Weekly News Archives

Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on August 5, 2024
Categories: 10x Banking, Alumni News, AMLYZE, Bankjoy, Daily news, Doshi App, Fintech Rundown, nCino, NCR Corporation, Weekly News, Zafin

A major sell-off in the stock market is giving investors jitters as August begins in earnest. Funding news for companies in lending and wealth management leads the fintech news this week. Be sure to check back over the next few days for the latest updates and announcements.

Lending

U.K.-based SME lender Shawbrook partners with nCino to automate loan origination.

Alternative financing company for mid-sized SMEs, ThinCats, secures a £75 million mezzanine facility.

Loyalty and rewards

Bilt Rewards receives $150 million investment at a valuation of $3.25 billion.

Digital banking

NCR Voyix announces agreement to sell its digital banking business to Veritas Capital for $2.45 billion in cash.

Zafin and 10x Banking forge global partnership to accelerate core banking system modernization.

Missouri Central Credit Union partners with Bankjoy to enhance its digital banking capabilities.

Banking technology and Banking-as-a-Service (BaaS) innovator Mbanq launches new suite of white-label mobile digital banking apps.

Wealth management

Financial advisor platform Savvy Wealth secures $26.5 million in Series A funding.

Payments

International trading broker Markets.com selects Worldpay to monitor its global payments processing and fund disbursements.

Payments platform Thredd introduces Chief Client Officer Brian Kieley.

Kickfin to use SkyTab POS to enhance restaurants’ tip payout process.

Layer2 raises a $10 million in Series A funding.

Credit Union of America selects NCR Atleos‘ Allpoint Network to expand access to cash.

Cybersecurity and digital identity

Fingerprint Cards appoints David Eastaugh as Chief Strategy and Technology Officer.

J.P. Morgan Payments and PopID to expand biometric offerings.

Financial literacy and education

U.K.-based Yorkshire Building Society teams up with financial education company Doshi to provide online program for first-time prospective homeowners.

Regtech

Anti-financial crime solution provider AMLYZE announces strategic partnership with pre-transaction crypto compliance specialist Notabene.

Small business banking

Flywire acquires Invoiced to bolster its global B2B payment network.

Egypt-based Cartona raises $8.1 million to grow its B2B platform.

Photo by Karolina Grabowska

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Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on June 24, 2024
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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Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on May 28, 2024
Categories: Alto Solutions, Daily news, DataVisor, Finotta, Fintech Rundown, Ledger, NayaOne, Sikoia, Weekly News

With neobank Monzo’s big investment and multi-billion dollar valuation on one side and the continued woes of BaaS provider Synapse on the other, “interesting times” continue to characterize the fintech landscape as we slide into the summer months.

Be sure to check our Fintech Rundown all week long for the latest updates and fintech headlines.

Insurtech

Indian insurtech CoverSure raises $4 million in pre-Series A funding in a round led by Enam Holdings.

Payments

First National Bank of Omaha (FNBO) turns to Derivative Path for advanced FX payments.

Quest Payment Systems to provide payment technology to Australian public sector POS payment company NSW Government.

Turkey’s United Payment secures e-money license from the Central Bank of Azerbaijan.

Chinese digital payments solutions provider Lianlian DigiTech receives e-money license in Luxembourg.

Deel extends strategic investment to Alviere to enhance U.S. worker payments.

Five million businesses now transacting on Versapay’s B2B payment network.

DailyPay appoints Stacy Greiner as interim Chief Executive Officer.

Pidgin partners with Corelation to enable real-time payments for credit unions nationwide.

Curve plans to launch digital payment solution on iOS to compete with Apple Pay.

Fraud prevention and compliance

Fraud and financial crime prevention platform DataVisor announces partnership with financial services compliance consultancy firm Davies.

Blockchain-based SaaS platform Henoscene partners with Lithuanian regtech iDenfy to enhance its KYC operations.

