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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Visa’s Flexible Credential card is now available in the U.S. and U.A.E., offering cardholders flexibility to pay from multiple account funding sources.
In the U.S., Affirm will integrate VFC into its buy now, pay later (BNPL) Affirm Card, while UAE-based Liv will leverage VFC to enable multi-currency transactions through a single card.
The VFC is similar to Curve’s multi-payment card offerings, however, Visa’s VFC requires users to select the payment type before transactions.
Payments giant Visaannounced earlier this week it has expanded its Visa Flexible Credential (VFC) payment card to launch in both the U.S. and the U.A.E. The unique credit card allows users to pay from different account funding sources, ultimately offering cardholders more options and greater control over how they pay.
In the U.S., VFC will roll out in partnership with buy now, pay later (BNPL) company Affirm. The BNPL company will use VFC for its Affirm Card. With 1.4 million consumers, the Affirm Card offers consumers flexibility to pay at the time of their transaction or pay over time in the Affirm app.
“We’re excited about the partnership we’ve formed with Visa,” said Affirm CEO Max Levchin. “Since our founding, our mission has remained the same — build honest financial products that improve lives. Part of building better financial products also means giving consumers more control and flexibility, which has always been a key feature of the new Affirm Card. We look forward to bringing millions more people a product that seamlessly brings debit and credit together, without late or hidden fees.”
In the U.A.E., the VFC card will launch in partnership with digital banking platform Liv, which will enable cardholders to access multiple currency accounts from a single card. The VFC will automatically route the transaction to the account with the selected currency. Cardholders can use the Liv mobile app to move money between local and foreign currency accounts.
“At Liv we stay true to our promise of providing the most innovative products to our customers,” said Emirates NBD Chief Digital Officer, Retail Banking and Wealth Management, Pedro Sousa Cardoso. “As the UAE’s first digital bank, we are pleased to collaborate with Visa to offer our customers a simple, flexible card solution that better serves their evolving financial needs.”
“Working with innovative partners like Affirm, Liv and SMCC helps us turn that idea into a reality. Together we’re enabling more ways to pay and adapting to the unique needs of consumers – wherever they are in the world, or in their financial journey,” said Visa Chief Product and Strategy Officer Jack Forestell.
VFC first launched just over a year ago in Japan through a partnership with Sumitomo Mitsui Card Company (SMCC), which uses VFC to power its Olive card. Today, SMCC has more than three million cardholders using the Olive card, 70% of which use the card to toggle between different account funding sources like debit, credit, and prepaid.
Visa plans to roll out its VFC to other geographies in the future.
Overall, there are not many card companies competing on Visa’s VFC. COIN, a digital smart card that promised to replace all of the cards in consumers’ wallets, tried and failed in 2016.
Today, the strongest competition in the multi-payment type card market comes from U.K.-based Curve, which offers a credit card that allows users to toggle between different payment cards. Unique to Curve, users can spare themselves from embarrassment at the point of sale with the Anti-Embarrassment mode that allows the payment to go through even if the card is declined (with restrictions). Curve also offers a Go Back in Time feature that enables users to change which card is used for a transaction up to 30 days after the fact.
With Visa’s VFC, however, cardholders must choose the funding source or payment type for their transaction before they initiate the purchase. It does not allow them to retroactively change the payment type or card type after a transaction is completed.
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.
As October gets underway in earnest, Finovate’s Fintech Rundown shares news of expedited payments to help those impacted by hurricane Helene, another partnership to help new Canadians secure credit, as well as a major investment in cross-border payments and a big acquisition in the fraud prevention space.
Be sure to check back all week long for more fintech news and updates!
Cardlay Payments Solutions has inked a partnership with Visa.
The collaboration combines Cardlay’s spend management technology with Visa’s payment network, data capabilities, and market position to drive innovation in spend management for commercial card issuers and their customers.
Headquartered in Denmark, Cardlay made its Finovate debut earlier this year at FinovateSpring.
