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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
With only two more weeks before the holiday season and 2025 take over the calendar, let’s make this one count. Last week’s news cycle was rife with funding and M&A activity. Will this week bring the same? Stay tuned to find out. We’ll add the latest fintech news throughout the week as the space evolves.
Finovate Global is back! This week’s edition leads off with stories about financial institutions around the world that are seeking to better serve their customers by offering a broader range of Shariah-compliant solutions.
Gatehouse Bank partners with ColCap UK for Shariah-compliant home financing
A new partnership between Gatehouse Bank and ColCap UK will help bring Shariah-compliant home finance to more U.K. prospective homebuyers. The partnership includes a forward flow arrangement to originate more than £550 million in Shariah-compliant home financing for ColCap UK over an initial two-year period.
Gatehouse Bank noted that it will continue to generate its own originations onto its balance sheet via its own home financing offering.
“We have seen a considerable increase in demand for our products and services over the last five years and this agreement highlights the bank’s credibility as a leading Islamic finance provider in the U.K.” Gatehouse Bank CEO Charles Haresnape said.
Founded in 2007, Gatehouse Bank is a Shariah-compliant bank that provides savings products and financing for commercial and residential real estate in the U.K. The bank offers personal and commercial deposits that ensure Shariah-compliance, for example, by providing an expected profit rate (EPR) rather than an interest rate. The accounts are invested in Shariah-compliant investments and accountholders receive a share of the profits as a return on their accounts.
Additionally, Gatehouse Bank offers home financing via what is often referred to as an “Islamic Mortgage,” in which homebuyers purchase the property jointly with the bank, and is ownership transferred to the buyer after all payments are made at the end of the term. The bank also provides Shariah-compliant Buy-to-Let purchase plans and has launched multiple Private Rented Sector (PRS) investments since 2014.
“This forward flow arrangement positions us to meet the growing demand for Sharia-compliant financing,” ColCap UK’s Executive Director and COO Esther Morley said. “Combining Gatehouse’s and ColCap’s expertise, we’re confident this collaboration will deliver significant value and reinforce ColCap UK’s leadership in ethical finance.”
A subsidiary of ColCap Financial Group, a residential home finance specialist based in Australia, ColCap has offered residential property financing in the U.K. since 2022.
Offa acquires Bank of Ireland’s Alburaq Sharia-compliant home finance portfolio
A major acquisition by U.K. Islamic proptech Offa will give customers a wider range of Shariah-compliant property financing solutions. Birmingham-based Offa has acquired Bank of Ireland’s Alburaq portfolio, valued at $21.6 million (£17 million). This gives the fintech one of the oldest Shariah-compliant home financing products ever launched in the U.K., which include more than 350 home purchase plans.
“It is a testament to Offa’s abilities that Bank of Ireland has agreed to sell their Islamic home finance portfolio to us,” Offa Chief Financial Officer Amir Firdaus said. “This marks another chapter in Offa’s ambitious growth plans. Members of the Offa executive team are already very much familiar with Alburaq’s clients, having helped distribute this book almost two decades ago, and we are delighted that these customers are now coming home to us.”
Offa’s acquisition will revive a product that has not been available to new customers since 2009. Alburaq was launched as the U.K.’s first Shariah-compliant structured deposit solution in 2008 via a partnership between Bank of Ireland and Arab Banking Corporation’s U.K. division. This week, a spokesperson for Bank of Ireland reported that “the sale of the small remaining portfolio will provide customers with access to a wider range of Sharia-compliant property re-financing options.”
Founded in 2019, Offa calls itself as the first financial institution in the U.K. to acquire an Islamic home-finance book. The U.K.’s first Shariah-compliant bridging lender, Offa introduced its Buy-to-Let (BTL) offering this summer and, back in February, announced a partnership to use finova’s Apprivo origination platform to power its Shariah-compliant digital lending solution.
Premier Bank and Mastercard launch Shariah-compliant cards in Kenya
Proptech and mortgagetech are not the only fields where Shariah-compliant fintech innovation is growing. A newly announced partnership between Kenya-based Islamic financial institution Premier Bank and Mastercard will provide a suite of Shariah-compliant debit, credit, and prepaid cards
The suite will offer features such as contactless payments and global acceptance. Cardholders will be able to make safe and convenient online payments, transact at brick-and-mortar stores, and withdraw cash from Premier Bank ATMs across the country. The suite also provides benefits including Lounge Access through the World Elite Card, travel insurance, and localized offers such as dining discounts via Uber Eats and travel discounts with major airlines.
