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London-based regtech Sumsub has partnered with Paris-based money transfer company Tempo. The partnership will help Tempo enhance its user identity verification operations and reduce fraud in line with French regulations. Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. London-based regtech Sumsub – which stands for Sum & Substance – has teamed up Read more…
ING Germany has tapped Paysafe’s cash arm, viafintech, to offer its users cash deposit and withdrawal services. Using ING Germany’s Banking to Go app, customers can deposit and withdrawal cash at more than 12,500 participating brick-and-mortar stores. Withdrawals are free, but customers will be charged a 1.5% fee on the total amount they deposit. Global Read more…
Insurtech company Oyster received $3.6 million in seed funding. The round was led by New Stack Ventures. Oyster was founded in 2021 by Blend, Stripe, and Strategy& alumni Vic Yeh, Jon Patel, and Nikhil Kansal. Insurtech company Oyster received $3.6 million in funding this week. The Seed Round was led by New Stack Ventures with contributions from Read more…
Thoma Bravo has acquired business spend management software company Coupa for $8 billion. The deal is expected to close in the first half of 2023. The acquisition follows rumors that Vista Equity Partners had planned to acquire Coupa earlier this year. Private equity firm Thoma Bravo announced this week it is scooping up business spend Read more…
Fixed income technology innovator bondIT has raised $14 million in new funding. The investment round was led by BNY Mellon and brings bondIT’s total equity capital to more than $32 million. bondIT made its Finovate debut at FinovateFall in 2016. Credit analytics and fixed income technology company bondIT has raised $14 million in new funding. Read more…
AvidXchange partnered with Wise this week. The partnership enables AvidXchange to expand on the global payments capabilities it launched last month. The partnership will help AvidXchange offer its U.S.-based clients an embedded payment experience, creating a more convenient payment process. Payment automation solutions company AvidXchange announced this week it has selected international money transfer company Wise Read more…
Canadian real-time cross border payments company Buckzy has raised $14.5 million in Series A funding. The investment was led by Mistral Venture Partners and Uncorrelated Ventures, and featured participation from new investors Luge Capital and Blue 9 Capital, as well as existing investor Revel Partners. Buckzy made its Finovate debut in 2019 at FinovateFall. In Read more…
Greenwood, a digital banking platform catering to black and Latino communities, raised $45 million in new funding this week. The funding round was led by Pendulum, an investing and advisory platform for founders of color. Atlanta, Georgia-based Greenwood was named after the Greenwood District in Tulsa, Oklahoma, which was known as “Black Wall Street” in Read more…
Finxact forged a strategic partnership with KPMG this week. The alliance will combine KPMG’s design and systems integration capabilities with Finxact’s core bnking platform. Finxact was acquired by Finovate alum Fiserv this spring. Finxact, the core banking software company acquired by Fiserv earlier this year, announced a strategic partnership this week. The firm is teaming Read more…
According to LexisNexis’ recent True Cost of Fraud Study, which looks at fraud trends in the financial services and lending sectors of the U.S. and Canada, the cost of fraud has grown significantly as the global pandemic has ebbed. The report noted that every dollar of fraud currently costs financial services companies in the U.S. Read more…
The following is a sponsored blog post from Finastra. Post-pandemic recoveries stalled by rocketing energy prices are leading to calls for stalling a green transition that has already begun. But the costs to businesses due to climate-related weather events within the next four years will be over $1 trillion. Investors and financial institutions are increasingly Read more…
Embedded finance platform Railsr is teaming up with fraud prevention company Featurespace this week to bolster fraud prevention efforts for Railsr as a company, as well as for its clients. Railsr will leverage Featurespace’s ARIC Risk Hub, combined with its own fraud teams, to provide its clients with a compliance tool to stay on top Read more…