Wise Says, “Hola” to Mexico

Wise Says, “Hola” to Mexico
  • Cross-border payments fintech Wise has launched services in Mexico.
  • The launch allows Mexican nationals to send money abroad in over 40 currencies across 160 countries, leveraging Wise’s network of six local payment systems and 90+ bank providers.
  • Wise stated that the US dollar to Mexican Peso money transfer corridor is one of its largest, and has seen transfer volumes between the two double in the last two years.

Cross-border payments fintech Wise (formerly TransferWise) announced today it has launched into the Mexican market. The new service in Mexico will enable Mexican nationals to send money abroad, offering them direct access to Wise’s growing global payment network.

The new market entry is part of the company’s broader goal to enhance cross-border payments and support consumers with financial services. With Wise’s services now available in Mexico, the country’s citizens can send money from Mexico to over 40 currencies and 160 countries using Wise’s app or website. Wise has direct connections to six local payment systems and over 90 local bank providers, which ensure fast and efficient transfers. The company said that sending funds from Mexican Peso (MXN) to US Dollar (USD) will “hugely benefit” Mexican nationals who have connections to the US. 

“Launching our services in Mexico is a continuation of our strong, consistent growth in North and Latin America,” said Wise CTO Harsh Sinha. “Mexico, a region where consumers are loaded with unjust hidden fees, presents a strategic opportunity for Wise as it helps further our mission and opens a key currency route to bolster our business. Offering our services will have a positive impact on Mexican nationals by offering a transparent, cost effective, and fast option to send money internationally. Importantly, this takes us one step closer in solving the problems of opaque, slow, and expensive international money movement.”

Wise reports that with more than 37 million Hispanics of Mexican origin living in the US, sending USD to MXN is the third-largest money transfer corridor for its US customers. Additionally, the company has seen the volume of transfers on this route double over the past two years. This growth highlights the demand for faster and more affordable alternatives in the remittance market.

As part of its mission to disrupt traditional remittances, Wise focuses on price transparency. The company estimates that banks and other providers in Mexico conceal up to 10.4% of their fees, contributing to a loss of $446 million in hidden fees in 2024 alone, according to a survey by Edgar, Dunn & Company. Wise aims to change this with a transparent pricing strategy. In fact, Wise estimates that from the $147 billion (£118.5 billion) in cross-border transactions it facilitated globally last year, it saved customers over $2.2 billion (£1.8 billion).

Wise was founded in 2011 under the name Transferwise to facilitate cross-border payments while bringing transparency to the fees involved. The company reports that in Mexico, banks and other providers conceal up to 10.4% of their costs in hidden fees. According to a survey from Edgar, Dunn & Company, out of the $168 billion consumers moved in and out of Mexico in 2024, Mexicans lost $446 million in hidden fees that same year.

“Our mission is to make financial services fair, accessible, and transparent for everyone,” said Wise Country Manager in Mexico Efrain Florencia. “Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexicans send money abroad. We are eager to make a positive impact on the millions of Mexicans who regularly go through this process and are looking for a better, more convenient experience without the burden of excessive fees.”

Wise is listed on the London Stock Exchange (LSE) under the ticker WISE, with a market capitalization of $11.5 billion. The company serves 12.8 million active customers worldwide, facilitating the movement of $37 billion (£30 billion) across borders each quarter. Founded in 2011, Wise offers both personal and business accounts, allowing users to hold and manage funds in 40 currencies, move money between countries, and spend money internationally without hidden fees.


Photo by Alexander Schimmeck on Unsplash


Aviva Partners with AutoRek for its Automated Reconciliation Solution

Aviva Partners with AutoRek for its Automated Reconciliation Solution
  • UK-based, multinational insurance company Aviva has teamed up with automated reconciliations solution provider AutoRek.
  • Aviva will deploy AutoRek’s platform to provide a fully audited, rules-based reconciliation process that reduces the risks associated with manual processing.
  • AutoRek made its Finovate debut at FinovateEurope 2023. The company is headquartered in Glasgow, Scotland.