“The introduction of Shariah-compliant Premier Mastercard suite is not merely a product launch. It is a strategic initiative that exemplifies our commitment to enabling communities with secure, convenient, and tailored financial services,” Mastercard SVP and County Manager for East Africa and Indian Ocean Islands Shehryar Ali said. “As Kenya continues to embrace digital transformation, this initiative will play a pivotal role in shaping a more inclusive financial landscape that caters to the evolving needs of individuals and businesses across the country.”
Launched in 2023, Premier Bank was born via the acquisition of the majority shares in First Community Bank, which was founded in 2007. Headquartered in Nairobi, the bank has assets of more than $23 billion as reported in the 2023 Central Bank of Kenya’s Bank Supervision Annual Report. The financial institution opened its 22nd branch earlier this year.
Here is our look at fintech innovation around the world.
Central and Eastern Europe
Polish identity verification platform Authologic raised $8.2 million to fight AI-powered fraud.
The central bank of Latvia to offer fast track pre-approval for MiCA compliance.
German fintech 21X secured approval for its blockchain-based tokenization platform.
Middle East and Northern Africa
Crypto.com launched its Mastercard-powered card in Bahrain as part of its expansion in the Gulf region.
Backbase inked a distribution and integration deal with Morocco-based consultancy and AI solutions integrator Seven.
Kazakhstan-based banking and fintech company Kaspi.kz acquired a majority stake in Turkish e-commerce technology platform, Hepsiburada.
Central Asian digital banking ecosystem TBC Uzbekistan launched its own payment processing center.
Nepalese fintech Fonepay partnered with U.K.-based Compass Plus Technologies to offer the country’s first virtual credit card.
Latin America and the Caribbean
Spanish banking group Santander introduced its digital Openbank in Mexico.
Mastercardteamed up with Brazilian events platform Sympla and Latin American payments orchestrator Yuno to bring its Payment Passkey Service to the region.
Nuvei launched blockchain-based payments in Latin America.
Asia-Pacific
Payments company Tyrolaunched its embedded payments solution that makes it easier for businesses to accept tap-to-pay payments.
Filipino-based fintech Starpay teamed up with distributed database solutions provider OceanBase.
Financial servcies platform Atome forged a payment checkout partnership with Valiram in Singapore and Malaysia.
Sub-Saharan Africa
Kenya-based Islamic financial institution Premier Bank unveiled a suite of Shariah compliance payments solutions courtesy of a partnership with Mastercard.
CNBC Africa profiled Rwanda’s Kigali International Finance Centre and its new fintech strategy.
Visa announced investment in four African fintechs — Oze, Workpay, OkHi, and ORDA — that graduated from its Africa Fintech Accelerator program.
U.K.-based digital bank Zopa raised $87 million in an equity round led by A.P. Moller Holding and existing investors.
The round boosts Zopa’s total funding to $1.067 billion.
Despite declaring plans for a 2022 IPO during its 2021 funding round, Zopa has decided to wait for better market conditions.
Digital bank Zopa seems to be impervious to the downturn in the fintech funding environment. The U.K.-based fintech has just raised $87 million (€80 million), boosting its total raised to $1.067 billion. The equity round was led by A.P. Moller Holding and existing investors.
While the investment comes at a time during which many fintechs are experiencing a funding dry spell, this is not the first time Zopa has beaten the odds. In February 2023, Zopa raised an impressive $92 million (£75 million) from existing investors as well as an undisclosed lead investor. At the time, the company said the round “cements and enhances” its unicorn status.
Zopa, which originally launched as a peer-to-peer lending platform in 2005, pivoted to become a digital bank in 2020, when it received its full banking license from the Financial Conduct Authority. Today, the company holds more than £5 billion in deposits for its 1.3 million customers. Zopa’s platform aims to help users improve their financial health via savings tools, lending products, credit card offerings, and various vehicle financing tools. To date, Zopa has lent more than $16.6 billion (£13 billion) to consumers in the U.K. and currently has £3 billion in loans on its balance sheet.
“Today’s fundraise validates our financial performance and growth potential,” said Zopa CEO Jaidev Janardana. “Since launching our bank in 2020, we’ve consistently offered financial products that offer great value and ease to our customers, supporting our vision to build Britain’s best bank. We are thrilled to have investors who share our excitement at the opportunity to serve more customers across more product categories as we aim to become the go-to bank for millions of consumers.”