Solutions by Text secures $110 million growth round led by Edison Partners and StepStone Group.

Ocorian appoints Chief Financial Officer.

Sift announces RiskWatch to simplify fraud decisioning and catalyze growth.

AMLYZE announces strategic partnership with Aura Cloud to enhance financial crime prevention.

Embedded finance

Embedded finance solutions provider Finotta announces strategic partnership with digital banking services provider Constellation Digital Partners.

Treasury Prime partners with onboarding identity provider Footprint.

Digital banking

Crédit Agricole Next Bank taps InvestGlass to enhance its lead management and CRM.

Sikoia joins the NayaOne marketplace.

Data

Transcend raises $40 million in Series B funding to fix privacy for the enterprise.

Small business finance

Rewards network Ascenda to provide Ramp customers more ways to redeem points earned on U.S. spend.

Inter&Co to acquire the remaining 50 percent of Granito, a Brazil-based merchant acquirer.

Kintsugi lands $6 million in Series A funding to simplify tax compliance with AI-powered automation.

Crypto

Ledger starts shipping its high-end hardware crypto wallet.

Wealth management

DriveWealth introduces new Chief Product Officer Kyla Murphy.

Alternative asset platform Alto launches Alto Marketplace, offering curated private alternative investment opportunities for eligible investors.

PureFacts Financial Solutions selects BridgeFT’s WealthTech API to enhance data infrastructure for end-to-end revenue platform.

Identity management

AU10TIX launches free Risk Assessment Model to help companies conduct initial assessment of identity fraud risk.

Photo by Nathan Cowley

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Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on May 6, 2024
Categories: AI Squared, Coinbase, Daily news, Expensify, Fintech Rundown, Fiserv, Jack Henry, nCino, PayPal, Qolo, Revolut, Weekly Alumni News, Weekly News

Investment and innovation are defining the wealth management space as the week begins. LA-based wealth management platform Altruist enters the week with $169 million more in capital, courtesy of a Series E round led by Iconiq Growth. Meanwhile, JP Morgan Chase announced that it has deployed generative AI to enhance its thematic investment offering.

Be sure to check back all week long for more fintech news!

Crypto

Revolut launches its stand-alone crypto exchange for professional crypto traders, Revolut X.

MoonPay announces collaboration with PayPal to enable MoonPay users in the U.S. to buy crypto via their PayPal accounts.

Nayms partners with Coinbase to leverage on-chain technology for insurance transactions.

Community banking

New Peoples Bank turns to Jack Henry for its core processing technology and Banno Digital Platform.

Spend management

Expensify, the financial management super app for expenses and corporate cards, unveiled its new travel platform, Expensify Travel.

Insurtech

CoverTree, an insurtech specializing in manufactured home insurance, secures $13 million in Series A funding.

U.K.-based digital life insurance and income protection product company Eleos raises $4 million in seed funding.

Embedded insurance company CoverGenius inks partnership with Adyen.

Payments

Keybank introduces virtual account management powered by Qolo.

Checkout.com launches its Payments-as-a-Service solution, Flow.

WaFd Bank selects Fiserv’s CashFlow CentralSM to expand payment capabilities for small businesses.

NAB and Banked team up to launch Pay by Bank for Australian merchants.

YES BANK and EBANX partner to empower cross-border commerce in India.

Crowded launches international currency transfers for nonprofits, enabled by Visa Direct and Cross River.

Fraud prevention

AML and fraud risk mitigation company Unit21 launches ACH Risk Scores and Action Event Rules.

Investing / Wealth management

Life insurance and wealth management solutions provider iPipeline introduces its first Chief Product Officer Katie Kahl.

Wealth management platform Altruist raises $169 million in Series E funding.

JP Morgan Chase introduces its IndexGPT thematic investing tool.

Pure Financial Advisors generates more than $1 billion in new AUM through its SmartAsset partnership.