Danish fintech Cardlay is collaborating with digital payments leader Visa to power innovations in the spend management space for commercial card issuers and their clients. The two companies’ new referral relationship combines Cardlay’s white label spend management platform with Visa’s market position, payment network, and data capabilities to provide fully embedded commercial cards and spend management solutions to their clients.
“We’re thrilled to partner with Visa, a highly respected leader in the digital payments industry,” Cardlay CEO Jørgen Christian Juul said. “To be able to fuel our product and commercial growth further together with Visa is great and the collaboration will help bring our vision to life: delivering fast and effortless spend management to commercial card issuers.”
Cardlay leverages the integration of virtual and plastic payment cards, card management, and expense management (including automated VAT reclaim) to help companies automate key business processes. A strategic partner to banks, fintechs, card issuers and processors, as well as other financial institutions, Cardlay also runs its own virtual card program to complement its software suite.
Cardlay’s technology enables commercial card issuers to enjoy a fast time-to-market and ROI, as well as benefit from data capabilities such as real-time virtual credit cards and Visa’s Fleet 2.0 data. These capabilities provide greater efficiency via access to data and insights, facilitate cost reduction, and help support sustainable transportation and mobility budgets.
“We’re delighted to have partnered up with Cardlay and look forward to our work together, helping to streamline financial operations for businesses, providing them with greater transparency and control over their spending,” said Helen Jones, Executive Director, Visa Commercial Solutions, Visa Europe.
Headquartered in Denmark and founded in 2020, Cardlay Payment Solutions made its Finovate debut at FinovateSpring earlier this year. At the conference, the company demoed its bank-integrated, real-time expense management solution, Cardlay Expense. More than 500 companies and 5,000+ users in 10 markets around the world are taking advantage of the technology to simplify and streamline the spend management process.
Cardlay has raised more than $29 million in funding according to Crunchbase. The company’s investors include Global PayTech Ventures and SEB Venture Capital.
Visa is acquiring fraud prevention company Featurespace to enhance its own fraud detection and risk-scoring solutions.
Terms of the agreement were undisclosed and the deal is expected to close in 2025 pending regulatory approvals.
The acquisition comes as Visa faces legal challenges from the U.S. DOJ over alleged monopolization in debit card markets.
Visasigned an agreement to acquire fraud prevention company Featurespace today. Financial terms of the deal, which is subject to closing conditions and regulatory approvals, were not disclosed. The deal is expected to close in 2025.
Featurespace was founded in 2008 as a project in Cambridge University’s engineering department. The U.K.-based company offers AI-based tools that analyze transaction data to detect fraud. The company’s ARIC Risk Hub assesses behavioral analytics in real-time to identify abnormal user behavior, and leverages machine learning to adapt to changing behaviors and new scams, while improving accuracy over time.
“Providing our clients with solutions that can adapt to and anticipate the changing threat landscape is of the utmost importance,” said Visa Global Head of Value-added Services Antony Cahill. “Featurespace’s strong foundation in AI will enhance our existing product portfolio and enable us to address our clients’ most complex and pressing challenges. We look forward to welcoming the Featurespace team to Visa.”
Visa expects that Featurespace will complement and strengthen its existing portfolio of fraud detection and risk-scoring solutions. By leveraging Featurespace’s expertise, Visa will empower its clients to manage payments fraud in real-time while minimizing false positives and ultimately cutting costs.
“Over the past 12 years we have served the financial services industry, building a company that has gone from strength to strength, and we are thrilled to become a part of Visa,” said Featurespace Founder Dave Excell. “With Visa, we can bring the innovation, integrity and purpose of our platform and our team to more payment service providers and ultimately, stop more people from becoming victims of financial crime.”
Shadowing today’s deal is Visa’s previous failed purchase of Plaid. In 2021, Visa was forced to terminate its planned $5.3 billion acquisition of financial data access company Plaid. At the time, the U.S. Department of Justice (DOJ) filed a civil antitrust lawsuit that ended the merger about a year after discussions were initiated. The lawsuit argued that Visa wanted to acquire Plaid to protect its U.S. debit business against the threat of the fintech. Visa argued that the DOJ did not understand its business and the competitive landscape, saying that Plaid would complement its existing capabilities.