Notably, while Zopa billed its 2021 funding round as a “pre-IPO round,” declaring plans to go public by the end of 2022, it appears that plans have changed. The company told TechCrunch that it is not currently pursuing an IPO. “We will wait for the markets to revive and be more positive,” said Janardana in an interview. Interestingly, Klarna, another fintech that delayed its IPO plans, recently filed to go public in 2025. The results of Klarna’s public offering at that time will either convince Zopa that it’s time to IPO or help to cement its decision to continue operating as a private company.
Cloud banking platform Mambu has made its first acquisition, acquiring French fintech Numeral to enhance its payment capabilities and expand its market reach.
Numeral’s cloud-native platform will enable Mambu to offer end-to-end payment workflows, support multiple payment methods, and deliver real-time transaction capabilities to its clients.
With growing demand for embedded payments and real-time payment experiences, this acquisition will help Mambu better serve its clients.
Cloud banking platform Mambu has acquired French fintech Numeral this week in a deal that is expected to advance Mambu’s payment capabilities, helping it capture a wider audience. Financial terms of the agreement were not disclosed.
“This acquisition marks a considered move to deliver a more modern, comprehensive payment offering which is now an integrated part of Mambu’s product portfolio,” said Mambu CEO Fernando Zandona. “Numeral’s advanced payments platform will enable us to address changing customer demands, strengthen existing product lines, and expand our market reach, while offering businesses advanced capabilities to meet an extensive range of needs.”
France-based Numeral offers a cloud-native, universal payment gateway to help fintechs and banks automate payment processing. The company’s API allows organizations to access payment schemes and connect to partner banks, including BNP Paribas, Barclays, HSBC, and ABN AMRO. Founded in 2021, Numeral has raised $13.8 million (€13 million). The company currently processes more than $10.6 billion (€10 billion) in payments annually.
“Numeral’s values, proven agility, and robust onboarding processes match perfectly with our growth mindset as a business,” Zandona added.
Mambu was founded in 2011 and emerged as one of the pioneering players to move banking software to the cloud. The company’s composable banking approach offers a plug-and-play approach to help organizations shift away from legacy core banking platforms and future proof their operations. Among Mambu’s recent partnerships are payments processor Kuady, Latvia-based INDEXO Bank, and travel payments company Outpayce. Today’s deal marks the Amsterdam-based company’s first acquisition.
By integrating Numeral’s payment platform with its own, Mambu will help its clients manage end-to-end payment workflows, support multiple payment methods, and provide real-time transaction capabilities. The company notes that its existing clients will be able to upgrade to a more sophisticated set of payments capabilities.
For Mambu, enhancing its payments capabilities is a strategic move that aligns with the growing demand for embedded payments. As businesses increasingly seek to integrate embedded payments into their offerings, the ability to manage seamless, real-time payment workflows is becoming a key competitive advantage.
At the same time, consumers are demanding faster, more transparent payment experiences, pushing financial institutions and fintechs to adopt more sophisticated technologies. By integrating Numeral’s advanced platform, Mambu not only strengthens its value proposition but also positions itself as a leader in the modern, scalable payments space.
This week on 5 Tales from the Crypto, we lead-off with President-elect Trump’s nominee for SEC chair and that nominee’s attitudes toward the crypto industry. We also look at a new blockchain banking app, and a pair of partnerships designed to boost crypto trading security and tax compliance, respectively.
Trump nominates Paul Atkins as SEC chair
Of all of President-elect Trump’s nominations, his nominee for SEC chair is the one most anticipated by many in the crypto community. Having pledged to fire current SEC chairman Gary Gensler “on day one,” Trump has this week nominated an individual widely believed to be a significant “advocate” of the cryptocurrency industry: Paul Atkins.
“(Atkins) believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World,” Trump noted on social media platform Truth Social. “He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Atkins is currently CEO of financial services consultancy Patomak Global Partners, and served as an SEC commissioner from 2002 to 2008. He is credited for emphasizing the importance of investor education, having been part of the resolution of one of the biggest Ponzi schemes in history — the Bennett Funding Group case. Atkins also previously served in the first Trump administration as a member of the President’s Strategic and Policy Forum, an advisory group of business leaders that focused on job creation and economic growth initiatives.
As far as Atkins’ specific “crypto bonafides” go, he joined a cryptocurrency advocacy group, Token Alliance, in 2017, and is co-chair of the organization. The alliance is a project of the Chamber of Digital Commerce dedicated to promoting best practices and policies for cryptocurrencies, tokenized networks, and digital assets.