Data and analytics

Bank personalization engine company Moneythor appoints Martin Frick as its new Chief Executive Officer.

AI

AI Squared acquires open-source reverseETL technology company Multiwoven.

Lending

Planet Home Lending appoints Paul Walker as Chief Financial Officer.

Libro Credit Union seeks to enhance its lending operations via a transition to nCino’s cloud banking platform.

Communication & Virtual Assistants

How Eltropy’s AI-powered conversations platform helps 3 FIs reduce delinquencies.

Wipro collaborates with Microsoft to launch a suite of generative AI-powered virtual assistants for financial services.

Digital banking

Velmie and Unlimit partner to accelerate European Fintech growth.

FIS launches Atelio to provide the building blocks for BaaS and embedded finance.

Small business

Mercury launches new software to help businesses simplify financial workflows: billpay, accounting automations and employee reimbursement tools.

Basware acquires AP Matching.

KeyBank launches KeyVAM, a virtual account management solution powered by Qolo for treasury management clients who have complex demand deposit account structures.

Regtech

Global RegTech consolidator Corlytics acquires Deloitte UK’s RegTech platform.

Embedded finance

Issuer-processor Paymentology teams up with Diamond Trust Bank to bring embedded finace solutions to customers in Kenya.

Accelerators and incubators

Ally Financial launches its Ally Innovation Challenge to promote solutions leveraging Responsible AI.

Photo by Towfiqu barbhuiya on Unsplash

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Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on April 22, 2024
Categories: Alumni News, Betterment, Bottomline Technologies, Daily news, eToro, Finastra, Fintech Rundown, Finzly, Klarna, nCino, Tink, Weekly Alumni News, Weekly News

Happy Earth Day! Partnerships in payments and fundraising in the international investment/wealth management space are dominating fintech news headlines as the week begins.

Digital banking

Temenos announces appointment of new Chief Executive Officer Jean-Pierre Brulard, effective May 1, 2024.

Caribbean Bank Limited partners with Finastra to modernize its core technology and upgrade its back office operations.

Zafin appoints Charbel Safadi to replace Al Karim as CEO.

Open banking

Open banking firm Fintech Galaxy collaborates with Singapore-based FinbotsAI to launch new credit profiling capabilities.

Bill-sharing app Splitwise teams up with open banking platform Tink to bring Pay by Bank to Splitwise customers.

Banking-as-a-Service

BaaS innovator Finzly partners with EverBank to enhance the firm’s payment processing system.

Crypto

eToro teams up with 21Shares to launch a new, “data-driven,” crypto portfolio, 21Shares-Flows.

Payments

Ad-subsidized payments network (ASPN) Zilch extends its collaboration with Amazon Web Services.

Payments and financial platform for businesses Airwallex launched its payment acceptance solution in the U.S.

Klarna forges global partnership with Uber, bringing its Pay Now option to the company’s ride-sharing and delivery platforms.

Brite Payments goes live in Germany with its Instant Payments solution.

Business payments specialist Bottomline forges strategic partnership with spend management company Coupa.

TabaPay to acquire the assets of BaaS provider Synapse Financial Technologies.

Real-time, cross border payments company Nium introduces new Chief Payments Officer, Alexandra Johnson.

Versapay appoints Ed Neumann as Chief Financial Officer.

UAE-based Careem Pay expands its international remittance services in the U.K. to include its Faster Payments offering.

GoCardless and Intuit QuickBooks integrate to allow U.S. QuickBook users to use ACH-Pull for account-to-account payments.

Thunes agrees to acquire Tilia. Tilia will be rebranded as Thunes and will remain based in San Francisco.

Klarna expands global partnership with Expedia to offer BNPL payment option for flights and hotel stay purchases.

Sopra Banking Software and Paymentology partner to deliver card issuing services within its SBP Digital Core platform.

Visa and Standard Chartered partner on cross-border payments.