UK-based insurer Aviva announced a collaboration with automated reconciliation solutions provider AutoRek to enhance efficiency and compliance. Aviva will deploy AutoRek’s end-to-end platform in order to provide a fully audited, rules-based reconciliation process that ensures complete transparency for Client Assets Sourcebook (CASS) auditors, as well as internal stakeholders. The platform will enable Aviva to offer an enhanced automated solution for client money and regulatory reporting. The solution also means less manual processing and its associated risks.

“We’re thrilled to onboard Aviva as a client to the AutoRek platform, empowering them to achieve greater efficiency and accuracy in their operations,” AutoRek VP of Sales Jack Niven said. “Together, we’re driving innovation and setting new benchmarks for financial excellence.”

Glasgow, Scotland-based AutoRek partners with institutions in asset management, payments, banking, and insurance to provide a scalable, automated reconciliation software that delivers both cost reduction and data confidence. Solutions such as those offered by AutoRek are expected to be in high demand as financial regulators on both sides of the Atlantic are slated to bring greater clarity to policies relating to payments, digital assets, lending, data privacy, and more.

This was underscored by AutoRek Chief Product, Technology, and Operations Officer Jim Sadler in a recent Insider UK look at Scottish sector trends to watch for in 2025. “We can expect heightened regulatory oversight to start to bleed into the supply chains of regulated firms to ensure that compliance standards are met at every level,” Sadler said. “Companies that fail to uphold their duties can lead to serious consequences such as substantial penalties.”

Founded in 1696 as the Hand in Hand Fire & Life Insurance Society, Aviva today is a multinational insurance, wealth, and retirement business headquartered in London. The firm is the leading diversified insurer across these markets, boasting more than 19 million customers in the UK, Ireland, and Canada as of August 2024. The largest general insurer in the UK, Aviva is also the second largest general insurer in Canada. Publicly traded on the London Stock Exchange, Aviva is a member of the FTSE 100, and has a market capitalization of more than $16 billion (£13 billion). 

“Aviva is dedicated to investing in technology to further our own growth strategy,” Aviva Head of CASS and Middle Office, Chris Golland, said. “Following an extensive tender process, we were highly impressed with the quality of the AutoRek tool. The implementation of the AutoRek solution will streamline our processes and allow us to confidently address future scalability and volume requirements.”

Founded in 1994, AutoRek made its Finovate debut at FinovateEurope 2023. At the conference, the Glasgow, Scotland-based company demonstrated how its reconciliation platform helps organizations manage some of the biggest pain points in the process, providing key management information (MI) to better monitor the performance of reconciliations. Last year, AutoRek announced partnerships with JP Morgan Payments, global funds network Calastone, and technology services provider Capgemini. Gordon McHarg is CEO.


Photo by Sonny Vermeer

FinovateEurope 2025 Sneak Peek Series: Part 2

A look at the companies demoing at FinovateEurope in London on February 25. Register today using this link and save 20%.

b-next

Founded in 1989, b-next specializes in innovative data analytics, delivering actionable insights and surveillance solutions across asset and trading platforms.

Features

  • Revolutionizes how data informs strategy
  • Fuels better decision-making
  • Uncovers actionable market correlations
  • Creates continuous innovation through a scalable ecosystem

Who’s it for?

Banks, asset managers, hedge funds, and trading firms.

Light Frame

Light Frame is a pioneering wealth technology firm launching the next generation of foundational core technology.

Features

  • Simplifies onboarding and maintenance
  • Improves and automates operations
  • Streamlines costs
  • Elevates intelligence
  • Accelerates innovation

Who’s it for?

Private banks, wealth management firms, and banks offering brokerage services.

Mati Labs

Mati Labs is an AI-powered co-pilot for investment funds that integrates proprietary and external financial data to deliver secure, actionable insights via custom tools and workflows.

Features

  • Connects 200+ data providers, including proprietary sources, to AI
  • Integrates seamlessly with tools, like Power BI, SQL, and Outlook
  • Automates reports, alerts, and insights from unstructured data

Who’s it for?