What are the early impressions from the crypto community? Carlos Domingo, Founder and CEO of digital securities compliance platform Securitize, told interviewers on Yahoo! Finance that he was “very excited” at the prospect of Atkins as SEC chair, referring to Atkins as “very pro digital assets, and very knowledgeable in the industry.” Similarly, Joe McCann, Founder, CEO, and CIO of digital assets investment firm Asymmetric told CNBC that Atkins’ call for greater clarification of the SEC’s SAB-121 rule with regard to how institutions must account for cryptoassets in their custody showed Atkins to be someone who would bring “common sense to the SEC.”
Former Revolut pair launch blockchain banking app
Catching up on news from our last edition of 5 Tales from the Crypto, we note that a pair of former-Revolut employees — Joao Alves and Guilherme Gomes — have launched a new, self-custodial stablecoin app with accompanying Mastercard debit card. The app, called Bleap, enables users to spend stablecoins without having to pay conversion fees. Users can add stablecoins from external wallets to their Bleap app or add them by buying stablecoins using fiat currency. The app supports multi-currency accounts with savings rates that can offer as much as 5x compared to traditional banks. Bleap also supports fee-free crypto on- and off-ramping through external wallet connections.
The launch announcement comes as the company reports securing $2.3 million in pre-seed funding at a pre-money valuation of $10 million. The investment round was led by Ethereal Ventures and featured participation from Maven11, Alliance DAO, Robot Ventures, as well as angel investors from Revolut, cryptocurrency wallet Phantom, cryptocurrency exchange OKX, Ethereum access network EigenLayer, and Consensys.
Currently in beta with select European users, Bleap is slated for public launch in the first quarter of 2025.
cheqd partners with ID Crypt Global
Digital identity and security company ID Crypt Global has teamed up with payment and trust infrastructure for identity and trust specialist cheqd. The two companies will work together to provide Apex Digital Exchange (ADEX) with enhanced identity and security capabilities. This will enable the exchange to better serve its customers and make it easier for more traditional financial services companies to participate in decentralized finance (DeFi).
The partnership is designed to tackle two issues that are slowing wider embrace of crypto trading for many investors: usability and trust in identity. To this end, cheqd integrates seamlessly with the ADEX platform to provide SSI-based onboarding, privacy-preserving identity verification, and continuous KYC and AML checks. Additionally, cheqd’s payment model supports new, more cost-effective ways to monetize verifiable credentials. For example, the partnership will enable ADEX to offer verified users lower cost trading or other rewards, linking verifiable identity to transaction affordability. Combined with ID Crypt Global’s identity verification and risk screening, ADEX will be able to offer a streamlined, lower-cost user experience for its customers while ensuring regulatory compliance.
Founded in 2021 and headquartered in London, cheqd provides payment and trust infrastructure for credentials and verifiable AI. The company provides customized network offerings and supports multiple credential formats for identity frameworks including eIADS 2.0 in Europe and beyond. The company has raised $3.3 million funding according to Crunchbase, and includes Bluenode Capital and Bixin Ventures among its investors.
Bison integrates with tax reporting platform Blockpit
The road to hell may be paved with good intentions. But the road to mainstream acceptance of cryptocurrencies will need to be well-macadamized with compliant crypto tax reporting.
To this end, cryptocurrency trading app BISON has announced its integration with crypto tax reporting platform Blockpit. Currently available in the BISON mobile app, the integration will make it easier for BISON users to accurately pay any cryptocurrency-related taxes.
“Taxes on cryptocurrencies can be complex,” BISON CEO and Co-founder Ulli Spankowski noted. “At BISON, we are committed to providing our customers (with) simple, secure, and reliable solutions. Partnering with Blockpit, a leading provider in crypto tax reporting, is a logical step forward. Thanks to this collaboration, we deliver real added value to approximately 870,000 BISON customers by significantly reducing the tax-related challenges of crypto trading.”
Founded in 2017, Blockpit enables its more than 350,000 customers worldwide to track their crypto portfolios, optimize their taxes, and create compliant tax reports. Based in Austria and Germany, the company has generated more than one million tax reports since inception, and processed more than 500 million transactions.
Headquartered in Germany, BISON is powered by the Boerse Stuttgart Group. The first crypto trading app to be supported by a traditional securities exchange, BISON was founded in 2019 and is active in Germany, Austria, and Switzerland. The app offers trading in 27 cryptocurrencies including BTC and ETH, as well as in more than 2,500 stocks and exchange-traded products (ETPs).
HTX introduces crypto lending product
Global digital asset trading platform HTX launched its Crypto Loans product this week. The new offering features dynamic interest rates, high loan-to-value (LTV) ratios, no loan limits, and zero fees,
Loans can be secured in USDT, BTC, and ETH; the same currencies are also accepted as collateral assets. HTX noted that it plans to expand the number of loanable and collateral assets.