Visa’s planned acquisition of Featurespace is quite different than that of Plaid, however. That’s because the fintech will likely be seen as enhancing Visa’s existing fraud management capabilities and does not pose the same competitive risks as the Plaid deal did.
Even still, the Featurespace deal comes at an interesting time for Visa. The payments giant is re-living some of its 2021 woes with the DOJ. The department sued Visa earlier this week, alleging that it is monopolizing debit card markets. “We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” said Attorney General Merrick Garland. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”
As some experts have pointed out, however, banks and merchants have multiple payment rails to choose from, and that Visa’s global market share is simply a result of capitalism.
Financial services giant Visa and Revolut have teamed up to offer real-time cross-border transactions for Revolut’s business customers.
Specifically, Visa’s Visa Direct will enable Revolut’s business customers to initiate instant card transfers. Visa launched Visa Direct in 2011 to serve as a real-time payments platform that enables both retail and commercial customers to send money across the globe to cards, bank accounts, and other end points. Customers can use Visa Direct to send person-to-person payments, business payouts, and cross-border remittances.
“We’re delighted that Visa Direct’s global reach, security, and reliability will enable Revolut’s business customers to move money worldwide with speed and confidence,” said Visa Senior Vice President, Global Clients Mark Jamison. “This step deepens our collaboration with Revolut to continue their impressive track record of growth and product differentiation.”
By leveraging Visa Direct, Revolut can now allow its commercial clients to send money across international borders in real time. With only their card number, business customers can send funds to payees in 78+ countries and in more than 50 currencies in 30 minutes or less.
“We’re excited to launch Instant Card Transfers in the U.K. and E.E.A., providing businesses with a simple, instant, and secure way to pay employees, contractors, and customers globally by supporting major card schemes,” said Revolut Business General Manager James Gibson.
Originally founded in 2015, Revolut launched its Revolut Business product in July 2017. Today, the commercial banking platform offers businesses a range of financial tools and solutions, including multi-currency accounts, payment processing, treasury management, and expense management aimed at helping businesses manage their finances more efficiently on a global scale.
U.K.-based Revolut has had a summer full of milestones. In July, the fintech earned its banking license from the U.K. Prudential Regulation Authority after first applying for the license in 2021. Then, earlier this month, Revolut signed agreements with investors to provide liquidity to its employees through a secondary share sale that valued the company at $45 billion.
As summer draws to a close, there may be a big acquisition on the horizon in the fraud and financial crime prevention space. Be sure to check in with Finovate’s Fintech Rundown all week long for the latest in fintech news.
This week’s edition of Finovate Globalfeatures an in-depth interview with Nacho Díaz de Argandoña, Chief Product Officer with Spain-based fintech, GPTAdvisor.
Founded in 2023 and headquartered in Madrid, GPTadvisor made its Finovate debut earlier this year at FinovateEurope 2024 in London. GPTadvisor offers a Gen AI platform that is specifically built to boost the productivity of financial advisors and wealth managers, as well as enhance client engagement.
This year, GPTadvisor announced that it has successfully completed a capital expansion round that featured support from two major Spanish venture capital firms, Kfund and JME Ventures. The company also announced that has launched a version of its GPTadvisor solution in the GPT Store by OpenAI. This launch made GPTadvisor the first portfolio management app available in the OpenAi store.
We caught up with Nacho to talk about current trends in wealth management and what AI can bring to the industry.
What problem does GPTadvisor solve and who does it solve it for?
Nacho Díaz de Argandoña: GPTadvisor addresses a critical challenge in the wealth management sector: the need for increased efficiency and productivity to remain competitive in an increasingly complex financial landscape. Financial advisors often face time-consuming, repetitive tasks such as investment research, portfolio management, and compliance. These tasks can detract from their prime objective, which is increasingly harder to accomplish: to nurture strong relationships with their clients and provide them with truly personalized and strategic advice.