Asset managers and investment advisors.

Mifundo

Mifundo’s data solution offers cross-border credit information and standardised credit scores for underwriting foreigners, non-resident nationals, expats, and migrants.

Features

  • Offers standardised credit scores
  • Enhances credit bureau data with open-banking
  • Offers access to all European countries with a single API (or online platform)

Who’s it for?

Banks, BNPL, and credit cards.

Why “AI Agents” is the Catchphrase of 2025

Why “AI Agents” is the Catchphrase of 2025

At FinovateFall last year, we heard plenty of analysts and industry experts say that AI agents are going to replace generative AI on the hype scale. That’s because AI agents, or agentic AI, have the capability to perform tasks, not just generate information. It is this differentiator that has the potential to create a great amount of value for both banks and fintechs, so much so that it has become the newest buzzword in financial services.

Fueling the rise of AI agent hype is the launch of Operator, Open AI’s new AI Agent. “Operator is a system that can use a web browser– in this case, a web browser in the cloud– to accomplish tasks that you give it,” said Open AI CEO Sam Altman during the launch. “Just like you would use a web browser… Operator can do that and control all sorts of things.” Operator has already gone live for ChatGPT Pro users and will soon be available to Plus users.

Open AI isn’t the only tech company launching an AI agent, and the use cases aren’t limited to making a restaurant reservation or buying groceries. Agentic technology is already live and in-use at some financial institutions.

The new technology has a number of potential use cases, five of which I’ve listed below. Keep in mind that some of these are not possible with current AI agent tools, and most are not able to be achieved fully autonomously, and require human-in-the-loop during some stages. However, the technology is moving fast, and AI agents will likely reach this level of autonomy soon.

Customer service and support

Banks and fintechs have used all forms of AI to improve and automate their customer service for years. They can now use AI agents to understand customer queries and analyze the conversations to identify the root cause of an issue, then offer customers the appropriate reply.

Potential prompt: “When a customer contacts you seeking an agricultural loan, contact the county in which the property is located to verify the legal property boundaries.”

Content marketing and copywriting

AI agents can be deployed to research and analyze all available information on a specific topic. Banks can then use another AI agent to transform all of that information into a blog post or marketing copy for a webpage.

Potential prompt: “Research new budgeting websites and capabilities, then write a five-part blog post series and email it over the course of five weeks to customers with less than $5,000 in assets held at the bank.”

Loan and credit underwriting

While generative AI is able to analyze customer profiles to assess creditworthiness, AI agents can take the process a step further by completing tasks in a workflow analyzing credit histories, transaction patterns, and market analysis to make instant, accurate decisions about potential borrowers.

Potential prompt: “For every new small business loan inquiry that comes in, analyze the individuals’ credit and overdraft histories. For small businesses with a physical location, analyze foot traffic of similar businesses in the same region and make a credit decision based on this information.”

Administrative tasks

Because AI agents are able to “think” for themselves and operate independently, they can easily complete tasks such as organizing and making a reservation for a client dinner, placing an order for a new computer keyboard, or placing a catering order for an office party.

Potential prompt: “Make a dinner reservation at a restaurant my client would like, given their Instagram account, for 10 people on May 2 at 7 p.m. Tell the restaurant that two people in the party have a gluten allergy.”

Customer communication

Banks can deploy AI agents to communicate with customers to send personalized messages about their preferences, needs, or simply to autonomously notify them of account changes. They can also reply to customer responses. And because AI agents can generate answers without being trained, they can even reply to customers in cases where they do not have a specific, canned response template.

Potential prompt: “Email all of my wealth management clients that have been with me for over three years asking them to update their risk tolerance. Use their replies to update their portfolios.”


While it is fun (and a bit spooky) to think about all of the potential use cases of agentic AI, we are far from the reality of putting most of these potential prompts to use in a seamless manner. Operator and other AI agent technologies are still in their early stages; even OpenAI CEO Sam Altman admitted they still have “a lot of improvements to do” on Operator.

