish fintech” and a testament to both the “talent and vision” in Ireland’s fintech industry. Founded in 1996, Taxback International is headquartered in Kilkenny. The company enables the real-time processing of more than 10 billion transactions across 180 countries. With “almost all” of the Fortune 500 among its clientele, Taxback International supports more than 12,000 customers in 129 countries.
A Look at the Rise of Northern Ireland’s Fintech Industry
Our sister publication, Fintech Futures, published a special feature on fintech in Ireland earlier this week. Sponsored by Invest Northern Ireland, the article discusses the way the region became a global hub for technology and financial services innovation in the wake of the Good Friday Agreement in 1998. The article also notes that the capital of Northern Ireland, Belfast, was “named a top three fintech location for the future” by the Financial Times in its 2019 Foreign Direct Investment Markets report.
“Today, there are roughly 46,000 people employed in the financial and related professional sectors in Northern Ireland,” the article noted. “In fact, Northern Ireland has the highest concentration of fintech employment in all of the United Kingdom.”
Cryptocurrency infrastructure provider Binance added support for African currencies including the Liberian Dollar, Gambian Dalasi, and Cape Verdean Escudo.
ImaliPay inked a deal with Renda to support order fulfillment for SMEs in Africa.
Earnix, an Israel-based company that provides insurers and banks with real-time, dynamic pricing and rating solutions, introduced a new Chief Executive Officer this week. Robin Gilthorpe will take over the top spot at the firm effective February 1st, replacing outgoing CEO Udi Ziv, who served as Earnix’s CEO for six years.
“Today’s end-customer demands unparalleled experience, alongside highly personalized and customizable solutions,” Gilthorpe said in a statement. “Earnix solutions serve as the go-to platform for financial services companies to address the growing demands of the world’s leading financial and insurance companies.”
Gilthorpe is a finance and insurance industry veteran with more than 25 years of experience at firms such as TIBCO, Vertexone, and Watersmart Software. He was most recently Chief Operating Officer at insurtech company Salty where he helped generate a “nine-figure outcome” in the firm’s sale to CDK Global.
Founded in 2001, Earnix made its Finovate debut in 2016 at FinovateSpring in San Francisco. In the years since then, the company has forged partnerships with companies like AI cloud platform DataRobot, cloud insurance software company Majesco and, last fall, J.D. Power. Also last fall, Earnix unveiled its Underwrite-It solution which helps businesses build and manage rules and decision logic to enhance decision-making during the underwriting process.
Earnix has raised more than $100 million in funding. The company includes Insight Partners, Israel Growth Partners, and Jerusalem Venture Partners (JVP) among its investors.
The seed funding round was led by Team8 and featured participation from ZIM Integrated Shipping Services. ZIM also was the entity behind the $100 million credit facility 40Seas received this week. The agreement comes with an option to extend the credit facility to $200 million.
40Seas leverages AI and data analytics to determine creditworthiness, and offers flexible payment arrangements to provide small importers and exporters, freight forwarders, and sourcing agencies with critical working capital. The company made its soft launch in October of last year and says that it already has financed transactions for “dozens of SMEs.”
The Organization for Economic Cooperation and Development (OECD) reports that small businesses represent more than 40% of all cross-border trade volume. Nevertheless, compared to large, multinational corporations, SMEs are “seven times more likely to be denied trade financing,” according to the World Trade Organization. Among the obstacles to these firms are siloed banking jurisdictions, working capital constraints, legacy processes, and more. To this end, 40Seas helps exporters get paid as quickly as possible and gives importers payment options that enable them to grow their businesses without incurring sizable additional debt.
“Given today’s harsh macroeconomic conditions, now more than ever, SMEs need easy access to financing to have the best chance of survival,” 40Seas co-founder and CEO Eyal Moldovan said.
40Seas is headquartered in Tel Aviv and has offices in New York City, Toronto, and Shenzhen.
Last month CTech published a short list of what it called the “five most promising early-stage fintech startups” in Israel. The list was based on the opinions of “prominent investors in the Israeli market” and looked at both “business potential” and “managerial depth.”
The businesses represented included travel insurance (Faye), an automated accounting platform (Trullion), a compliance platform (Sedric), a loan exchange for SMEs (Lama AI), and a payments workflow automation company (Nilus). Combined, the five companies have raised more than $47 million in funding from investors including Viola Ventures, F2, Third Point Ventures, Greycroft, Homeward Ventures, StageOne, Foundational Capital, and Bessemer Venture Partners.
We’ll keep an eye on these and other innovative fintechs that are helping build Israel’s unique fintech ecosystem.
Here is our look at fintech innovation around the world.