GPTadvisor solves this context by providing advanced AI-driven tools that automate and streamline many of these processes, in a secure, private and controlled environment. Our wealth management platform uses the latest generative AI technology to assist financial advisors in quickly finding the right investment product, analyzing and comparing portfolios, elaborating comprehensible narratives to excel in client engagements and, ultimately, helping their clients reach their financial goals. By dramatically improving productivity, GPTadvisor allows advisors to focus more on client relationships and strategic decision-making.
The primary beneficiaries of our solutions are wealth management entities, including financial advisory firms and independent financial advisors. We see this product as a truly global proposition, where advisors anywhere around the globe can really start engaging in a new way of working.
How does GPTadvisor solve this problem better than other companies or solutions?
Díaz de Argandoña: GPTadvisor emerged during the generative AI wave with a clear objective: to apply this groundbreaking technology specifically to the wealth management sector. This focus distinguishes us from many other tech companies that, while experienced in general AI, are now struggling to adapt to the fundamentally different approach required by generative AI. Our foundation in this new paradigm allows us to harness its full potential in ways that others find challenging.
Having said that, we take AI very cautiously. We acknowledge there is a lot of noise and over-reliance in the industry where we expect AI to solve all our problems, and that is not the case. We focus on the use cases that provide the biggest gains in productivity, but without putting compliance at risk. This is why we proactively collaborate with regulators – FCA in the UK and CNMV in Spain – to explore the risks this technology involves and frame the guidelines to follow in order to successfully implement these capabilities.
Our core team brings over 40 years of collective experience in the wealth management industry. This deep expertise has enabled us to develop an innovative product from the ground up, in close collaboration with key industry partners. We work closely with numerous wealth management entities worldwide to ensure that our solutions are aligned with industry needs, making them both relevant and impactful.
Who are GPTadvisor’s primary customers. How do you reach them?
Díaz de Argandoña: GPTadvisor’s primary customers range from big commercial banks, private banks, and wealth management firms, to financial advisory entities and independent financial advisors. We work with entities that are seeking innovative solutions to enhance their productivity, streamline their processes, and ultimately provide more value to their clients by leveraging the latest technology in the market.
Interestingly, we’ve been receiving considerable inbound interest from various industry entities, driven in part by the growing enthusiasm for generative AI. As a result, we are actively engaging these entities and incorporating them into our aggressive generative AI product roadmap. This roadmap is designed not only to meet current market demands, but also to anticipate and continuously bring the benefits of this technology that is moving at unprecedented velocity.
We’ve also had the opportunity to pitch and present our work in numerous industry events, just like what we did with you last February at FinovateEurope in London. These platforms allow us to demonstrate the unique capabilities of our solutions to a wide audience that has generated very interesting conversations for us.
By capitalizing on the current momentum around generative AI and maintaining a strong and cold focus on the needs of wealth management professionals, I think we are successfully positioning GPTadvisor as the go-to solution for entities looking to stay ahead in this rapidly evolving landscape.
Can you tell us about a favorite implementation or deployment of your technology?
Díaz de Argandoña: One of our most exciting recent implementations is our quick portfolio analysis tool. This innovative function allows advisors to simply take a picture of a client’s portfolio with their phone and receive an instant, comprehensive analysis, thoroughly explained. The analysis includes generated insights on performance, risk, fees, and even comparisons with model portfolios. All in one go. This feature exemplifies the kind of intuitive, productivity-boosting tools we aim to deliver, making sophisticated portfolio analysis as simple as taking a photo.
Another feature we’re particularly proud of is our fund documentation auto-read feature. This tool is going to be a game-changer for GPTadvisor users globally, as they are now going to be able to instantly find and chat about key data and information in the documentation of thousands of investment funds. Whether they need details on fund performance, fees, or any other critical information, this tool streamlines the process, saving valuable time and enhancing decision-making capabilities.