Because of how new the technology is, there still needs to be a manual confirmation for most of the use cases, especially when it comes to making transactions. Similarly, even though there is no current AI regulation for banking operations, banks should use caution and keep humans in-the-loop, especially when making underwriting decisions and communicating with customers.


Photo by cottonbro studio

Premium Creator Content Platform Viffy Forges Strategic Alliance with Finfare

Premium Creator Content Platform Viffy Forges Strategic Alliance with Finfare
  • Premium creator content platform Viffy announced a strategic alliance with rewards and engagement company Finfare.
  • The alliance comes as Viffy goes live with its solution that enables users to support their favorite creators and influencers through their everyday shopping at participating retailers.
  • Founded in 2022, Viffy made its Finovate debut at FinovateFall 2023.

Premium creator content platform Viffy went live this week, announcing the launch of its platform as well as a new strategic alliance with loyalty and rewards platform Finfare.

“Today is a milestone day for Viffy: We are thrilled to announce that our platform is officially live!” the company reported from its LinkedIn page. “For the first time ever, Viffy makes it possible for creators to offer Premium Channels to their audiences, for audiences to support their favorite creators via their everyday shopping, and for brick-and-mortar merchants to leverage their loyalty and sales powered by creator partnerships.”

Viffy’s premium creator content platform empowers users to drive creator subscriptions by shopping with participating merchants throughout the United States. Viffy sets itself apart from other premium creator content platforms that rely on monthly payments for access by giving users the ability to drive subscriptions through their everyday spending. Dollars spent at participating merchants earn participants credits that fuel their subscriptions to their favorite creators. Viffy notes that $50 spent enables a month’s worth of access to a creator’s page on the Viffy platform. This approach, the company says, makes premium content more accessible and enables merchants to build loyalty and engagement.

Courtesy of the alliance, Finfare will give Viffy and its users access to deals at hundreds of popular brands. Finfare will also provide the underlying payment linking technology to power the program by way of its Finfare Connect offering. Finfare Connect is Finfare’s rewards platform that enables businesses to engage customers through highly personalized offers and rewards.

“This collaboration provides a meaningful revenue stream to Viffy, as well as its content creators, through our payment-linked offers, and offers exclusive deals from well-known brands that are valued by their followers,” Sadman Shakib, Director of Loyalty Solutions and Partnerships at Finfare Connect, said.

Founded in 2021 and headquartered in Irvine, California, Finfare helps businesses better manage expenses, use credit, boost revenue, and effectively engage their customers. The company’s flagship products also include Finfare Money, which provides business charge cards and expense management. Finfare’s strategic alliance with Viffy comes in the wake of Finfare’s new branding, announced in November.

“We are thrilled to partner with Finfare and leverage the tremendous capabilities of their Connect platform,” Viffy CEO and Co-founder Sam Winslow said. “At Viffy, we are creating a meaningful connection between online creator influence and real-world consumer spending. Together, we see a bright future ahead, redefining how loyalty and engagement are fostered.”

Viffy made its Finovate debut at FinovateFall 2023, demonstrating a mobile app for its premium creator content platform. Founded in 2022, the company is headquartered in Newport Beach, California.


Photo by Kelly

Trump Media (Yes, That Trump) Launches Fintech Venture, Truth.Fi

Trump Media (Yes, That Trump) Launches Fintech Venture, Truth.Fi
  • Trump Media and Technology Group (TMTG) launched Truth.Fi, a new financial services brand.
  • The new brand will focus on crypto investments, ETFs, and separately managed accounts, with up to $250 million custodied by Charles Schwab.
  • The announcement follows the launch of the $TRUMP memecoin on the Solana blockchain which, despite disclaimers, has reached a $5.4 billion market cap.

Did anyone have this on their bingo card for 2025? Donald Trump-owned Trump Media and Technology Group (TMTG) announced today that it has launched a financial services and fintech strategy, confirming the launch a new brand called Truth.Fi.