As part of the launch, the platform is kicking off a “Borrow & Earn” event with a prize pool of 2,700,000,000 $HTX. Running from December 2 through December 8, the event will split the prize among those users who borrow USDT via Flexible Crypto Loan. Prize allotments will be based on the proportion of the users’ interest expenses relative to the platform’s total interest income from the product.
Founded in 2013 by Chairman Leon Li, HTX has grown from a digital asset exchange to an ecosystem of blockchain businesses involved in financial derivatives, investment, digital asset trading, and more. Changing its name from Huobi to HTX in 2023, the company has more than 47 million registered users around the globe.
Israel-based Justt has introduced platform upgrades, including multilingual dispute management and centralized chargeback approval, aimed at simplifying cross-border disputes and improving efficiency for global merchants.
The new features allow merchants to set custom rules for recurring disputes and manage chargebacks centrally through Justt’s interface.
As chargeback volumes are projected to rise 42% by 2026, Justt’s AI-driven tools offer merchants an automated way to handle cases such as friendly fraud.
Justt, an Israel-based company leveraging AI to automate the chargeback process, unveiled some major platform upgrades this week. Among the changes are multilingual dispute management and centralized chargeback approval.
Justt’s newly launched multilingual dispute management offers automatic translation for dispute evidence. The company anticipates that this feature will simplify cross-border disputes by removing language barriers and ultimately allow Justt to better serve global merchants.
The centralized dispute resolution allows merchants to approve chargebacks through Justt’s interface instead of managing chargebacks in a fragmented way using multiple Payment Service Providers. As part of this, the company also allows merchants to set their own custom rules for recurring disputes, enabling them to automate cases that are predictable and better allocate resources to complex disputes.
Justt anticipates that this change will not only simplify the chargeback approval process, but will also reduce administrative load and speed up dispute decisions to give merchants real-time control over approvals.
“We are fundamentally changing how merchants manage chargebacks,” said Ofir Tahor, CEO of Justt. “This is a significant step in our mission to equip merchants with AI-driven tools, allowing them to simplify complex challenges and focus on growing their businesses.”
Justt was founded in 2020 to help merchants resolve illegitimate chargebacks by using AI to boost recovery rates. The company’s platform integrates with over 40 payment service providers, including Stripe, PayPal, and American Express. Merchants can use Justt’s platform to view and manage all chargeback-related data in one place, and quickly resolve the dispute process. Justt has raised a total of $11 million from investors including Former PayPal President David Marcus and Citi Ventures.
Since the increase in ecommerce activity has taken off in the past five years, there has been a substantial increase in chargeback volumes. According to Mastercard, chargeback volumes will reach 337 million by 2026, which represents a 42% increase from 2023 levels. This rise can be attributed to the growing complexity of the dispute resolution process as well as friendly fraud, where consumers dispute legitimate transactions. Friendly fraud rates, according to Chargebacks911, have been growing “at somewhere around the 40% rate” every year.
For merchants, chargebacks result in direct financial losses as well as reputation damages, while banks — who have to protect consumers while being fair to merchants — face operational burdens. Looking ahead, the chargebacks puzzle will become more complicated. That’s because, as third party providers like Justt advance their practices using AI, the rise in real-time payments will create headaches by providing more opportunities for both legitimate and illegitimate chargebacks to take place.
Michigan-based Mahalo Banking announced a partnership with Indiana-based Solidarity Community Federal Credit Union (Solidarity CFCU).
The credit union chose Mahalo’s technology for its enhanced security features and ability to integrate with its core provider, Corelation Keystone.
Mahalo Banking won Best of Show in its Finovate debut at FinovateFall 2023 in New York.
Mahalo Banking, which won Best of Show in its Finovate debut at FinovateFall 2023, has teamed up with Solidarity Community Federal Credit Union (Solidarity CFCU).
Solidarity CFCU, headquartered in Kokomo, Indiana, chose Mahalo’s platform for its enhanced security features and its ability to readily integrate with its core provider, Corelation Keystone. The credit union also credited the platform’s intuitive design and streamlined processes, which, combined with Mahalo’s proactive approach to security, align well with Solidarity CFCU’s commitment to member security and convenience.
“Our top priority is to provide members with a secure, user-friendly digital experience,” Solidarity CFCU CEO Amy Benner said. “Mahalo is on the cutting-edge of security, and their dedication to staying ahead of emerging fraud threats makes us confident in our partnership decision. Their neurodiversity support, with options like colorblindness views and left- and right-hand modes, outshines other providers in terms of accessibility. We are thrilled about this new chapter and the positive impact it will bring to our members.”
