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In 2022, global fines for failing to prevent money laundering (AML) and other financial crime surged more than 50 percent, totaling more than $2 billion in the banking sector alone. With the ever-increasing complexity of AML regulations and the global nature of financial services, financial institutions are investing more resources into compliance and due diligence Read more…
Blockchain-based payments network Ripple announced its latest acquisition this week, picking up digital asset management solutions company Metaco for $250 million. The move will help Ripple enter into the crypto custody market, which is expected to reach $10 trillion by 2030. Specifically, it will enable Ripple to expand its offerings, providing customers the technology to Read more…
NTT Data’s payments arm, NTT Data Payment Services, announced it has teamed up with risk analytics platform Facctum. The India-based payment company will leverage FacctView, Facctum’s anti-financial crime technology. FacctView will help NTT Data Payments Services detect and assess sanctions, terrorism financing, and money laundering on its e-commerce platforms. In addition to protecting customers, FacctView’s Read more…
Global savings and investment platform Smart has raked in $95 million in a Series E round this week. The London-based company’s total funding now sits at $391 million. Aquiline Capital Partners led the round, followed by existing investors Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays, and Natixis Investment Managers. Smart, which currently operates in Read more…
Experian is launching a fintech-focused version of its fraud prevention data network, Hunter, in the U.S. The technology is currently being used by more than 450 organizations in 24 different countries. Experian reports that Hunter has saved its clients more than $6.5 billion a year in fraud losses. Hunter works by providing participants with a Read more…
Risk management and fraud prevention tool provider Feedzai is enhancing its RiskOps platform. The Portugal-based company announced that its new ScamPrevent capabilities will be added to the RiskOps platform. The new tools aim to help banks protect their customers from a variety of financial scams. “In this environment of faster payments and more sophisticated scams, Read more…
U.S. digital asset trading platform Bittrex filed for Chapter 11 bankruptcy yesterday. The company’s international operation, Bittrex Global, will not be impacted by the change. Seattle-based Bittrex shut down in the U.S. on April 30, but has asked the bankruptcy court to allow it to re-open temporarily so that it can return crypto assets to U.S. Read more…
What is the state of fintech midway through 2023? I caught up with our Meet at the Cafe analysts to hear their thoughts on the trends and tensions that are driving fintech today. My conversations featured Chris Skinner, author and CEO of the Finanser.com; Richard Neve, Executive Creative Director, Cognito Media; and Suraya Randawa, Head Read more…
Angel investing and trading platform Funderbeam received $40 million in funding this week. The investment brings the U.K.-based company’s total funding to just shy of $60 million. Leading the round is Ireland-based venture private equity group VentureWave, which now holds a strategic majority stake in Funderbeam. With this week’s fresh funding and strategic partnership, the Read more…
News that Venmo is now accepting transfers of cryptocurrency is among the top stories in crypto of late. Here are some of the other stories making the crypto headlines. Paxos Partners with Fierce Finance Blockchain infrastructure platform Paxos has forged a partnership with financial services app, Fierce Finance. Paxos’ technology will be leveraged to power Read more…
Behavioral biometrics innovator BioCatch has raised $40 million in funding courtesy of an investment from Permira Growth Opportunities. The capital gives Permira a “significant minority stake” in the New York and Tel Aviv-based company. In fact, along with Bain Capital and Maverick Capital, this week’s capital infusion makes Permira BioCatch’s third largest shareholder. “Permira is Read more…
Global financial services innovator Revolut is becoming a bit more global today. The London-based company announced today it has expanded into Brazil. Today’s move of launching multi-currency account and crypto investments in Brazil, marks Revolut’s first expansion into a Latin American country. Revolut’s expansion efforts into Brazil began last March. The company not only brought Read more…