Regtech

U.K.-based digital compliance and AML solutions provider SmartSearch appoints Phil Cotter as CEO.

Investing and Wealth Management

Wealth management platform TIFIN introduces new Chief Operating Officer of its TIFIN AG platform Jeannette Kuda.

Goldman Sachs announces deal to sell its Marcus Invest digital investing accounts to Betterment.

Istanbul, Turkey-based investment app Midas secures $45 million in new funding.

Kinsted Wealth partners with software provider Objectway for its investment management platform.

Cairo, Egypt’s Bokra raises $4.6 million in pre-seed funding for its platform that offers investment products via asset backed securities.

Lending and Credit

U.K. property lender Together partners with nCino to enhance its lending operations.

BMO unveils its Greener Future Financing program to help SMEs in the U.S. build climate-resilient operations.

Pomelo lands $20 million in Seed funding and a $50 million warehouse facility for its tool that combines credit and international money transfer.

Figure Technology Solutions appoints Michael Tannenbaum as Chief Executive Officer.

E-commerce

Subscription management and billing platform Recurly introduces new dashboards with built-in benchmarks.

Klarna sells Hero, the virtual shopping platform it acquired in 2021, for $1.3 million (€1.3 million).

Splitit unveils FI-PayLater to empower banks to provide in-checkout installments for existing customers.

Identity verification

Financial crime risk data and fraud detection technology company ComplyAdvantage acquires knowledge graph builder Golden.

AU10TIX announces $18 billion in business fraud prevented since 2021.

Small Business Tools

Basware introduces AP Protect, an AI-powered solution that empowers finance teams to protect their organizations against profit loss, invoice errors, and fraud.

Marqeta partners with OakNorth to offer commercial cards in the U.K.

Payroll

Rippling raises $200 million in new financing with $13.5 billion valuation.

Photo by Valentin Antonucci

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Fintech Rundown: A Rapid Rundown of Weekly News

By David Penn Posted on March 18, 2024
Categories: Alumni News, Daily news, DocFox, Equifax, Fintech Rundown, FIS, nCino, Stratyfy, TransUnion, Weekly Alumni News, Weekly News

The week begins with acquisition news in the digital banking space and confirmation that a major Canadian fintech may be going private.

Fraud Prevention

FIS announces release of card fraud management solution SecurLOCK in collaboration with Stratyfy.

Equifax and commerce platform VTEX partner to enhance fraud prevention capabilities for merchants.

Digital banking

Alkami launches its free, digital maturity assessment survey for banks and credit unions.

Bankjoy wins “Best Digital Banking Platform” at the 8th annual FinTech Breakthrough Awards.

nCino inks agreement to acquire onboarding automation specialist DocFox.

Varo Bank appoints Allen Parker as Chief Financial Officer, promotes Raktim Mitra to Chief Lending Officer.

NWSB selects Apiture digital banking platform to fuel growth.

Pioneer FCU expands partnership with Tyfone, adds business banking and payments solutions.

Credit monitoring

TransUnion goes live with its AI-powered data analytics platform.

Payments

Payments processor Thredd enters U.S. debit and prepaid card market.

Mexican fintech Prometeo launches account-to-account payments.

GoCardless purchases Nuapay from EML Payments.

Canadian fintech Nuvei confirms speculation that it is considering going private.

Cross border payments company Clear Junction earns recognition from the 2024 FT1000, ranking the firm among Europe’s fastest growing company.

Duck Creek Technologies launches Duck Creek Payments to offer a payment experience for insurers.

Shift4 partners with Atlante to provide payments solution for electric vehicle charging.

Cryptocurrency / Blockchain

African-based blockchain payments network Zone raises $8.5 million in seed funding.

Figure Technologies unveils Figure Markets, a single platform where investors can trade a wide range of blockchain-native assets from crypto to stocks to alternative investments.

Financial inclusion

Building society Nationwide introduces new digital service using British Sign Language (BSL) for deaf and hearing-challenged customers.