The Florida-based company is launching the new brand to diversify the company’s cash reserves. TMTG will invest up to $250 million through Charles Schwab in cryptocurrencies and crypto-related securities, exchange-traded funds, and separately managed accounts, which will be developed in partnership with Charles Schwab. The investment vehicles and financial products are expected to focus on investments in American growth, manufacturing, and energy companies. Yorkville Advisors will serve as the company’s Registered Investment Adviser.

For those familiar with TMTG social network, Truth Social, the name of the new fintech company may sound familiar. The company began as a social media platform to serve as a safe harbor for free speech, avoiding censorship of private companies. It also runs Truth+, a TV streaming platform focusing on family-friendly, live TV channels and on-demand content.

TMTG CEO and Chairman Devin Nunes called Truth.Fi a natural expansion of the Truth Social movement. “We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance,” explained Nunes.

The company anticipates that Truth.Fi products and services will roll out later this year.

This move is particularly noteworthy as TMTG is majority owned by U.S. President Donald Trump, who took office just nine days ago. Since then, he has demonstrated a pro-crypto stance by signing the “Strengthening American Leadership in Digital Financial Technology” executive order, a decision that has contributed to a surge in cryptocurrency prices.

The announcement also comes after Donald Trump launched a Trump memecoin called $TRUMP on the Solana blockchain a few days prior to his presidential inauguration. Despite the fact that, according to the coin’s website, $TRUMP are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type,” the coin currently has a market capitalization of $5.4 billion, making it the third most valuable memecoin available today.


Photo by Polina Zimmerman

Musk’s X Partners with Visa for In-App Payments

Musk’s X Partners with Visa for In-App Payments
  • X (formerly Twitter) has selected Visa as its first payments partner to launch the XMoney Account.
  • X’s new payments feature will be powered by Visa Direct, which will enable instant P2P payments, transfers to bank accounts, and creator monetization within the social media app.
  • X CEO Linda Yaccarino expects that X’s in-app payments will debut later this year.

Visa and X (formerly Twitter) have partnered to facilitate payments on X, or what the company owner Elon Musk refers to as the “everything app.” According to a tweet from X CEO Linda Yaccarino, the XMoney Account, which will facilitate in-app payments, will debut later this year.

X will leverage Visa Direct, Visa’s real-time payment platform that enables businesses and individuals to instantly send and receive money directly to an eligible debit card or X Wallet. Once users connect their debit card to allow for P2P payments, they will have the option to transfer the funds to their bank account.

A payment partnership has been in the works for a long time. Musk purchased X (which was then called Twitter) in 2022 for $44 million. That same year, the company filed with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and began obtaining necessary state licenses, as well. The move was one of the first steps Musk took to create an “everything app” that he envisions will help users manage their entire financial lives. Today, X Payments is licensed in 41 states.

According to CNBC, which spoke to someone familiar with the matter, “The X Money service is expected to launch in the first quarter, and deals with more financial partners are likely. One of the first use cases for X Money is to allow creators on the site to accept payments and store funds without external institutions.”

Once launched, XMoney will compete with formidable players such as Venmo, Cash App, PayPal, Apple Pay, Google Pay, and Zelle. XMoney may be able to differentiate itself in this competitive space by integrating social media, content creation, and financial tools. This would position it as more than just a payments platform, but rather as a central hub for digital interactions, creator monetization, and financial management. Its success, however, will depend on its ability to gain user trust, ensure security, and offer functionality that rivals established players.

KYC Portal Forges Strategic Collaboration with PwC

KYC Portal Forges Strategic Collaboration with PwC

In a newly announced strategic collaboration, KYC Portal has teamed up with PwC UK and PwC Channel Islands. PwC UK and PwC Channel Islands will deploy KYC Portal CLM, the company’s client lifecycle management platform that features AML technology, including risk assessment tools and advanced due diligence (CDD) capabilities. For its part, PwC — with its international expertise in financial crime prevention, process management, and regulatory landscapes — will offer its services to KYC Portal customers.