These features are just the tip of the iceberg. We’re seeing new productivity functions like these arise on a weekly basis, as our team is able to move in sync with the fast-paced advancements in generative AI. Our ability to rapidly bring ready-to-use features to the wealth management space is one of the key strengths that sets GPTadvisor apart. It’s incredibly rewarding to see these innovations in action, transforming how wealth managers spend their valuable time and providing them with the tools they need to stay competitive.
What in your background gave you the confidence to tackle this challenge?
Díaz de Argandoña: The confidence to tackle challenges at GPTadvisor stems from the extensive experience and proven track record of our CEO, Salvador Mas. Before founding GPTadvisor, Salvador served as the Chief Digital Officer at Allfunds for five years, where he played a pivotal role in the company’s digital transformation and its successful public offering. Prior to his tenure at Allfunds, Salvador founded several startups at the forefront of innovation in wealth management. His most recent venture, Finametrix, a portfolio management platform, was eventually acquired by Allfunds.
This entrepreneurial experience, coupled with his leadership in a global financial powerhouse, has provided Salvador with deep insights into the challenges and opportunities within wealth management. It has also equipped him with the expertise to leverage technology in creating innovative solutions that address real-world problems in the sector.
Under Salvador’s leadership, we have fostered a highly talented, agile, and focused team at GPTadvisor, which has successfully grown the product and its capabilities since its inception just over a year ago.
With this strong foundation, we are confident that we are well-positioned to lead the way in bringing cutting-edge generative AI solutions to the industry.
What is the fintech ecosystem in Spain like? What is the relationship between fintechs, banks, and traditional financial services companies in the country?
Díaz de Argandoña: The relationship between fintechs and traditional financial services companies in Spain is characterized by a mix of competition, collaboration, and co-opetition.
In the specific case of wealthtech, traditional institutions have maintained their market share despite some success stories (such as the robo-advisor Indexa Capital and the neobank MyInvestor). However, the majority of advisory services continue to be provided by traditional institutions like Santander, BBVA, or CaixaBank, which have successfully embraced digital transformation.
At GPTadvisor, we are collaborating with both types of entities, introducing generative AI in both traditional and disruptive institutions.
Left to right: Nacho Díaz de Argandoña and GPTadvisor CEO Salvador Mas at FinovateEurope 2024.
You demoed at FinovateEurope earlier this year. How was your experience?
Díaz de Argandoña: FinovateEurope was an excellent experience for us. The event was professionally and thoughtfully organized, making us, as demo participants, feel like true protagonists. It provided a valuable platform to connect with a wide range of wealth management professionals, investors, and industry stakeholders, which allowed us to test our proposition with real prospects in London—one of the world’s premier fintech hubs.
As we prepare to demo our solution again, this time in New York, it feels like a natural next step in our journey. Entering the U.S. market is a key priority for us, as we believe our solution can significantly enhance the day-to-day operations of financial advisors across the country.
We’ve been steadily growing our platform, adding a host of new features and enhancements, and we can’t wait to showcase these developments on stage. We’re confident that the New York demo will be another great experience for us, helping us to further expand our presence in a critical market.
What are your goals for GPTadvisor? What can we expect to hear from you in the months to come?
Díaz de Argandoña: Over the past year, we’ve focused intensely on refining and validating our proposition in the market. We’ve been building a next-generation AI-native platform from the ground up, one that evolves in tandem with the rapid advancements in AI technology. Our approach has involved close collaboration with leading financial entities worldwide, ensuring that we stay connected to the real-world challenges and opportunities that need solving.
I believe we’re now at a tipping point where the product is ready for greater scale. GPTadvisor is now ready to support thousands of financial advisors work more productively and deliver more value to their clients. Our plan is launching our SaaS model at global scale through the second half of the year to reach more clients and gain more leadership in the market.
As we continue to explore the full potential of generative AI and its applications within our sector, I can’t imagine a more exciting time to be involved in shaping the future with GPTadvisor. We’re just getting started, and there’s much more to come.
This week’s edition of Finovate Global highlights recent fintech news from Singapore.
