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In a deal led by Goldman Sachs Asset Management, U.K.-based fintech SumUp has secured $1.6 billion (€1.5 billion) in a private credit debt transaction. The financing will enable SumUp to refinance current debt as well as take advantage of growth opportunities around the world. The deal gives SumUp a set of new investors: AllianceBernstein, Apollo Read more…
Financial services company PNC and TCW, a leading global asset manager have teamed up this week to deliver a private credit solution to middle market companies. The two will leverage TCW’s loan origination, underwriting, and portfolio management expertise and will tap PNC’s extensive client relationships. “We are very excited to announce this new business strategy, Read more…
Alloy, the identity decisioning platform, announced a new partnership with SMB data intelligence company Coris. Via the partnership, Alloy customers will be able to access Coris’ solutions to automate SMB onboarding, underwriting, and fraud prevention. “We’re excited to partner with Coris on improving the SMB risk management process for builders of financial products,” Alloy GM Read more…
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 Read more…
Behavioral biometrics company BioCatch announced it has a new majority shareholder. Permira Growth Opportunities II, a fund advised by U.K.-based global private equity firm Permira, has acquired a majority stake in the Israel-based company by buying out shares from Bain Capital Tech Opportunities and Maverick Ventures in a secondary transaction. Two of the company’s existing Read more…
A new collaboration between Veritran and financial messaging services innovator Swift will empower financial institutions to provide an enhanced and streamlined cross-border payments experience for customers. As part of the collaboration, Veritran has joined the Swift Partner Programme, which will give its customers access to a variety of Swift solutions to increase the transparency and Read more…
Denmark-based white-label tokenization platform for real estate DigiShares has partnered with Czech online real estate investing platform InvestBay. Courtesy of the partnership, InvestBay will integrate DigiShares’ white label, real estate tokenization technology with its own platform that facilitates fractional property investments. “We build InvestBay in such a way that it is similar to real ownership Read more…
This week brings May Day, a day to celebrate the halfway point between spring and summer, and in the world of fintech, there are also exciting developments to mark the start of a new month. Check back for real-time updates on how the fintech landscape evolves this week. Youth Banking SCE Credit Union partners with Read more…
Fraud and AML risk detection platform ComplyAdvantage announced it has agreed to acquire knowledge engine builder Golden Recursion. Financial terms of the deal were not disclosed. Founded in 2017, Golden is developing a self-constructing knowledge database used to accelerate discovery and education. The San Francisco-based company combines human effort and machine intelligence to simplify the Read more…
Automated investing service Betterment signed a deal with Goldman Sachs to acquire the digital investing accounts at Marcus Invest. Marcus Invest, which offers digitally customized investment portfolios to consumers, will transfer these accounts to Betterment in the coming months. Financial terms of the deal were undisclosed. The acquisition does not apply to Marcus Deposits, Goldman Read more…
Data privacy vault Skyflow raised $30 million in an extension of its Series B funding round. The round was led by Khosla Ventures, and featured participation from existing investors Mouro Capital, Foundation Capital, and Canvas Ventures. The investment takes the company’s total equity capital to $100 million, according to Crunchbase. Valuation information was not immediately Read more…
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 Read more…