“KYC Portal CLM is revolutionizing the way organizations manage compliance, risk, and client lifecycle processes,” KYC Portal Founder and CEO Kristoff Zammit Ciantar said. “Through this collaboration with PwC, we are empowering companies with an unparalleled combination of technical excellence and strategic insight. We are extremely proud to have been selected by PwC for such a collaboration and are very excited to start presenting our combined service playbook to both existing and new customers.”

An advanced collation CLM platform for CDD and AML data collection, KYC Portal CLM centralizes and simplifies the customer due diligence process. KYC Portal CLM lowers costs, customer touch points, and overall duration, boosting efficiencies by over 60% across the board. The no-code, real-time solution features dynamic configuration capabilities enabling users to change processes, requirements, outreach, risk, workflow, and more with a click of a button. KYC Portal CLM also features real-time counterparty risk assessment (CRA) via an automated risk engine with user-defined parameters, weights, combined risks, categories, and more.

“With KYC Portal CLM, we are well-positioned to help organizations navigate the complexities of compliance with confidence,” said Mark Loring, Partner, Financial Crime Managed Services Lead, London PwC UK. “Our collaboration allows us to offer a seamless blend of strategic consulting and technical capability to support organizations in achieving their compliance and operational goals.”

Founded in 2008, KYC Portal made its Finovate debut at FinovateEurope 2019 in London. At the event, the company demoed its KYCP — Know Your Customer Portal — solution, which allows organizations to quickly collate all data relating to all kinds of subjects being assessed in a single, centralized, secure repository. This repository features fully customizable parameters, fields, rules, user permissions, and collaborative practices.

KYC Portal is headquartered in Malta, with offices in Spain. The company includes RBS International, Loomis, and Arie Finance among its customers. Last fall, KYC Portal launched a SaaS model of its on-premises CLM solution.


Photo by Polina from Pexels

Abrigo Acquires Integrated Financial Solutions

Abrigo Acquires Integrated Financial Solutions
  • Austin, Texas-based regtech Abrigo has acquired Integrated Financial Solutions (IFS). Terms of the transaction were not disclosed.
  • The acquisition will make IFS’s end-to-end lease and loan origination and management automation platform, IFSLeaseWorks, available to more organizations and institutions.
  • Abrigo made its Finovate debut last year at FinovateFall 2024 in New York.

Abrigo, a compliance, credit risk, and lending solutions provider for financial institutions, has acquired Integrated Financial Solutions (IFS). Terms were not disclosed.

Integrated Financial Solutions is the provider of IFSLeaseWorks, an end-to-end lease and loan origination and management automation platform. Abrigo’s acquisition will enable the firm to help financial institutions become more efficient via front- and back-office automation.

“Financial institutions are eager to grow while keeping an eye on profitability. That’s why the automation provided by the IFS solution is a great complement to the lending automation that Abrigo provides to our 2,400 financial institutions today,” said Jay Blandford, Abrigo Chief Executive Officer.

IFSLeaseWorks brings segments of equipment and vehicular financing to Abrigo’s existing loan origination and management platform. The solution also adds to Abrigo’s set of automation tools and boosts its asset management capabilities. This will help financial institutions both diversify their portfolios and potentially earn additional interest income. IFSLeaseWorks enhances efficiency and digitalization throughout the entire lease and loan transaction lifecycle. This includes transaction structuring and pricing through application processing, credit decisioning, documentation, billing, collection, and remarketing.

The acquisition comes at a time when the market for equipment leasing and software in the U.S. is growing. Based on research from the Equipment Leasing & Finance Foundation, the market grew at an annualized rate of 7% in the second quarter of 2024. The IFS/Abrigo combination will help meet this demand with solutions that bring digitalization and greater efficiency.

“The IFS team has built a powerful application for leasing companies,” IFS founder and CEO Mitch Kaufman said. “By joining with Abrigo, we see a bigger opportunity to share these capabilities with the market and continue innovating for our clients.”