Monetary Authority of Singapore announced plans to invest $74.36 million (100 million Singaporean dollars) to fund quantum computing and AI projects. The funding is part of the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) designed to support banks and other financial institutions as they innovate and develop capabilities in both quantum computing and artificial intelligence (AI) technologies.
This month’s investment comes in the wake of a $110 million infusion into FSTI back in August 2023. The FSTI 3.0 was launched in 2022 as part of an effort to fortify and future-proof Singapore’s position as a major international fintech hub. MAS originally pledged 150 million Singaporean dollars to the scheme over a three-year period, and this month’s investment is an addition to that amount. The scheme is live until March 2026, but could be extended.
Given the emphasis on AI in financial services of late, MAS’s interest in quantum computing and its applications for banks and financial services companies is especially noteworthy. MAS will support eligible financial institutions with up to 50% funding for the construction of quantum computing technology centers. Companies that develop quantum computing-based cybersecurity solutions can receive up to 30% in co-funding.
With regard to AI, MAS is also supporting the development of AI innovation centers. Again, one of the main areas of emphasis is cybersecurity, which MAS identified as a use case for the first pilot project. Noting that AI tools have become “more widely accessible” and that “financial institutions have been progressively adopting AI,” MAS also observed that the degree of “AI-readiness and adoption” across financial institutions in Singapore is uneven. The AI component of FSTI 3.0 is designed in large part to remedy this.
Blockchain-based financial infrastructure company Partior has raised more than $60 million in Series B funding. The round was led by Peak XV Partners (previously known as Sequoia Capital India & SEA). Valor Capital Group and Jump Trading Group also participated as new investors along with existing shareholders J.P. Morgan, Standard Chartered, and Temasek.
Founded in 2021, the Singapore-based company offers banks unified, ledger-based interbank rails for real-time clearing and settlement. Partior’s 24/7 blockchain network works with real-time local currency payment and RTGS systems globally and facilitates direct and indirect settlement flows with market participants. The shared ledger further supports transfers with real-time settlement finality, providing instant liquidity and transparency compared to the sequential processing typical of legacy payment systems.
“Partior is breaking down silos and rewriting the rules for cross-border clearing and settlement,” Partior Chief Executive Officer Humphrey Valenbreder said. “We see a very bright future for blockchain-based frictionless, cross-border transactions. Having some of the world’s best banks and investors back our vision validates this even further.”
The fresh capital will fuel new capabilities including intraday FX swaps, cross-currency repos, Programmable Enterprise Liquidity Management, and Just-in-Time multi-bank payments. The funding will also enable Partior to integrate a range of new currencies beyond currently supported USD, EUR, and SGD.
“As one of the founding shareholders of Partior, we’ve always believed in the transformative potential of its technology to shape global financial market infrastructure. This latest round of investment is a testament to the incredible progress Partior has made toward this endeavor,” Temasek Managing Director for Investment (Blockchain) Pradyumma Agrawal said.
DBS and Deloitte have teamed up to launch the Sustainability Accelerator Tool. The new offering will help SMEs in Singapore accurately assess their sustainability maturity levels and identify and address gaps in their efforts.
The two firms hope to empower 1,000 SMEs in Singapore over the next 12 months with the new solution, and plan to introduce the tool to other markets from the next year forward.
“The Sustainability Accelerator Tool is unique in its ability to provide SMEs with meaningful and practical guidance,” Deloitte Southeast Asia Sustainability & Climate Leader Brian Ho said. “Leveraging Deloitte’s expertise in sustainability transformation, it not only identifies strengths and gaps, but also provides actionable recommendations to enhance sustainability performance.”
Three key benefits of the new offering are industry-specific analysis, which provides insights into unique sustainability challenges; customized strategic recommendations based on the degree of progress (“emerging,” “maturing,” or “leading”) the business has achieved in its path toward greater sustainability; and regional adaptability to ensure that the solution can be used by SMEs across Asia.
SMEs using the tool also get a customized Sustainability Readiness Report which gives them an analysis of the company’s sustainability maturity, as well as provides insights on how to address any specific sustainability challenges they may have.