With regard to security, Mahalo’s platform leverages Credential Assurance Technology (C.A.T.) to protect credit union data from fraud and to enhance overall digital security. The company’s Thoughtful Banking technology delivers a variety of neurodiverse solutions to ensure a consistent, accessible experience for all members. Mahalo’s platform provides simplified account and loan opening functionalities, which the credit union believes will help it compete with digital-first challengers for younger customers. The platform also supports charitable giving, with an option to enable members to make charitable contributions at any time directly through the platform.
Nevertheless, the challenges of combating fraud remained at the top of the list as Mahalo Banking COO Denny Howell explained. “With rising fraud incidents across the industry, maintaining robust security measures is essential to safeguarding member accounts and data,” Howell said. “Our team is dedicated to delivering a best-in-class platform that not only meets today’s security needs but also anticipates future challenges to ensure our credit union partners like Solidarity CFCU can safeguard against emerging threats and provide peace of mind for its members.”
Solidarity CFCU is only one of a handful of credit unions Mahalo Banking has partnered with in recent weeks. In November, the fintech teamed up with Four Points FCU to upgrade the Omaha, Nebraska-based credit union’s digital capabilities and enhance member self-service. Mahalo also last month announced a partnership with Glendale Area Schools Credit Union to support growth and improve the member experience for the California-based financial institution. Just a few weeks ago, Mahalo reported that both Colorado-based Rocky Mountain Credit Union and UnitedOne Credit Union of Wisconsin had gone live on Mahalo’s enhanced Thoughtful Banking platform.
“Working with the Mahalo team is a true partnership,” Rocky Mountain Credit Union SVP Erin Johnston said. “The enhancements brought on by the latest version have been appreciated by our staff and membership. Many of the changes were asked for by their clients and their membership base, making the transition a welcome update.”
Founded in 2018, Mahalo Banking is headquartered in Troy, Michigan. Jim Stickley is CEO.
Insurance-as-a-Service company Insuritas has been acquired by VIU by HUB, a division of HUB International, one of the world’s largest insurance brokers.
The acquisition will expand Insuritas’ insurance product portfolio and leverage VIU by HUB’s advanced analytics platform to provide more personalized customer experiences.
Financial terms of the deal were not disclosed.
Insurance-as-a-Service company Insuritas has been acquired by VIU by HUB, a division of HUB International, which is the fifth largest insurance broker in the world. Financial terms of the deal were not disclosed.
VIU is a digital insurance company that offers a range of policies, including auto insurance, homeowners insurance, second home insurance, renters’ insurance, toy insurance, life insurance, umbrella insurance, financial security, and family plans and policies. The Chicago-based company provides users quotes quickly and offers a platform where clients can sync all their personal policies from across carriers in one place.
“This acquisition marks an exciting new chapter in our journey and will allow us to rapidly expand customized insurance solutions,” said Insuritas CEO Jeff Chesky in an emailed statement. “By joining forces with VIU by HUB, we are amplifying our ability to enhance [clients’] sales and service capabilities and resources with state-of-the-art digital analytics tools.”
Insuritas was founded in 1998 and has since raised $10 million. The Connecticut-based company’s unique model allows banks and credit unions to own and embed a digital insurance agency within their existing operations, without taking on any of the operational risk.
For Insuritas’ current agency clients, the acquisition is good news, as it will make available the widest selection of insurance products offered by the largest collection of insurance carriers of any independent agency complex in the U.S. Additionally, Insuritas will have access to VIU by HUB’s agent resources and will be able to combine VIU by HUB’s analytics platform with its embedded agency technology, providing end customers more personalized experiences.
The insurance subsector remains among the least disrupted in fintech, but that is beginning to change as digital-first insurtech companies like Insuritas and VIU by HUB drive innovation in the space. By leveraging embedded insurance models and advanced analytics, these firms are making strides in modernizing a traditionally slow-moving industry.
Enterprise AI platform Uptiq.AI has acquired data integration startup UpSwot to enhance its AI Workbench capabilities and expand its applications for banks, fintechs, and wealth management firms.
Uptiq.AI will use UpSwot’s Financial Data Gateway, which integrates data from accounting, payroll, and CRM tools, enabling financial institutions to gain actionable insights and offer tailored recommendations to their commercial clients.
By combining AI-driven insights with data integration, the partnership empowers financial institutions to optimize operations, improve client engagement, and deliver more personalized services.
Enterprise AI platform for financial services Uptiq.AI made its first acquisition this week. The Texas-based company bought up data integration startup UpSwot.