Founded in 2000, Abrigo made its Finovate debut at FinovateFall 2024 in New York. At the conference, the Austin, Texas-based company demonstrated its fraud detection technology that combines AI/ML check image analysis, a nationwide fraud data consortium, and a configurable rules engine to spot altered items, forgeries, and fraudulent checks. Abrigo’s “targeted efficiency” approach reduces fraud losses and protects customers while saving time for financial institution personnel.


Photo by Mitchell Kmetz on Unsplash

FinovateEurope 2025 Sneak Peek Series: Part 1

A look at the companies demoing at FinovateEurope in London on February 25. Register today using this link and save 20%.

Arva AI

Arva AI offers AI-enabled business verification for banks and fintechs.

Features

  • Provides AI agents for document intelligence and fraud detection
  • Analyzes web presence
  • Communicates with customers

Who’s it for?

Banks, credit unions, payment providers, and fintechs.

Doshi App

Doshi App helps financial institutions deepen customer loyalty through engaging financial education that empowers better financial habits.

Features

  • Generates AI-driven customer insights for personalised CRM
  • Delivers plug-and-play financial education for easy integration
  • Offers scalable white-label solutions for seamless branding

Who’s it for?

Banks, credit unions, fintechs, lenders, and credit builders.

Plumery

Plumery’s cloud-native digital banking platform empower’s financial institutions of all sizes to craft distinctive, customer-centric mobile and web banking experiences.

Features

  • Drives 60% higher customer engagement through lifestyle integration
  • Generates 40% growth in transaction volume through embedded services
  • Creates new revenue streams through partnership models

Who’s it for?

Financial institutions of any size, ranging from large multinational banks to smaller regional players.

Xaver

Xaver empowers banks, insurers, and brokers with agentic AI-driven omnichannel sales capabilities to improve pension savings for millions of Europeans.

Features

  • Delivers up to 65% sales efficiency gains through autonomous AI financial advisors and AI co-pilots
  • Provides seamless omnichannel experiences bridging online and offline
  • Tailors AI-generated, hyper-personalized journeys

Who’s it for?

Insurance companies, banks, and brokers.

Clutch Raises $65 Million to Turn Credit Unions into Fintechs

Clutch Raises $65 Million to Turn Credit Unions into Fintechs
  • Clutch raised $65 million Series B funding, bringing its total raised to over $106 million.
  • The investment, which will offer Clutch 200 months of cash runway, comes from Alkeon Capital, Andreessen Horowitz, TruStage Ventures, and Peterson Partners.
  • Clutch was founded in 2020 to provide digital account and loan opening tools that enable over 135 credit unions to compete with big tech by enhancing user experiences without overhauling existing systems.

California-based Clutch recently announced it raised $65 million in Series B funds. The round, which boosts Clutch’s total raised to more than $106 million, was led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures, and Peterson Partners.

Clutch was founded in 2020, the year that started financial services’ digital transformation wave. With its digital account opening and digital loan opening tools, the company helps credit unions create a modern experience to help them compete with big tech companies while improving the user experience. Clutch is partnered with 31 out of the 33 credit union leagues and has over 135 credit union clients that leverage its digital origination platform to offer their users a better loan and deposit experience.

Clutch CEO and Co-founder Nicholas Hinrichsen attributes the company’s success to its involvement in the credit union space. “Deeply understanding the nuances of the credit union’s business and technology helps us solve the right problems, the right way. We are all-in on credit unions because generic technologies that serve banks and Fintechs alike fail to promote the unique way that credit unions do business — it’s the uniqueness of credit unions and their mission that helps deliver exceptional value to members.”

According to Hinrichsen, today’s investment brings Clutch more than 200 months of cash runway. Clutch will use the funds to support its growth plans and product innovation. The company is investing in AI and expanded platform capabilities to help credit unions compete in an increasingly digital world.