“The Sustainability Accelerator Tool is the latest in our ongoing efforts, where we strive to futureproof SMEs through practical and holistic solutions,” DBS Group Head of Corporate and SME Banking Koh Kar Siong said.
The introduction of the Sustainability Accelerator Tool follows the spring launch of DBS’s ESG Ready Programme to help SMEs efficiently transition to lower carbon business models. Headquartered in Singapore, and boasting a presence in 19 markets, DBS provides a full range of consumer, SME, and corporate banking services. The firm has been named “Safest Bank in Asia” by Global Finance for 15 consecutive years from 2009 to 2023.
Here is our look at fintech innovation around the world.
Central and Eastern Europe
International embedded finance platform Liberis announced its entry into the German market in partnership with Nexi.
Lithuanian identity verification company iDenfy unveiled its automated utility bill verification tool.
Germany-based private markets platform bunch secured $15.5 million in Series A funding.
India-based payments and API banking company Cashfree Payments secured a payment aggregator-cross border license from the RBI.
Latin America and the Caribbean
The Brazilian central bank announced a pause in their plan to add recurring payments to its Pix platform.
Argentine fintech Tapi secured $22 million ahead of its expansion into Mexico.
BBVA opened an international cybersecurity center in Mexico.
Asia-Pacific
Melbourne, Australia-based Airwallex secured an Australian Financial Services License (AFSL) from the Australian Securities and Investment Commission (ASIC) the first major payments company to do so.
Bank Indonesia and Bank of Korea inked a MoU to encourage cross-border payments between the two countries.
In a bid to become a “global fintech hub,” the Monetary Authority of Singapore (MAS) has invested $74.36 million (100 million Singaporean dollars) into quantum computing and AI projects.
Sub-Saharan Africa
South African fintech Peach Payments acquired custom software development firm Operativa.
We’re starting off the newsweek with a bang as Bain Capital announces that it will take wealthtech and Finovate alum Envestnet private in a deal valued at $4.5 billion. Be sure to check back all week long with the latest fintech news and headlines.
Crypto / DeFi / Web3
Payment orchestration platform FinMontpartners with Bitcoin and cryptocurrency payment servics firm, BitPay.
Coinbaselaunches new web app to help users better manage their digital assets portfolio.
Blockchain payment network Partiorsecures $60 million in Series B funding.
J.P. Morgan Payments selectsSlope to provide clients access to a short-term financing solution, leads the fintech’s new round of $252 million in combined debt and equity.
9Spokeslaunches automated cashflow tool to help financial organizations elevate financial insights for SMBs.
Digital banking
Digital wealth management solutions company Quantifeed forges partnership with banking technology firm Thought Machine.
Banco Santanderintroduces a new digital service for customers with hearing challenges that translates the bank’s website into British Sign Language (BSL).
Brightfinlaunches healthy spending app to remove anxiety around money.
Insurtech
Digital insurance firm Lemonadelaunches new home insurance offering in the U.K.
Insuritaspartners with Integral Group Solution (IGS) to integrate home services product into its embedded insurance platform.
Lending
Mexican fintech OCNsecures $86 million in Series A funding.
Open banking
Salt Edgelaunches the latest version of its Open Banking Gateway API, API V6.
Goldman Sachs’ alternatives unit is leading a consortium investing $540 million in a continuation vehicle created by VC firm NEA, which includes stakes in 11 of NEA’s companies, including Plaid.
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.
Will the new month bring new challenges in fintech? Or will the news cycle take a much-needed vacation as summer approaches? Stay tuned to this week’s news for updates and evolutions throughout the week.
Pinnacle Bankpartners with CorServ to implement a modern credit card program for commercial, business, and consumer customers.
Insurtech
Scott Credit Union selectsBUNDLE by Insuritas to launch its insurance agency.
Investment and wealth management
Brokerage-as-a-Service innovator DriveWealthforges new partnership with Turkish fintech Papara.
Lending
PlaidunveilsConsumer Report, a new solution that brings businesses real-time cash flow data along with credit risk insights through Plaid Check, its consumer reporting agency.