While the terms of the deal were not disclosed, Uptiq.AI expects the purchase will help it deliver more applications tailored to serve a range of financial services, including wealth management firms, banks, credit unions, fintechs, and non-bank organizations.
UpSwot was founded in 2019 to bring banks actionable insights derived from their commercial clients’ data. The company leverages data from its Financial Data Gateway, which integrates with third-party SaaS software across key categories like Accounting, Banking, Payroll, ERP, and CRM. UpSwot uses the data to offer banks insights into trends and performance across their business customers, monitoring churn and engagement to drive more loyalty. UpSwot can simultaneously use the data to enable banks to offer their commercial clients recommendations on data-informed business decisions. The company demoed at FinovateSpring last year.
Uptiq.AI CEO Snehal Fulzele called the acquisition a “game-changer,” adding, “With UpSwot’s advanced Financial Data Gateway, we can unlock the full potential of our AI Workbench. This allows us to rapidly bring innovative AI applications to financial services organizations, enabling them to harness the power of their data like never before. Together, we’re setting a new standard for what Enterprise AI can achieve in financial services.”
As a result of the agreement, UpSwot’s Financial Data Gateway will power Uptiq.AI’s AI Workbench, which will allow banks to leverage structured and unstructured data for a variety of use cases. Uptiq.AI’s agents will be able to embed data from the wide variety of sources that Financial Data Gateway uses, which will help it differentiate itself from other agent developer platforms.
“Uptiq.AI and UpSwot share a commitment to driving meaningful innovation in financial services,” said UpSwot CEO Dmitry Norenko. “Joining Uptiq.AI will enable us to expand our reach and further amplify the impact of our data integration technology. Together, we are redefining how financial institutions can use AI to deliver exceptional value to their clients.”
Founded in 2022 as Cion Digital, Uptiq.AI helps banks optimize their operations and build valuable customer experiences. The Texas-based company, which has raised $32 million, was founded by Snehal Fulzele. Fulzele co-founded Cloud Lending Solutions in 2012 and led the company as CEO until he sold it to Q2 in 2018. Today, Uptiq.AI serves more than 350 clients across wealth management, banks, fintechs, and brokers. Uptiq.AI demoed at FinovateSpring 2022 under its former name, Cion Digital.
Deel has acquired U.K.-based international funds transfer company Atlantic Money. Terms of the deal were not disclosed.
The acquisition marks Deel’s ninth acquisition.
Deel will leverage Atlantic Money’s expertise to enhance its global payroll solutions, enabling businesses to send secure international payouts.
Payroll and compliance company Deel has acquired international funds transfer company Atlantic Money. Terms of the deal, which was announced late last week, were not disclosed.
According to California-based Deel, acquiring Atlantic Money will help strengthen Deel’s payments infrastructure in Europe and offer it more fintech expertise. This is Deel’s ninth acquisition and its fourth one this year. Atlantic Money joins remote work management platform Hofy, payroll and HR platform PaySpace, and employee enablement platform Zavvy — Deel’s three other acquisitions this year.
Founded in 2020, U.K.-based Atlantic Money helps users send money internationally with a transparent fee structure. The company charges a flat, £3 ($3.80) fee for money transfers and claims to be, on average, 10x cheaper than its competitor Wise. Unlike Wise, however, Atlantic Money is much more limited in scope. The company only facilitates funds transfers among 10 countries, while Wise allows users to send funds to nearly 90 countries. Since its inception, Atlantic Money has moved over half a billion pounds for 10,000+ customers, helping them save “millions” in fees.
According to Atlantic Money Co-Founder and CEO Neeraj Baid, Deel will leverage the money transfer firm’s expertise and infrastructure to help businesses send payouts to international workforces. “Deel’s mission is to make running a global business as easy as running a local one, and that includes helping workers make global payments securely and easily,” said Baid. “Our team looks forward to working alongside Deel’s experts to share insights and develop technologies that will benefit companies managing international workforces.”
Deel was founded in 2018 and enables companies to hire employees across the globe and pay them in more than 150 currencies. In addition to facilitating payroll, the company helps companies manage global workforces, hire contractors, relocate workers, and more. Deel was valued at $12 billion in May of 2022 and has raised a total of $680 million in funding.
Belgian regtech Harmoney has acquired compliance specialist APPC, a subsidiary of the Forsides Group.
The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF).
Harmoney made its Finovate debut at FinovateEurope 2022 in London.