“We strongly believe that we can best serve the credit union movement by partnering with the existing technology providers and thereby leveraging the investments our credit union clients have already made,” said Clutch Chief Product Officer and Co-founder Chris Coleman. “No credit union leader wakes up in the morning, wanting to kick off a two-year long LOS conversion. Replacing your LOS will cost you two years — two lost years with no real progress. Real progress happens when you work with companies like Clutch that enable you to serve your members like a Fintech while getting the most out of your existing systems,” added Clutch Head of Product Tamanna Kottwani.

As consumer expectations for seamless, digital-first experiences continue to rise, it is critical for financial institutions to stay ahead of the curve. This is especially challenging for credit unions, which often face constraints in funding and technical talent. This gap presents an opportunity for third-party fintechs like Clutch, which can help empower credit unions to level the playing field.


Photo by Porapak Apichodilok

DriveWealth and Moment Team Up to Lower Barriers to Fixed-Income Investing

DriveWealth and Moment Team Up to Lower Barriers to Fixed-Income Investing
  • Brokerage-as-a-Service innovator DriveWealth has forged a partnership with fixed-income specialist Moment Technology.
  • The partnership will make fixed-income more accessible to investors by reducing minimum investment requirements that can be as much as $200,000.
  • New Jersey-based DriveWealth won Best of Show at FinovateEurope 2016 in London.

Brokerage-as-a-Service innovator DriveWealth has teamed up with Moment Technology to make fixed-income investing more accessible to a broader range of investors. Together, the two companies seek to redefine fixed-income investing, reducing the minimum investment threshold of $200,000 on many international fixed income products.

“At DriveWealth, we’re committed to empowering our partners with innovative, seamless solutions that make investing simpler and more accessible,” DriveWealth CEO Michael Blaugrund said. “Our partnership with Moment is a major milestone in expanding access to fixed-income markets, enabling us to offer a consolidated API that integrates equities, bonds, and other asset classes. DriveWealth has pioneered eliminating investment barriers from day one — like with fractional equities in 2015 — and this partnership is a natural extension of that legacy.”

Investing in fixed income products like bonds traditionally has been very difficult for retail investors due to high minimum investment requirements and fragmented liquidity. Most U.S. bonds, for example, have a $10,000 or even $100,000 minimum investment requirement, even as most of these instruments carry a $1,000 par value. Bonds sold under Regulation S — which enables companies to raise capital from non-U.S. investors — typically feature investment minimums of $200,000 or more.

Given this challenge, DriveWealth consolidates bond liquidity sources to make bond investing more accessible and offers an API suite that simplifies and accelerates the onboarding process for its partners. This enables them to add new bond investment capabilities quickly and seamlessly to their offering. Along with DriveWealth’s strong relationships with bond dealers, liquidity providers, and liquidity marketplaces, Moment Technology’s platform serves as a streamlined, cost-effective solution that enables users to access these resources efficiently and transparently.

“Moment’s platform simplifies bond liquidity access, operating collaboratively to support DriveWealth’s efforts to break down traditional barriers and help investors to engage more easily with this previously underserved market,” Moment Technology CEO Dylan Parker said.

New York-based Moment Technology provides fixed income trading technology, market data, and portfolio management to wealth platforms. Moment’s partners benefit from a sophisticated Order & Execution Management System (OEMS), Risk Management System (RMS), Portfolio Management System (PMS), and Data & Analytics platform. Founded in 2022, the company includes Andreessen Horowitz among its investors; the firm led a $17 million Series A round for Moment back in 2023.

Founded in 2012, DriveWealth won Best of Show at FinovateEurope 2016 in London. In the years since, the New Jersey-based company has brought its Brokerage-as-a-Service technology to banks, broker dealers, asset managers, digital wallet providers, and consumer brands throughout the U.S., Latin America, EMEA, and APAC. The company’s platform supports trading and investing in U.S. equities, exchange-traded funds (ETFs), mutual funds, options, and fixed income products. A pioneer of fractional share investing, DriveWealth leverages its platform, APIs, and innovative pricing to provide significant flexibility for investors regardless of their net worth.


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