Insurtech

iPipeline, a digital solutions provider for the insurance industry, launched its OneView solution that tracks the progress and status of annuity orders in real-time.

Taxation / Accounting

Free Agent expands its smart tax calculation functionality to all NatWest Group customers via their business banking app.

Wealth management & Investing

Aegon Asset Management implements Clearwater Analytics‘ PRISM to facilitate global client reporting.

Yieldstreet partners with Wilshire Advisors to deliver a holistic solution for investors seeking diversified, passive exposure to private markets.

Identity management & verification

Truiloo achieves best-in-class match rate performance across 75 countries.

Photo by Suzy Hazelwood

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Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on February 20, 2024
Categories: Capital One, Discover, Revolut, Temenos, Weekly Alumni News, Weekly News

The week begins with big news on the payment cards front as Capital One announces plans to acquire Discover Financial Services in an all-stock deal valued at $35 billion. Check out what else is going on in fintech and financial services in our latest fintech weekly news rundown!

Embedded finance

German embedded finance platform Monite raises $6.5 million (€6 million) in funding.

Quaint Oak Bank selects Finzly to modernize payments and enable its embedded banking practice.

Lending

BankiFi teams up with Praetura to enhance lending to SMEs.

U.S.-based Commerce Bank deploys loan origination technology from Temenos.

CCBank selects Lendio Intelligent Lending to fuel small business funding growth.

Mortgage Cadence releases version 4.0 of its Mortgage Cadence Platform (MCP) Loan Origination System (LOS).

Payments

Payment orchestration provider BR_DGE forges new partnership with PayPal.

Kani Payments announces strategic partnership with Brazilian core banking platform Pismo.

OpenPayd forges partnership with TrueLayer to enhance its instant payment services.Paym

Gorham Savings Bank partners with CorServ to implement modern commercial credit card program.

REPAY enhances accounts payable integration for Sage Intacct.

REPAY partners with Maxyfi to modernize the collection of payments.

FXC Intelligence signs a data and intelligence partnership with dLocal to support its expansion into the remittance segment of the cross-border payments industry.

UNIPaaS launches AI Assist solution.

Regtech / Compliance

AML compliance and fraud prevention solution provider Flagright teams up with digital transaction solution Traxion.

Napier AI lands £45 million backing from Crestline Investors.

Ncontracts and America’s Credit Unions announce alliance.

Silent Eight expands partnership with HSBC to provide transaction screening solutions.

Digital Banking

Singapore-based digital bank Tonik unveils new joint savings account for couples, Luv Stash, with a 4.5% interest rate.

Personetics appoints Udi Ziv as new CEO.

Nigerian digital bank FairMoney is considering acquiring Umba, digital bank with operations in Nigeria and Kenya, in an all stock deal valued at $20 million.

Crypto

Revolut announces plans to open an advanced cryptocurrency exchange.

RockWallet to onboard former Wyre users after acquisition of its customer base.

Mastercard and Swoo partner to offer crypto cashback on everyday purchases.

Helius raises $9.5 million in Series A funding to enhance the developer experience on Solana.

Fraud and security

U.K.-based AML platform Napier AI secures $56.8 million (£45 million) in a round led by Crestline Investors.

Featurespace appoints Dr David Sutton as Chief Innovation Officer (CINO) and Kendra Rogers as Chief Communications & Marketing Officer (CCMO).

Investing and wealth management

Revolut launches new robo-advisor service in Ireland.

Velexa introduces Fractional Bonds, democratizing investment in high-quality bonds.

TIFIN receives $10 million from SEI to power the future of wealth through artificial intelligence.

Open banking

Data intelligence platform Bud Financial is partnering with open banking company Fintech Galaxy to strengthen the open banking scene in the MENA region.

Insurtech

Insurtech Mylo selected by 1-800Accountant as digital insurance partner.

Photo by Markus Spiske

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