Belgium-based regtech Harmoneyannounced its acquisition of APPC, the compliance-oriented subsidiary of the Forsides Group. The acquisition will enable Harmoney to offer a streamlined, all-in-one compliance solution to financial institutions (FIs), integrating all regulatory operations on a single platform and empowering FIs to maintain compliance with the ever-changing regulatory environment.
The acquisition comes after five years of collaboration between Harmoney and the APPC team. This collaboration has yielded flexible, customized solutions to help FIs deal with challenges ranging from anti-money laundering (AML) to counter-terrorist financing (CTF). Post-acquisition, the APPC brand will remain intact; its services will be enhanced and expanded via Harmoney’s offerings. This will provide APPC clients with access to an even broader range of compliance solutions. APPC clients will also benefit from the expertise of the Harmoney team which offers a cost-efficient approach to compliance and comprehensive coverage to complex corporate structures.
“Our long-standing partnership with APPC has paved the way for this exciting new chapter,” Harmoney CEO Thomas Van Maele said. “By integrating all regulatory processes onto a single platform, we’re able to merge advanced technology with expert support from two expert teams that share the same values and dedication to compliance.”
Founded in 2016, Harmoney made its Finovate debut at FinovateEurope 2022 in London. At the conference, the company demonstrated the workflow orchestration of a digital reboarding of a private customer. The workflow includes identification, authentication, and risk screening that provides an overall risk score that enables compliance teams to conduct due diligence and, ultimately, determine acceptance, escalation, or rejection.
This summer, Harmoney announced that it was teaming up with Discai, a subsidiary of KBC Group, which leverages data science and financial expertise to help banks and other financial institutions combat financial crime. The two companies launched an integrated AML solution for FIs that combines Discai’s AI-based alert system with Harmoney’s end-to-end case and process management platform. Also this year, Belgian banking solutions collaborative Isabel Group announced that Harmoney would be the first integration partner for its newly launched verified corporate data hub.
Harmoney has raised $5.3 million (€6 million) in funding according to Crunchbase, courtesy of a seed round in 2023.
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You may not think of the U.S. when it comes to having a czar in a leadership role. However, Axios reported last week that President-elect Trump is considering naming an AI czar that would be responsible for coordinating policy and governmental use of AI. This is notable because, as of now, the U.S. does not have a central agency governing and regulating the use of AI.
If put into power, a U.S. AI czar would potentially be responsible for unifying the country’s AI strategy across government and private sectors. The AI czar would also be charged with creating regulatory clarity and streamlining regulations for AI development in key industries such as fintech, healthcare, and eCommerce. Given the U.S.’s current role in the global economy, an AI czar could play a role in setting global standards for fintech AI regulation.
Benefits
There are some surprising benefits to a potential AI czar taking leadership in the U.S. First, the leader would have the potential to coordinate AI innovation and guide global efforts. This centralized orchestration could accelerate the development of AI-powered fintech solutions like fraud detection, credit scoring, and personalization strategies. Additionally, for both banks and startups, having clear, government-issued guidelines for the use of AI offers many benefits, including increased investor confidence and faster adoption of AI across subsectors. Finally, having an U.S.-led AI strategy could foster cross-border partnerships and may also be able to influence international fintech standards.
Risks
As with many applications of AI, however, there are potential risks and challenges associated with the crowning of an individual as AI czar. First, there is significant potential for favoritism to shape the role. According to Axios, the AI leader will not require Senate consent. Rather, Elon Musk and Vivek Ramaswamy, who Trump has selected to lead the new Department of Government Efficiency (DOGE), will have input into who is selected for the AI czar role. This raises concerns over potential favoritism and bias. Regardless of who is placed in the potential role or how they are appointed, there are also risks that the use of AI will end up over-regulated and that centralizing control of AI usage could stifle fintech innovation across the globe.
Global impact
U.S. policies created under an AI czar might intensify competition with other countries in the AI-arms race. Specifically, the role may help the U.S. compete with China, which has heavily invested in AI. Creating an AI czar could help the U.S. catch up with China by fostering rapid advancements in AI applications in fintech and related fields. In addition to clarifying regulation around the use of AI, the appointed person could help by coordinating research, funding, and partnerships at a national level. This streamlined approach might also encourage collaboration among U.S. fintech companies, making them more competitive in global markets.
What’s next?
Regardless of what happens (or doesn’t happen) with the AI role, both banks and fintechs should pay close attention while monitoring any U.S. AI policy changes. This applies to both firms that are creating their own AI-driven solutions in-house, as well as to those that leverage AI-driven solutions from third party providers. Everyone is in the AI game– whether they think they are or not– and the decisions made by policymakers will shape the rules of that game.
